[N-CSR] IQ Ultra Short Duration ETF Certified Shareholder Report
New York Life Investments ETF Trust – 2025 Form N-CSR (fiscal year ended 30-Apr-2025) covers six key ETFs following a broad re-branding from the “IQ” family to “NYLI”. New York Life Investment Management LLC has replaced IndexIQ Advisors LLC as advisor; the registrant states management philosophy and benchmark methodologies remain unchanged.
Performance & Costs
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): NAV return 4.71% (1-yr), 3.35% (5-yr), 1.89% (10-yr). Broad Hedge Index return 5.79%; S&P 500 (Net) 11.64%. Expense example $55 on $10,000 (0.54%). Net assets $689.0 m; turnover 65%.
- NYLI Merger Arbitrage ETF (MNA): NAV return 11.59% (1-yr), 2.56% (5-yr), 2.26% (10-yr) roughly in line with its underlying index (11.61%). Expense example $80 (0.76%). Net assets $233.3 m; very high turnover 317%.
- NYLI Candriam International Equity ETF (IQSI): NAV return 11.63% (1-yr), 11.44% (5-yr); beats MSCI EAFE (11.37% 5-yr). Expense example $16 (0.15%). Net assets $208.4 m; turnover 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): NAV return 1.32% (1-yr) vs Russell Midcap 7.33%. Since-inception CAGR 8.23%. Expense example $15 (0.15%). Net assets $198.4 m; turnover 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): NAV return 6.75% (1-yr), 14.66% (5-yr). Outperformed Russell 3000 in 5-yr period. Expense example $9 (0.09%). Net assets $342.1 m; turnover 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): Expense example $21 (0.20%); narrative highlights 50% hedging strategy mitigating FX volatility. Detailed return table not provided in the excerpt.
Key portfolio characteristics
- QAI diversified across 108 holdings; largest sleeve in floating-rate bonds (17.9%).
- MNA concentrated, 49 holdings; top ten include 4.5% cash-equivalent T-bill ETFs; sector hedge exposure drove some underperformance.
- IQSI holds 585 stocks, heavy Japan (27%), Financials lead contribution.
- IQSM tilted to Industrials (18%) and Consumer Discretionary (16.2%).
- IQSU heavily tech-weighted (IT 33.9%); Microsoft and Apple together 19.6% of assets.
Material changes
- Re-branding of all funds and advisor transition completed during the period; no change in investment objectives.
- MNA adjusted deal-entry, weighting and hedging rules to align more closely with its index.
Risk & Outlook: Management emphasises low-beta diversification for QAI, continued M&A pipeline for MNA, ESG screens for Candriam indices, and currency-hedging benefits for HFXI. Past performance is explicitly not indicative of future results.
New York Life Investments ETF Trust – Modulo N-CSR 2025 (anno fiscale terminato il 30 aprile 2025) include sei ETF principali a seguito di un ampio rebranding dalla famiglia “IQ” a “NYLI”. New York Life Investment Management LLC ha sostituito IndexIQ Advisors LLC come consulente; il registrante dichiara che la filosofia di gestione e le metodologie di benchmark rimangono invariate.
Performance e Costi
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): rendimento NAV 4,71% (1 anno), 3,35% (5 anni), 1,89% (10 anni). Rendimento indice Hedge ampio 5,79%; S&P 500 (Netto) 11,64%. Esempio di spesa $55 su $10.000 (0,54%). Attività nette $689,0 mln; rotazione 65%.
- NYLI Merger Arbitrage ETF (MNA): rendimento NAV 11,59% (1 anno), 2,56% (5 anni), 2,26% (10 anni) in linea con il suo indice sottostante (11,61%). Esempio di spesa $80 (0,76%). Attività nette $233,3 mln; rotazione molto elevata 317%.
- NYLI Candriam International Equity ETF (IQSI): rendimento NAV 11,63% (1 anno), 11,44% (5 anni); supera MSCI EAFE (11,37% 5 anni). Esempio di spesa $16 (0,15%). Attività nette $208,4 mln; rotazione 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): rendimento NAV 1,32% (1 anno) vs Russell Midcap 7,33%. CAGR dalla nascita 8,23%. Esempio di spesa $15 (0,15%). Attività nette $198,4 mln; rotazione 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): rendimento NAV 6,75% (1 anno), 14,66% (5 anni). Ha sovraperformato Russell 3000 nel periodo di 5 anni. Esempio di spesa $9 (0,09%). Attività nette $342,1 mln; rotazione 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): esempio di spesa $21 (0,20%); la descrizione evidenzia una strategia di copertura del 50% per mitigare la volatilità valutaria. Tabella dettagliata dei rendimenti non fornita nell’estratto.
Caratteristiche chiave del portafoglio
- QAI diversificato in 108 titoli; la maggiore componente in obbligazioni a tasso variabile (17,9%).
- MNA concentrato, 49 titoli; i primi dieci includono ETF equivalenti a contanti sui T-bill al 4,5%; l’esposizione a coperture settoriali ha causato qualche sottoperformance.
- IQSI detiene 585 azioni, con forte presenza giapponese (27%), i Financials sono i maggiori contributori.
- IQSM orientato verso i settori Industrials (18%) e Consumer Discretionary (16,2%).
- IQSU fortemente orientato verso la tecnologia (IT 33,9%); Microsoft e Apple insieme rappresentano il 19,6% degli asset.
Modifiche rilevanti
- Completato il rebranding di tutti i fondi e la transizione del consulente durante il periodo; nessuna modifica agli obiettivi di investimento.
- MNA ha modificato le regole di ingresso nelle operazioni, ponderazione e copertura per allinearsi meglio al proprio indice.
Rischio e Prospettive: La gestione sottolinea la diversificazione a basso beta per QAI, un continuo flusso di fusioni e acquisizioni per MNA, filtri ESG per gli indici Candriam e i benefici della copertura valutaria per HFXI. Le performance passate non sono indicativa dei risultati futuri.
New York Life Investments ETF Trust – Formulario N-CSR 2025 (año fiscal finalizado el 30 de abril de 2025) abarca seis ETFs clave tras un amplio cambio de marca de la familia “IQ” a “NYLI”. New York Life Investment Management LLC ha reemplazado a IndexIQ Advisors LLC como asesor; el registrante indica que la filosofía de gestión y las metodologías de referencia permanecen sin cambios.
Rendimiento y Costos
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): retorno NAV 4,71% (1 año), 3,35% (5 años), 1,89% (10 años). Retorno índice Hedge amplio 5,79%; S&P 500 (neto) 11,64%. Ejemplo de gastos $55 sobre $10,000 (0,54%). Activos netos $689.0 millones; rotación 65%.
- NYLI Merger Arbitrage ETF (MNA): retorno NAV 11,59% (1 año), 2,56% (5 años), 2,26% (10 años), aproximadamente en línea con su índice subyacente (11,61%). Ejemplo de gastos $80 (0,76%). Activos netos $233.3 millones; rotación muy alta 317%.
- NYLI Candriam International Equity ETF (IQSI): retorno NAV 11,63% (1 año), 11,44% (5 años); supera MSCI EAFE (11,37% 5 años). Ejemplo de gastos $16 (0,15%). Activos netos $208.4 millones; rotación 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): retorno NAV 1,32% (1 año) vs Russell Midcap 7,33%. CAGR desde inicio 8,23%. Ejemplo de gastos $15 (0,15%). Activos netos $198.4 millones; rotación 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): retorno NAV 6,75% (1 año), 14,66% (5 años). Superó al Russell 3000 en el período de 5 años. Ejemplo de gastos $9 (0,09%). Activos netos $342.1 millones; rotación 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): ejemplo de gastos $21 (0,20%); el texto destaca una estrategia de cobertura del 50% para mitigar la volatilidad cambiaria. No se proporciona tabla detallada de retornos en el extracto.
Características clave de la cartera
- QAI diversificado en 108 posiciones; mayor parte en bonos a tasa flotante (17,9%).
- MNA concentrado, 49 posiciones; los diez principales incluyen ETFs equivalentes a efectivo en T-bills al 4,5%; la exposición a coberturas sectoriales causó algo de bajo rendimiento.
- IQSI posee 585 acciones, con fuerte peso en Japón (27%), los Financials lideran la contribución.
- IQSM inclinado hacia Industrials (18%) y Consumer Discretionary (16,2%).
- IQSU fuertemente ponderado en tecnología (IT 33,9%); Microsoft y Apple juntas representan el 19,6% de los activos.
Cambios importantes
- Finalizado el cambio de marca de todos los fondos y la transición del asesor durante el período; sin cambios en los objetivos de inversión.
- MNA ajustó las reglas de entrada, ponderación y cobertura para alinearse mejor con su índice.
Riesgo y Perspectivas: La gestión enfatiza diversificación de bajo beta para QAI, pipeline continuo de fusiones y adquisiciones para MNA, filtros ESG para índices Candriam y beneficios de cobertura cambiaria para HFXI. El rendimiento pasado no indica resultados futuros.
뉴욕 라이프 인베스트먼츠 ETF 트러스트 – 2025년 N-CSR 양식 (2025년 4월 30일 종료된 회계연도)는 “IQ” 패밀리에서 “NYLI”로 광범위한 브랜드 변경 후 6개의 주요 ETF를 포함합니다. New York Life Investment Management LLC가 IndexIQ Advisors LLC를 자문사로 대체했으며, 등록자는 운용 철학과 벤치마크 방법론이 변경되지 않았다고 명시하고 있습니다.
성과 및 비용
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): 순자산가치(NAV) 수익률 4.71% (1년), 3.35% (5년), 1.89% (10년). 광범위한 헤지 지수 수익률 5.79%; S&P 500 (순수익) 11.64%. 비용 예시 $10,000 투자 시 $55 (0.54%). 순자산 $6.89억; 회전율 65%.
- NYLI Merger Arbitrage ETF (MNA): NAV 수익률 11.59% (1년), 2.56% (5년), 2.26% (10년)으로 기초 지수(11.61%)와 대체로 일치. 비용 예시 $80 (0.76%). 순자산 $2.33억; 매우 높은 회전율 317%.
- NYLI Candriam International Equity ETF (IQSI): NAV 수익률 11.63% (1년), 11.44% (5년); MSCI EAFE (5년 11.37%) 대비 우수. 비용 예시 $16 (0.15%). 순자산 $2.08억; 회전율 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): NAV 수익률 1.32% (1년) vs Russell Midcap 7.33%. 설정 이후 연평균 성장률(CAGR) 8.23%. 비용 예시 $15 (0.15%). 순자산 $1.98억; 회전율 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): NAV 수익률 6.75% (1년), 14.66% (5년). 5년 기간 동안 Russell 3000 대비 초과 수익. 비용 예시 $9 (0.09%). 순자산 $3.42억; 회전율 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): 비용 예시 $21 (0.20%); 50% 환헤지 전략으로 환율 변동성 완화 강조. 상세 수익률 표는 발췌문에 제공되지 않음.
주요 포트폴리오 특성
- QAI는 108개 보유 종목으로 분산; 최대 비중은 변동금리 채권(17.9%).
- MNA는 49개 종목 집중; 상위 10개에는 4.5% 현금성 T-빌 ETF 포함; 섹터 헤지 노출로 일부 저조한 성과 발생.
- IQSI는 585개 주식 보유, 일본 비중 높음(27%), 금융 섹터가 주요 기여.
- IQSM은 산업재(18%)와 경기소비재(16.2%)에 편중.
- IQSU는 기술주 비중 높음(IT 33.9%); 마이크로소프트와 애플이 자산의 19.6% 차지.
주요 변경 사항
- 모든 펀드 브랜드 변경 및 자문사 전환 완료; 투자 목표는 변경 없음.
- MNA는 인수 진입, 가중치 및 헤지 규칙을 지수에 더 가깝게 조정.
위험 및 전망: 운용팀은 QAI의 저베타 분산, MNA의 지속적인 인수합병 파이프라인, Candriam 지수의 ESG 필터, HFXI의 환헤지 이점을 강조합니다. 과거 성과는 미래 결과를 보장하지 않습니다.
New York Life Investments ETF Trust – Formulaire N-CSR 2025 (exercice clos le 30 avril 2025) couvre six ETF clés suite à un large rebranding de la famille « IQ » vers « NYLI ». New York Life Investment Management LLC a remplacé IndexIQ Advisors LLC en tant que conseiller ; le déclarant précise que la philosophie de gestion et les méthodologies de référence restent inchangées.
Performance et Coûts
- NYLI Hedge Multi-Strategy Tracker ETF (QAI) : rendement NAV 4,71 % (1 an), 3,35 % (5 ans), 1,89 % (10 ans). Rendement indice Hedge large 5,79 % ; S&P 500 (net) 11,64 %. Exemple de frais 55 $ sur 10 000 $ (0,54 %). Actifs nets 689,0 M$ ; rotation 65 %.
- NYLI Merger Arbitrage ETF (MNA) : rendement NAV 11,59 % (1 an), 2,56 % (5 ans), 2,26 % (10 ans), proche de son indice sous-jacent (11,61 %). Exemple de frais 80 $ (0,76 %). Actifs nets 233,3 M$ ; rotation très élevée 317 %.
- NYLI Candriam International Equity ETF (IQSI) : rendement NAV 11,63 % (1 an), 11,44 % (5 ans) ; surpasse le MSCI EAFE (11,37 % sur 5 ans). Exemple de frais 16 $ (0,15 %). Actifs nets 208,4 M$ ; rotation 22 %.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM) : rendement NAV 1,32 % (1 an) vs Russell Midcap 7,33 %. CAGR depuis la création 8,23 %. Exemple de frais 15 $ (0,15 %). Actifs nets 198,4 M$ ; rotation 47 %.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU) : rendement NAV 6,75 % (1 an), 14,66 % (5 ans). Surperforme le Russell 3000 sur 5 ans. Exemple de frais 9 $ (0,09 %). Actifs nets 342,1 M$ ; rotation 34 %.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI) : exemple de frais 21 $ (0,20 %) ; la description souligne une stratégie de couverture à 50 % atténuant la volatilité des devises. Tableau détaillé des rendements non fourni dans l’extrait.
Caractéristiques clés du portefeuille
- QAI diversifié sur 108 positions ; la plus grande part en obligations à taux variable (17,9 %).
- MNA concentré, 49 positions ; les dix premières comprennent des ETF équivalents de trésorerie en bons du Trésor à 4,5 % ; l’exposition à la couverture sectorielle a entraîné une certaine sous-performance.
- IQSI détient 585 actions, forte exposition au Japon (27 %), les financières sont les principaux contributeurs.
- IQSM orienté vers les secteurs industriels (18 %) et la consommation discrétionnaire (16,2 %).
- IQSU fortement pondéré en technologie (IT 33,9 %) ; Microsoft et Apple représentent ensemble 19,6 % des actifs.
Changements importants
- Rebranding de tous les fonds et transition du conseiller finalisés durant la période ; aucun changement dans les objectifs d’investissement.
- MNA a ajusté les règles d’entrée, de pondération et de couverture pour mieux correspondre à son indice.
Risques et Perspectives : La gestion met l’accent sur la diversification à faible bêta pour QAI, un pipeline continu de fusions-acquisitions pour MNA, des filtres ESG pour les indices Candriam et les avantages de la couverture de change pour HFXI. Les performances passées ne préjugent pas des résultats futurs.
New York Life Investments ETF Trust – Formular N-CSR 2025 (Geschäftsjahr zum 30. April 2025) umfasst sechs wichtige ETFs nach einer umfassenden Umbenennung von der „IQ“-Familie zu „NYLI“. New York Life Investment Management LLC hat IndexIQ Advisors LLC als Berater ersetzt; der Registrant gibt an, dass die Managementphilosophie und Benchmark-Methoden unverändert bleiben.
Performance & Kosten
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): NAV-Rendite 4,71% (1 Jahr), 3,35% (5 Jahre), 1,89% (10 Jahre). Breiter Hedge-Index-Rendite 5,79%; S&P 500 (Netto) 11,64%. Kostenbeispiel $55 auf $10.000 (0,54%). Nettovermögen $689,0 Mio.; Umschlag 65%.
- NYLI Merger Arbitrage ETF (MNA): NAV-Rendite 11,59% (1 Jahr), 2,56% (5 Jahre), 2,26% (10 Jahre), ungefähr im Einklang mit seinem zugrundeliegenden Index (11,61%). Kostenbeispiel $80 (0,76%). Nettovermögen $233,3 Mio.; sehr hoher Umschlag 317%.
- NYLI Candriam International Equity ETF (IQSI): NAV-Rendite 11,63% (1 Jahr), 11,44% (5 Jahre); übertrifft MSCI EAFE (11,37% 5 Jahre). Kostenbeispiel $16 (0,15%). Nettovermögen $208,4 Mio.; Umschlag 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): NAV-Rendite 1,32% (1 Jahr) vs Russell Midcap 7,33%. CAGR seit Auflegung 8,23%. Kostenbeispiel $15 (0,15%). Nettovermögen $198,4 Mio.; Umschlag 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): NAV-Rendite 6,75% (1 Jahr), 14,66% (5 Jahre). Übertraf Russell 3000 im 5-Jahres-Zeitraum. Kostenbeispiel $9 (0,09%). Nettovermögen $342,1 Mio.; Umschlag 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): Kostenbeispiel $21 (0,20%); Beschreibung hebt eine 50%-Absicherungsstrategie hervor, die Währungsvolatilität mindert. Detaillierte Renditetabelle im Auszug nicht enthalten.
Wesentliche Portfolioeigenschaften
- QAI diversifiziert über 108 Positionen; größter Anteil in variabel verzinslichen Anleihen (17,9%).
- MNA konzentriert, 49 Positionen; die Top zehn enthalten 4,5% Bargeld-äquivalente T-Bill-ETFs; Sektorabsicherungen führten zu etwas Underperformance.
- IQSI hält 585 Aktien, hoher Anteil Japan (27%), Finanzwerte sind Hauptbeitrag.
- IQSM gewichtet Industrials (18%) und Consumer Discretionary (16,2%) stärker.
- IQSU stark technologielastig (IT 33,9%); Microsoft und Apple machen zusammen 19,6% der Vermögenswerte aus.
Wesentliche Änderungen
- Rebranding aller Fonds und Beraterwechsel im Berichtszeitraum abgeschlossen; keine Änderung der Anlageziele.
- MNA hat Einstiegs-, Gewichtungs- und Absicherungsregeln angepasst, um näher am Index zu sein.
Risiko & Ausblick: Das Management betont niedrige Beta-Diversifikation für QAI, einen fortlaufenden M&A-Pipeline für MNA, ESG-Screenings für Candriam-Indizes und Währungsabsicherungs-Vorteile für HFXI. Vergangene Wertentwicklungen sind keine Garantie für zukünftige Ergebnisse.
- MNA delivered 11.59% 1-year NAV return, outpacing its hedge-fund and merger-arb benchmarks.
- Low expense ratios for Candriam ESG funds (0.09-0.15% on $10k) improve cost competitiveness.
- Advisor transition completed without strategy change, reducing execution risk during re-branding.
- Healthy asset bases – QAI $689m, IQSU $342m – support liquidity and scale.
- QAI’s 1-year return (4.71%) significantly lags broad equity indices such as Russell 3000 (11.40%).
- MNA’s portfolio turnover of 317% could raise trading costs and taxable distributions.
- IQSM underperformed Russell Midcap by roughly 6 percentage points over the year.
- Higher effective cost for MNA ($80 per $10k, 0.76%) versus passive peers.
Insights
TL;DR Mixed results: strong absolute returns at MNA & IQSI, modest QAI lag, fees generally competitive; advisor switch neutral.
From an analytical standpoint the filing shows brand consolidation under NYLI with no structural impact on portfolio processes. The cost structure is attractive for the Candriam ESG line—0.09-0.15% effective fees—enhancing competitiveness versus peer ESG ETFs. Performance dispersion is notable: Merger Arbitrage’s 11.6% NAV return is impressive given 317% turnover, while Multi-Strategy Tracker’s 4.7% again trailed broad equity benchmarks but fulfilled its low-beta mandate. International Equity (IQSI) delivered double-digit returns and surpassed MSCI EAFE over 1- and 5-year horizons, validating its ESG/quality tilt. Mid-cap ESG (IQSM) materially underperformed core mid-cap indices, evidencing style headwinds and tariff-linked sector drag. High turnover at MNA could widen tracking error and tax costs. Net asset levels across funds remain healthy, limiting liquidity risk.
TL;DR Filing is broadly neutral for investors; confirms strategy continuity and stable AUM across diversified ETF suite.
For asset allocators, the key takeaway is continuity: despite hallmark changes in branding and advisory responsibility, investment methodologies, index relationships and fee waivers are intact. QAI continues to serve as a hedge-fund beta substitute but its long-term CAGR (1.89%) underscores role as a diversifier rather than growth engine. MNA’s high absolute return supports use as an event-driven sleeve, though extreme 317% turnover suggests it belongs in tax-advantaged accounts. ESG international and U.S. equity funds maintain respectable tracking and fee efficiency, suitable as core ESG building blocks. No red flags on liquidity or concentration—largest weight in any single security (IQSU Microsoft 10.4%) remains within norms for cap-weighted large-cap exposures. Overall impact on investment theses is minimal, hence a neutral score.
New York Life Investments ETF Trust – Modulo N-CSR 2025 (anno fiscale terminato il 30 aprile 2025) include sei ETF principali a seguito di un ampio rebranding dalla famiglia “IQ” a “NYLI”. New York Life Investment Management LLC ha sostituito IndexIQ Advisors LLC come consulente; il registrante dichiara che la filosofia di gestione e le metodologie di benchmark rimangono invariate.
Performance e Costi
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): rendimento NAV 4,71% (1 anno), 3,35% (5 anni), 1,89% (10 anni). Rendimento indice Hedge ampio 5,79%; S&P 500 (Netto) 11,64%. Esempio di spesa $55 su $10.000 (0,54%). Attività nette $689,0 mln; rotazione 65%.
- NYLI Merger Arbitrage ETF (MNA): rendimento NAV 11,59% (1 anno), 2,56% (5 anni), 2,26% (10 anni) in linea con il suo indice sottostante (11,61%). Esempio di spesa $80 (0,76%). Attività nette $233,3 mln; rotazione molto elevata 317%.
- NYLI Candriam International Equity ETF (IQSI): rendimento NAV 11,63% (1 anno), 11,44% (5 anni); supera MSCI EAFE (11,37% 5 anni). Esempio di spesa $16 (0,15%). Attività nette $208,4 mln; rotazione 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): rendimento NAV 1,32% (1 anno) vs Russell Midcap 7,33%. CAGR dalla nascita 8,23%. Esempio di spesa $15 (0,15%). Attività nette $198,4 mln; rotazione 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): rendimento NAV 6,75% (1 anno), 14,66% (5 anni). Ha sovraperformato Russell 3000 nel periodo di 5 anni. Esempio di spesa $9 (0,09%). Attività nette $342,1 mln; rotazione 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): esempio di spesa $21 (0,20%); la descrizione evidenzia una strategia di copertura del 50% per mitigare la volatilità valutaria. Tabella dettagliata dei rendimenti non fornita nell’estratto.
Caratteristiche chiave del portafoglio
- QAI diversificato in 108 titoli; la maggiore componente in obbligazioni a tasso variabile (17,9%).
- MNA concentrato, 49 titoli; i primi dieci includono ETF equivalenti a contanti sui T-bill al 4,5%; l’esposizione a coperture settoriali ha causato qualche sottoperformance.
- IQSI detiene 585 azioni, con forte presenza giapponese (27%), i Financials sono i maggiori contributori.
- IQSM orientato verso i settori Industrials (18%) e Consumer Discretionary (16,2%).
- IQSU fortemente orientato verso la tecnologia (IT 33,9%); Microsoft e Apple insieme rappresentano il 19,6% degli asset.
Modifiche rilevanti
- Completato il rebranding di tutti i fondi e la transizione del consulente durante il periodo; nessuna modifica agli obiettivi di investimento.
- MNA ha modificato le regole di ingresso nelle operazioni, ponderazione e copertura per allinearsi meglio al proprio indice.
Rischio e Prospettive: La gestione sottolinea la diversificazione a basso beta per QAI, un continuo flusso di fusioni e acquisizioni per MNA, filtri ESG per gli indici Candriam e i benefici della copertura valutaria per HFXI. Le performance passate non sono indicativa dei risultati futuri.
New York Life Investments ETF Trust – Formulario N-CSR 2025 (año fiscal finalizado el 30 de abril de 2025) abarca seis ETFs clave tras un amplio cambio de marca de la familia “IQ” a “NYLI”. New York Life Investment Management LLC ha reemplazado a IndexIQ Advisors LLC como asesor; el registrante indica que la filosofía de gestión y las metodologías de referencia permanecen sin cambios.
Rendimiento y Costos
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): retorno NAV 4,71% (1 año), 3,35% (5 años), 1,89% (10 años). Retorno índice Hedge amplio 5,79%; S&P 500 (neto) 11,64%. Ejemplo de gastos $55 sobre $10,000 (0,54%). Activos netos $689.0 millones; rotación 65%.
- NYLI Merger Arbitrage ETF (MNA): retorno NAV 11,59% (1 año), 2,56% (5 años), 2,26% (10 años), aproximadamente en línea con su índice subyacente (11,61%). Ejemplo de gastos $80 (0,76%). Activos netos $233.3 millones; rotación muy alta 317%.
- NYLI Candriam International Equity ETF (IQSI): retorno NAV 11,63% (1 año), 11,44% (5 años); supera MSCI EAFE (11,37% 5 años). Ejemplo de gastos $16 (0,15%). Activos netos $208.4 millones; rotación 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): retorno NAV 1,32% (1 año) vs Russell Midcap 7,33%. CAGR desde inicio 8,23%. Ejemplo de gastos $15 (0,15%). Activos netos $198.4 millones; rotación 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): retorno NAV 6,75% (1 año), 14,66% (5 años). Superó al Russell 3000 en el período de 5 años. Ejemplo de gastos $9 (0,09%). Activos netos $342.1 millones; rotación 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): ejemplo de gastos $21 (0,20%); el texto destaca una estrategia de cobertura del 50% para mitigar la volatilidad cambiaria. No se proporciona tabla detallada de retornos en el extracto.
Características clave de la cartera
- QAI diversificado en 108 posiciones; mayor parte en bonos a tasa flotante (17,9%).
- MNA concentrado, 49 posiciones; los diez principales incluyen ETFs equivalentes a efectivo en T-bills al 4,5%; la exposición a coberturas sectoriales causó algo de bajo rendimiento.
- IQSI posee 585 acciones, con fuerte peso en Japón (27%), los Financials lideran la contribución.
- IQSM inclinado hacia Industrials (18%) y Consumer Discretionary (16,2%).
- IQSU fuertemente ponderado en tecnología (IT 33,9%); Microsoft y Apple juntas representan el 19,6% de los activos.
Cambios importantes
- Finalizado el cambio de marca de todos los fondos y la transición del asesor durante el período; sin cambios en los objetivos de inversión.
- MNA ajustó las reglas de entrada, ponderación y cobertura para alinearse mejor con su índice.
Riesgo y Perspectivas: La gestión enfatiza diversificación de bajo beta para QAI, pipeline continuo de fusiones y adquisiciones para MNA, filtros ESG para índices Candriam y beneficios de cobertura cambiaria para HFXI. El rendimiento pasado no indica resultados futuros.
뉴욕 라이프 인베스트먼츠 ETF 트러스트 – 2025년 N-CSR 양식 (2025년 4월 30일 종료된 회계연도)는 “IQ” 패밀리에서 “NYLI”로 광범위한 브랜드 변경 후 6개의 주요 ETF를 포함합니다. New York Life Investment Management LLC가 IndexIQ Advisors LLC를 자문사로 대체했으며, 등록자는 운용 철학과 벤치마크 방법론이 변경되지 않았다고 명시하고 있습니다.
성과 및 비용
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): 순자산가치(NAV) 수익률 4.71% (1년), 3.35% (5년), 1.89% (10년). 광범위한 헤지 지수 수익률 5.79%; S&P 500 (순수익) 11.64%. 비용 예시 $10,000 투자 시 $55 (0.54%). 순자산 $6.89억; 회전율 65%.
- NYLI Merger Arbitrage ETF (MNA): NAV 수익률 11.59% (1년), 2.56% (5년), 2.26% (10년)으로 기초 지수(11.61%)와 대체로 일치. 비용 예시 $80 (0.76%). 순자산 $2.33억; 매우 높은 회전율 317%.
- NYLI Candriam International Equity ETF (IQSI): NAV 수익률 11.63% (1년), 11.44% (5년); MSCI EAFE (5년 11.37%) 대비 우수. 비용 예시 $16 (0.15%). 순자산 $2.08억; 회전율 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): NAV 수익률 1.32% (1년) vs Russell Midcap 7.33%. 설정 이후 연평균 성장률(CAGR) 8.23%. 비용 예시 $15 (0.15%). 순자산 $1.98억; 회전율 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): NAV 수익률 6.75% (1년), 14.66% (5년). 5년 기간 동안 Russell 3000 대비 초과 수익. 비용 예시 $9 (0.09%). 순자산 $3.42억; 회전율 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): 비용 예시 $21 (0.20%); 50% 환헤지 전략으로 환율 변동성 완화 강조. 상세 수익률 표는 발췌문에 제공되지 않음.
주요 포트폴리오 특성
- QAI는 108개 보유 종목으로 분산; 최대 비중은 변동금리 채권(17.9%).
- MNA는 49개 종목 집중; 상위 10개에는 4.5% 현금성 T-빌 ETF 포함; 섹터 헤지 노출로 일부 저조한 성과 발생.
- IQSI는 585개 주식 보유, 일본 비중 높음(27%), 금융 섹터가 주요 기여.
- IQSM은 산업재(18%)와 경기소비재(16.2%)에 편중.
- IQSU는 기술주 비중 높음(IT 33.9%); 마이크로소프트와 애플이 자산의 19.6% 차지.
주요 변경 사항
- 모든 펀드 브랜드 변경 및 자문사 전환 완료; 투자 목표는 변경 없음.
- MNA는 인수 진입, 가중치 및 헤지 규칙을 지수에 더 가깝게 조정.
위험 및 전망: 운용팀은 QAI의 저베타 분산, MNA의 지속적인 인수합병 파이프라인, Candriam 지수의 ESG 필터, HFXI의 환헤지 이점을 강조합니다. 과거 성과는 미래 결과를 보장하지 않습니다.
New York Life Investments ETF Trust – Formulaire N-CSR 2025 (exercice clos le 30 avril 2025) couvre six ETF clés suite à un large rebranding de la famille « IQ » vers « NYLI ». New York Life Investment Management LLC a remplacé IndexIQ Advisors LLC en tant que conseiller ; le déclarant précise que la philosophie de gestion et les méthodologies de référence restent inchangées.
Performance et Coûts
- NYLI Hedge Multi-Strategy Tracker ETF (QAI) : rendement NAV 4,71 % (1 an), 3,35 % (5 ans), 1,89 % (10 ans). Rendement indice Hedge large 5,79 % ; S&P 500 (net) 11,64 %. Exemple de frais 55 $ sur 10 000 $ (0,54 %). Actifs nets 689,0 M$ ; rotation 65 %.
- NYLI Merger Arbitrage ETF (MNA) : rendement NAV 11,59 % (1 an), 2,56 % (5 ans), 2,26 % (10 ans), proche de son indice sous-jacent (11,61 %). Exemple de frais 80 $ (0,76 %). Actifs nets 233,3 M$ ; rotation très élevée 317 %.
- NYLI Candriam International Equity ETF (IQSI) : rendement NAV 11,63 % (1 an), 11,44 % (5 ans) ; surpasse le MSCI EAFE (11,37 % sur 5 ans). Exemple de frais 16 $ (0,15 %). Actifs nets 208,4 M$ ; rotation 22 %.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM) : rendement NAV 1,32 % (1 an) vs Russell Midcap 7,33 %. CAGR depuis la création 8,23 %. Exemple de frais 15 $ (0,15 %). Actifs nets 198,4 M$ ; rotation 47 %.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU) : rendement NAV 6,75 % (1 an), 14,66 % (5 ans). Surperforme le Russell 3000 sur 5 ans. Exemple de frais 9 $ (0,09 %). Actifs nets 342,1 M$ ; rotation 34 %.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI) : exemple de frais 21 $ (0,20 %) ; la description souligne une stratégie de couverture à 50 % atténuant la volatilité des devises. Tableau détaillé des rendements non fourni dans l’extrait.
Caractéristiques clés du portefeuille
- QAI diversifié sur 108 positions ; la plus grande part en obligations à taux variable (17,9 %).
- MNA concentré, 49 positions ; les dix premières comprennent des ETF équivalents de trésorerie en bons du Trésor à 4,5 % ; l’exposition à la couverture sectorielle a entraîné une certaine sous-performance.
- IQSI détient 585 actions, forte exposition au Japon (27 %), les financières sont les principaux contributeurs.
- IQSM orienté vers les secteurs industriels (18 %) et la consommation discrétionnaire (16,2 %).
- IQSU fortement pondéré en technologie (IT 33,9 %) ; Microsoft et Apple représentent ensemble 19,6 % des actifs.
Changements importants
- Rebranding de tous les fonds et transition du conseiller finalisés durant la période ; aucun changement dans les objectifs d’investissement.
- MNA a ajusté les règles d’entrée, de pondération et de couverture pour mieux correspondre à son indice.
Risques et Perspectives : La gestion met l’accent sur la diversification à faible bêta pour QAI, un pipeline continu de fusions-acquisitions pour MNA, des filtres ESG pour les indices Candriam et les avantages de la couverture de change pour HFXI. Les performances passées ne préjugent pas des résultats futurs.
New York Life Investments ETF Trust – Formular N-CSR 2025 (Geschäftsjahr zum 30. April 2025) umfasst sechs wichtige ETFs nach einer umfassenden Umbenennung von der „IQ“-Familie zu „NYLI“. New York Life Investment Management LLC hat IndexIQ Advisors LLC als Berater ersetzt; der Registrant gibt an, dass die Managementphilosophie und Benchmark-Methoden unverändert bleiben.
Performance & Kosten
- NYLI Hedge Multi-Strategy Tracker ETF (QAI): NAV-Rendite 4,71% (1 Jahr), 3,35% (5 Jahre), 1,89% (10 Jahre). Breiter Hedge-Index-Rendite 5,79%; S&P 500 (Netto) 11,64%. Kostenbeispiel $55 auf $10.000 (0,54%). Nettovermögen $689,0 Mio.; Umschlag 65%.
- NYLI Merger Arbitrage ETF (MNA): NAV-Rendite 11,59% (1 Jahr), 2,56% (5 Jahre), 2,26% (10 Jahre), ungefähr im Einklang mit seinem zugrundeliegenden Index (11,61%). Kostenbeispiel $80 (0,76%). Nettovermögen $233,3 Mio.; sehr hoher Umschlag 317%.
- NYLI Candriam International Equity ETF (IQSI): NAV-Rendite 11,63% (1 Jahr), 11,44% (5 Jahre); übertrifft MSCI EAFE (11,37% 5 Jahre). Kostenbeispiel $16 (0,15%). Nettovermögen $208,4 Mio.; Umschlag 22%.
- NYLI Candriam U.S. Mid Cap Equity ETF (IQSM): NAV-Rendite 1,32% (1 Jahr) vs Russell Midcap 7,33%. CAGR seit Auflegung 8,23%. Kostenbeispiel $15 (0,15%). Nettovermögen $198,4 Mio.; Umschlag 47%.
- NYLI Candriam U.S. Large Cap Equity ETF (IQSU): NAV-Rendite 6,75% (1 Jahr), 14,66% (5 Jahre). Übertraf Russell 3000 im 5-Jahres-Zeitraum. Kostenbeispiel $9 (0,09%). Nettovermögen $342,1 Mio.; Umschlag 34%.
- NYLI FTSE International Equity Currency Neutral ETF (HFXI): Kostenbeispiel $21 (0,20%); Beschreibung hebt eine 50%-Absicherungsstrategie hervor, die Währungsvolatilität mindert. Detaillierte Renditetabelle im Auszug nicht enthalten.
Wesentliche Portfolioeigenschaften
- QAI diversifiziert über 108 Positionen; größter Anteil in variabel verzinslichen Anleihen (17,9%).
- MNA konzentriert, 49 Positionen; die Top zehn enthalten 4,5% Bargeld-äquivalente T-Bill-ETFs; Sektorabsicherungen führten zu etwas Underperformance.
- IQSI hält 585 Aktien, hoher Anteil Japan (27%), Finanzwerte sind Hauptbeitrag.
- IQSM gewichtet Industrials (18%) und Consumer Discretionary (16,2%) stärker.
- IQSU stark technologielastig (IT 33,9%); Microsoft und Apple machen zusammen 19,6% der Vermögenswerte aus.
Wesentliche Änderungen
- Rebranding aller Fonds und Beraterwechsel im Berichtszeitraum abgeschlossen; keine Änderung der Anlageziele.
- MNA hat Einstiegs-, Gewichtungs- und Absicherungsregeln angepasst, um näher am Index zu sein.
Risiko & Ausblick: Das Management betont niedrige Beta-Diversifikation für QAI, einen fortlaufenden M&A-Pipeline für MNA, ESG-Screenings für Candriam-Indizes und Währungsabsicherungs-Vorteile für HFXI. Vergangene Wertentwicklungen sind keine Garantie für zukünftige Ergebnisse.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22227
New York Life Investments ETF Trust
(Exact name of registrant as specified in charter)
51 Madison Avenue
New
York, NY 10010
(Address of principal executive offices) (Zip code)
Kirk C. Lehneis
New York Life Investment
Management LLC
51 Madison Avenue
New York, NY 10010
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-888-474-7725
Date of fiscal year end: April 30
Date of reporting period: April 30, 2025
Item 1. Reports to Stockholders.
| (a) | The Report to Shareholders is attached herewith. |
NYLI
Hedge Multi-Strategy Tracker ETF
QAI /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI Hedge Multi-Strategy Tracker ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was supported by positive contributions from credit-sensitive exposures, including convertibles, investment-grade floating rate debt and bank loans, in an environment of elevated interest rates and stable corporate fundamentals. Equity exposures in developed international and emerging markets also added to returns, benefiting from a late-period rotation into non-U.S. equities and a weakening U.S. dollar. The Fund’s multi-strategy design provided broad-based diversification, helping to offset underperformance in market-neutral and managed futures strategies and reinforcing its role as a low-beta, volatility-dampening alternative with stable performance across shifting market regimes.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Convertible bonds (long positions)
Benefited from their asymmetric return profile, participating in equity upside while maintaining defensive fixed income characteristics during rising volatility
Contributed
Floating rate investment-grade debt (long positions)
Buoyed performance due to a high-rate, low-default environment, strong carry, stable credit spreads and healthy corporate balance sheets
Contributed
Contributed
International equity (long positions)
Boosted by a late-period rotation into developed international markets, driven by U.S. capital flight and dollar weakness
Equity market neutral (short positions)
Detracted as rising cross-sectional dispersion and a volatility resurgence helped fuel a rebound
Detracted
U.S. small-cap core (long positions)
Weighed on performance amid persistently tight credit conditions and the specter of an economic downturn
Detracted
International Treasury (short positions)
Detracted as foreign sovereign bond prices rallied late in the period in anticipation of forthcoming rate cuts
Detracted
7889834
MEQAI11-06/25
NYLI Hedge Multi-Strategy Tracker 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.
4/15 |
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|---|---|---|---|---|---|
4/16 |
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4/17 |
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4/21 |
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4/23 |
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4/24 |
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4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Five Years |
Ten Years |
|---|---|---|---|---|
NYLI Hedge Multi-Strategy Tracker ETF - NAV |
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NYLI Hedge Multi-Strategy IndexFootnote Reference1 |
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Russell 3000®IndexFootnote Reference2 |
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S&P 500® Index (Net)Footnote Reference3 |
||||
Barclay Hedge Fund IndexFootnote Reference4 |
| Footnote | Description |
|
Footnote1 |
The NYLI Hedge Multi-Strategy Index is the underlying index of the Fund. The NYLI Hedge Multi-Strategy Index seeks to achieve performance similar to the overall hedge fund universe by replicating the “beta” portion of the hedge fund return characteristics over longer term periods and not on a daily basis. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S.equity market, as a replacement for the S&P 500® Index (Net). |
|
Footnote3 |
The S&P 500® Index (Net) is a well-known broad-based unmanaged index of 500 stocks, which is designed to represent the equity market in general. |
|
Footnote4 |
The Barclay Hedge Fund Index is a measure of the average return of all hedge funds (excepting Funds of Funds) in the Barclay database. |
7889834
MEQAI11-06/25
NYLI Hedge Multi-Strategy Tracker ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
iShares Floating Rate Bond ETF |
|
|---|---|
Vanguard Short-Term Treasury ETF |
|
Vanguard FTSE Developed Markets ETF |
|
Franklin Senior Loan ETF |
|
Vanguard Short-Term Inflation-Protected Securities ETF |
|
SPDR Bloomberg Convertible Securities ETF |
|
iShares 0-5 Year TIPS Bond ETF |
|
iShares National Muni Bond ETF |
|
SPDR Bloomberg Investment Grade Floating Rate ETF |
|
Vanguard Tax-Exempt Bond Index ETF |
* Excluding short-term investments
Portfolio Composition
Floating Rate - Investment Grade Funds |
|
|---|---|
Treasury Inflation Protected Securities Funds |
|
U.S. Short Term Treasury Bond Fund |
|
Short-Term Investments |
|
Convertible Bond Funds |
|
Municipal Bond Funds |
|
International Equity Core Fund |
|
Bank Loan Fund |
|
Emerging Markets Funds |
|
Merger Arbitrage Funds |
|
Preferred Fund |
|
U.S. Small Cap Core Fund |
|
U.S. Momentum Fund |
|
U.S. Large Cap Core Funds |
|
Agriculture Fund |
|
Managed Futures Funds |
|
U.S. Sector Funds |
|
Broad Funds |
|
U.S. Mid Cap Core Fund |
|
BRIC Equity Fund |
|
China Fund |
|
Other Asset and Liabilities |
(9.7)% |
7889834
MEQAI11-06/25
NYLI Hedge Multi-Strategy Tracker ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Hedge Multi-Strategy Tracker ETF” to “NYLI Hedge Multi-Strategy Tracker ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889834
MEQAI11-06/25
NYLI Hedge Multi-Strategy Tracker ETF | 4
NYLI
Merger Arbitrage ETF
MNA /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|---|---|---|
NYLI Merger Arbitrage ETF |
$ |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was influenced by broad macroeconomic conditions, including elevated interest rates, cooling but volatile inflation and generally resilient equity markets that supported risk appetite. Steady mergers and acquisitions ("M&A") activity over most of the reporting period provided ample arbitrage opportunities, while regulatory scrutiny, buyer/seller valuation gaps and higher borrowing costs contributed to wider spreads and attractive risk-adjusted returns. Although tariff threats and their eventual implementation weighed on sentiment toward the end of the reporting period, overall deal completion rates remained high and Fund performance benefited from strong deal selection, favorable sector positioning, disciplined hedging in stock-financed transactions and the Fund’s low beta, low correlation return profile.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Materials
Favorable deal outcomes, robust sector M&A activity and strong risk-adjusted returns from select deals
Contributed
Information technology
Broad-based contribution supported by opportune positioning in high value deals and well-calibrated hedging
Contributed
Contributed
Health care
Outsized contribution from deal selection
Communication services
Deal selection and heightened regulatory scrutiny
Detracted
Sector hedges
Performance of legacy sector hedges † disconnected from idiosyncratic deal risks
Detracted
Real estate
Outsized impact of deal selection and tariff-related market disruptions
Detracted
7889841
MEMNA11-06/25
NYLI Merger Arbitrage ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
4/15 |
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4/16 |
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4/17 |
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4/18 |
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4/22 |
|||||
4/23 |
|||||
4/24 |
|||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Five Years |
Ten Years |
|---|---|---|---|---|
NYLI Merger Arbitrage ETF - NAV |
||||
NYLI Merger Arbitrage IndexFootnote Reference1 |
||||
MSCI World® Index (Net)Footnote Reference2 |
||||
S&P 500® Index (Net)Footnote Reference3 |
||||
Barclay Merger Arbitrage IndexFootnote Reference4 |
| Footnote | Description |
|
Footnote1 |
The NYLI Merger Arbitrage Index is the underlying index of the Fund. The NYLI Merger Arbitrage Index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. |
|
Footnote2 |
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. |
|
Footnote3 |
The S&P 500® Index (Net) is a well-known broad-based unmanaged index of 500 stocks, which is designed to represent the equity market in general. |
|
Footnote4 |
The Barclay Merger Arbitrage Index is a measure of the average net returns of all reporting merger arbitrage funds in the Barclay Hedge database. |
7889841
MEMNA11-06/25
NYLI Merger Arbitrage ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
SPDR Bloomberg 1-3 Month T-Bill ETF, Class B |
|
|---|---|
iShares Short Treasury Bond ETF |
|
Frontier Communications Parent, Inc. |
|
Kellanova |
|
Spirit AeroSystems Holdings, Inc., Class A |
|
Innergex Renewable Energy, Inc. |
|
Just Eat Takeaway.com NV |
|
Interpublic Group of Cos., Inc. (The) |
|
ALLETE, Inc. |
|
Walgreens Boots Alliance, Inc. |
* Excluding short-term investments
Top Industries
Short-Term Investments |
|
|---|---|
Industrials |
|
Financials |
|
Consumer Discretionary |
|
Communication Services |
|
Fixed Income Fund |
|
Consumer Staples |
|
Utilities |
|
Materials |
|
Energy |
7889841
MEMNA11-06/25
NYLI Merger Arbitrage ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Merger Arbitrage ETF” to “NYLI Merger Arbitrage ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
†
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:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889841
MEMNA11-06/25
NYLI Merger Arbitrage ETF | 4
NYLI
Candriam International Equity ETF
IQSI /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI Candriam International Equity ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was driven by macroeconomic developments, as well as sector- and country-specific trends. Returns benefited from strengthening developed international equity markets as the fallout from escalating U.S. tariffs reoriented investor expectations around global growth, and as trade tensions and protectionist policy shifts triggered capital outflows from the United States, boosting demand for international equities. While financials and rate-sensitive sectors benefited from cooling inflation and resilient economic conditions, export-heavy markets faced pressure from new tariff barriers, rising input costs and murky cross-border demand, particularly in energy, materials, autos and semiconductors.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Financials
Delivered the greatest contribution to returns, spurred by a supportive monetary backdrop, cooling inflation, economic resilience, regulatory tailwinds and region-specific growth initiatives
Contributed
Germany
Delivered the largest country-level contribution, supported by strong performance across financials, information technology, and industrials amid a large-scale stimulus plan and warming investor sentiment
Contributed
Contributed
Japan
Added meaningfully to returns, particularly in the information technology, financials and consumer discretionary sectors, driven by accommodative monetary policy, encouraging corporate governance and capital markets reforms, robust earnings and tariff-driven U.S. capital flight
Energy
Detracted from returns amid falling commodity prices, softening current and nebulous future demand, abundant production, and policy-related uncertainty
Detracted
Netherlands
Detracted primarily due to the lagging performance of semiconductor equipment maker AMSL, as sentiment turned against high-growth chipmakers exposed to export restrictions and artificial intelligence-related supply chain disruption
Detracted
Denmark
Detracted overwhelmingly due to a sharp decline in mega-cap pharmaceutical maker Novo Nordisk
Detracted
7889775
MEIQSI11-06/25
NYLI Candriam International Equity ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
12/17/2019 |
|||
|---|---|---|---|
4/20 |
|||
4/21 |
|||
4/22 |
|||
4/23 |
|||
4/24 |
|||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Five Years |
Since Inception |
|---|---|---|---|---|
NYLI Candriam International Equity ETF - NAV |
||||
NYLI Candriam International Equity IndexFootnote Reference1 |
||||
MSCI EAFE® Index (Net)Footnote Reference2 |
| Footnote | Description |
|
Footnote1 |
The NYLI Candriam International Equity Index is the underlying index of the Fund. The NYLI Candriam International Equity Index is designed to deliver exposure to equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market-capitalization weighting methodology. |
|
Footnote2 |
The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
7889775
MEIQSI11-06/25
NYLI Candriam International Equity ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
SAP SE |
|
|---|---|
Nestle SA |
|
ASML Holding NV |
|
Roche Holding AG |
|
Novartis AG |
|
AstraZeneca PLC |
|
Toyota Motor Corp. |
|
Commonwealth Bank of Australia |
|
Siemens AG |
|
Sony Group Corp. |
* Excluding short-term investments
Top Countries
Japan |
|
|---|---|
United States |
|
United Kingdom |
|
Germany |
|
Australia |
|
France |
|
Netherlands |
|
Switzerland |
|
Spain |
|
Italy |
7889775
MEIQSI11-06/25
NYLI Candriam International Equity ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Candriam International Equity ETF” to “NYLI Candriam International Equity ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889775
MEIQSI11-06/25
NYLI Candriam International Equity ETF | 4
NYLI
Candriam U.S. Mid Cap Equity ETF
IQSM /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI Candriam U.S. Mid Cap Equity ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund reflected a market shaped by early economic resilience and policy optimism, followed by disruptive shifts under the Trump administration and sector-specific pressures. Gains in financials, real estate and mid-cap technology were supported by consumer strength, stable interest rates and expectations for deregulation, while health care, industrials and energy lagged amid tariff-related costs, regulatory uncertainty and weakening sentiment. The Fund’s performance mirrored broader mid-cap trends, with select domestically focused exposures benefiting from pro-growth policies, despite headwinds from trade volatility, inflation, rate uncertainty and sector dispersion.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Financials
Benefited from stable interest rates, consumer resilience, deregulation expectations, and robust domestic lending and banking activity
Contributed
Real estate
Gained on easing inflation and resilient property demand, along with an investor rotation into income-generating assets
Contributed
Contributed
Information technology
Rose on artificial intelligence-led productivity gains and steady demand for related software and infrastructure
Health care
Faced regulatory scrutiny over drug pricing and weak sentiment toward mid-cap biotech and services firms
Detracted
Industrials
Experienced tariff-driven cost pressures and supply chain disruptions that undermined margins and investor sentiment
Detracted
Energy
Declined due to falling commodity prices, softening current and nebulous future demand, abundant production and policy-related uncertainty
Detracted
7889815
MEIQSM11-06/25
NYLI Candriam U.S. Mid Cap Equity ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
10/25/2022 |
||||
|---|---|---|---|---|
4/23 |
||||
4/24 |
||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Since Inception |
|---|---|---|---|
NYLI Candriam U.S. Mid Cap Equity ETF - NAV |
|||
NYLI Candriam U.S. Mid Cap Equity IndexFootnote Reference1 |
|||
Russell 3000®IndexFootnote Reference2 |
|||
Russell Midcap®IndexFootnote Reference3 |
| Footnote | Description |
|
Footnote1 |
The NYLI Candriam U.S. Mid Cap Equity Index is the underlying index of the Fund. The NYLI Candriam U.S. Mid Cap Equity Index is designed to deliver exposure to U.S. mid-cap equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market-capitalization weighting methodology. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, as a replacement for the Russell Midcap® Index. |
|
Footnote3 |
The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe and is a subset of the Russell 1000® Index, which includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. |
7889815
MEIQSM11-06/25
NYLI Candriam U.S. Mid Cap Equity ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
Insulet Corp. |
|
|---|---|
Nutanix, Inc., Class A |
|
Sprouts Farmers Market, Inc. |
|
Tapestry, Inc. |
|
Docusign, Inc. |
|
Guidewire Software, Inc. |
|
Yum China Holdings, Inc. |
|
F5, Inc. |
|
Equitable Holdings, Inc. |
|
BJ's Wholesale Club Holdings, Inc. |
* Excluding short-term investments
Top Industries
Industrials |
|
|---|---|
Consumer Discretionary |
|
Information Technology |
|
Financials |
|
Health Care |
|
Real Estate |
|
Consumer Staples |
|
Materials |
|
Communication Services |
|
Energy |
7889815
MEIQSM11-06/25
NYLI Candriam U.S. Mid Cap Equity ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Candriam U.S. Mid Cap Equity ETF” to “NYLI Candriam U.S. Mid Cap Equity ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889815
MEIQSM11-06/25
NYLI Candriam U.S. Mid Cap Equity ETF | 4
NYLI
Candriam U.S. Large Cap Equity ETF
IQSU /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI Candriam U.S. Large Cap Equity ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was led by growth-oriented sectors and a rebound in financials, supported by robust corporate earnings, steady economic growth and investor enthusiasm for artificial intelligence (“AI”)-linked companies. Early gains were driven by a narrow group of large-cap technology and consumer names that had led the market in prior periods, but their dominance faded as rising competition from China, escalating trade tensions and growing skepticism about U.S. economic leadership weighed on sentiment. Returns were constrained by sharp declines in semiconductor and high-growth technology stocks late in the reporting period due to renewed tariff risks and political uncertainty.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Apple Inc.
Benefited from strong iPhone sales, services growth and sustained investor confidence in mega-cap tech
Contributed
Tesla Inc.
Delivered outsized gains as margins improved, optimism around its autonomous and energy businesses grew, and a sharp initial post-election rally fueled returns
Contributed
Contributed
Microsoft Corp.
Posted strong returns due to continued cloud growth and leadership in generative AI adoption and innovation
NVIDIA Corp.
Detracted significantly despite strong fundamentals, as renewed trade tensions, chip restrictions and rising geopolitical risks regarding AI supply chains weighed on performance
Detracted
Amazon.com Inc.
Lagged due to adverse macro conditions that arose toward the end of the reporting period, combined with subsequent disappointing earnings guidance, slower revenue and profit growth, rising costs from aggressive AI and logistics investments, intensifying competition and ongoing regulatory scrutiny
Detracted
Advanced Micro Devices Inc.
Underperformed as sentiment turned against high-growth chipmakers exposed to export restrictions and AI supply chain disruption
Detracted
7889805
MEIQSU11-06/25
NYLI Candriam U.S. Large Cap Equity ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
12/17/2019 |
||||
|---|---|---|---|---|
4/20 |
||||
4/21 |
||||
4/22 |
||||
4/23 |
||||
4/24 |
||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Five Years |
Since Inception |
|---|---|---|---|---|
NYLI Candriam U.S. Large Cap Equity ETF - NAV |
||||
NYLI Candriam U.S. Large Cap Equity IndexFootnote Reference1 |
||||
Russell 3000®IndexFootnote Reference2 |
||||
S&P 500®IndexFootnote Reference3 |
| Footnote | Description |
|
Footnote1 |
The NYLI Candriam U.S. Large Cap Equity Index is the underlying index of the Fund. The NYLI Candriam U.S. Large Cap Equity Index is designed to deliver exposure to U.S. large-cap equity securities of companies meeting environmental, social and corporate governance (ESG) criteria developed by Candriam and weighted using a market capitalization weighting methodology. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, as a replacement for the S&P 500® Index (Net). |
|
Footnote3 |
The S&P 500® Index is a well-known broad-based unmanaged index of 500 stocks, which is designed to represent the equity market in general. |
7889805
MEIQSU11-06/25
NYLI Candriam U.S. Large Cap Equity ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
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. |
|
|---|---|
Apple, Inc. |
|
Alphabet, Inc., Class A and C |
|
Amazon.com, Inc. |
|
Tesla, Inc. |
|
Visa, Inc., Class A |
|
Mastercard, Inc., Class A |
|
Procter & Gamble Co. (The) |
|
Home Depot, Inc. (The) |
|
Bank of America Corp. |
* Excluding short-term investments
Top Industries
Information Technology |
|
|---|---|
Financials |
|
Consumer Discretionary |
|
Industrials |
|
Communication Services |
|
Health Care |
|
Consumer Staples |
|
Real Estate |
|
Materials |
|
Energy |
7889805
MEIQSU11-06/25
NYLI Candriam U.S. Large Cap Equity ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Candriam U.S. Large Cap Equity ETF” to “NYLI Candriam U.S. Large Cap Equity ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889805
MEIQSU11-06/25
NYLI Candriam U.S. Large Cap Equity ETF | 4
NYLI
FTSE International Equity Currency Neutral ETF
HFXI /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|---|---|---|
NYLI FTSE International Equity Currency Neutral ETF |
$ |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was affected by a decisive shift in global market leadership. Early strength in the U.S. economy, equity markets and the dollar gave way to a late-period reversal marked by international equity outperformance and heightened currency volatility. The Fund’s 50% currency hedging strategy provided ballast-moderating currency-driven swings while preserving participation in both international equity gains and currency appreciation.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Currency Hedge (50%)
Preserved partial gains from foreign currency appreciation as the U.S. dollar weakened and international equities advanced late in the period
Contributed
Financials
Produced the strongest sector contributor to returns—particularly from favorable positioning in the UK, Japan and Germany
Contributed
Contributed
Industrials
Buoyed by a resurgence in international industrials, notably towards the end of the reporting period, as trade tensions intensified and supply chains realigned
Energy
Weighed on performance as the price of oil plunged amid trade hostilities, abundant production and demand uncertainty
Detracted
Denmark
Undermined performance largely due to sharp declines in mega-cap pharmaceutical maker Novo Nordisk
Detracted
South Korea
Impacted by political instability and trade war uncertainty
Detracted
7889819
MEHFXI11-06/25
NYLI FTSE International Equity Currency Neutral ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
7/22/2015 |
|||||
|---|---|---|---|---|---|
4/16 |
|||||
4/17 |
|||||
4/18 |
|||||
4/19 |
|||||
4/20 |
|||||
4/21 |
|||||
4/22 |
|||||
4/23 |
|||||
4/24 |
|||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Five Years |
Since Inception |
|---|---|---|---|---|
NYLI FTSE International Equity Currency Neutral ETF - NAV |
||||
FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) IndexFootnote Reference1 |
||||
MSCI EAFE® Index (Net)Footnote Reference2 |
||||
FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) IndexFootnote Reference3 |
||||
FTSE Developed ex North America Net Tax (US RIC) IndexFootnote Reference4 |
| Footnote | Description |
|
Footnote1 |
The FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index is the underlying index of the Fund. The FTSE Developed ex North America 50% Hedged to USD Net Tax (US RIC) Index is an equity benchmark of international stocks from developed markets, with approximately half of the currency exposure of the securities included in the Underlying Index “hedged” against the U.S. dollar on a monthly basis. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the MSCI EAFE® Index (Net), which consists of international stocks representing the developed world outside of North America, as a replacement for the FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index. |
|
Footnote3 |
The FTSE Developed ex North America 100% Hedged to USD Net Tax (US RIC) Index, is comprised of large and mid-cap stocks in developed markets, excluding the U.S. and Canada and represents the performance without any impact from foreign exchange fluctuations. |
|
Footnote4 |
The FTSE Developed ex North America Net Tax (US RIC) Index, is comprised of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. |
7889819
MEHFXI11-06/25
NYLI FTSE International Equity Currency Neutral ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
SAP SE |
|
|---|---|
Nestle SA |
|
ASML Holding NV |
|
Roche Holding AG |
|
Novartis AG |
|
Toyota Motor Corp. |
|
Samsung Electronics Co., Ltd., 0.00% |
|
AstraZeneca PLC |
|
Novo Nordisk A/S, Class B |
|
Shell PLC |
* Excluding short-term investments
Top Countries
Japan |
|
|---|---|
United Kingdom |
|
Germany |
|
United States |
|
France |
|
Australia |
|
Switzerland |
|
South Korea |
|
Netherlands |
|
Italy |
7889819
MEHFXI11-06/25
NYLI FTSE International Equity Currency Neutral ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ FTSE International Equity Currency Neutral ETF” to “NYLI FTSE International Equity Currency Neutral ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889819
MEHFXI11-06/25
NYLI FTSE International Equity Currency Neutral ETF | 4
NYLI
U.S. Large Cap R&D Leaders ETF
LRND /The
NASDAQ Stock Market LLC
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI U.S. Large Cap R&D Leaders ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was supported by rising capital expenditures tied to artificial intelligence (“AI”), which bolstered the information technology and communication services sectors. Strong balance sheets, increased investment and investor enthusiasm for AI contributed to especially strong results among social networking, communication equipment and biopharmaceutical stocks. However, gains were partially offset by escalating global tariff tensions that disrupted semiconductor supply chains—particularly in the microprocessor and graphics accelerator industries—and by the absence of expected regulatory rollbacks in select health care areas, notably oncology biopharmaceuticals, despite overall strength in innovation-led equities.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Social networking
Substantial revenue growth driven by AI advancements and user engagement monetization strategies amid increased digital consumption
Contributed
Communication equipment & technology
Increased global demand for advanced connectivity solutions and network infrastructure upgrades to support AI and cloud computing
Contributed
Contributed
Biopharmaceuticals
Promising clinical results and regulatory approvals from R&D investments in breakthrough therapies and treatments
Microprocessor (MPU) semiconductors
Supply chain disruptions from intensifying global tariff tensions and manufacturing challenges that impacted demand, production and margins
Detracted
Oncology biopharmaceuticals
Clinical trial setbacks and regulatory hurdles for innovative cancer treatments, despite strong sector-level R&D spending
Detracted
General graphics accelerators/controllers
Component shortages and pricing pressures amid tariff-related trade tensions that affected demand, production and distribution capabilities
Detracted
7889847
MELRND11-06/25
NYLI U.S. Large Cap R&D Leaders ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
2/8/2022 |
||||
|---|---|---|---|---|
4/22 |
||||
4/23 |
||||
4/24 |
||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Since Inception |
|---|---|---|---|
NYLI U.S. Large Cap R&D Leaders ETF - NAV |
|||
NYLI U.S. Large Cap R&D Leaders IndexFootnote Reference1 |
|||
Russell 3000®IndexFootnote Reference2 |
|||
Russell 1000® Growth IndexFootnote Reference3 |
| Footnote | Description |
|
Footnote1 |
The NYLI U.S. Large Cap R&D Leaders Index is the underlying index of the Fund. The NYLI U.S. Large Cap R&D Leaders Index seeks to provide exposure to innovative companies by investing in the equities of US large cap companies that have the highest research and development (“R&D”) spending during the previous year. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, as a replacement for the Russell 1000® Growth Index. |
|
Footnote3 |
The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe and includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
7889847
MELRND11-06/25
NYLI U.S. Large Cap R&D Leaders ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
Amazon.com, Inc. |
|
|---|---|
Alphabet, Inc., Class A |
|
Meta Platforms, Inc., Class A |
|
Microsoft Corp. |
|
Apple, Inc. |
|
Johnson & Johnson |
|
Merck & Co., Inc. |
|
Intel Corp. |
|
NVIDIA Corp. |
|
AbbVie, Inc. |
* Excluding short-term investments
Top Industries
Information Technology |
|
|---|---|
Health Care |
|
Communication Services |
|
Consumer Discretionary |
|
Industrials |
|
Financials |
|
Consumer Staples |
|
Short-Term Investments |
|
Materials |
7889847
MELRND11-06/25
NYLI U.S. Large Cap R&D Leaders ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ U.S. Large Cap R&D Leaders ETF” to “NYLI U.S. Large Cap R&D Leaders ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889847
MELRND11-06/25
NYLI U.S. Large Cap R&D Leaders ETF | 4
NYLI
Global Equity R&D Leaders ETF
WRND /The
NASDAQ Stock Market LLC
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI Global Equity R&D Leaders ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was supported by substantial capital expenditures related to artificial intelligence (“AI”), which bolstered the information technology and communication services sectors, as well as by strong industrial innovation and gains in the diversified biopharmaceuticals, communication equipment, e-commerce and cloud computing industries. Performance was constrained by escalating global tariff tensions that disrupted automotive and semiconductor supply chains—particularly affecting conventional car manufacturers and microprocessor producers—while regulatory uncertainties weighed on oncology biopharmaceuticals despite continued strength in innovation-focused global equities.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Biopharmaceuticals
Benefited from research and development ("R&D") investments in breakthrough therapies and treatments, delivering promising clinical results and regulatory approvals
Contributed
Communication equipment & technology
Gained from increased global demand for advanced connectivity solutions and network infrastructure upgrades to support AI and cloud computing
Contributed
Contributed
E-commerce & cloud computing
Bolstered by robust consumer spending on digital platforms, coupled with increasing business adoption of scalable cloud services
Conventional car manufacturers
Sharply constrained by disruptions to production and demand amid sharpening global tariff tensions, coupled with continued pressure from electric vehicle competition
Detracted
Microprocessor (MPU) semiconductors
Negatively affected by supply chain disruptions from intensifying global tariff tensions and manufacturing challenges
Detracted
Oncology biopharmaceuticals
Undermined by clinical trial setbacks and regulatory hurdles for innovative cancer treatments, despite strong sector-level R&D spending
Detracted
7889825
MEWRND11-06/25
NYLI Global Equity R&D Leaders ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
2/8/2022 |
||||
|---|---|---|---|---|
4/22 |
||||
4/23 |
||||
4/24 |
||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Since Inception |
|---|---|---|---|
NYLI Global Equity R&D Leaders ETF - NAV |
|||
NYLI Global Equity R&D Leaders IndexFootnote Reference1 |
|||
MSCI World® Index (Net)Footnote Reference2 |
|||
FTSE All-World Growth®IndexFootnote Reference3 |
| Footnote | Description |
|
Footnote1 |
The NYLI Global Equity R&D Leaders Index is the underlying index of the Fund. The NYLI Global Equity R&D Leaders Index sseeks to provide exposure to innovative companies by investing in the equities of companies that have the highest research and development (“R&D”) spending around the world. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the MSCI World® Index (Net), which is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets as a replacement for the FTSE All-World Growth® Index. |
|
Footnote3 |
The FTSE All-World Growth® Index measures the performance of the investable securities in the developed and emerging large and mid-cap growth segment of the market, which includes companies with higher growth earning potential. |
7889825
MEWRND11-06/25
NYLI Global Equity R&D Leaders ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
Amazon.com, Inc. |
|
|---|---|
Alphabet, Inc., Class A |
|
Meta Platforms, Inc., Class A |
|
Microsoft Corp. |
|
Apple, Inc. |
|
Samsung Electronics Co., Ltd. |
|
Volkswagen AG, 9.40% |
|
Roche Holding AG |
|
Johnson & Johnson |
|
AstraZeneca PLC |
* Excluding short-term investments
Top Countries
United States |
|
|---|---|
Germany |
|
Japan |
|
China |
|
South Korea |
|
Taiwan |
|
United Kingdom |
|
France |
|
Netherlands |
|
Denmark |
7889825
MEWRND11-06/25
NYLI Global Equity R&D Leaders ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Global Equity R&D Leaders ETF” to “NYLI Global Equity R&D Leaders ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889825
MEWRND11-06/25
NYLI Global Equity R&D Leaders ETF | 4
NYLI
Healthy Hearts ETF
HART /NYSE
Arca, Inc.
ANNUAL SHAREHOLDER REPORT | April 30, 2025
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 investmentFootnote Reference1 |
|---|---|---|
NYLI Healthy Hearts ETF |
$ |
| Footnote | Description |
|
Footnote1 |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
What factors influenced Fund performance during the reporting period?
During the 12-month reporting period ended April 30, 2025, the performance of the Fund was affected by strengths and weaknesses in various industry subsectors. Returns benefited from strong gains in medical devices and instruments, biopharmaceuticals and health care wearables amid sustained investment in health care innovation, aging population dynamics and growing demand for preventive and lifestyle improvement technologies. Underperforming areas included diabetes-related biopharmaceuticals (GLP-1 drugs) and managed care amid pricing pressures, cooling demand and policy scrutiny, while footwear production lagged due to softer consumer demand, margin compression and tariff headwinds in wellness-linked discretionary goods.
The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.
Key Factor
Summary
Impact
Medical devices and instruments
Strong demand for surgical technologies, diagnostic equipment, and cardiovascular treatment innovation
Contributed
Biopharmaceuticals
New product approvals and sustained investor appetite for novel therapeutic platforms
Contributed
Contributed
Health care wearables & monitoring
Increased adoption of remote patient monitoring and personal health tracking technologies, contributing to growth in digital health, preventative care and lifestyle improvement tools
Diabetes-related biopharmaceuticals
(GLP-1s)
Concerns regarding pricing pressure, competition and regulatory attention
Detracted
Managed care
Rising medical loss ratios, policy and regulatory scrutiny, and market uncertainty regarding reimbursement structures
Detracted
Footwear production
Weakened consumer demand, inventory and supply chain challenges, margin pressure and tariff headwinds in discretionary health and wellness goods
Detracted
7889830
MEHART11-06/25
NYLI Healthy Hearts ETF | 1
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period.
1/14/2021 |
|||||
|---|---|---|---|---|---|
4/21 |
|||||
4/22 |
|||||
4/23 |
|||||
4/24 |
|||||
4/25 |
Period Ended
Average Annual Total Returns for the Period Ended April 30, 2025 |
Inception Date |
One Year |
Since Inception |
|---|---|---|---|
NYLI Healthy Hearts ETF - NAV |
|||
NYLI Candriam Healthy Hearts IndexFootnote Reference1 |
|||
MSCI World® Index (Net)Footnote Reference2 |
|||
MSCI ACWI Index (Net)Footnote Reference3 |
|||
MSCI World Health Care Index (Net)Footnote Reference4 |
| Footnote | Description |
|
Footnote1 |
The NYLI Candriam Healthy Hearts Index is the underlying index of the Fund. The NYLI Candriam Healthy Hearts Index incorporates thematic selection criteria designed to provide exposure to equity securities of companies that are making a positive contribution to global health-related goals, such as by providing solutions for monitoring and curing heart diseases or helping people adopt a healthy lifestyle that limits cardiovascular risks. |
|
Footnote2 |
In accordance with new regulatory requirements, the Fund has selected the MSCI World® Index (Net), which is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, as a replacement for the MSCI ACWI Index (Net). |
|
Footnote3 |
The MSCI ACWI Index (Net) is an unmanaged free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. |
|
Footnote4 |
The MSCI World Health Care Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health-care sector. |
7889830
MEHART11-06/25
NYLI Healthy Hearts ETF | 2
Key Fund Statistics
Fund's net assets |
$ |
|---|---|
Total number of portfolio holdings |
|
Total advisory fees paid |
$ |
Portfolio turnover rate |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.
Top Ten Holdings and/or Issuers*
Novartis AG |
|
|---|---|
Sanofi SA |
|
Boston Scientific Corp. |
|
Eli Lilly & Co. |
|
AstraZeneca PLC |
|
Abbott Laboratories |
|
Johnson & Johnson |
|
Alphabet, Inc., Class A |
|
Pfizer, Inc. |
|
Apple, Inc. |
* Excluding short-term investments
Top Industries
Health Care |
|
|---|---|
Consumer Discretionary |
|
Communication Services |
|
Information Technology |
|
Industrials |
|
Consumer Staples |
|
Short-Term Investments |
7889830
MEHART11-06/25
NYLI Healthy Hearts ETF | 3
Material Fund Changes
In connection with a rebranding of the New York Life Investments products, the Fund’s name was changed from “IQ Healthy Hearts ETF” to “NYLI Healthy Hearts ETF” and New York Life Investment Management LLC replaced IndexIQ Advisors LLC as the Fund’s advisor. The Fund’s name change and advisor change will not impact the management of the Fund.
The Board, upon a recommendation from the Fund’s Advisor, approved a proposal to liquidate the NYLI Healthy Hearts ETF on or about August 26, 2025.
For more complete information, you may review or order printed copies of the Fund’s next prospectus, which we expect to be available by August 28, 2025 at dfinview.com/NYLIM. You may also call 888-474-7725 to obtain a copy of the Fund’s current prospectus.
Availability of Additional Information
At dfinview.com/NYLIM, you can find additional information about the Fund, including the Fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 888-474-7725.
Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
7889830
MEHART11-06/25
NYLI Healthy Hearts ETF | 4
| (b) | Not applicable. |
Item 2. Code of Ethics.
| (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. |
| (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. |
| (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.
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $230,720 for 2025 and $352,000 for 2024. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024. |
Tax Fees
| (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. |
All Other Fees
| (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. |
| (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. |
| (g) | The aggregate non-audit fees billed by the principal accountant for services rendered to the registrant’s investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were (i) approximately $10,616,000 for the fiscal year ended April 30, 2025, and (ii) $14,573,000 for the fiscal year ended April 30, 2024. |
| (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. |
| (i) | Not applicable. |
| (j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
| (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. |
| (b) | Not applicable. |
Item 6. Investments.
(a) Please refer to Item 7(a).
(b) Not applicable.
Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
| (a) | Attached herewith. |
NYLI
Hedge Multi-Strategy Tracker ETF (QAI)
(formerly,
IQ Hedge Multi-Strategy Tracker ETF)
NYLI
Merger Arbitrage ETF (MNA)
(formerly,
IQ Merger Arbitrage ETF)
NYLI
Candriam International Equity ETF (IQSI)
(formerly,
IQ Candriam International Equity ETF)
NYLI
Candriam U.S. Mid Cap Equity ETF (IQSM)
(formerly,
IQ Candriam U.S. Mid Cap Equity ETF)
NYLI
Candriam U.S. Large Cap Equity ETF (IQSU)
(formerly,
IQ Candriam U.S. Large Cap Equity ETF)
NYLI
FTSE International Equity Currency Neutral ETF (HFXI)
(formerly,
IQ FTSE International Equity Currency Neutral ETF)
NYLI
U.S. Large Cap R&D Leaders ETF (LRND)
(formerly,
IQ U.S. Large Cap R&D Leaders ETF)
NYLI
Global Equity R&D Leaders ETF (WRND)
(formerly,
IQ Global Equity R&D Leaders ETF)
NYLI
Healthy Hearts ETF (HART)
(formerly,
IQ Healthy Hearts ETF)
New York Life Investments ETF Trust
Annual Report - Financial Statements and Other Information
April 30, 2025
2
Table of Contents
|
Schedules of Investments |
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
3 |
|
NYLI Merger Arbitrage ETF |
8 |
|
NYLI Candriam International Equity ETF |
11 |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
18 |
|
NYLI Candriam U.S. Large Cap Equity ETF |
21 |
|
NYLI FTSE International Equity Currency Neutral ETF |
25 |
|
NYLI U.S. Large Cap R&D Leaders ETF |
35 |
|
NYLI Global Equity R&D Leaders ETF |
37 |
|
NYLI Healthy Hearts ETF |
40 |
|
Statements of Assets and Liabilities |
42 |
|
Statements of Operations |
45 |
|
Statements of Changes in Net Assets |
48 |
|
Financial Highlights |
53 |
|
Notes to Financial Statements |
62 |
|
Report of Independent Registered Public Accounting Firm |
81 |
|
Supplemental Information |
82 |
|
Changes
in and Disagreements with Accountants for |
83 |
|
Proxy Disclosures for Open-End Management Investment Companies |
83 |
|
Remuneration
Paid to Directors, Officers, and Other of |
83 |
|
Board Review of Investment Advisory Agreements |
84 |
3
See notes to financial statements.
Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Exchange Traded Vehicles — 3.5% |
| ||||
|
Agriculture Fund — 2.4% |
|
|
|
|
|
|
Invesco DB Agriculture Fund* |
|
607,825 |
|
$16,295,788 |
|
|
Broad Funds — 1.1% |
|
|
|
|
|
|
abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
|
88,476 |
|
1,800,487 |
|
|
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
|
468,710 |
|
5,830,752 |
|
|
Total Broad Funds |
|
|
|
7,631,239 |
|
|
Total
Exchange Traded Vehicles |
|
23,927,027 |
| ||
|
Investment Companies — 96.5% |
| ||||
|
Bank Loan Fund — 6.7% |
|
|
|
|
|
|
Franklin Senior Loan ETF(a) |
|
1,941,890 |
|
46,527,684 |
|
|
BRIC Equity Fund — 0.8% |
|
|
|
|
|
|
iShares MSCI China ETF(a) |
|
105,939 |
|
5,472,809 |
|
|
China Fund — 0.3% |
|
|
|
|
|
|
Xtrackers Harvest CSI 300 China A-Shares ETF(a) |
|
90,763 |
|
2,343,500 |
|
|
Convertible Bond Funds — 8.6% |
|
|
|
|
|
|
iShares Convertible Bond ETF(a) |
|
279,323 |
|
23,675,418 |
|
|
SPDR Bloomberg Convertible Securities ETF(a) |
|
456,693 |
|
35,407,408 |
|
|
Total Convertible Bond Funds |
|
|
|
59,082,826 |
|
|
Emerging Markets Funds — 5.0% |
|
|
|
|
|
|
Franklin FTSE India ETF(a) |
|
375,182 |
|
14,361,967 |
|
|
iShares MSCI Emerging Markets ex China ETF |
|
356,711 |
|
20,239,782 |
|
|
Total Emerging Markets Funds |
|
|
|
34,601,749 |
|
|
Floating Rate - Investment Grade Funds — 17.9% |
|
|
|
|
|
|
iShares Floating Rate Bond ETF(b) |
|
1,844,257 |
|
93,909,566 |
|
|
SPDR Bloomberg Investment Grade Floating Rate ETF |
|
960,923 |
|
29,557,992 |
|
|
Total Floating Rate - Investment Grade Funds |
|
|
|
123,467,558 |
|
|
International Equity Core Fund — 7.9% |
|
|
|
|
|
|
Vanguard FTSE Developed Markets ETF(a) |
|
1,027,360 |
|
54,316,523 |
|
|
Managed Futures Funds — 2.3% |
|
|
|
|
|
|
iMGP
DBi Managed Futures |
|
354,608 |
|
8,957,398 |
|
|
Simplify
Managed Futures |
|
237,627 |
|
6,667,814 |
|
|
Total Managed Futures Funds |
|
|
|
15,625,212 |
|
|
Merger Arbitrage Funds — 3.9% |
|
|
|
|
|
|
AltShares Merger Arbitrage ETF† |
|
254,017 |
|
7,150,578 |
|
|
NYLI Merger Arbitrage ETF*†(a) |
|
567,378 |
|
19,602,910 |
|
|
Total Merger Arbitrage Funds |
|
|
|
26,753,488 |
|
|
Municipal Bond Funds — 8.4% |
|
|
|
|
|
|
iShares National Muni Bond ETF(a) |
|
292,109 |
|
30,592,576 |
|
|
Vanguard
Tax-Exempt Bond |
|
556,882 |
|
27,398,594 |
|
|
Total Municipal Bond Funds |
|
|
|
57,991,170 |
|
|
Preferred Fund — 3.8% |
|
|
|
|
|
|
Global X U.S. Preferred ETF |
|
1,390,507 |
|
26,044,196 |
|
|
|
|
Shares |
|
Value |
|
|
Investment Companies (continued) |
|
|
|
|
|
|
Treasury Inflation Protected Securities Funds — 10.0% |
|
|
|
|
|
|
iShares 0-5 Year TIPS Bond ETF |
|
304,486 |
|
$31,514,301 |
|
|
Vanguard Short-Term Inflation-Protected Securities ETF(a) |
|
745,427 |
|
37,427,890 |
|
|
Total Treasury Inflation Protected Securities Funds |
|
|
|
68,942,191 |
|
|
U.S. Large Cap Core Funds — 2.4% |
|
|
|
|
|
|
Financial Select Sector SPDR Fund |
|
118,869 |
|
5,796,053 |
|
|
iShares MSCI USA Quality Factor ETF |
|
37,414 |
|
6,336,809 |
|
|
Materials Select Sector SPDR Fund |
|
53,533 |
|
4,490,883 |
|
|
Total U.S. Large Cap Core Funds |
|
|
|
16,623,745 |
|
|
U.S. Mid Cap Core Fund — 1.1% |
|
|
|
|
|
|
Vanguard Mid-Cap ETF(a) |
|
29,643 |
|
7,591,276 |
|
|
U.S. Momentum Fund — 2.6% |
|
|
|
|
|
|
iShares MSCI USA Momentum Factor ETF(a) |
|
86,011 |
|
18,030,486 |
|
|
U.S. Sector Funds — 1.4% |
|
|
|
|
|
|
Communication Services Select Sector SPDR Fund(a) |
|
91,626 |
|
8,744,786 |
|
|
iShares Semiconductor ETF(a) |
|
4,836 |
|
889,050 |
|
|
Total U.S. Sector Funds |
|
|
|
9,633,836 |
|
|
U.S. Short Term Treasury Bond Fund — 10.0% |
|
|
| ||
|
Vanguard Short-Term Treasury ETF |
|
1,168,001 |
|
68,888,699 |
|
|
U.S. Small Cap Core Fund — 3.4% |
|
|
|
|
|
|
iShares Core S&P Small-Cap ETF |
|
231,259 |
|
23,155,964 |
|
|
Total
Investment Companies |
|
665,092,912 |
| ||
|
Short-Term Investment — 9.7% |
| ||||
|
Money Market Fund — 9.7% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(c)(d) |
|
|
|
|
|
|
(Cost $66,584,983) |
|
66,584,983 |
|
66,584,983 |
|
|
Total
Investments — 109.7% |
|
|
|
755,604,922 |
|
|
Other
Assets and Liabilities, |
|
|
|
(66,572,251 |
) |
|
Net Assets — 100.0% |
|
|
|
$689,032,671 |
|
*Non-income producing securities.
†Affiliated fund.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $93,733,494; total market value of collateral held by the Fund was $95,591,050. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $29,006,067.
(b)All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $6,126,997.
(c)Reflects the 1-day yield at April 30, 2025.
(d)Represents security purchased with cash collateral received for securities on loan.
4
See notes to financial statements.
Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2025
|
Total Return Benchmark |
|
Counterparty |
|
Floating Rate(e) |
|
Expiration Date |
|
Payment Frequency |
|
Notional |
|
Value/ |
|
abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
$128,266 |
|
$— |
|
abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
128,327 |
|
— |
|
AltShares Merger Arbitrage ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
511,035 |
|
— |
|
AltShares Merger Arbitrage ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
511,035 |
|
— |
|
Communication Services Select Sector SPDR Fund |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
624,941 |
|
— |
|
Communication Services Select Sector SPDR Fund |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
624,941 |
|
— |
|
Financial Select Sector SPDR Fund |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
413,095 |
|
— |
|
Financial Select Sector SPDR Fund |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
413,095 |
|
— |
|
Franklin FTSE India ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,018,631 |
|
— |
|
Franklin FTSE India ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,026,402 |
|
— |
|
Franklin Senior Loan ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
3,463,969 |
|
— |
|
Franklin Senior Loan ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
3,463,969 |
|
— |
|
Global X U.S. Preferred ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,861,312 |
|
— |
|
Global X U.S. Preferred ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,861,312 |
|
— |
|
iMGP
DBi Managed Futures |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
640,164 |
|
— |
|
iMGP
DBi Managed Futures |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
640,164 |
|
— |
|
Invesco CurrencyShares Euro Currency Trust |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(18,060,080) |
|
— |
|
Invesco CurrencyShares Euro Currency Trust |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(18,060,080) |
|
— |
|
Invesco DB Agriculture Fund |
|
Morgan Stanley |
|
1-Day FEDEF + 1.17% |
|
7/02/2025 |
|
Monthly |
|
1,164,626 |
|
— |
|
Invesco DB Agriculture Fund |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,164,626 |
|
— |
|
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
415,596 |
|
— |
|
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
415,596 |
|
— |
|
iShares 0-5 Year TIPS Bond ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
2,252,263 |
|
— |
|
iShares 0-5 Year TIPS Bond ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
2,252,263 |
|
— |
|
iShares 7-10 Year Treasury Bond ETF |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(17,370,225) |
|
— |
|
iShares 7-10 Year Treasury Bond ETF |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(17,370,225) |
|
— |
|
iShares Convertible Bond ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,691,979 |
|
— |
|
iShares Convertible Bond ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,691,979 |
|
— |
|
iShares Core S&P Small-Cap ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,654,849 |
|
— |
Total Return Swap contracts outstanding at April 30, 2025:
5
See notes to financial statements.
Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2025
|
Total Return Benchmark |
|
Counterparty |
|
Floating Rate(e) |
|
Expiration Date |
|
Payment Frequency |
|
Notional |
|
Value/ |
|
iShares Core S&P Small-Cap ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
$1,654,849 |
|
$— |
|
iShares Floating Rate Bond ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
6,991,520 |
|
— |
|
iShares Floating Rate Bond ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
6,991,520 |
|
— |
|
iShares
International Treasury |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(3,518,765) |
|
— |
|
iShares
International Treasury |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(3,518,765) |
|
— |
|
iShares MSCI China ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
390,085 |
|
— |
|
iShares MSCI China ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
390,085 |
|
— |
|
iShares MSCI Emerging Markets ex China ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,454,360 |
|
— |
|
iShares MSCI Emerging Markets ex China ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,446,473 |
|
— |
|
iShares
MSCI USA Momentum |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,288,596 |
|
— |
|
iShares
MSCI USA Momentum |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
1,288,596 |
|
— |
|
iShares MSCI USA Quality Factor ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
451,710 |
|
— |
|
iShares MSCI USA Quality Factor ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
451,710 |
|
— |
|
iShares National Muni Bond ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
2,186,343 |
|
— |
|
iShares National Muni Bond ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
2,186,343 |
|
— |
|
iShares Semiconductor ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
63,425 |
|
— |
|
iShares Semiconductor ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
63,425 |
|
— |
|
JPMorgan
Equity Premium |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(183,836) |
|
— |
|
JPMorgan
Equity Premium |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(183,836) |
|
— |
|
JPMorgan Nasdaq Equity Premium Income ETF |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(2,247,973) |
|
— |
|
JPMorgan Nasdaq Equity Premium Income ETF |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(2,247,973) |
|
— |
|
Materials Select Sector SPDR Fund |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
320,124 |
|
— |
|
Materials Select Sector SPDR Fund |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
320,124 |
|
— |
|
NYLI Merger Arbitrage ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,400,968 |
|
— |
|
NYLI Merger Arbitrage ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,400,968 |
|
— |
|
Simplify
Managed Futures |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
475,252 |
|
— |
|
Simplify
Managed Futures |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
475,252 |
|
— |
|
SPDR Bloomberg Convertible Securities ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
2,530,502 |
|
— |
Total Return Swap contracts outstanding at April 30, 2025: (continued)
6
See notes to financial statements.
Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2025
Total Return Swap contracts outstanding at April 30, 2025: (continued)
|
Total Return Benchmark |
|
Counterparty |
|
Floating Rate(e) |
|
Expiration Date |
|
Payment Frequency |
|
Notional |
|
Value/ |
|
SPDR Bloomberg Convertible Securities ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
$2,530,502 |
|
$ — |
|
SPDR Bloomberg International Treasury Bond ETF |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(8,362,115) |
|
— |
|
SPDR Bloomberg International Treasury Bond ETF |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(7,924,103) |
|
— |
|
SPDR Bloomberg Investment Grade Floating Rate ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
2,112,412 |
|
— |
|
SPDR Bloomberg Investment Grade Floating Rate ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
2,112,412 |
|
— |
|
United States Natural Gas Fund LP |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
7/02/2025 |
|
Monthly |
|
(971,807) |
|
— |
|
United States Natural Gas Fund LP |
|
Merrill Lynch |
|
1-Day FEDEF |
|
2/27/2026 |
|
Monthly |
|
(971,807) |
|
— |
|
Vanguard
FTSE Developed |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
4,043,868 |
|
— |
|
Vanguard
FTSE Developed |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
4,043,868 |
|
— |
|
Vanguard Mid-Cap ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
542,399 |
|
— |
|
Vanguard Mid-Cap ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
542,399 |
|
— |
|
Vanguard Short-Term Inflation-Protected Securities ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
2,674,837 |
|
— |
|
Vanguard Short-Term Inflation-Protected Securities ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
2,674,837 |
|
— |
|
Vanguard Short-Term Treasury ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
5,128,724 |
|
— |
|
Vanguard Short-Term Treasury ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
5,128,724 |
|
— |
|
Vanguard
Tax-Exempt Bond |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
1,958,111 |
|
— |
|
Vanguard
Tax-Exempt Bond |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
1,958,111 |
|
— |
|
Xtrackers Harvest CSI 300 China A-Shares ETF |
|
Morgan Stanley |
|
1-Day FEDEF + 0.50% |
|
7/02/2025 |
|
Monthly |
|
166,332 |
|
— |
|
Xtrackers Harvest CSI 300 China A-Shares ETF |
|
Merrill Lynch |
|
1-Day FEDEF + 0.50% |
|
2/27/2026 |
|
Monthly |
|
167,055 |
|
— |
|
|
|
|
|
|
|
|
|
|
$— | |||
Cash posted has been segregated as collateral for swap contracts with counterparty Merrill Lynch in the amount of $1,500,000 at April 30, 2025.
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $6,126,997 and with Merrill Lynch amounted to $– at April 30, 2025. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(e)Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.
(f)Reflects the value at reset date of April 30, 2025.
Abbreviation
FEDEF — Federal Funds Effective Rate
7
See notes to financial statements.
Schedule of Investments — NYLI Hedge Multi-Strategy Tracker ETF (continued)
April 30, 2025
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(g) |
|
|
|
|
|
|
|
|
|
Exchange Traded Vehicles |
|
$23,927,027 |
|
$— |
|
$— |
|
$23,927,027 |
|
Investment Companies |
|
665,092,912 |
|
— |
|
— |
|
665,092,912 |
|
Short-Term Investment: |
|
|
|
|
|
|
|
|
|
Money Market Fund |
|
66,584,983 |
|
— |
|
— |
|
66,584,983 |
|
Total Investments in Securities |
|
755,604,922 |
|
— |
|
— |
|
755,604,922 |
|
Other Financial Instruments:(h) |
|
|
|
|
|
|
|
|
|
Swap Contracts |
|
— |
|
— |
|
— |
|
— |
|
Total Investments in Securities and Other Financial Instruments |
|
$755,604,922 |
|
$— |
|
$— |
|
$755,604,922 |
|
Liability Valuation Inputs |
|
|
|
|
|
|
|
|
|
Other Financial Instruments:(h) |
|
|
|
|
|
|
|
|
|
Swap Contracts |
|
$— |
|
$— |
|
$— |
|
$— |
(g)For a complete listing of investments and their categories, see the Schedule of Investments.
(h)Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
A summary of the Fund’s transactions with any affiliated fund during the year ended April 30, 2025 is as follows:
Affiliated Holdings
|
|
|
Shares at 04/30/2024 |
|
Value |
|
Purchases |
|
Sales
Proceeds |
|
Net
|
|
Net |
|
Income
Distributions |
|
Capital |
|
Shares at 04/30/2025 |
|
Value |
|
AltShares Merger Arbitrage ETF |
|
200,262 |
|
5,343,431 |
|
3,489,751 |
|
(2,026,005) |
|
124,991 |
|
218,410 |
|
77,566 |
|
— |
|
254,017 |
|
7,150,578 |
|
Invesco DB U.S. Dollar Index Bullish Fund |
|
1,082,196 |
|
31,362,040 |
|
27,710,341 |
|
(60,141,267) |
|
2,107,105 |
|
(1,038,219) |
|
— |
|
— |
|
— |
|
— |
|
NYLI Merger Arbitrage ETF |
|
716,790 |
|
22,163,147 |
|
10,436,968 |
|
(15,468,694) |
|
400,214 |
|
2,071,275 |
|
— |
|
— |
|
567,378 |
|
19,602,910 |
|
|
|
1,999,248 |
|
58,868,618 |
|
41,637,060 |
|
(77,635,966) |
|
2,632,310 |
|
1,251,466 |
|
77,566 |
|
— |
|
821,395 |
|
26,753,488 |
8
See notes to financial statements.
Schedule of Investments — NYLI Merger Arbitrage ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Closed-End Mutual Funds — 1.3% |
| ||||
|
Financials — 1.3% |
|
|
|
|
|
|
BBGI
Global Infrastructure SA |
|
1,631,659 |
|
$3,090,404 |
|
|
Common Stocks — 71.5% |
| ||||
|
Communication Services — 10.2% |
|
|
|
|
|
|
Frontier Communications Parent, Inc.* |
|
287,742 |
|
10,430,647 |
|
|
HKBN Ltd. |
|
6,849,818 |
|
4,478,391 |
|
|
Interpublic Group of Cos., Inc. (The) |
|
351,508 |
|
8,829,881 |
|
|
Total Communication Services |
|
|
|
23,738,919 |
|
|
Consumer Discretionary — 11.0% |
|
|
|
|
|
|
Dowlais Group PLC |
|
6,382,392 |
|
4,923,172 |
|
|
Everi Holdings, Inc.* |
|
308,240 |
|
4,330,772 |
|
|
Just Eat Takeaway.com NV* |
|
407,905 |
|
8,921,328 |
|
|
Playa Hotels & Resorts NV* |
|
378,467 |
|
5,079,027 |
|
|
PlayAGS, Inc.* |
|
190,830 |
|
2,312,860 |
|
|
Total Consumer Discretionary |
|
|
|
25,567,159 |
|
|
Consumer Staples — 7.5% |
|
|
|
|
|
|
Kellanova |
|
125,604 |
|
10,396,243 |
|
|
Walgreens Boots Alliance, Inc. |
|
637,312 |
|
6,991,313 |
|
|
Total Consumer Staples |
|
|
|
17,387,556 |
|
|
Energy — 2.1% |
|
|
|
|
|
|
Veren, Inc.(a) |
|
844,504 |
|
4,991,019 |
|
|
Financials — 12.9% |
|
|
|
|
|
|
Bridge Investment Group Holdings, Inc., Class A |
|
268,127 |
|
2,571,338 |
|
|
Brookline Bancorp, Inc. |
|
196,228 |
|
2,048,620 |
|
|
CI Financial Corp.(a) |
|
296,261 |
|
6,702,495 |
|
|
Global Blue Group Holding AG*(a) |
|
582,049 |
|
4,336,265 |
|
|
Mr Cooper Group, Inc.* |
|
53,189 |
|
6,330,023 |
|
|
ProAssurance Corp.* |
|
84,124 |
|
1,952,518 |
|
|
Spar Nord Bank A/S* |
|
192,361 |
|
6,193,805 |
|
|
Total Financials |
|
|
|
30,135,064 |
|
|
Health Care — 0.5% |
|
|
|
|
|
|
2seventy bio, Inc.*(a) |
|
91,760 |
|
457,882 |
|
|
Cross Country Healthcare, Inc.* |
|
44,273 |
|
599,899 |
|
|
Total Health Care |
|
|
|
1,057,781 |
|
|
Industrials — 15.3% |
|
|
|
|
|
|
AZEK Co., Inc. (The)* |
|
127,019 |
|
6,295,062 |
|
|
Dun & Bradstreet Holdings, Inc. |
|
660,747 |
|
5,926,901 |
|
|
H&E Equipment Services, Inc. |
|
77,830 |
|
6,989,912 |
|
|
Integrated Design & Engineering Holdings Co., Ltd.(a) |
|
26,151 |
|
1,188,015 |
|
|
Spirit AeroSystems Holdings, Inc., Class A* |
|
255,620 |
|
9,202,320 |
|
|
Triumph Group, Inc.* |
|
240,986 |
|
6,121,044 |
|
|
Total Industrials |
|
|
|
35,723,254 |
|
|
Materials — 3.0% |
|
|
|
|
|
|
Calibre Mining Corp.* |
|
2,018,705 |
|
4,720,493 |
|
|
Radius Recycling, Inc. |
|
78,478 |
|
2,301,760 |
|
|
Total Materials |
|
|
|
7,022,253 |
|
|
Real Estate — 1.6% |
|
|
|
|
|
|
Redfin Corp.* |
|
394,693 |
|
3,753,530 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Utilities — 7.4% |
|
|
|
|
|
|
ALLETE, Inc. |
|
124,687 |
|
$8,165,752 |
|
|
Innergex Renewable Energy, Inc. |
|
932,933 |
|
9,171,961 |
|
|
Total Utilities |
|
|
|
17,337,713 |
|
|
Total
Common Stocks |
|
166,714,248 |
| ||
|
Exchange Traded Vehicles — 9.0% |
| ||||
|
Fixed Income Fund — 9.0% |
|
|
|
|
|
|
iShares Short Treasury Bond ETF(a) |
|
94,652 |
|
10,455,260 |
|
|
SPDR Bloomberg 1-3 Month T-Bill ETF, Class B |
|
114,178 |
|
10,472,406 |
|
|
Total
Exchange Traded Vehicles |
|
20,927,666 |
| ||
|
Rights — 0.1% |
| ||||
|
Health Care — 0.1% |
|
|
|
|
|
|
Chinook Therapeutics, Inc.*(b) |
|
435,560 |
|
169,868 |
|
|
Epizyme, Inc.*(b) |
|
1,957,185 |
|
39,144 |
|
|
Supernus Pharmaceuticals, Inc.*(b) |
|
333,265 |
|
19,996 |
|
|
Total
Rights |
|
229,008 |
| ||
|
Short-Term Investments — 17.8% |
| ||||
|
Money Market Funds — 17.8% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(c)(d) |
|
15,441,493 |
|
15,441,493 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(c) |
|
26,102,966 |
|
26,102,966 |
|
|
Total
Short-Term Investments |
|
41,544,459 |
| ||
|
Total
Investments — 99.7% |
|
|
|
232,505,785 |
|
|
Other
Assets and Liabilities, |
|
|
|
767,033 |
|
|
Net Assets — 100.0% |
|
|
|
$233,272,818 |
|
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $16,226,847; total market value of collateral held by the Fund was $16,725,072. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,283,579.
(b)Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.
(c)Reflects the 1-day yield at April 30, 2025.
(d)Represents security purchased with cash collateral received for securities on loan.
9
See notes to financial statements.
Schedule of Investments — NYLI Merger Arbitrage ETF (continued)
April 30, 2025
|
Total Return Benchmark |
|
Counterparty |
|
Floating Rate(e) |
|
Expiration Date |
|
Payment Frequency |
|
Notional |
|
Value/ |
|
American Axle & Manufacturing Holdings, Inc. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
$(2,092,795 |
) |
$— |
|
Apollo Global Management, Inc. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(2,585,204 |
) |
— |
|
Berkshire Hill |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(2,041,672 |
) |
— |
|
Boeing Co. (The) |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(8,437,836 |
) |
— |
|
Equinox Gold Corp. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(4,198,401 |
) |
— |
|
HERC Holdings, Inc. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(1,091,007 |
) |
— |
|
James Hardie Industries PLC |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
1/08/2027 |
|
Monthly |
|
(3,110,876 |
) |
14 |
|
Omnicom Group, Inc. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(9,216,426 |
) |
— |
|
Rocket Cos., Inc. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
2/03/2026 |
|
Monthly |
|
(11,601,275 |
) |
— |
|
Whitecap Resources, Inc. |
|
Morgan Stanley |
|
1-Day
FEDEF - |
|
4/06/2027 |
|
Monthly |
|
(5,073,668 |
) |
(33,118) |
|
|
|
|
|
|
|
|
|
|
$(33,104) | |||
At April 30, 2025, there was no collateral held or posted. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.
(e) Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.
(f) Reflects the value at reset date of April 30, 2025.
Abbreviation
FEDEF — Federal Funds Effective Rate
Total Return Swap contracts outstanding at April 30, 2025:
10
See notes to financial statements.
Schedule of Investments — NYLI Merger Arbitrage ETF (continued)
April 30, 2025
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
|
Investments in Securities:(g) |
|
|
|
|
|
|
|
|
|
|
Closed-End Mutual Funds |
|
$3,090,404 |
|
$— |
|
$— |
|
$3,090,404 |
|
|
Common Stocks |
|
166,714,248 |
|
— |
|
— |
|
166,714,248 |
|
|
Exchange Traded Vehicles |
|
20,927,666 |
|
— |
|
— |
|
20,927,666 |
|
|
Rights |
|
— |
|
— |
|
229,008 |
(h) |
229,008 |
|
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
41,544,459 |
|
— |
|
— |
|
41,544,459 |
|
|
Total Investments in Securities |
|
232,276,777 |
|
— |
|
229,008 |
|
232,505,785 |
|
|
Other Financial Instruments:(i) |
|
|
|
|
|
|
|
|
|
|
Swap Contracts |
|
— |
|
14 |
|
— |
|
14 |
|
|
Total Investments in Securities and Other Financial Instruments |
|
$232,276,777 |
|
$14 |
|
$229,008 |
|
$232,505,799 |
|
|
Liability Valuation Inputs |
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments:(i) |
|
|
|
|
|
|
|
|
|
|
Swap Contracts |
|
$— |
|
$(33,118 |
) |
$— |
|
$(33,118 |
) |
(g)For a complete listing of investments and their industries, see the Schedule of Investments.
(h)The Level 3 securities, valued in total at $229,008, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.
(i)Reflects the unrealized appreciation (depreciation) of the instruments.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period. (See Note 2)
11
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.0% |
| ||||
|
Australia — 7.9% |
|
|
|
|
|
|
Ampol Ltd. |
|
4,278 |
|
$64,873 |
|
|
ANZ Group Holdings Ltd. |
|
53,770 |
|
1,027,323 |
|
|
APA Group |
|
23,205 |
|
122,048 |
|
|
ASX Ltd. |
|
3,447 |
|
155,999 |
|
|
Aurizon Holdings Ltd. |
|
31,982 |
|
62,619 |
|
|
BlueScope Steel Ltd. |
|
7,838 |
|
119,711 |
|
|
Brambles Ltd. |
|
24,971 |
|
327,862 |
|
|
CAR Group Ltd. |
|
6,055 |
|
129,052 |
|
|
Charter Hall Group |
|
8,333 |
|
90,108 |
|
|
Cochlear Ltd. |
|
1,171 |
|
205,740 |
|
|
Coles Group Ltd. |
|
23,448 |
|
318,367 |
|
|
Commonwealth Bank of Australia |
|
30,521 |
|
3,253,501 |
|
|
Computershare Ltd. |
|
9,397 |
|
244,835 |
|
|
Dexus |
|
19,020 |
|
91,518 |
|
|
EBOS Group Ltd. |
|
2,843 |
|
61,751 |
|
|
Evolution Mining Ltd. |
|
35,583 |
|
178,271 |
|
|
Goodman Group |
|
33,704 |
|
646,532 |
|
|
GPT Group (The) |
|
34,309 |
|
101,640 |
|
|
Insurance Australia Group Ltd. |
|
42,739 |
|
224,515 |
|
|
Lynas Rare Earths Ltd.* |
|
16,602 |
|
91,143 |
|
|
Macquarie Group Ltd. |
|
6,457 |
|
799,239 |
|
|
Medibank Pvt Ltd. |
|
49,756 |
|
148,039 |
|
|
Mineral Resources Ltd.* |
|
3,020 |
|
39,787 |
|
|
Mirvac Group |
|
70,539 |
|
102,906 |
|
|
National Australia Bank Ltd. |
|
55,293 |
|
1,278,248 |
|
|
NEXTDC Ltd.* |
|
11,530 |
|
87,275 |
|
|
Pilbara Minerals Ltd.* |
|
49,256 |
|
47,432 |
|
|
QBE Insurance Group Ltd. |
|
27,179 |
|
375,460 |
|
|
Ramsay Health Care Ltd. |
|
3,251 |
|
69,186 |
|
|
REA Group Ltd. |
|
900 |
|
142,947 |
|
|
Reece Ltd. |
|
5,287 |
|
53,348 |
|
|
Scentre Group |
|
93,940 |
|
217,589 |
|
|
SEEK Ltd. |
|
6,139 |
|
83,706 |
|
|
SGH Ltd. |
|
3,496 |
|
114,194 |
|
|
Sonic Healthcare Ltd. |
|
8,382 |
|
139,873 |
|
|
Stockland |
|
43,117 |
|
151,460 |
|
|
Suncorp Group Ltd. |
|
19,556 |
|
253,511 |
|
|
Telstra Group Ltd. |
|
208,487 |
|
601,634 |
|
|
Transurban Group |
|
56,021 |
|
505,772 |
|
|
Vicinity Ltd. |
|
68,811 |
|
103,908 |
|
|
Washington H Soul Pattinson & Co., Ltd.(a) |
|
4,261 |
|
101,449 |
|
|
Wesfarmers Ltd. |
|
20,321 |
|
1,018,345 |
|
|
Westpac Banking Corp. |
|
61,824 |
|
1,299,085 |
|
|
WiseTech Global Ltd. |
|
3,264 |
|
184,871 |
|
|
Woodside Energy Group Ltd. |
|
34,271 |
|
454,792 |
|
|
Woolworths Group Ltd. |
|
21,889 |
|
442,158 |
|
|
Worley Ltd. |
|
6,709 |
|
53,402 |
|
|
Total Australia |
|
|
|
16,387,024 |
|
|
Austria — 0.4% |
|
|
|
|
|
|
ANDRITZ AG |
|
1,273 |
|
91,239 |
|
|
BAWAG Group AG* |
|
1,351 |
|
148,584 |
|
|
CA Immobilien Anlagen AG |
|
620 |
|
16,788 |
|
|
CPI Europe AG* |
|
579 |
|
11,452 |
|
|
Erste Group Bank AG |
|
5,605 |
|
378,785 |
|
|
EVN AG |
|
625 |
|
16,412 |
|
|
Verbund AG |
|
585 |
|
45,020 |
|
|
voestalpine AG |
|
1,995 |
|
52,523 |
|
|
Wienerberger AG |
|
1,924 |
|
67,538 |
|
|
Total Austria |
|
|
|
828,341 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Belgium — 0.5% |
|
|
|
|
|
|
Ageas SA |
|
2,728 |
|
$ 171,334 |
|
|
Azelis Group NV |
|
2,043 |
|
31,677 |
|
|
Colruyt Group NV |
|
665 |
|
32,052 |
|
|
D’ieteren Group |
|
385 |
|
76,895 |
|
|
Elia Group SA |
|
639 |
|
69,442 |
|
|
Financiere de Tubize SA |
|
352 |
|
50,497 |
|
|
Lotus Bakeries NV |
|
8 |
|
76,935 |
|
|
Sofina SA(a) |
|
269 |
|
75,101 |
|
|
Solvay SA |
|
1,279 |
|
48,531 |
|
|
UCB SA |
|
2,172 |
|
397,883 |
|
|
Warehouses De Pauw CVA* |
|
3,204 |
|
81,876 |
|
|
Total Belgium |
|
|
|
1,112,223 |
|
|
Chile — 0.1% |
|
|
|
|
|
|
Antofagasta PLC |
|
6,252 |
|
136,369 |
|
|
China — 0.4% |
|
|
|
|
|
|
Alibaba Health Information Technology Ltd.*(a) |
|
89,519 |
|
58,181 |
|
|
BYD Electronic International Co., Ltd. |
|
13,587 |
|
56,593 |
|
|
China Gas Holdings Ltd. |
|
47,986 |
|
43,440 |
|
|
China Mengniu Dairy Co., Ltd. |
|
53,393 |
|
133,711 |
|
|
Chow Tai Fook Jewellery Group Ltd.(a) |
|
31,043 |
|
41,552 |
|
|
CSPC Pharmaceutical Group Ltd. |
|
146,647 |
|
115,923 |
|
|
ESR Group Ltd. |
|
47,985 |
|
76,482 |
|
|
Fosun International Ltd. |
|
37,058 |
|
19,259 |
|
|
Geely Automobile Holdings Ltd. |
|
104,245 |
|
219,924 |
|
|
Wilmar International Ltd. |
|
42,225 |
|
98,957 |
|
|
Total China |
|
|
|
864,022 |
|
|
Denmark — 0.8% |
|
|
|
|
|
|
AP Moller - Maersk A/S, Class A |
|
47 |
|
79,891 |
|
|
AP Moller - Maersk A/S, Class B |
|
52 |
|
88,984 |
|
|
Genmab A/S* |
|
1,173 |
|
248,341 |
|
|
Novonesis Novozymes B, Class B |
|
6,549 |
|
425,032 |
|
|
Orsted A/S*(a) |
|
3,410 |
|
135,975 |
|
|
Pandora A/S |
|
1,476 |
|
218,563 |
|
|
Tryg A/S |
|
6,080 |
|
145,577 |
|
|
Vestas Wind Systems A/S |
|
18,185 |
|
241,693 |
|
|
Total Denmark |
|
|
|
1,584,056 |
|
|
Faroe Islands — 0.0%(b) |
|
|
|
|
|
|
Bakkafrost P/F |
|
902 |
|
45,361 |
|
|
Finland — 1.2% |
|
|
|
|
|
|
Elisa OYJ |
|
2,539 |
|
135,710 |
|
|
Huhtamaki OYJ |
|
1,874 |
|
69,063 |
|
|
Kesko OYJ, B Shares |
|
4,841 |
|
111,161 |
|
|
Kone OYJ, Class B |
|
5,994 |
|
371,346 |
|
|
Metso Outotec OYJ(a) |
|
12,581 |
|
136,693 |
|
|
Neste OYJ(a) |
|
7,702 |
|
80,163 |
|
|
Nokia OYJ |
|
91,263 |
|
455,329 |
|
|
Nordea Bank Abp |
|
57,567 |
|
796,724 |
|
|
Orion OYJ, Class B |
|
1,922 |
|
120,494 |
|
|
Stora Enso OYJ, R Shares |
|
10,177 |
|
94,470 |
|
|
Wartsila OYJ Abp |
|
8,767 |
|
162,046 |
|
|
Total Finland |
|
|
|
2,533,199 |
|
|
France — 5.3% |
|
|
|
|
|
|
Air Liquide SA |
|
10,269 |
|
2,107,731 |
|
|
AXA SA* |
|
30,969 |
|
1,463,432 |
|
|
Bouygues SA* |
|
3,496 |
|
153,797 |
|
|
Capgemini SE |
|
2,822 |
|
448,626 |
|
12
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
France (continued) |
| ||||
|
Cie de Saint-Gobain SA |
|
8,164 |
|
$ 886,282 |
|
|
Cie Generale des Etablissements Michelin SCA |
|
11,992 |
|
438,539 |
|
|
Credit Agricole SA |
|
17,817 |
|
333,980 |
|
|
Dassault Systemes SE |
|
12,254 |
|
457,453 |
|
|
Hermes International SCA |
|
591 |
|
1,606,322 |
|
|
Kering SA |
|
1,281 |
|
259,695 |
|
|
Legrand SA |
|
4,551 |
|
498,194 |
|
|
L’Oreal SA* |
|
4,077 |
|
1,793,565 |
|
|
Publicis Groupe SA |
|
4,134 |
|
419,462 |
|
|
Sartorius Stedim Biotech |
|
501 |
|
117,433 |
|
|
Total France |
|
|
|
10,984,511 |
|
|
Germany — 9.6% |
|
|
|
|
|
|
adidas AG |
|
2,995 |
|
686,702 |
|
|
Bayerische Motoren Werke AG |
|
5,321 |
|
449,415 |
|
|
Beiersdorf AG |
|
1,741 |
|
245,406 |
|
|
Deutsche Boerse AG |
|
3,289 |
|
1,059,943 |
|
|
Deutsche Post AG |
|
17,351 |
|
739,839 |
|
|
Deutsche Telekom AG |
|
58,927 |
|
2,116,737 |
|
|
E.ON SE |
|
40,000 |
|
700,921 |
|
|
Fresenius Medical Care AG |
|
3,597 |
|
181,997 |
|
|
Fresenius SE & Co. KGaA* |
|
7,436 |
|
353,330 |
|
|
Hapag-Lloyd AG |
|
125 |
|
19,580 |
|
|
Heidelberg Materials AG |
|
2,341 |
|
463,703 |
|
|
Infineon Technologies AG |
|
23,540 |
|
773,071 |
|
|
Knorr-Bremse AG |
|
1,194 |
|
118,355 |
|
|
Mercedes-Benz Group AG |
|
12,524 |
|
746,998 |
|
|
Merck KGaA |
|
2,335 |
|
323,561 |
|
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen* |
|
2,441 |
|
1,669,325 |
|
|
SAP SE |
|
18,667 |
|
5,417,398 |
|
|
Siemens AG |
|
13,509 |
|
3,101,219 |
|
|
Symrise AG |
|
2,400 |
|
277,049 |
|
|
Talanx AG |
|
1,082 |
|
124,103 |
|
|
Vonovia SE |
|
12,658 |
|
420,734 |
|
|
Total Germany |
|
|
|
19,989,386 |
|
|
Hong Kong — 2.2% |
|
|
|
|
|
|
AIA Group Ltd. |
|
194,933 |
|
1,460,483 |
|
|
Cathay Pacific Airways Ltd. |
|
10,728 |
|
12,354 |
|
|
CK Infrastructure Holdings Ltd. |
|
10,819 |
|
72,967 |
|
|
Futu Holdings Ltd. |
|
1,047 |
|
96,649 |
|
|
Hang Lung Properties Ltd. |
|
30,287 |
|
24,879 |
|
|
Hang Seng Bank Ltd. |
|
12,823 |
|
179,082 |
|
|
HKT Trust & HKT Ltd. |
|
65,258 |
|
92,905 |
|
|
Hong Kong & China Gas Co., Ltd. |
|
165,408 |
|
149,097 |
|
|
Hong Kong Exchanges & Clearing Ltd. |
|
21,563 |
|
947,641 |
|
|
Link REIT |
|
46,900 |
|
219,843 |
|
|
MTR Corp., Ltd. |
|
28,400 |
|
98,149 |
|
|
Power Assets Holdings Ltd. |
|
24,646 |
|
163,201 |
|
|
Prudential PLC |
|
48,077 |
|
508,467 |
|
|
Sino Biopharmaceutical Ltd. |
|
177,034 |
|
89,262 |
|
|
Sino Land Co., Ltd. |
|
64,560 |
|
66,436 |
|
|
Swire Pacific Ltd., Class A |
|
6,897 |
|
59,678 |
|
|
Swire Pacific Ltd., Class B |
|
13,415 |
|
18,475 |
|
|
Swire Properties Ltd. |
|
18,725 |
|
41,387 |
|
|
Techtronic Industries Co., Ltd. |
|
24,618 |
|
248,888 |
|
|
Wharf Real Estate Investment Co., Ltd. |
|
27,971 |
|
67,090 |
|
|
Total Hong Kong |
|
|
|
4,616,933 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Ireland — 0.6% |
|
|
|
|
|
|
AerCap Holdings NV |
|
3,431 |
|
$ 363,686 |
|
|
AIB Group PLC |
|
32,812 |
|
220,624 |
|
|
Bank of Ireland Group PLC |
|
18,141 |
|
212,920 |
|
|
Kerry Group PLC, Class A |
|
2,689 |
|
285,039 |
|
|
Kingspan Group PLC |
|
2,767 |
|
233,703 |
|
|
Total Ireland |
|
|
|
1,315,972 |
|
|
Israel — 0.6% |
|
|
|
|
|
|
Bank Leumi Le-Israel BM |
|
27,113 |
|
384,822 |
|
|
Check
Point Software |
|
1,540 |
|
338,122 |
|
|
Global-e Online Ltd.* |
|
1,731 |
|
62,160 |
|
|
Nice Ltd.* |
|
1,135 |
|
177,312 |
|
|
Plus500 Ltd. |
|
1,271 |
|
52,051 |
|
|
Wix.com Ltd.* |
|
971 |
|
164,672 |
|
|
Total Israel |
|
|
|
1,179,139 |
|
|
Italy — 2.3% |
|
|
|
|
|
|
A2A SpA |
|
27,888 |
|
70,980 |
|
|
Amplifon SpA |
|
2,349 |
|
44,873 |
|
|
Banca Mediolanum SpA |
|
3,644 |
|
54,347 |
|
|
Enel SpA |
|
138,802 |
|
1,206,096 |
|
|
FinecoBank Banca Fineco SpA |
|
11,028 |
|
220,196 |
|
|
Generali(a) |
|
18,675 |
|
682,295 |
|
|
Intesa Sanpaolo SpA |
|
285,733 |
|
1,520,748 |
|
|
Mediobanca Banca di Credito Finanziario SpA |
|
10,626 |
|
217,243 |
|
|
Moncler SpA |
|
3,868 |
|
237,611 |
|
|
Nexi SpA*(a) |
|
9,344 |
|
54,639 |
|
|
Pirelli & C SpA |
|
6,816 |
|
42,026 |
|
|
Prysmian SpA |
|
5,086 |
|
277,166 |
|
|
Recordati Industria Chimica e Farmaceutica SpA |
|
1,764 |
|
103,971 |
|
|
Total Italy |
|
|
|
4,732,191 |
|
|
Japan — 27.0% |
|
|
|
|
|
|
Advantest Corp. |
|
13,256 |
|
544,868 |
|
|
Aeon Co., Ltd. |
|
14,150 |
|
419,322 |
|
|
Aeon Mall Co., Ltd. |
|
1,634 |
|
31,388 |
|
|
Ajinomoto Co., Inc. |
|
18,092 |
|
369,856 |
|
|
Alfresa Holdings Corp. |
|
3,358 |
|
50,685 |
|
|
Amada Co., Ltd. |
|
5,419 |
|
54,175 |
|
|
Asahi Kasei Corp. |
|
24,536 |
|
170,981 |
|
|
Asics Corp. |
|
11,417 |
|
246,845 |
|
|
Astellas Pharma, Inc. |
|
32,283 |
|
323,079 |
|
|
Azbil Corp. |
|
9,234 |
|
79,755 |
|
|
Bandai Namco Holdings, Inc. |
|
10,384 |
|
360,281 |
|
|
BayCurrent, Inc. |
|
2,311 |
|
124,591 |
|
|
Bridgestone Corp. |
|
9,908 |
|
416,144 |
|
|
Brother Industries Ltd. |
|
4,511 |
|
79,395 |
|
|
Calbee, Inc. |
|
1,403 |
|
28,254 |
|
|
Canon, Inc. |
|
16,269 |
|
502,304 |
|
|
Capcom Co., Ltd. |
|
6,047 |
|
175,466 |
|
|
Central Japan Railway Co. |
|
16,834 |
|
345,909 |
|
|
Chiba Bank Ltd. (The) |
|
13,211 |
|
116,791 |
|
|
Chugai Pharmaceutical Co., Ltd. |
|
11,557 |
|
665,921 |
|
|
Coca-Cola Bottlers Japan Holdings, Inc. |
|
2,506 |
|
47,075 |
|
|
Concordia Financial Group Ltd. |
|
20,093 |
|
129,342 |
|
|
CyberAgent, Inc. |
|
7,418 |
|
63,680 |
|
|
Dai Nippon Printing Co., Ltd. |
|
7,668 |
|
107,032 |
|
|
Daifuku Co., Ltd. |
|
6,141 |
|
163,040 |
|
13
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
|
|
|
|
|
|
Daiichi Sankyo Co., Ltd. |
|
34,635 |
|
$ 884,815 |
|
|
Daiwa House Industry Co., Ltd. |
|
11,202 |
|
404,840 |
|
|
Daiwa House REIT Investment Corp. |
|
44 |
|
73,817 |
|
|
Daiwa Securities Group, Inc. |
|
25,854 |
|
169,327 |
|
|
Denso Corp. |
|
29,893 |
|
387,180 |
|
|
Dentsu Group, Inc. |
|
3,518 |
|
73,349 |
|
|
Disco Corp. |
|
1,611 |
|
311,945 |
|
|
East Japan Railway Co. |
|
19,759 |
|
428,869 |
|
|
Ebara Corp. |
|
8,347 |
|
125,931 |
|
|
Eisai Co., Ltd. |
|
5,077 |
|
146,572 |
|
|
ENEOS Holdings, Inc. |
|
50,271 |
|
241,734 |
|
|
FANUC Corp. |
|
16,870 |
|
432,158 |
|
|
Fast Retailing Co., Ltd. |
|
3,167 |
|
1,043,085 |
|
|
FUJIFILM Holdings Corp. |
|
16,575 |
|
341,110 |
|
|
Fujitsu Ltd. |
|
32,556 |
|
719,181 |
|
|
Fukuoka Financial Group, Inc. |
|
3,303 |
|
86,697 |
|
|
GLP J-Reit |
|
94 |
|
81,189 |
|
|
Hakuhodo DY Holdings, Inc. |
|
3,919 |
|
29,467 |
|
|
Hankyu Hanshin Holdings, Inc. |
|
4,237 |
|
120,836 |
|
|
Haseko Corp. |
|
4,576 |
|
65,316 |
|
|
Hikari Tsushin, Inc. |
|
341 |
|
94,621 |
|
|
Hirose Electric Co., Ltd. |
|
516 |
|
58,658 |
|
|
Hitachi Construction Machinery Co., Ltd. |
|
1,854 |
|
55,162 |
|
|
Hitachi Ltd. |
|
80,635 |
|
1,988,740 |
|
|
Hoya Corp. |
|
6,160 |
|
724,655 |
|
|
Hulic Co., Ltd. |
|
10,155 |
|
106,113 |
|
|
Ibiden Co., Ltd. |
|
2,220 |
|
61,508 |
|
|
Inpex Corp. |
|
15,308 |
|
194,140 |
|
|
Isetan Mitsukoshi Holdings Ltd. |
|
5,968 |
|
76,901 |
|
|
Isuzu Motors Ltd. |
|
10,581 |
|
142,907 |
|
|
ITOCHU Corp. |
|
22,457 |
|
1,146,466 |
|
|
J Front Retailing Co., Ltd. |
|
4,470 |
|
54,841 |
|
|
Japan Exchange Group, Inc. |
|
18,882 |
|
210,741 |
|
|
Japan Metropolitan Fund Invest |
|
129 |
|
86,006 |
|
|
Japan Post Bank Co., Ltd. |
|
6,917 |
|
70,848 |
|
|
Japan Post Holdings Co., Ltd. |
|
35,398 |
|
343,706 |
|
|
Japan Post Insurance Co., Ltd. |
|
3,259 |
|
65,333 |
|
|
Japan Real Estate Investment Corp. |
|
131 |
|
104,054 |
|
|
JFE Holdings, Inc. |
|
10,565 |
|
122,952 |
|
|
Kajima Corp. |
|
7,995 |
|
190,963 |
|
|
Kansai Paint Co., Ltd. |
|
2,765 |
|
41,677 |
|
|
Kao Corp. |
|
8,166 |
|
349,620 |
|
|
Kawasaki Kisen Kaisha Ltd. |
|
6,868 |
|
93,891 |
|
|
KDDI Corp. |
|
54,012 |
|
955,547 |
|
|
Keio Corp. |
|
1,957 |
|
53,137 |
|
|
Keisei Electric Railway Co., Ltd. |
|
8,509 |
|
88,198 |
|
|
Kewpie Corp. |
|
1,848 |
|
42,093 |
|
|
Keyence Corp. |
|
3,323 |
|
1,394,057 |
|
|
Kikkoman Corp. |
|
13,892 |
|
135,911 |
|
|
Kintetsu Group Holdings Co., Ltd. |
|
3,387 |
|
72,921 |
|
|
Kobayashi Pharmaceutical Co., Ltd. |
|
915 |
|
34,941 |
|
|
Koito Manufacturing Co., Ltd. |
|
3,668 |
|
44,513 |
|
|
Kose Corp. |
|
608 |
|
26,184 |
|
|
Kubota Corp. |
|
17,041 |
|
197,482 |
|
|
Kurita Water Industries Ltd. |
|
2,007 |
|
66,483 |
|
|
Kyocera Corp. |
|
24,054 |
|
285,329 |
|
|
Kyowa Kirin Co., Ltd. |
|
4,459 |
|
69,555 |
|
|
Kyushu Railway Co. |
|
2,508 |
|
64,617 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
|
|
|
|
|
|
Lasertec Corp. |
|
1,415 |
|
$ 131,838 |
|
|
Lixil Corp. |
|
4,990 |
|
58,789 |
|
|
Marubeni Corp. |
|
29,914 |
|
530,164 |
|
|
Marui Group Co., Ltd. |
|
3,190 |
|
63,257 |
|
|
MatsukiyoCocokara & Co. |
|
6,066 |
|
111,696 |
|
|
Mebuki Financial Group, Inc. |
|
16,774 |
|
81,565 |
|
|
Medipal Holdings Corp. |
|
3,203 |
|
54,510 |
|
|
MEIJI Holdings Co., Ltd. |
|
4,376 |
|
107,805 |
|
|
MINEBEA MITSUMI, Inc. |
|
6,932 |
|
101,764 |
|
|
MISUMI Group, Inc. |
|
5,092 |
|
71,468 |
|
|
Mitsubishi Chemical Group Corp. |
|
25,746 |
|
124,723 |
|
|
Mitsubishi Estate Co., Ltd. |
|
20,724 |
|
363,949 |
|
|
Mitsubishi HC Capital, Inc. |
|
15,042 |
|
106,140 |
|
|
Mitsui Chemicals, Inc. |
|
3,189 |
|
69,977 |
|
|
Mitsui Fudosan Co., Ltd. |
|
48,770 |
|
481,751 |
|
|
Mitsui OSK Lines Ltd.(a) |
|
6,540 |
|
217,282 |
|
|
Mizuho Financial Group, Inc. |
|
45,605 |
|
1,144,601 |
|
|
MonotaRO Co., Ltd. |
|
4,422 |
|
85,207 |
|
|
Murata Manufacturing Co., Ltd. |
|
32,491 |
|
504,312 |
|
|
NEC Corp. |
|
22,950 |
|
559,269 |
|
|
NGK Insulators Ltd. |
|
4,261 |
|
52,620 |
|
|
Nichirei Corp. |
|
4,530 |
|
62,183 |
|
|
Nikon Corp. |
|
4,781 |
|
45,903 |
|
|
Nintendo Co., Ltd. |
|
21,048 |
|
1,745,638 |
|
|
Nippon Building Fund, Inc. |
|
146 |
|
135,723 |
|
|
Nippon Prologis REIT, Inc. |
|
45 |
|
74,485 |
|
|
Nippon Sanso Holdings Corp. |
|
3,372 |
|
107,916 |
|
|
Nippon Steel Corp.(a) |
|
18,143 |
|
382,855 |
|
|
Nippon Telegraph & Telephone Corp. |
|
968,805 |
|
1,014,039 |
|
|
Nippon Television Holdings, Inc. |
|
2,903 |
|
67,141 |
|
|
Nippon Yusen K.K. |
|
8,195 |
|
267,153 |
|
|
Nissan Chemical Corp. |
|
2,288 |
|
66,808 |
|
|
Nisshin Seifun Group, Inc. |
|
4,565 |
|
58,967 |
|
|
Nissin Foods Holdings Co., Ltd. |
|
3,254 |
|
71,837 |
|
|
Niterra Co., Ltd. |
|
2,816 |
|
87,694 |
|
|
Nitto Denko Corp. |
|
12,588 |
|
220,669 |
|
|
Nomura Holdings, Inc. |
|
54,484 |
|
302,214 |
|
|
Nomura Real Estate Holdings, Inc. |
|
9,285 |
|
55,128 |
|
|
Nomura Real Estate Master Fund, Inc. |
|
81 |
|
80,750 |
|
|
Nomura Research Institute Ltd. |
|
7,211 |
|
272,586 |
|
|
NTT Data Group Corp. |
|
11,215 |
|
222,311 |
|
|
Obayashi Corp. |
|
12,494 |
|
194,146 |
|
|
Odakyu Electric Railway Co., Ltd. |
|
5,682 |
|
62,819 |
|
|
Oji Holdings Corp. |
|
16,636 |
|
78,701 |
|
|
Omron Corp.(a) |
|
3,352 |
|
99,404 |
|
|
Ono Pharmaceutical Co., Ltd. |
|
7,187 |
|
82,733 |
|
|
Open House Group Co., Ltd. |
|
1,344 |
|
59,530 |
|
|
Oriental Land Co., Ltd. |
|
19,709 |
|
419,079 |
|
|
ORIX Corp. |
|
20,440 |
|
408,542 |
|
|
Otsuka Holdings Co., Ltd. |
|
7,918 |
|
386,186 |
|
|
Panasonic Holdings Corp. |
|
40,143 |
|
461,825 |
|
|
Persol Holdings Co., Ltd. |
|
33,000 |
|
59,666 |
|
|
Rakuten Group, Inc.* |
|
25,849 |
|
152,133 |
|
|
Recruit Holdings Co., Ltd. |
|
27,794 |
|
1,547,532 |
|
|
Renesas Electronics Corp. |
|
29,458 |
|
345,405 |
|
|
Resona Holdings, Inc. |
|
39,310 |
|
313,896 |
|
|
Resonac Holdings Corp. |
|
3,197 |
|
58,196 |
|
|
Ricoh Co., Ltd. |
|
9,598 |
|
101,336 |
|
|
Rohm Co., Ltd. |
|
5,984 |
|
54,432 |
|
14
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
|
|
|
|
|
|
Rohto Pharmaceutical Co., Ltd. |
|
3,518 |
|
$ 58,822 |
|
|
Ryohin Keikaku Co., Ltd. |
|
4,652 |
|
158,176 |
|
|
Santen Pharmaceutical Co., Ltd. |
|
6,045 |
|
61,323 |
|
|
Sanwa Holdings Corp. |
|
3,433 |
|
112,781 |
|
|
SBI Holdings, Inc. |
|
4,904 |
|
128,548 |
|
|
SCREEN Holdings Co., Ltd. |
|
1,680 |
|
111,466 |
|
|
SCSK Corp. |
|
2,564 |
|
67,282 |
|
|
Secom Co., Ltd. |
|
7,507 |
|
276,197 |
|
|
Seibu Holdings, Inc. |
|
4,004 |
|
96,872 |
|
|
Seiko Epson Corp. |
|
4,925 |
|
68,675 |
|
|
Sekisui Chemical Co., Ltd. |
|
6,651 |
|
116,057 |
|
|
Sekisui House Ltd. |
|
10,792 |
|
247,859 |
|
|
SG Holdings Co., Ltd. |
|
8,117 |
|
85,614 |
|
|
Sharp Corp.* |
|
4,969 |
|
29,436 |
|
|
Shimadzu Corp. |
|
4,954 |
|
127,393 |
|
|
Shimamura Co., Ltd. |
|
852 |
|
56,816 |
|
|
Shimano, Inc. |
|
1,398 |
|
197,831 |
|
|
Shimizu Corp. |
|
9,721 |
|
103,964 |
|
|
Shin-Etsu Chemical Co., Ltd. |
|
34,736 |
|
1,054,451 |
|
|
Shionogi & Co., Ltd. |
|
13,726 |
|
230,370 |
|
|
Shiseido Co., Ltd. |
|
7,076 |
|
116,751 |
|
|
SMC Corp. |
|
1,018 |
|
331,649 |
|
|
Sohgo Security Services Co., Ltd. |
|
6,352 |
|
50,165 |
|
|
Sojitz Corp. |
|
4,013 |
|
94,839 |
|
|
Sompo Holdings, Inc. |
|
16,490 |
|
536,989 |
|
|
Sony Group Corp. |
|
110,027 |
|
2,908,804 |
|
|
Square Enix Holdings Co., Ltd. |
|
1,580 |
|
91,705 |
|
|
Stanley Electric Co., Ltd. |
|
2,687 |
|
50,428 |
|
|
Subaru Corp. |
|
10,263 |
|
186,531 |
|
|
Sugi Holdings Co., Ltd. |
|
1,834 |
|
38,637 |
|
|
SUMCO Corp. |
|
6,109 |
|
42,143 |
|
|
Sumitomo Chemical Co., Ltd. |
|
25,658 |
|
61,825 |
|
|
Sumitomo Electric Industries Ltd. |
|
13,179 |
|
211,489 |
|
|
Sumitomo Forestry Co., Ltd. |
|
2,990 |
|
86,111 |
|
|
Sumitomo Heavy Industries Ltd. |
|
2,050 |
|
42,699 |
|
|
Sumitomo Metal Mining Co., Ltd. |
|
4,631 |
|
103,275 |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
71,088 |
|
1,694,470 |
|
|
Sumitomo Mitsui Trust Group, Inc. |
|
11,910 |
|
294,327 |
|
|
Sumitomo Rubber Industries Ltd. |
|
3,137 |
|
39,586 |
|
|
Suntory Beverage & Food Ltd. |
|
2,234 |
|
78,121 |
|
|
Sysmex Corp. |
|
8,607 |
|
159,993 |
|
|
T&D Holdings, Inc. |
|
9,601 |
|
204,015 |
|
|
Taisei Corp. |
|
3,026 |
|
164,304 |
|
|
TDK Corp. |
|
34,264 |
|
365,484 |
|
|
Terumo Corp. |
|
25,876 |
|
496,876 |
|
|
TIS, Inc. |
|
3,897 |
|
112,861 |
|
|
Tobu Railway Co., Ltd. |
|
3,441 |
|
62,794 |
|
|
Tokyo Century Corp. |
|
2,944 |
|
31,021 |
|
|
Tokyo Electron Ltd. |
|
8,174 |
|
1,216,301 |
|
|
Tokyo Gas Co., Ltd. |
|
6,128 |
|
203,765 |
|
|
Tokyu Corp. |
|
9,863 |
|
120,176 |
|
|
Tokyu Fudosan Holdings Corp. |
|
10,647 |
|
74,321 |
|
|
TOPPAN Holdings, Inc. |
|
4,757 |
|
133,365 |
|
|
Tosoh Corp. |
|
5,357 |
|
75,469 |
|
|
TOTO Ltd. |
|
2,727 |
|
72,534 |
|
|
Toyota Motor Corp. |
|
204,159 |
|
3,905,986 |
|
|
Trend Micro, Inc. |
|
2,391 |
|
171,480 |
|
|
Tsuruha Holdings, Inc. |
|
667 |
|
53,658 |
|
|
Unicharm Corp. |
|
22,405 |
|
208,201 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
|
|
|
|
|
|
United Urban Investment Corp. |
|
61 |
|
$ 64,233 |
|
|
USS Co., Ltd. |
|
7,113 |
|
71,260 |
|
|
West Japan Railway Co. |
|
8,511 |
|
178,764 |
|
|
Yakult Honsha Co., Ltd. |
|
4,762 |
|
97,901 |
|
|
Yamada Holdings Co., Ltd. |
|
11,646 |
|
37,704 |
|
|
Yamaha Corp. |
|
6,840 |
|
49,871 |
|
|
Yamaha Motor Co., Ltd. |
|
15,834 |
|
124,550 |
|
|
Yamato Holdings Co., Ltd. |
|
4,845 |
|
68,850 |
|
|
Yaskawa Electric Corp. |
|
4,691 |
|
99,220 |
|
|
Yokogawa Electric Corp. |
|
4,302 |
|
93,134 |
|
|
Yokohama Rubber Co., Ltd. (The) |
|
2,355 |
|
51,594 |
|
|
Zensho Holdings Co., Ltd. |
|
1,664 |
|
103,463 |
|
|
ZOZO, Inc. |
|
7,164 |
|
73,026 |
|
|
Total Japan |
|
|
|
56,345,967 |
|
|
Jordan — 0.0%(b) |
|
|
|
|
|
|
Hikma Pharmaceuticals PLC |
|
2,839 |
|
75,272 |
|
|
Mexico — 0.0%(b) |
|
|
|
|
|
|
Fresnillo PLC |
|
3,293 |
|
44,073 |
|
|
Netherlands — 5.1% |
|
|
|
|
|
|
Adyen NV* |
|
551 |
|
888,039 |
|
|
Argenx SE* |
|
1,084 |
|
699,332 |
|
|
ASM International NV |
|
830 |
|
401,272 |
|
|
ASML Holding NV |
|
7,031 |
|
4,655,630 |
|
|
ING Groep NV |
|
55,979 |
|
1,082,672 |
|
|
Koninklijke Ahold Delhaize NV |
|
16,618 |
|
682,704 |
|
|
Koninklijke KPN NV |
|
58,931 |
|
274,323 |
|
|
NXP Semiconductors NV |
|
4,588 |
|
845,614 |
|
|
Universal Music Group NV |
|
13,957 |
|
410,127 |
|
|
Wolters Kluwer NV |
|
4,262 |
|
753,129 |
|
|
Total Netherlands |
|
|
|
10,692,842 |
|
|
New Zealand — 0.4% |
|
|
|
|
|
|
a2 Milk Co., Ltd. (The) |
|
12,152 |
|
63,174 |
|
|
Auckland International Airport Ltd. |
|
27,393 |
|
122,248 |
|
|
Contact Energy Ltd. |
|
14,114 |
|
74,211 |
|
|
Infratil Ltd. |
|
16,447 |
|
102,973 |
|
|
Mercury NZ Ltd. |
|
11,799 |
|
39,072 |
|
|
Meridian Energy Ltd. |
|
22,893 |
|
74,450 |
|
|
Spark New Zealand Ltd. |
|
32,728 |
|
40,399 |
|
|
Xero Ltd.* |
|
2,321 |
|
243,837 |
|
|
Total New Zealand |
|
|
|
760,364 |
|
|
Norway — 0.6% |
|
|
|
|
|
|
Aker ASA, A Shares |
|
383 |
|
22,160 |
|
|
AutoStore Holdings Ltd.* |
|
19,273 |
|
8,642 |
|
|
DNB Bank ASA |
|
14,800 |
|
369,359 |
|
|
Gjensidige Forsikring ASA |
|
3,256 |
|
76,173 |
|
|
Leroy Seafood Group ASA |
|
4,819 |
|
21,079 |
|
|
Nordic Semiconductor ASA* |
|
2,962 |
|
29,277 |
|
|
Norsk Hydro ASA |
|
23,245 |
|
122,390 |
|
|
Orkla ASA |
|
14,371 |
|
160,202 |
|
|
Schibsted ASA, Class A |
|
1,172 |
|
35,669 |
|
|
Schibsted ASA, B Shares |
|
1,622 |
|
46,768 |
|
|
SpareBank 1 SOR-Norge ASA |
|
3,702 |
|
59,047 |
|
|
Storebrand ASA |
|
7,266 |
|
87,515 |
|
|
Telenor ASA |
|
10,822 |
|
163,009 |
|
|
TOMRA Systems ASA* |
|
4,181 |
|
65,517 |
|
|
Var Energi ASA |
|
15,830 |
|
43,613 |
|
|
Wallenius Wilhelmsen ASA |
|
1,818 |
|
13,105 |
|
|
Total Norway |
|
|
|
1,323,525 |
|
15
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Poland — 0.7% |
|
|
|
|
|
|
Allegro.eu SA* |
|
11,186 |
|
$ 98,000 |
|
|
Bank Polska Kasa Opieki SA* |
|
3,188 |
|
159,582 |
|
|
Budimex SA |
|
225 |
|
37,864 |
|
|
CD Projekt SA(a) |
|
1,233 |
|
76,319 |
|
|
Dino Polska SA* |
|
866 |
|
121,705 |
|
|
InPost SA* |
|
4,318 |
|
72,646 |
|
|
KGHM Polska Miedz SA |
|
2,454 |
|
77,969 |
|
|
LPP SA |
|
22 |
|
90,042 |
|
|
mBank SA* |
|
237 |
|
51,838 |
|
|
ORLEN SA |
|
10,513 |
|
190,635 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
15,502 |
|
298,199 |
|
|
Powszechny Zaklad Ubezpieczen SA |
|
10,272 |
|
160,631 |
|
|
Santander Bank Polska SA |
|
604 |
|
92,654 |
|
|
Total Poland |
|
|
|
1,528,084 |
|
|
Portugal — 0.2% |
|
|
|
|
|
|
Banco Comercial Portugues SA, Class R |
|
131,327 |
|
84,167 |
|
|
EDP SA |
|
50,695 |
|
200,314 |
|
|
Jeronimo Martins SGPS SA |
|
4,922 |
|
119,287 |
|
|
Navigator Co. SA (The)(a) |
|
3,819 |
|
14,526 |
|
|
Total Portugal |
|
|
|
418,294 |
|
|
Singapore — 1.9% |
|
|
|
|
|
|
CapitaLand Ascendas REIT |
|
63,747 |
|
129,867 |
|
|
CapitaLand Integrated Commercial Trust |
|
90,136 |
|
148,420 |
|
|
Capitaland Investment Ltd. |
|
40,922 |
|
86,188 |
|
|
City Developments Ltd. |
|
7,143 |
|
27,189 |
|
|
DBS Group Holdings Ltd. |
|
36,345 |
|
1,181,623 |
|
|
Hafnia Ltd.(a) |
|
4,657 |
|
21,489 |
|
|
Mapletree Logistics Trust |
|
60,721 |
|
52,085 |
|
|
Mapletree Pan Asia Commercial Trust |
|
41,255 |
|
38,547 |
|
|
Oversea-Chinese Banking Corp., Ltd. |
|
58,041 |
|
717,900 |
|
|
SATS Ltd. |
|
15,782 |
|
33,964 |
|
|
Singapore Exchange Ltd. |
|
14,786 |
|
162,615 |
|
|
Singapore Telecommunications Ltd. |
|
129,108 |
|
373,768 |
|
|
STMicroelectronics NV |
|
11,658 |
|
262,660 |
|
|
United Overseas Bank Ltd. |
|
24,172 |
|
641,279 |
|
|
UOL Group Ltd. |
|
9,417 |
|
41,615 |
|
|
Total Singapore |
|
|
|
3,919,209 |
|
|
Spain — 2.7% |
|
|
|
|
|
|
ACS Actividades de Construccion y Servicios SA |
|
3,107 |
|
194,607 |
|
|
Amadeus IT Group SA |
|
8,121 |
|
638,639 |
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
103,925 |
|
1,424,731 |
|
|
CaixaBank SA(a) |
|
63,162 |
|
483,354 |
|
|
Cellnex Telecom SA* |
|
10,290 |
|
416,887 |
|
|
EDP Renovaveis SA |
|
5,354 |
|
50,241 |
|
|
Iberdrola SA |
|
105,740 |
|
1,910,580 |
|
|
Red Electrica Corp. SA |
|
7,300 |
|
153,518 |
|
|
Telefonica SA(a) |
|
91,896 |
|
471,964 |
|
|
Total Spain |
|
|
|
5,744,521 |
|
|
Sweden — 2.2% |
|
|
|
|
|
|
AAK AB |
|
3,147 |
|
82,355 |
|
|
AddTech AB, B Shares |
|
4,290 |
|
144,380 |
|
|
Alfa Laval AB |
|
5,096 |
|
211,398 |
|
|
Atlas Copco AB, B Shares |
|
27,184 |
|
378,945 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Sweden (continued) |
|
|
|
|
|
|
Atlas Copco AB, A Shares |
|
45,755 |
|
$ 710,882 |
|
|
Avanza Bank Holding AB(a) |
|
2,136 |
|
71,422 |
|
|
Axfood AB(a) |
|
1,952 |
|
54,705 |
|
|
Beijer Ref AB(a) |
|
7,345 |
|
112,099 |
|
|
Boliden AB* |
|
4,857 |
|
149,111 |
|
|
Castellum AB* |
|
7,281 |
|
88,362 |
|
|
Embracer Group AB*(a) |
|
2,463 |
|
31,068 |
|
|
EQT AB(a) |
|
9,027 |
|
260,003 |
|
|
Essity AB, Class B |
|
10,904 |
|
314,744 |
|
|
H & M Hennes & Mauritz AB, B Shares(a) |
|
9,952 |
|
144,509 |
|
|
Hexagon AB, B Shares* |
|
34,864 |
|
338,631 |
|
|
Holmen AB, B Shares(a) |
|
1,630 |
|
64,660 |
|
|
Husqvarna AB, B Shares(a) |
|
6,921 |
|
32,327 |
|
|
Indutrade AB |
|
4,795 |
|
129,658 |
|
|
Investment AB Latour, B Shares |
|
2,423 |
|
65,518 |
|
|
Nibe Industrier AB, B Shares |
|
26,437 |
|
111,779 |
|
|
Securitas AB, B Shares |
|
9,010 |
|
143,395 |
|
|
Skanska AB, B Shares |
|
5,986 |
|
138,961 |
|
|
SSAB AB, B Shares(a) |
|
10,332 |
|
64,339 |
|
|
SSAB AB, A Shares |
|
3,949 |
|
24,976 |
|
|
Svenska Cellulosa AB SCA, Class B |
|
10,812 |
|
140,462 |
|
|
Sweco AB, B Shares |
|
3,251 |
|
57,066 |
|
|
Swedish Orphan Biovitrum AB* |
|
4,185 |
|
127,135 |
|
|
Tele2 AB, B Shares |
|
9,695 |
|
142,989 |
|
|
Telia Co. AB |
|
40,741 |
|
152,701 |
|
|
Thule Group AB |
|
1,949 |
|
44,457 |
|
|
Volvo Car AB, Class B*(a) |
|
8,323 |
|
14,182 |
|
|
Total Sweden |
|
|
|
4,547,219 |
|
|
Switzerland — 4.3% |
|
|
|
|
|
|
ABB Ltd. |
|
29,174 |
|
1,533,344 |
|
|
Chocoladefabriken Lindt & Spruengli AG |
|
18 |
|
263,730 |
|
|
DSM-Firmenich AG |
|
4,749 |
|
514,579 |
|
|
Geberit AG |
|
597 |
|
414,249 |
|
|
Givaudan SA |
|
166 |
|
804,396 |
|
|
Kuehne + Nagel International AG |
|
925 |
|
212,578 |
|
|
Lonza Group AG |
|
1,262 |
|
903,941 |
|
|
Partners Group Holding AG |
|
389 |
|
509,120 |
|
|
SGS SA |
|
2,722 |
|
267,380 |
|
|
Sika AG |
|
2,748 |
|
688,212 |
|
|
Straumann Holding AG |
|
1,925 |
|
235,779 |
|
|
Swiss Life Holding AG |
|
516 |
|
516,157 |
|
|
Swisscom AG |
|
459 |
|
307,210 |
|
|
Zurich Insurance Group AG |
|
2,646 |
|
1,875,303 |
|
|
Total Switzerland |
|
|
|
9,045,978 |
|
|
United Kingdom — 10.9% |
|
|
|
|
|
|
3i Group PLC |
|
17,284 |
|
977,473 |
|
|
Admiral Group PLC |
|
4,247 |
|
184,817 |
|
|
Ashtead Group PLC |
|
7,882 |
|
420,067 |
|
|
Associated British Foods PLC |
|
5,506 |
|
151,794 |
|
|
AstraZeneca PLC |
|
27,322 |
|
3,915,082 |
|
|
Auto Trader Group PLC |
|
15,876 |
|
177,957 |
|
|
Aviva PLC |
|
48,344 |
|
361,610 |
|
|
Barratt Redrow PLC |
|
24,225 |
|
150,721 |
|
|
Berkeley Group Holdings PLC |
|
1,767 |
|
98,420 |
|
|
Bunzl PLC |
|
5,948 |
|
186,702 |
|
|
Coca-Cola Europacific Partners PLC |
|
3,730 |
|
338,460 |
|
|
Compass Group PLC |
|
30,681 |
|
1,031,893 |
|
16
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
United Kingdom (continued) |
|
|
|
|
|
|
ConvaTec Group PLC |
|
29,617 |
|
$ 102,775 |
|
|
Croda International PLC |
|
2,316 |
|
91,289 |
|
|
DCC PLC |
|
1,787 |
|
116,624 |
|
|
Halma PLC |
|
6,806 |
|
250,542 |
|
|
Informa PLC |
|
24,028 |
|
233,582 |
|
|
InterContinental Hotels Group PLC |
|
2,678 |
|
284,086 |
|
|
Intermediate Capital Group PLC |
|
5,226 |
|
130,952 |
|
|
Intertek Group PLC |
|
2,908 |
|
178,053 |
|
|
J Sainsbury PLC |
|
31,644 |
|
112,768 |
|
|
JD Sports Fashion PLC |
|
44,150 |
|
46,340 |
|
|
Kingfisher PLC |
|
32,804 |
|
125,841 |
|
|
Land Securities Group PLC |
|
13,346 |
|
105,621 |
|
|
Legal & General Group PLC |
|
105,859 |
|
331,574 |
|
|
London Stock Exchange Group PLC |
|
7,530 |
|
1,169,223 |
|
|
M&G PLC |
|
43,433 |
|
120,320 |
|
|
Melrose Industries PLC |
|
22,923 |
|
132,761 |
|
|
National Grid PLC |
|
88,280 |
|
1,277,028 |
|
|
NatWest Group PLC |
|
130,988 |
|
836,663 |
|
|
Next PLC |
|
2,081 |
|
342,724 |
|
|
Pearson PLC |
|
11,584 |
|
185,132 |
|
|
Phoenix Group Holdings PLC |
|
13,414 |
|
107,055 |
|
|
Reckitt Benckiser Group PLC |
|
12,365 |
|
799,042 |
|
|
RELX PLC |
|
33,853 |
|
1,838,996 |
|
|
Rentokil Initial PLC |
|
45,604 |
|
208,689 |
|
|
Rightmove PLC |
|
14,101 |
|
138,963 |
|
|
Sage Group PLC (The) |
|
18,106 |
|
299,280 |
|
|
Schroders PLC |
|
14,274 |
|
62,612 |
|
|
Segro PLC |
|
22,392 |
|
203,561 |
|
|
Smith & Nephew PLC |
|
15,801 |
|
222,451 |
|
|
Spirax Group PLC |
|
1,318 |
|
103,427 |
|
|
SSE PLC |
|
19,925 |
|
450,306 |
|
|
Taylor Wimpey PLC |
|
63,412 |
|
99,480 |
|
|
Unilever PLC |
|
44,538 |
|
2,831,105 |
|
|
United Utilities Group PLC |
|
12,325 |
|
185,615 |
|
|
Vodafone Group PLC |
|
374,288 |
|
366,254 |
|
|
Weir Group PLC (The) |
|
4,687 |
|
140,734 |
|
|
Whitbread PLC |
|
3,223 |
|
111,628 |
|
|
Wise PLC, Class A* |
|
12,242 |
|
160,001 |
|
|
WPP PLC |
|
19,468 |
|
149,832 |
|
|
Total United Kingdom |
|
|
|
22,647,925 |
|
|
United States — 11.1% |
|
|
|
|
|
|
Alcon AG |
|
8,885 |
|
861,307 |
|
|
CSL Ltd. |
|
8,704 |
|
1,398,604 |
|
|
CyberArk Software Ltd.* |
|
842 |
|
296,519 |
|
|
Experian PLC |
|
16,597 |
|
823,565 |
|
|
GSK PLC |
|
74,872 |
|
1,483,599 |
|
|
Haleon PLC |
|
139,016 |
|
698,914 |
|
|
James Hardie Industries PLC*(a) |
|
7,755 |
|
183,595 |
|
|
Monday.com Ltd.* |
|
622 |
|
174,776 |
|
|
Nestle SA |
|
47,713 |
|
5,094,419 |
|
|
Novartis AG |
|
34,855 |
|
3,978,157 |
|
|
Roche Holding AG |
|
12,810 |
|
4,198,032 |
|
|
Roche Holding AG, Bearer |
|
519 |
|
181,642 |
|
|
Schneider Electric SE |
|
9,858 |
|
2,288,284 |
|
|
Stellantis NV |
|
35,555 |
|
328,996 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
United States (continued) |
|
|
|
|
|
|
Swiss Re AG |
|
5,219 |
|
$ 938,372 |
|
|
Tenaris SA |
|
8,332 |
|
139,088 |
|
|
Total United States |
|
|
|
23,067,869 |
|
|
Total
Common Stocks |
|
206,469,869 |
| ||
|
Preferred Stocks — 0.1% |
| ||||
|
Germany — 0.1% |
|
|
|
|
|
|
Bayerische Motoren Werke AG, 8.48% |
|
1,054 |
|
84,648 |
|
|
Sartorius AG, 0.31% |
|
445 |
|
114,880 |
|
|
Total
Preferred Stocks |
|
199,528 |
| ||
|
Right — 0.0%(b) |
| ||||
|
Spain — 0.0%(b) |
|
|
|
|
|
|
EDP Renovaveis SA, expires 5/15/25* |
|
|
|
|
|
|
(Cost $512) |
|
5,354 |
|
548 |
|
|
Short-Term Investments — 0.9% |
| ||||
|
Money Market Funds — 0.9% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(c)(d) |
|
1,500,199 |
|
1,500,199 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(c) |
|
305,734 |
|
305,734 |
|
|
Total
Short-Term Investments |
|
1,805,933 |
| ||
|
Total
Investments — 100.0% |
|
|
|
208,475,878 |
|
|
Other
Assets and Liabilities, |
|
|
|
(46,415 |
) |
|
Net Assets — 100.0% |
|
|
|
$208,429,463 |
|
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $3,024,545; total market value of collateral held by the Fund was $3,172,602. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $1,672,403.
(b)Less than 0.05%.
(c)Reflects the 1-day yield at April 30, 2025.
(d)Represents security purchased with cash collateral received for securities on loan.
17
See notes to financial statements.
Schedule of Investments — NYLI Candriam International Equity ETF (continued)
April 30, 2025
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(e) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$206,469,869 |
|
$— |
|
$— |
|
$206,469,869 |
|
Preferred Stocks |
|
199,528 |
|
— |
|
— |
|
199,528 |
|
Right |
|
548 |
|
— |
|
— |
|
548 |
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
1,805,933 |
|
— |
|
— |
|
1,805,933 |
|
Total Investments in Securities |
|
$208,475,878 |
|
$— |
|
$— |
|
$208,475,878 |
(e)For a complete listing of investments and their countries, see the Schedule of Investments.
For the year ended April 30, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
18
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.9% |
| ||||
|
Communication Services — 2.3% |
|
|
|
|
|
|
Frontier Communications Parent, Inc.* |
|
20,246 |
|
$733,918 |
|
|
Interpublic Group of Cos., Inc. (The) |
|
39,901 |
|
1,002,313 |
|
|
New York Times Co. (The), Class A |
|
16,289 |
|
848,005 |
|
|
News Corp., Class B |
|
10,985 |
|
345,149 |
|
|
News Corp., Class A |
|
40,701 |
|
1,103,811 |
|
|
Sirius XM Holdings, Inc. |
|
20,760 |
|
444,679 |
|
|
Total Communication Services |
|
|
|
4,477,875 |
|
|
Consumer Discretionary — 16.2% |
|
|
|
|
|
|
Abercrombie & Fitch Co., Class A* |
|
5,295 |
|
367,579 |
|
|
Aramark |
|
26,986 |
|
902,142 |
|
|
Autoliv, Inc. |
|
7,459 |
|
695,403 |
|
|
AutoNation, Inc.* |
|
2,758 |
|
480,306 |
|
|
BorgWarner, Inc. |
|
23,353 |
|
662,758 |
|
|
Bright Horizons Family Solutions, Inc.* |
|
6,198 |
|
777,353 |
|
|
Burlington Stores, Inc.* |
|
6,823 |
|
1,535,448 |
|
|
CarMax, Inc.* |
|
16,634 |
|
1,075,721 |
|
|
Cava Group, Inc.* |
|
10,585 |
|
978,372 |
|
|
Choice Hotels International, Inc. |
|
2,970 |
|
374,547 |
|
|
Crocs, Inc.* |
|
6,122 |
|
590,283 |
|
|
Dick’s Sporting Goods, Inc. |
|
6,061 |
|
1,137,892 |
|
|
Duolingo, Inc.* |
|
4,045 |
|
1,575,447 |
|
|
Etsy, Inc.* |
|
12,011 |
|
522,238 |
|
|
Floor & Decor Holdings, Inc., Class A* |
|
11,355 |
|
811,201 |
|
|
Gap, Inc. (The) |
|
21,630 |
|
473,697 |
|
|
Gentex Corp. |
|
24,412 |
|
531,693 |
|
|
H&R Block, Inc. |
|
14,545 |
|
878,082 |
|
|
Hasbro, Inc. |
|
13,832 |
|
856,201 |
|
|
Levi Strauss & Co., Class A |
|
10,512 |
|
168,297 |
|
|
Lithia Motors, Inc. |
|
2,808 |
|
822,070 |
|
|
LKQ Corp. |
|
26,543 |
|
1,014,208 |
|
|
Lucid Group, Inc.*(a) |
|
126,673 |
|
317,949 |
|
|
Mohawk Industries, Inc.* |
|
5,632 |
|
598,963 |
|
|
Norwegian Cruise Line Holdings Ltd.* |
|
46,994 |
|
753,314 |
|
|
Planet Fitness, Inc., Class A* |
|
9,024 |
|
853,580 |
|
|
Pool Corp. |
|
4,069 |
|
1,192,787 |
|
|
Ralph Lauren Corp. |
|
4,257 |
|
957,612 |
|
|
Rivian Automotive, Inc., Class A* |
|
77,977 |
|
1,065,166 |
|
|
Service Corp. International |
|
14,846 |
|
1,186,195 |
|
|
Tapestry, Inc. |
|
25,029 |
|
1,768,299 |
|
|
Toll Brothers, Inc. |
|
10,776 |
|
1,086,975 |
|
|
TopBuild Corp.* |
|
3,158 |
|
934,010 |
|
|
Vail Resorts, Inc. |
|
3,905 |
|
543,576 |
|
|
VF Corp. |
|
39,615 |
|
470,626 |
|
|
Wingstop, Inc. |
|
3,136 |
|
827,559 |
|
|
Wyndham Hotels & Resorts, Inc. |
|
8,131 |
|
693,574 |
|
|
Yum China Holdings, Inc. |
|
39,569 |
|
1,713,733 |
|
|
Total Consumer Discretionary |
|
|
|
32,194,856 |
|
|
Consumer Staples — 6.0% |
|
|
|
|
|
|
BellRing Brands, Inc.* |
|
13,764 |
|
1,061,755 |
|
|
BJ’s Wholesale Club Holdings, Inc.* |
|
14,103 |
|
1,657,949 |
|
|
Coty, Inc., Class A* |
|
38,363 |
|
193,733 |
|
|
Freshpet, Inc.* |
|
4,911 |
|
361,155 |
|
|
Ingredion, Inc. |
|
6,986 |
|
927,880 |
|
|
J M Smucker Co. (The) |
|
11,121 |
|
1,293,039 |
|
|
Lamb Weston Holdings, Inc. |
|
15,243 |
|
804,983 |
|
|
Post Holdings, Inc.*(a) |
|
5,079 |
|
574,790 |
|
|
Sprouts Farmers Market, Inc.* |
|
10,681 |
|
1,826,451 |
|
|
The Campbell’s Co. |
|
20,524 |
|
748,305 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Consumer Staples (continued) |
|
|
|
|
|
|
US Foods Holding Corp.* |
|
23,960 |
|
$1,573,214 |
|
|
Walgreens Boots Alliance, Inc. |
|
76,564 |
|
839,907 |
|
|
Total Consumer Staples |
|
|
|
11,863,161 |
|
|
Energy — 2.0% |
|
|
|
|
|
|
Antero Midstream Corp. |
|
36,537 |
|
604,687 |
|
|
DT Midstream, Inc. |
|
10,870 |
|
1,056,564 |
|
|
HF Sinclair Corp. |
|
16,521 |
|
496,786 |
|
|
NOV, Inc. |
|
41,650 |
|
483,557 |
|
|
TechnipFMC PLC |
|
45,498 |
|
1,281,679 |
|
|
Total Energy |
|
|
|
3,923,273 |
|
|
Financials — 13.7% |
|
|
|
|
|
|
AGNC Investment Corp. |
|
94,747 |
|
836,616 |
|
|
Ally Financial, Inc. |
|
29,396 |
|
960,073 |
|
|
Annaly Capital Management, Inc. |
|
60,279 |
|
1,181,468 |
|
|
Assurant, Inc. |
|
5,496 |
|
1,059,299 |
|
|
Axis Capital Holdings Ltd. |
|
8,172 |
|
787,127 |
|
|
Carlyle Group, Inc. (The) |
|
24,032 |
|
928,596 |
|
|
Comerica, Inc. |
|
14,093 |
|
757,499 |
|
|
Corebridge Financial, Inc. |
|
27,370 |
|
810,973 |
|
|
East West Bancorp, Inc. |
|
14,790 |
|
1,265,285 |
|
|
Equitable Holdings, Inc. |
|
33,579 |
|
1,660,482 |
|
|
Franklin Resources, Inc. |
|
33,716 |
|
632,512 |
|
|
Globe Life, Inc. |
|
8,990 |
|
1,108,827 |
|
|
Jack Henry & Associates, Inc. |
|
7,811 |
|
1,354,662 |
|
|
Jackson Financial, Inc., Class A |
|
7,836 |
|
610,503 |
|
|
MarketAxess Holdings, Inc. |
|
3,978 |
|
881,485 |
|
|
Old Republic International Corp. |
|
24,864 |
|
934,886 |
|
|
Popular, Inc. |
|
7,505 |
|
716,127 |
|
|
Primerica, Inc. |
|
3,567 |
|
934,804 |
|
|
Reinsurance Group of America, Inc. |
|
7,075 |
|
1,325,218 |
|
|
RenaissanceRe Holdings Ltd. |
|
5,510 |
|
1,333,034 |
|
|
RLI Corp. |
|
8,930 |
|
660,909 |
|
|
Ryan Specialty Holdings, Inc. |
|
11,225 |
|
735,350 |
|
|
SEI Investments Co. |
|
10,505 |
|
822,436 |
|
|
Synovus Financial Corp. |
|
15,146 |
|
656,125 |
|
|
Unum Group |
|
19,513 |
|
1,515,380 |
|
|
Voya Financial, Inc. |
|
10,331 |
|
611,595 |
|
|
Webster Financial Corp. |
|
18,262 |
|
863,793 |
|
|
Western Alliance Bancorp |
|
11,654 |
|
812,400 |
|
|
WEX, Inc.* |
|
4,045 |
|
527,347 |
|
|
Total Financials |
|
|
|
27,284,811 |
|
|
Health Care — 11.1% |
|
|
|
|
|
|
Bio-Techne Corp. |
|
16,905 |
|
851,167 |
|
|
Charles River Laboratories International, Inc.* |
|
5,438 |
|
645,056 |
|
|
Chemed Corp. |
|
1,577 |
|
917,041 |
|
|
DaVita, Inc.* |
|
4,577 |
|
647,874 |
|
|
Encompass Health Corp. |
|
10,701 |
|
1,251,910 |
|
|
Ensign Group, Inc. (The) |
|
5,939 |
|
766,072 |
|
|
Exact Sciences Corp.* |
|
19,714 |
|
899,747 |
|
|
Exelixis, Inc.* |
|
27,005 |
|
1,057,246 |
|
|
Glaukos Corp.* |
|
5,752 |
|
542,126 |
|
|
Halozyme Therapeutics, Inc.* |
|
13,544 |
|
831,872 |
|
|
Henry Schein, Inc.* |
|
12,045 |
|
782,564 |
|
|
Insmed, Inc.* |
|
18,840 |
|
1,356,480 |
|
|
Insulet Corp.* |
|
7,494 |
|
1,890,661 |
|
|
Jazz Pharmaceuticals PLC* |
|
6,317 |
|
738,836 |
|
|
Madrigal Pharmaceuticals, Inc.* |
|
1,673 |
|
558,631 |
|
19
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Health Care (continued) |
|
|
|
|
|
|
Medpace Holdings, Inc.* |
|
2,541 |
|
$783,619 |
|
|
Neurocrine Biosciences, Inc.* |
|
10,769 |
|
1,159,714 |
|
|
QIAGEN NV* |
|
23,089 |
|
987,055 |
|
|
Repligen Corp.* |
|
5,615 |
|
774,814 |
|
|
Revolution Medicines, Inc.* |
|
18,764 |
|
757,690 |
|
|
Roivant Sciences Ltd.* |
|
38,008 |
|
441,653 |
|
|
Sarepta Therapeutics, Inc.* |
|
9,657 |
|
602,597 |
|
|
Summit Therapeutics, Inc.*(a) |
|
11,547 |
|
278,514 |
|
|
Teleflex, Inc. |
|
4,984 |
|
683,057 |
|
|
United Therapeutics Corp.* |
|
4,413 |
|
1,337,536 |
|
|
Vaxcyte, Inc.* |
|
12,967 |
|
464,737 |
|
|
Total Health Care |
|
|
|
22,008,269 |
|
|
Industrials — 18.0% |
|
|
|
|
|
|
A O Smith Corp. |
|
12,795 |
|
868,269 |
|
|
Acuity, Inc. |
|
3,310 |
|
806,349 |
|
|
Advanced Drainage Systems, Inc. |
|
7,140 |
|
810,319 |
|
|
AECOM |
|
14,207 |
|
1,401,520 |
|
|
AGCO Corp. |
|
6,707 |
|
568,955 |
|
|
Alaska Air Group, Inc.* |
|
13,611 |
|
602,559 |
|
|
API Group Corp.* |
|
21,696 |
|
820,760 |
|
|
AZEK Co., Inc. (The)* |
|
14,930 |
|
739,931 |
|
|
CH Robinson Worldwide, Inc. |
|
12,597 |
|
1,123,904 |
|
|
Chart Industries, Inc.* |
|
4,581 |
|
618,343 |
|
|
Comfort Systems USA, Inc. |
|
3,775 |
|
1,500,751 |
|
|
Dayforce, Inc.* |
|
16,204 |
|
937,725 |
|
|
Donaldson Co., Inc. |
|
12,778 |
|
839,898 |
|
|
Flowserve Corp. |
|
14,065 |
|
636,160 |
|
|
FTI Consulting, Inc.* |
|
3,747 |
|
623,051 |
|
|
Genpact Ltd. |
|
17,234 |
|
866,181 |
|
|
Graco, Inc. |
|
18,004 |
|
1,469,306 |
|
|
ITT, Inc. |
|
8,707 |
|
1,193,033 |
|
|
Kirby Corp.* |
|
6,119 |
|
589,688 |
|
|
Knight-Swift
Transportation |
|
16,956 |
|
664,166 |
|
|
Landstar System, Inc. |
|
3,771 |
|
505,880 |
|
|
Lincoln Electric Holdings, Inc. |
|
5,958 |
|
1,049,800 |
|
|
Masco Corp. |
|
22,961 |
|
1,391,666 |
|
|
MasTec, Inc.* |
|
6,799 |
|
865,649 |
|
|
MSA Safety, Inc. |
|
3,972 |
|
625,272 |
|
|
nVent Electric PLC |
|
17,596 |
|
966,196 |
|
|
Owens Corning |
|
9,181 |
|
1,335,009 |
|
|
Paycom Software, Inc. |
|
5,500 |
|
1,245,145 |
|
|
Paylocity Holding Corp.* |
|
4,667 |
|
896,531 |
|
|
Regal Rexnord Corp. |
|
7,090 |
|
750,406 |
|
|
Robert Half, Inc. |
|
10,857 |
|
480,965 |
|
|
Rocket Lab USA, Inc.* |
|
30,662 |
|
668,125 |
|
|
Simpson Manufacturing Co., Inc. |
|
4,503 |
|
692,066 |
|
|
Tetra Tech, Inc. |
|
28,620 |
|
892,658 |
|
|
Toro Co. (The) |
|
10,992 |
|
750,534 |
|
|
Trex Co., Inc.* |
|
11,469 |
|
663,138 |
|
|
UFP Industries, Inc. |
|
6,322 |
|
624,930 |
|
|
UL Solutions, Inc., Class A |
|
6,575 |
|
376,024 |
|
|
Watts Water Technologies, Inc., Class A |
|
2,923 |
|
607,253 |
|
|
WESCO International, Inc. |
|
4,780 |
|
778,949 |
|
|
WillScot Mobile Mini Holdings Corp. |
|
19,283 |
|
484,389 |
|
|
XPO, Inc.* |
|
12,307 |
|
1,306,019 |
|
|
Total Industrials |
|
|
|
35,637,472 |
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Information Technology — 15.4% |
|
|
|
|
|
|
Appfolio, Inc., Class A* |
|
2,387 |
|
$492,963 |
|
|
Arrow Electronics, Inc.* |
|
5,637 |
|
627,736 |
|
|
BILL Holdings, Inc.* |
|
10,670 |
|
486,232 |
|
|
Ciena Corp.* |
|
15,398 |
|
1,034,130 |
|
|
Cognex Corp. |
|
18,442 |
|
503,467 |
|
|
Confluent, Inc., Class A* |
|
25,843 |
|
615,322 |
|
|
Credo Technology Group Holding Ltd.* |
|
13,920 |
|
599,256 |
|
|
Docusign, Inc.* |
|
21,501 |
|
1,757,707 |
|
|
Dolby Laboratories, Inc., Class A |
|
6,392 |
|
490,842 |
|
|
Dynatrace, Inc.* |
|
28,717 |
|
1,348,837 |
|
|
Elastic NV* |
|
9,261 |
|
798,298 |
|
|
Enphase Energy, Inc.* |
|
14,043 |
|
626,177 |
|
|
EPAM Systems, Inc.* |
|
5,906 |
|
926,710 |
|
|
F5, Inc.* |
|
6,278 |
|
1,662,038 |
|
|
Flex Ltd.* |
|
41,474 |
|
1,424,217 |
|
|
Gen Digital, Inc. |
|
58,387 |
|
1,510,472 |
|
|
Gitlab, Inc., Class A* |
|
13,058 |
|
609,417 |
|
|
Globant SA* |
|
4,534 |
|
533,062 |
|
|
Guidewire Software, Inc.* |
|
8,448 |
|
1,729,897 |
|
|
Informatica, Inc., Class A* |
|
12,069 |
|
227,259 |
|
|
Juniper Networks, Inc. |
|
35,214 |
|
1,278,972 |
|
|
Kyndryl Holdings, Inc.* |
|
24,861 |
|
805,994 |
|
|
Lattice Semiconductor Corp.* |
|
14,649 |
|
716,776 |
|
|
Littelfuse, Inc. |
|
2,618 |
|
477,288 |
|
|
Manhattan Associates, Inc.* |
|
6,508 |
|
1,154,454 |
|
|
MKS Instruments, Inc. |
|
6,711 |
|
470,709 |
|
|
Nutanix, Inc., Class A* |
|
26,878 |
|
1,846,519 |
|
|
Onto Innovation, Inc.* |
|
5,267 |
|
642,416 |
|
|
Pegasystems, Inc. |
|
4,348 |
|
400,364 |
|
|
Procore Technologies, Inc.* |
|
9,079 |
|
581,873 |
|
|
TD SYNNEX Corp. |
|
8,056 |
|
892,605 |
|
|
Twilio, Inc., Class A* |
|
15,582 |
|
1,506,935 |
|
|
UiPath, Inc., Class A* |
|
45,647 |
|
545,025 |
|
|
Unity Software, Inc.* |
|
32,598 |
|
686,840 |
|
|
Universal Display Corp. |
|
4,711 |
|
591,843 |
|
|
Total Information Technology |
|
|
|
30,602,652 |
|
|
Materials — 5.0% |
|
|
|
|
|
|
Albemarle Corp. |
|
12,585 |
|
736,852 |
|
|
Alcoa Corp. |
|
27,550 |
|
675,801 |
|
|
AptarGroup, Inc. |
|
7,080 |
|
1,061,646 |
|
|
Axalta Coating Systems Ltd.* |
|
23,379 |
|
759,817 |
|
|
Crown Holdings, Inc. |
|
12,747 |
|
1,227,919 |
|
|
Element Solutions, Inc. |
|
24,040 |
|
490,656 |
|
|
Graphic Packaging Holding Co. |
|
31,847 |
|
806,048 |
|
|
Louisiana-Pacific Corp. |
|
6,831 |
|
589,584 |
|
|
Mosaic Co. (The) |
|
33,945 |
|
1,031,928 |
|
|
RPM International, Inc. |
|
13,656 |
|
1,457,778 |
|
|
United States Steel Corp. |
|
24,045 |
|
1,051,007 |
|
|
Total Materials |
|
|
|
9,889,036 |
|
|
Real Estate — 9.6% |
|
|
|
|
|
|
Agree Realty Corp. |
|
10,972 |
|
851,537 |
|
|
American Homes 4 Rent, Class A |
|
36,565 |
|
1,367,165 |
|
|
Brixmor Property Group, Inc. |
|
32,265 |
|
803,721 |
|
|
Camden Property Trust |
|
11,347 |
|
1,291,289 |
|
|
CubeSmart |
|
24,149 |
|
982,140 |
|
|
Equity LifeStyle Properties, Inc. |
|
19,685 |
|
1,275,194 |
|
|
Federal Realty Investment Trust |
|
8,143 |
|
765,605 |
|
|
Healthcare Realty Trust, Inc. |
|
37,937 |
|
589,162 |
|
20
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Mid Cap Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Real Estate (continued) |
|
|
|
|
|
|
Host Hotels & Resorts, Inc. |
|
74,252 |
|
$1,048,438 |
|
|
Jones Lang LaSalle, Inc.* |
|
5,076 |
|
1,154,333 |
|
|
Kimco Realty Corp. |
|
70,768 |
|
1,413,945 |
|
|
Regency Centers Corp. |
|
17,517 |
|
1,264,377 |
|
|
Rexford Industrial Realty, Inc. |
|
23,883 |
|
790,527 |
|
|
STAG Industrial, Inc. |
|
19,548 |
|
645,670 |
|
|
UDR, Inc. |
|
32,779 |
|
1,372,785 |
|
|
Vornado Realty Trust |
|
16,882 |
|
595,597 |
|
|
WP Carey, Inc. |
|
23,418 |
|
1,462,220 |
|
|
Zillow Group, Inc., Class A* |
|
4,946 |
|
326,337 |
|
|
Zillow Group, Inc., Class C* |
|
16,803 |
|
1,131,346 |
|
|
Total Real Estate |
|
|
|
19,131,388 |
|
|
Utilities — 0.6% |
|
|
|
|
|
|
Essential Utilities, Inc. |
|
29,522 |
|
1,214,240 |
|
|
Total
Common Stocks |
|
198,227,033 |
| ||
|
|
|
Shares |
|
Value |
|
|
Short-Term Investments — 0.4% |
| ||||
|
Money Market Funds — 0.4% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(b)(c) |
|
615,795 |
|
$615,795 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(b) |
|
131,632 |
|
131,632 |
|
|
Total
Short-Term Investments |
|
747,427 |
| ||
|
Total
Investments — 100.3% |
|
|
|
198,974,460 |
|
|
Other
Assets and Liabilities, |
|
|
|
(586,802 |
) |
|
Net Assets — 100.0% |
|
|
|
$198,387,658 |
|
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $1,147,778; total market value of collateral held by the Fund was $1,187,466. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $571,671.
(b)Reflects the 1-day yield at April 30, 2025.
(c)Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(d) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$198,227,033 |
|
$— |
|
$— |
|
$198,227,033 |
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
747,427 |
|
— |
|
— |
|
747,427 |
|
Total Investments in Securities |
|
$198,974,460 |
|
$— |
|
$— |
|
$198,974,460 |
(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)
21
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Large Cap Equity ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.9% |
| ||||
|
Communication Services — 6.9% |
|
|
|
|
|
|
Alphabet, Inc., Class A |
|
54,848 |
|
$8,709,862 |
|
|
Alphabet, Inc., Class C |
|
48,505 |
|
7,803,970 |
|
|
Charter Communications, Inc., Class A*(a) |
|
1,328 |
|
520,390 |
|
|
Comcast Corp., Class A |
|
53,425 |
|
1,827,135 |
|
|
Electronic Arts, Inc. |
|
3,364 |
|
488,083 |
|
|
Omnicom Group, Inc. |
|
2,727 |
|
207,688 |
|
|
Pinterest, Inc., Class A* |
|
8,458 |
|
214,157 |
|
|
ROBLOX Corp., Class A* |
|
7,183 |
|
481,620 |
|
|
Snap, Inc., Class A*(a) |
|
14,876 |
|
118,413 |
|
|
Take-Two Interactive Software, Inc.* |
|
2,307 |
|
538,269 |
|
|
Walt Disney Co. (The) |
|
25,601 |
|
2,328,411 |
|
|
Warner Bros Discovery, Inc.* |
|
31,615 |
|
274,102 |
|
|
Total Communication Services |
|
|
|
23,512,100 |
|
|
Consumer Discretionary — 14.1% |
|
|
|
|
|
|
Airbnb, Inc., Class A* |
|
5,889 |
|
717,987 |
|
|
Amazon.com, Inc.* |
|
89,324 |
|
16,473,132 |
|
|
Aptiv PLC* |
|
3,305 |
|
188,583 |
|
|
Best Buy Co., Inc. |
|
2,690 |
|
179,396 |
|
|
Chipotle Mexican Grill, Inc.* |
|
19,136 |
|
966,751 |
|
|
DoorDash, Inc., Class A* |
|
4,615 |
|
890,187 |
|
|
eBay, Inc. |
|
6,859 |
|
467,510 |
|
|
Hilton Worldwide Holdings, Inc. |
|
3,402 |
|
767,083 |
|
|
Home Depot, Inc. (The) |
|
14,029 |
|
5,057,314 |
|
|
Lowe’s Cos., Inc. |
|
7,978 |
|
1,783,562 |
|
|
Lululemon Athletica, Inc.* |
|
1,508 |
|
408,321 |
|
|
Marriott International, Inc., Class A |
|
3,347 |
|
798,527 |
|
|
MercadoLibre, Inc.* |
|
664 |
|
1,547,684 |
|
|
NIKE, Inc., Class B |
|
16,440 |
|
927,216 |
|
|
NVR, Inc.* |
|
42 |
|
299,282 |
|
|
PulteGroup, Inc. |
|
2,887 |
|
296,149 |
|
|
Royal Caribbean Cruises Ltd. |
|
3,506 |
|
753,475 |
|
|
Starbucks Corp. |
|
15,681 |
|
1,255,264 |
|
|
Tesla, Inc.* |
|
39,507 |
|
11,147,295 |
|
|
TJX Cos., Inc. (The) |
|
15,855 |
|
2,040,221 |
|
|
Tractor Supply Co. |
|
7,522 |
|
380,764 |
|
|
Ulta Beauty, Inc.* |
|
652 |
|
257,957 |
|
|
Yum! Brands, Inc. |
|
3,953 |
|
594,689 |
|
|
Total Consumer Discretionary |
|
|
|
48,198,349 |
|
|
Consumer Staples — 5.1% |
|
|
|
|
|
|
Archer-Daniels-Midland Co. |
|
6,678 |
|
318,874 |
|
|
Church & Dwight Co., Inc. |
|
3,441 |
|
341,829 |
|
|
Clorox Co. (The) |
|
1,737 |
|
247,175 |
|
|
Colgate-Palmolive Co. |
|
11,525 |
|
1,062,490 |
|
|
Dollar General Corp. |
|
3,076 |
|
288,190 |
|
|
Dollar Tree, Inc.* |
|
2,833 |
|
231,654 |
|
|
Estee Lauder Cos., Inc. (The), Class A |
|
3,031 |
|
181,739 |
|
|
General Mills, Inc. |
|
7,787 |
|
441,834 |
|
|
Hershey Co. (The)(a) |
|
2,072 |
|
346,418 |
|
|
Hormel Foods Corp. |
|
4,074 |
|
121,813 |
|
|
Kellanova |
|
3,666 |
|
303,435 |
|
|
Kenvue, Inc. |
|
27,041 |
|
638,168 |
|
|
Keurig Dr Pepper, Inc. |
|
15,923 |
|
550,776 |
|
|
Kimberly-Clark Corp. |
|
4,721 |
|
622,133 |
|
|
Kraft Heinz Co. (The) |
|
10,918 |
|
317,714 |
|
|
Kroger Co. (The) |
|
9,360 |
|
675,886 |
|
|
McCormick & Co., Inc. |
|
3,542 |
|
271,530 |
|
|
Mondelez International, Inc., Class A |
|
18,817 |
|
1,282,002 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Consumer Staples (continued) |
| ||||
|
PepsiCo, Inc. |
|
19,372 |
|
$ 2,626,456 |
|
|
Procter & Gamble Co. (The) |
|
33,258 |
|
5,406,753 |
|
|
Sysco Corp. |
|
6,905 |
|
493,017 |
|
|
Target Corp. |
|
6,471 |
|
625,746 |
|
|
Total Consumer Staples |
|
|
|
17,395,632 |
|
|
Energy — 1.8% |
|
|
|
|
|
|
Baker Hughes Co. |
|
13,960 |
|
494,184 |
|
|
Cheniere Energy, Inc. |
|
3,142 |
|
726,148 |
|
|
Halliburton Co. |
|
12,375 |
|
245,272 |
|
|
Kinder Morgan, Inc. |
|
27,414 |
|
720,988 |
|
|
Marathon Petroleum Corp. |
|
4,531 |
|
622,605 |
|
|
ONEOK, Inc. |
|
8,220 |
|
675,355 |
|
|
Schlumberger NV |
|
19,933 |
|
662,772 |
|
|
Targa Resources Corp. |
|
3,033 |
|
518,340 |
|
|
Valero Energy Corp. |
|
4,485 |
|
520,664 |
|
|
Williams Cos., Inc. (The) |
|
17,163 |
|
1,005,237 |
|
|
Total Energy |
|
|
|
6,191,565 |
|
|
Financials — 16.8% |
|
|
|
|
|
|
Aflac, Inc. |
|
7,109 |
|
772,606 |
|
|
Allstate Corp. (The) |
|
3,719 |
|
737,812 |
|
|
American Express Co. |
|
7,824 |
|
2,084,392 |
|
|
Ameriprise Financial, Inc. |
|
1,376 |
|
648,124 |
|
|
Apollo Global Management, Inc. |
|
5,711 |
|
779,437 |
|
|
Arch Capital Group Ltd. |
|
5,066 |
|
459,385 |
|
|
Ares Management Corp., Class A |
|
2,611 |
|
398,256 |
|
|
Arthur J Gallagher & Co. |
|
3,490 |
|
1,119,208 |
|
|
Bank of America Corp. |
|
94,005 |
|
3,748,919 |
|
|
Bank of New York Mellon Corp. (The) |
|
10,258 |
|
824,846 |
|
|
Capital One Financial Corp. |
|
5,313 |
|
957,721 |
|
|
Cboe Global Markets, Inc. |
|
1,463 |
|
324,493 |
|
|
Charles Schwab Corp. (The) |
|
21,061 |
|
1,714,365 |
|
|
Cincinnati Financial Corp. |
|
2,161 |
|
300,833 |
|
|
Citigroup, Inc. |
|
25,900 |
|
1,771,042 |
|
|
Citizens Financial Group, Inc. |
|
6,272 |
|
231,374 |
|
|
CME Group, Inc. |
|
5,065 |
|
1,403,410 |
|
|
Coinbase Global, Inc., Class A* |
|
2,855 |
|
579,251 |
|
|
Corpay, Inc.* |
|
954 |
|
310,403 |
|
|
Discover Financial Services |
|
3,530 |
|
644,825 |
|
|
Everest Re Group Ltd. |
|
459 |
|
164,703 |
|
|
Fidelity National Information Services, Inc. |
|
7,671 |
|
605,088 |
|
|
Fifth Third Bancorp |
|
9,492 |
|
341,142 |
|
|
Fiserv, Inc.* |
|
7,968 |
|
1,470,654 |
|
|
Global Payments, Inc. |
|
3,555 |
|
271,282 |
|
|
Hartford Insurance Group, Inc. (The) |
|
4,101 |
|
503,070 |
|
|
Huntington Bancshares, Inc. |
|
20,335 |
|
295,468 |
|
|
Intercontinental Exchange, Inc. |
|
8,015 |
|
1,346,280 |
|
|
KKR & Co., Inc. |
|
9,463 |
|
1,081,337 |
|
|
M&T Bank Corp. |
|
2,337 |
|
396,729 |
|
|
Markel Group Inc.* |
|
179 |
|
325,529 |
|
|
Marsh & McLennan Cos., Inc. |
|
6,916 |
|
1,559,351 |
|
|
Mastercard, Inc., Class A |
|
11,510 |
|
6,308,171 |
|
|
MetLife, Inc. |
|
8,242 |
|
621,200 |
|
|
Moody’s Corp. |
|
2,214 |
|
1,003,208 |
|
|
Morgan Stanley |
|
17,414 |
|
2,009,924 |
|
|
Nasdaq, Inc. |
|
5,788 |
|
441,103 |
|
|
Northern Trust Corp. |
|
2,829 |
|
265,869 |
|
|
PayPal Holdings, Inc.* |
|
14,130 |
|
930,319 |
|
22
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Large Cap Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Financials (continued) |
| ||||
|
PNC Financial Services Group, Inc. (The) |
|
5,577 |
|
$ 896,168 |
|
|
Principal Financial Group, Inc. |
|
3,250 |
|
240,987 |
|
|
Progressive Corp. (The) |
|
8,251 |
|
2,324,637 |
|
|
Prudential Financial, Inc. |
|
5,011 |
|
514,680 |
|
|
Raymond James Financial, Inc. |
|
2,612 |
|
357,948 |
|
|
Regions Financial Corp. |
|
12,850 |
|
262,268 |
|
|
Rocket Cos., Inc., Class A(a) |
|
1,911 |
|
24,671 |
|
|
S&P Global, Inc. |
|
4,382 |
|
2,191,219 |
|
|
Synchrony Financial |
|
5,549 |
|
288,271 |
|
|
Travelers Cos., Inc. (The) |
|
3,190 |
|
842,575 |
|
|
US Bancorp |
|
21,246 |
|
857,064 |
|
|
Visa, Inc., Class A |
|
24,419 |
|
8,436,765 |
|
|
Willis Towers Watson PLC |
|
1,426 |
|
438,923 |
|
|
Total Financials |
|
|
|
57,427,305 |
|
|
Health Care — 6.2% |
|
|
|
|
|
|
Alnylam Pharmaceuticals, Inc.* |
|
1,948 |
|
512,792 |
|
|
Avantor, Inc.* |
|
9,910 |
|
128,731 |
|
|
Biogen, Inc.* |
|
2,205 |
|
266,981 |
|
|
Bristol-Myers Squibb Co. |
|
30,573 |
|
1,534,765 |
|
|
Cardinal Health, Inc. |
|
3,404 |
|
480,951 |
|
|
Cigna Group (The) |
|
4,132 |
|
1,405,045 |
|
|
Cooper Cos., Inc. (The)* |
|
3,014 |
|
246,153 |
|
|
Dexcom, Inc.* |
|
5,877 |
|
419,500 |
|
|
Edwards Lifesciences Corp.* |
|
8,754 |
|
660,840 |
|
|
Elevance Health, Inc. |
|
3,489 |
|
1,467,404 |
|
|
Gilead Sciences, Inc. |
|
18,808 |
|
2,003,804 |
|
|
Hologic, Inc.* |
|
3,506 |
|
204,049 |
|
|
Humana, Inc. |
|
1,830 |
|
479,899 |
|
|
IDEXX Laboratories, Inc.* |
|
1,242 |
|
537,351 |
|
|
Intuitive Surgical, Inc.* |
|
5,357 |
|
2,763,141 |
|
|
Labcorp Holdings, Inc. |
|
1,276 |
|
307,529 |
|
|
Mettler-Toledo International, Inc.* |
|
314 |
|
336,159 |
|
|
Moderna, Inc.*(a) |
|
5,083 |
|
145,069 |
|
|
Quest Diagnostics, Inc. |
|
1,682 |
|
299,766 |
|
|
ResMed, Inc. |
|
2,207 |
|
522,154 |
|
|
Royalty Pharma PLC, Class A |
|
5,712 |
|
187,468 |
|
|
STERIS PLC |
|
1,497 |
|
336,436 |
|
|
Stryker Corp. |
|
4,798 |
|
1,794,068 |
|
|
Veeva Systems, Inc., Class A* |
|
2,093 |
|
489,113 |
|
|
Vertex Pharmaceuticals, Inc.* |
|
3,888 |
|
1,980,936 |
|
|
Waters Corp.* |
|
899 |
|
312,609 |
|
|
West Pharmaceutical Services, Inc. |
|
1,096 |
|
231,574 |
|
|
Zimmer Biomet Holdings, Inc. |
|
3,000 |
|
309,150 |
|
|
Zoetis, Inc. |
|
6,804 |
|
1,064,146 |
|
|
Total Health Care |
|
|
|
21,427,583 |
|
|
Industrials — 6.9% |
|
|
|
|
|
|
Automatic Data Processing, Inc. |
|
5,747 |
|
1,727,548 |
|
|
Axon Enterprise, Inc.* |
|
1,013 |
|
621,273 |
|
|
Broadridge Financial Solutions, Inc. |
|
1,634 |
|
396,082 |
|
|
Carrier Global Corp. |
|
11,850 |
|
741,099 |
|
|
Cintas Corp. |
|
4,835 |
|
1,023,473 |
|
|
Dover Corp. |
|
1,929 |
|
329,184 |
|
|
Emerson Electric Co. |
|
8,027 |
|
843,718 |
|
|
Equifax, Inc. |
|
1,735 |
|
451,325 |
|
|
Expeditors International of Washington, Inc. |
|
1,970 |
|
216,523 |
|
|
FedEx Corp. |
|
3,166 |
|
665,905 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Industrials (continued) |
| ||||
|
Ferguson Enterprises, Inc. |
|
2,666 |
|
$ 452,313 |
|
|
Fortive Corp. |
|
4,922 |
|
343,014 |
|
|
GE Vernova, Inc. |
|
3,877 |
|
1,437,669 |
|
|
General Electric Co. |
|
15,257 |
|
3,074,896 |
|
|
Howmet Aerospace, Inc. |
|
5,668 |
|
785,471 |
|
|
Illinois Tool Works, Inc. |
|
4,145 |
|
994,427 |
|
|
Ingersoll Rand, Inc. |
|
5,664 |
|
427,235 |
|
|
JB Hunt Transport Services, Inc. |
|
1,134 |
|
148,078 |
|
|
Johnson Controls International PLC |
|
9,328 |
|
782,619 |
|
|
Masco Corp. |
|
3,034 |
|
183,891 |
|
|
Otis Worldwide Corp. |
|
5,625 |
|
541,519 |
|
|
Quanta Services, Inc. |
|
2,059 |
|
602,649 |
|
|
Rockwell Automation, Inc. |
|
1,596 |
|
395,297 |
|
|
Trane Technologies PLC |
|
3,171 |
|
1,215,476 |
|
|
TransUnion |
|
2,728 |
|
226,315 |
|
|
United Parcel Service, Inc., Class B |
|
10,322 |
|
983,687 |
|
|
United Rentals, Inc. |
|
927 |
|
585,354 |
|
|
Verisk Analytics, Inc. |
|
1,988 |
|
589,303 |
|
|
Waste Management, Inc. |
|
5,654 |
|
1,319,417 |
|
|
Westinghouse Air Brake Technologies Corp. |
|
2,442 |
|
451,135 |
|
|
WW Grainger, Inc. |
|
622 |
|
637,121 |
|
|
Xylem, Inc. |
|
3,396 |
|
409,456 |
|
|
Total Industrials |
|
|
|
23,602,472 |
|
|
Information Technology — 33.9% |
|
|
|
|
|
|
Accenture PLC, Class A |
|
8,837 |
|
2,643,589 |
|
|
Adobe, Inc.* |
|
6,207 |
|
2,327,501 |
|
|
Advanced Micro Devices, Inc.* |
|
22,775 |
|
2,217,146 |
|
|
Amdocs Ltd. |
|
1,577 |
|
139,691 |
|
|
Analog Devices, Inc. |
|
6,983 |
|
1,361,126 |
|
|
ANSYS, Inc.* |
|
1,226 |
|
394,625 |
|
|
Apple, Inc. |
|
148,398 |
|
31,534,575 |
|
|
Applied Materials, Inc. |
|
11,452 |
|
1,725,931 |
|
|
Atlassian Corp., Class A* |
|
2,274 |
|
519,177 |
|
|
Autodesk, Inc.* |
|
3,030 |
|
830,977 |
|
|
Cadence Design Systems, Inc.* |
|
3,856 |
|
1,148,085 |
|
|
CDW Corp. |
|
1,876 |
|
301,210 |
|
|
Cisco Systems, Inc. |
|
56,335 |
|
3,252,220 |
|
|
Cognizant Technology Solutions Corp., Class A |
|
6,964 |
|
512,341 |
|
|
Corning, Inc. |
|
10,877 |
|
482,721 |
|
|
Fair Isaac Corp.* |
|
338 |
|
672,512 |
|
|
Fortinet, Inc.* |
|
8,689 |
|
901,571 |
|
|
Gartner, Inc.* |
|
1,054 |
|
443,818 |
|
|
Gen Digital, Inc. |
|
7,620 |
|
197,129 |
|
|
Hewlett Packard Enterprise Co. |
|
18,200 |
|
295,204 |
|
|
HP, Inc. |
|
13,209 |
|
337,754 |
|
|
HubSpot, Inc.* |
|
697 |
|
426,215 |
|
|
Intel Corp. |
|
60,852 |
|
1,223,125 |
|
|
Intuit, Inc. |
|
3,850 |
|
2,415,759 |
|
|
Keysight Technologies, Inc.* |
|
2,433 |
|
353,758 |
|
|
KLA Corp. |
|
1,889 |
|
1,327,381 |
|
|
Lam Research Corp. |
|
18,189 |
|
1,303,606 |
|
|
Marvell Technology, Inc. |
|
12,162 |
|
709,896 |
|
|
Micron Technology, Inc. |
|
15,681 |
|
1,206,653 |
|
|
Microsoft Corp. |
|
90,202 |
|
35,653,243 |
|
|
MongoDB, Inc.* |
|
1,008 |
|
173,547 |
|
|
Monolithic Power Systems, Inc. |
|
662 |
|
392,632 |
|
23
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Large Cap Equity ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Information Technology (continued) |
| ||||
|
NetApp, Inc. |
|
2,869 |
|
$257,493 |
|
|
ON Semiconductor Corp.* |
|
6,002 |
|
238,279 |
|
|
Palo Alto Networks, Inc.* |
|
9,166 |
|
1,713,400 |
|
|
QUALCOMM, Inc. |
|
15,704 |
|
2,331,416 |
|
|
Roper Technologies, Inc. |
|
1,508 |
|
844,601 |
|
|
Salesforce, Inc. |
|
13,128 |
|
3,527,625 |
|
|
Seagate Technology Holdings PLC |
|
2,779 |
|
252,972 |
|
|
ServiceNow, Inc.* |
|
2,906 |
|
2,775,259 |
|
|
Skyworks Solutions, Inc. |
|
2,242 |
|
144,116 |
|
|
Snowflake, Inc., Class A* |
|
4,450 |
|
709,731 |
|
|
Synopsys, Inc.* |
|
2,173 |
|
997,429 |
|
|
TE Connectivity PLC |
|
4,268 |
|
624,750 |
|
|
Teradyne, Inc. |
|
2,291 |
|
170,015 |
|
|
Texas Instruments, Inc. |
|
12,833 |
|
2,053,922 |
|
|
Trimble, Inc.* |
|
3,424 |
|
212,767 |
|
|
VeriSign, Inc.* |
|
1,180 |
|
332,902 |
|
|
Western Digital Corp.* |
|
4,838 |
|
212,195 |
|
|
Workday, Inc., Class A* |
|
2,995 |
|
733,775 |
|
|
Zebra Technologies Corp., Class A* |
|
724 |
|
181,232 |
|
|
Zscaler, Inc.* |
|
1,321 |
|
298,771 |
|
|
Total Information Technology |
|
|
|
116,037,368 |
|
|
Materials — 3.1% |
|
|
|
|
|
|
Air Products and Chemicals, Inc. |
|
3,092 |
|
838,210 |
|
|
Ball Corp. |
|
4,235 |
|
219,966 |
|
|
CRH PLC |
|
9,600 |
|
916,032 |
|
|
DuPont de Nemours, Inc. |
|
5,316 |
|
350,803 |
|
|
Ecolab, Inc. |
|
3,546 |
|
891,571 |
|
|
International Flavors & Fragrances, Inc. |
|
3,590 |
|
281,671 |
|
|
Linde PLC |
|
6,718 |
|
3,044,799 |
|
|
LyondellBasell Industries NV, Class A |
|
3,582 |
|
208,508 |
|
|
Martin Marietta Materials, Inc. |
|
858 |
|
449,575 |
|
|
Newmont Corp. |
|
16,138 |
|
850,150 |
|
|
Nucor Corp. |
|
3,330 |
|
397,502 |
|
|
Packaging Corp. of America |
|
1,248 |
|
231,641 |
|
|
PPG Industries, Inc. |
|
3,275 |
|
356,516 |
|
|
Sherwin-Williams Co. (The) |
|
3,281 |
|
1,157,931 |
|
|
Vulcan Materials Co. |
|
1,851 |
|
485,573 |
|
|
Total Materials |
|
|
|
10,680,448 |
|
|
Real Estate — 3.6% |
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc. |
|
2,215 |
|
160,942 |
|
|
American Tower Corp. |
|
6,584 |
|
1,484,099 |
|
|
AvalonBay Communities, Inc. |
|
2,001 |
|
420,170 |
|
|
CBRE Group, Inc., Class A* |
|
4,292 |
|
524,397 |
|
|
Crown Castle, Inc. |
|
6,105 |
|
645,665 |
|
|
Digital Realty Trust, Inc. |
|
4,681 |
|
751,488 |
|
|
Equinix, Inc. |
|
1,358 |
|
1,168,898 |
|
|
Equity Residential |
|
4,804 |
|
337,529 |
|
|
Essex Property Trust, Inc. |
|
896 |
|
250,118 |
|
|
Extra Space Storage, Inc. |
|
2,945 |
|
431,501 |
|
|
Healthpeak Properties, Inc. |
|
9,801 |
|
174,850 |
|
|
Invitation Homes, Inc. |
|
8,049 |
|
275,195 |
|
|
Iron Mountain, Inc. |
|
4,089 |
|
366,661 |
|
|
Mid-America Apartment Communities, Inc. |
|
1,637 |
|
261,347 |
|
|
Prologis, Inc. |
|
13,033 |
|
1,331,973 |
|
|
Public Storage |
|
2,215 |
|
665,452 |
|
|
SBA Communications Corp. |
|
1,492 |
|
363,153 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Real Estate (continued) |
| ||||
|
Simon Property Group, Inc. |
|
4,553 |
|
$716,551 |
|
|
Ventas, Inc. |
|
5,899 |
|
413,402 |
|
|
Welltower, Inc. |
|
8,786 |
|
1,340,656 |
|
|
Weyerhaeuser Co. |
|
10,209 |
|
264,515 |
|
|
Total Real Estate |
|
|
|
12,348,562 |
|
|
Utilities — 1.5% |
|
|
|
|
|
|
American Water Works Co., Inc. |
|
2,738 |
|
402,513 |
|
|
Eversource Energy |
|
5,166 |
|
307,274 |
|
|
Exelon Corp. |
|
14,155 |
|
663,869 |
|
|
NextEra Energy, Inc. |
|
28,995 |
|
1,939,186 |
|
|
PG&E Corp. |
|
30,886 |
|
510,237 |
|
|
Public Service Enterprise Group, Inc. |
|
7,026 |
|
561,588 |
|
|
Sempra |
|
8,933 |
|
663,454 |
|
|
Total Utilities |
|
|
|
5,048,121 |
|
|
Total
Common Stocks |
|
341,869,505 |
| ||
|
Short-Term Investments — 0.1% |
| ||||
|
Money Market Funds — 0.1% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(b)(c) |
|
93,766 |
|
93,766 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(b) |
|
114,471 |
|
114,471 |
|
|
Total
Short-Term Investments |
|
208,237 |
| ||
|
Total
Investments — 100.0% |
|
|
|
342,077,742 |
|
|
Other
Assets and Liabilities, |
|
|
|
67,622 |
|
|
Net Assets — 100.0% |
|
|
|
$342,145,364 |
|
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $1,039,407; total market value of collateral held by the Fund was $1,063,576. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $969,810.
(b)Reflects the 1-day yield at April 30, 2025.
(c)Represents security purchased with cash collateral received for securities on loan.
(d)Less than 0.05%.
24
See notes to financial statements.
Schedule of Investments — NYLI Candriam U.S. Large Cap Equity ETF (continued)
April 30, 2025
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(e) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$341,869,505 |
|
$— |
|
$— |
|
$341,869,505 |
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
208,237 |
|
— |
|
— |
|
208,237 |
|
Total Investments in Securities |
|
$342,077,742 |
|
$— |
|
$— |
|
$342,077,742 |
(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)
25
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.0% |
| ||||
|
Australia — 6.9% |
|
|
|
|
|
|
ALS Ltd. |
|
32,202 |
|
$354,190 |
|
|
ANZ Group Holdings Ltd. |
|
156,257 |
|
2,985,427 |
|
|
APA Group |
|
75,545 |
|
397,333 |
|
|
Aristocrat Leisure Ltd. |
|
32,757 |
|
1,400,934 |
|
|
ASX Ltd. |
|
12,184 |
|
551,405 |
|
|
Atlas Arteria Ltd. |
|
81,932 |
|
271,032 |
|
|
Aurizon Holdings Ltd. |
|
144,106 |
|
282,150 |
|
|
BHP Group Ltd. |
|
250,445 |
|
6,119,827 |
|
|
Brambles Ltd. |
|
73,577 |
|
966,043 |
|
|
CAR Group Ltd. |
|
23,668 |
|
504,444 |
|
|
Charter Hall Group |
|
30,420 |
|
328,945 |
|
|
Cochlear Ltd. |
|
3,521 |
|
618,626 |
|
|
Coles Group Ltd. |
|
71,601 |
|
972,169 |
|
|
Commonwealth Bank of Australia |
|
83,429 |
|
8,893,428 |
|
|
Computershare Ltd. |
|
30,840 |
|
803,525 |
|
|
Dexus |
|
82,488 |
|
396,904 |
|
|
Endeavour Group Ltd. |
|
98,320 |
|
251,011 |
|
|
Fortescue Ltd. |
|
82,819 |
|
857,934 |
|
|
Glencore PLC* |
|
596,023 |
|
1,945,691 |
|
|
Goodman Group |
|
102,248 |
|
1,961,388 |
|
|
GPT Group (The) |
|
159,333 |
|
472,024 |
|
|
IDP Education Ltd.(a) |
|
17,784 |
|
100,819 |
|
|
Insurance Australia Group Ltd. |
|
132,023 |
|
693,537 |
|
|
Lottery Corp., Ltd. (The) |
|
142,094 |
|
474,595 |
|
|
Macquarie Group Ltd. |
|
18,580 |
|
2,299,808 |
|
|
Medibank Pvt Ltd. |
|
164,324 |
|
488,912 |
|
|
Mineral Resources Ltd.*(a) |
|
11,575 |
|
152,495 |
|
|
Mirvac Group |
|
293,080 |
|
427,561 |
|
|
National Australia Bank Ltd. |
|
161,058 |
|
3,723,295 |
|
|
Northern Star Resources Ltd. |
|
57,873 |
|
710,235 |
|
|
Origin Energy Ltd. |
|
89,934 |
|
612,270 |
|
|
Pilbara Minerals Ltd.* |
|
162,157 |
|
156,153 |
|
|
Pro Medicus Ltd. |
|
2,867 |
|
420,840 |
|
|
QBE Insurance Group Ltd. |
|
79,006 |
|
1,091,415 |
|
|
Ramsay Health Care Ltd.(a) |
|
11,672 |
|
248,396 |
|
|
REA Group Ltd. |
|
3,147 |
|
499,837 |
|
|
Region RE Ltd. |
|
189,329 |
|
281,049 |
|
|
Rio Tinto Ltd. |
|
19,696 |
|
1,475,748 |
|
|
Rio Tinto PLC |
|
53,785 |
|
3,194,757 |
|
|
Santos Ltd. |
|
178,595 |
|
686,785 |
|
|
Scentre Group |
|
351,002 |
|
813,009 |
|
|
SEEK Ltd. |
|
23,717 |
|
323,385 |
|
|
Sonic Healthcare Ltd. |
|
30,099 |
|
502,270 |
|
|
South32 Ltd. |
|
259,935 |
|
457,377 |
|
|
Steadfast Group Ltd. |
|
76,299 |
|
286,572 |
|
|
Stockland |
|
174,660 |
|
613,540 |
|
|
Suncorp Group Ltd. |
|
61,930 |
|
802,819 |
|
|
Technology One Ltd. |
|
18,437 |
|
354,614 |
|
|
Telstra Group Ltd. |
|
232,690 |
|
671,477 |
|
|
Transurban Group |
|
164,967 |
|
1,489,365 |
|
|
Treasury Wine Estates Ltd. |
|
48,397 |
|
276,843 |
|
|
Vicinity Ltd. |
|
266,607 |
|
402,588 |
|
|
Wesfarmers Ltd. |
|
58,954 |
|
2,954,358 |
|
|
Westpac Banking Corp. |
|
176,327 |
|
3,705,093 |
|
|
WiseTech Global Ltd. |
|
9,894 |
|
560,390 |
|
|
Woodside Energy Group Ltd. |
|
97,562 |
|
1,294,692 |
|
|
Woolworths Group Ltd. |
|
65,484 |
|
1,322,778 |
|
|
Total Australia |
|
|
|
65,904,107 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Austria — 0.3% |
|
|
|
|
|
|
ANDRITZ AG |
|
4,456 |
|
$ 319,371 |
|
|
Erste Group Bank AG |
|
15,881 |
|
1,073,236 |
|
|
Mondi PLC |
|
23,265 |
|
352,081 |
|
|
OMV AG |
|
9,289 |
|
481,081 |
|
|
Verbund AG |
|
3,490 |
|
268,583 |
|
|
Total Austria |
|
|
|
2,494,352 |
|
|
Belgium — 0.8% |
|
|
|
|
|
|
Ageas SA |
|
8,948 |
|
561,984 |
|
|
Anheuser-Busch InBev SA |
|
47,276 |
|
3,095,484 |
|
|
D’ieteren Group |
|
1,086 |
|
216,904 |
|
|
Groupe Bruxelles Lambert NV |
|
5,406 |
|
445,533 |
|
|
KBC Group NV |
|
11,544 |
|
1,063,722 |
|
|
Lotus Bakeries NV(a) |
|
23 |
|
221,189 |
|
|
Sofina SA(a) |
|
959 |
|
267,740 |
|
|
Syensqo SA |
|
3,631 |
|
258,467 |
|
|
UCB SA |
|
5,929 |
|
1,086,118 |
|
|
Warehouses De Pauw CVA* |
|
10,418 |
|
266,223 |
|
|
Total Belgium |
|
|
|
7,483,364 |
|
|
Brazil — 0.0%(b) |
|
|
|
|
|
|
Yara International ASA |
|
9,302 |
|
300,679 |
|
|
Chile — 0.0%(b) |
|
|
|
|
|
|
Antofagasta PLC |
|
18,448 |
|
402,388 |
|
|
China — 0.6% |
|
|
|
|
|
|
BOC Aviation Ltd. |
|
7,428 |
|
55,796 |
|
|
BOC Hong Kong Holdings Ltd. |
|
201,418 |
|
836,352 |
|
|
ESR Group Ltd. |
|
152,302 |
|
242,750 |
|
|
Lenovo Group Ltd. |
|
549,950 |
|
637,555 |
|
|
Prosus NV* |
|
61,640 |
|
2,867,588 |
|
|
Shenzhou International Group Holdings Ltd. |
|
72,888 |
|
505,677 |
|
|
Wilmar International Ltd. |
|
164,403 |
|
385,290 |
|
|
Xinyi Glass Holdings Ltd.(a) |
|
124,256 |
|
116,490 |
|
|
Total China |
|
|
|
5,647,498 |
|
|
Denmark — 2.0% |
|
|
|
|
|
|
AP Moller - Maersk A/S, Class B(a) |
|
331 |
|
566,417 |
|
|
Carlsberg A/S, Class B |
|
4,945 |
|
674,703 |
|
|
Coloplast A/S, Class B |
|
6,588 |
|
744,548 |
|
|
Danske Bank A/S |
|
33,018 |
|
1,155,174 |
|
|
DSV A/S(a) |
|
9,512 |
|
2,013,827 |
|
|
Genmab A/S* |
|
3,146 |
|
666,053 |
|
|
Novo Nordisk A/S, Class B |
|
154,705 |
|
10,252,480 |
|
|
Novonesis Novozymes B, Class B |
|
17,516 |
|
1,136,795 |
|
|
Orsted A/S*(a) |
|
9,040 |
|
360,474 |
|
|
Pandora A/S |
|
4,038 |
|
597,940 |
|
|
Tryg A/S |
|
20,901 |
|
500,444 |
|
|
Vestas Wind Systems A/S |
|
49,632 |
|
659,648 |
|
|
Zealand Pharma A/S* |
|
3,438 |
|
241,717 |
|
|
Total Denmark |
|
|
|
19,570,220 |
|
|
Finland — 1.0% |
|
|
|
|
|
|
Elisa OYJ |
|
8,232 |
|
440,001 |
|
|
Fortum OYJ(a) |
|
22,811 |
|
382,344 |
|
|
Kesko OYJ, B Shares |
|
14,184 |
|
325,698 |
|
|
Kone OYJ, Class B |
|
16,553 |
|
1,025,507 |
|
|
Metso Outotec OYJ(a) |
|
31,532 |
|
342,597 |
|
|
Neste OYJ(a) |
|
21,061 |
|
219,205 |
|
|
Nokia OYJ |
|
247,948 |
|
1,237,062 |
|
26
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Finland (continued) |
| ||||
|
Nordea Bank Abp |
|
164,390 |
|
$ 2,275,149 |
|
|
Orion OYJ, Class B |
|
5,376 |
|
337,031 |
|
|
Sampo OYJ, A Shares |
|
128,544 |
|
1,288,509 |
|
|
Stora Enso OYJ, R Shares |
|
29,801 |
|
276,634 |
|
|
UPM-Kymmene OYJ |
|
25,456 |
|
674,814 |
|
|
Wartsila OYJ Abp |
|
24,839 |
|
459,114 |
|
|
Total Finland |
|
|
|
9,283,665 |
|
|
France — 8.4% |
|
|
|
|
|
|
Accor SA |
|
12,298 |
|
603,227 |
|
|
Air Liquide SA |
|
28,117 |
|
5,771,065 |
|
|
Airbus SE |
|
28,674 |
|
4,796,058 |
|
|
Alstom SA* |
|
17,921 |
|
432,288 |
|
|
Arkema SA |
|
3,499 |
|
265,100 |
|
|
AXA SA* |
|
85,480 |
|
4,039,336 |
|
|
BioMerieux |
|
2,189 |
|
295,367 |
|
|
BNP Paribas SA |
|
49,495 |
|
4,179,815 |
|
|
Bouygues SA* |
|
11,169 |
|
491,350 |
|
|
Canal+ SA* |
|
37,741 |
|
85,950 |
|
|
Capgemini SE |
|
8,067 |
|
1,282,448 |
|
|
Carrefour SA(a) |
|
30,170 |
|
466,251 |
|
|
Cie de Saint-Gobain SA |
|
22,771 |
|
2,472,014 |
|
|
Cie Generale des Etablissements Michelin SCA |
|
35,779 |
|
1,308,412 |
|
|
Danone SA |
|
32,276 |
|
2,786,956 |
|
|
Dassault Systemes SE |
|
33,837 |
|
1,263,166 |
|
|
Edenred SE |
|
12,957 |
|
403,277 |
|
|
Eiffage SA |
|
4,021 |
|
547,362 |
|
|
Engie SA |
|
89,466 |
|
1,849,425 |
|
|
EssilorLuxottica SA |
|
15,144 |
|
4,350,220 |
|
|
Gecina SA |
|
3,567 |
|
366,959 |
|
|
Getlink SE |
|
22,270 |
|
422,262 |
|
|
Hermes International SCA |
|
1,652 |
|
4,490,090 |
|
|
Kering SA(a) |
|
3,634 |
|
736,714 |
|
|
Klepierre SA |
|
12,753 |
|
467,383 |
|
|
Legrand SA |
|
13,000 |
|
1,423,099 |
|
|
L’Oreal SA* |
|
11,357 |
|
4,996,202 |
|
|
LVMH Moet Hennessy Louis Vuitton SE |
|
11,969 |
|
6,638,257 |
|
|
Orange SA |
|
102,997 |
|
1,496,893 |
|
|
Pernod Ricard SA |
|
10,128 |
|
1,096,269 |
|
|
Publicis Groupe SA |
|
11,648 |
|
1,181,881 |
|
|
Renault SA |
|
10,130 |
|
536,958 |
|
|
Rexel SA |
|
12,241 |
|
339,386 |
|
|
Safran SA |
|
16,822 |
|
4,455,526 |
|
|
Sartorius Stedim Biotech |
|
1,319 |
|
309,171 |
|
|
Societe Generale SA |
|
35,814 |
|
1,856,449 |
|
|
Sodexo SA |
|
4,779 |
|
303,679 |
|
|
Teleperformance SE |
|
2,995 |
|
328,405 |
|
|
Thales SA |
|
4,408 |
|
1,227,145 |
|
|
TotalEnergies SE |
|
96,047 |
|
5,585,727 |
|
|
Unibail-Rodamco-Westfield* |
|
5,950 |
|
504,029 |
|
|
Veolia Environnement SA |
|
33,183 |
|
1,213,856 |
|
|
Vinci SA |
|
24,548 |
|
3,421,149 |
|
|
Vivendi SE* |
|
37,741 |
|
117,294 |
|
|
Total France |
|
|
|
81,203,870 |
|
|
Germany — 8.9% |
|
|
|
|
|
|
adidas AG |
|
8,551 |
|
1,960,596 |
|
|
Allianz SE |
|
19,151 |
|
7,926,428 |
|
|
BASF SE* |
|
44,622 |
|
2,263,817 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Germany (continued) |
| ||||
|
Bayer AG |
|
49,252 |
|
$ 1,289,387 |
|
|
Bayerische Motoren Werke AG |
|
17,445 |
|
1,473,415 |
|
|
Bechtle AG |
|
5,051 |
|
214,741 |
|
|
Beiersdorf AG |
|
5,530 |
|
779,493 |
|
|
Brenntag SE |
|
6,983 |
|
465,004 |
|
|
Commerzbank AG |
|
44,656 |
|
1,178,711 |
|
|
Continental AG |
|
6,007 |
|
467,340 |
|
|
Covestro AG* |
|
9,488 |
|
640,658 |
|
|
CTS Eventim AG & Co. KGaA |
|
3,243 |
|
382,657 |
|
|
Daimler Truck Holding AG |
|
25,672 |
|
1,026,063 |
|
|
Deutsche Bank AG |
|
93,456 |
|
2,441,308 |
|
|
Deutsche Boerse AG |
|
9,341 |
|
3,010,314 |
|
|
Deutsche Lufthansa AG |
|
34,841 |
|
250,149 |
|
|
Deutsche Post AG |
|
48,824 |
|
2,081,833 |
|
|
Deutsche Telekom AG |
|
161,934 |
|
5,816,886 |
|
|
E.ON SE |
|
113,464 |
|
1,988,232 |
|
|
Fresenius Medical Care AG |
|
11,449 |
|
579,283 |
|
|
Fresenius SE & Co. KGaA* |
|
21,714 |
|
1,031,767 |
|
|
GEA Group AG |
|
8,982 |
|
585,050 |
|
|
Hannover Rueck SE |
|
3,255 |
|
1,044,915 |
|
|
Heidelberg Materials AG |
|
6,551 |
|
1,297,615 |
|
|
Henkel AG & Co. KGaA |
|
5,685 |
|
401,317 |
|
|
Infineon Technologies AG |
|
63,996 |
|
2,101,676 |
|
|
KION Group AG |
|
4,223 |
|
178,675 |
|
|
Knorr-Bremse AG |
|
3,873 |
|
383,910 |
|
|
LEG Immobilien SE |
|
4,299 |
|
364,318 |
|
|
Mercedes-Benz Group AG |
|
38,900 |
|
2,320,204 |
|
|
Merck KGaA |
|
6,681 |
|
925,786 |
|
|
MTU Aero Engines AG |
|
2,735 |
|
944,830 |
|
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen* |
|
6,567 |
|
4,490,971 |
|
|
Nemetschek SE |
|
2,666 |
|
352,456 |
|
|
Puma SE |
|
6,572 |
|
168,614 |
|
|
Rheinmetall AG |
|
2,113 |
|
3,600,531 |
|
|
RWE AG |
|
37,421 |
|
1,454,812 |
|
|
SAP SE |
|
53,356 |
|
15,484,582 |
|
|
Scout24 SE |
|
4,287 |
|
510,230 |
|
|
Siemens AG |
|
36,229 |
|
8,316,979 |
|
|
Siemens Energy AG* |
|
32,699 |
|
2,510,504 |
|
|
Siemens Healthineers AG |
|
16,037 |
|
863,741 |
|
|
Zalando SE* |
|
11,543 |
|
419,495 |
|
|
Total Germany |
|
|
|
85,989,293 |
|
|
Hong Kong — 1.7% |
|
|
|
|
|
|
AIA Group Ltd. |
|
532,857 |
|
3,992,287 |
|
|
ASMPT Ltd. |
|
18,943 |
|
127,513 |
|
|
CK Asset Holdings Ltd. |
|
121,646 |
|
498,054 |
|
|
CLP Holdings Ltd. |
|
95,598 |
|
817,330 |
|
|
Hang Seng Bank Ltd. |
|
42,595 |
|
594,870 |
|
|
Henderson Land Development Co., Ltd. |
|
100,310 |
|
284,578 |
|
|
Hong Kong & China Gas Co., Ltd. |
|
650,351 |
|
586,219 |
|
|
Hong Kong Exchanges & Clearing Ltd. |
|
59,077 |
|
2,596,289 |
|
|
Hongkong Land Holdings Ltd. |
|
64,659 |
|
316,183 |
|
|
Jardine Matheson Holdings Ltd. |
|
10,305 |
|
458,160 |
|
|
Link REIT |
|
143,941 |
|
674,721 |
|
|
MTR Corp., Ltd. |
|
96,516 |
|
333,556 |
|
|
Power Assets Holdings Ltd. |
|
80,437 |
|
532,637 |
|
|
Prudential PLC |
|
131,788 |
|
1,393,802 |
|
27
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Hong Kong (continued) |
| ||||
|
Sino Land Co., Ltd. |
|
271,779 |
|
$ 279,675 |
|
|
Sun Hung Kai Properties Ltd. |
|
81,297 |
|
772,115 |
|
|
Swire Pacific Ltd., Class A |
|
31,776 |
|
274,952 |
|
|
Techtronic Industries Co., Ltd. |
|
73,382 |
|
741,892 |
|
|
WH Group Ltd. |
|
456,621 |
|
408,649 |
|
|
Wharf Real Estate Investment Co., Ltd. |
|
102,451 |
|
245,733 |
|
|
Total Hong Kong |
|
|
|
15,929,215 |
|
|
Ireland — 0.3% |
|
|
|
|
|
|
AIB Group PLC |
|
99,566 |
|
669,470 |
|
|
Bank of Ireland Group PLC |
|
49,516 |
|
581,167 |
|
|
Kerry Group PLC, Class A |
|
8,731 |
|
925,504 |
|
|
Kingspan Group PLC |
|
7,367 |
|
622,221 |
|
|
Total Ireland |
|
|
|
2,798,362 |
|
|
Israel — 0.8% |
|
|
|
|
|
|
Bank Hapoalim BM |
|
90,203 |
|
1,321,174 |
|
|
Bank Leumi Le-Israel BM |
|
110,673 |
|
1,570,811 |
|
|
Big Shopping Centers Ltd.*(a) |
|
4,013 |
|
585,455 |
|
|
Elbit Systems Ltd. |
|
512 |
|
196,581 |
|
|
ICL Group Ltd. |
|
56,997 |
|
378,095 |
|
|
Israel Discount Bank Ltd., Class A |
|
103,852 |
|
774,813 |
|
|
Mizrahi Tefahot Bank Ltd. |
|
15,830 |
|
801,712 |
|
|
Nice Ltd.* |
|
3,363 |
|
525,375 |
|
|
Shufersal Ltd. |
|
4,172 |
|
39,037 |
|
|
Teva Pharmaceutical Industries Ltd.* |
|
54,739 |
|
825,060 |
|
|
Tower Semiconductor Ltd.* |
|
8,547 |
|
309,322 |
|
|
Total Israel |
|
|
|
7,327,435 |
|
|
Italy — 3.1% |
|
|
|
|
|
|
Banco BPM SpA |
|
82,012 |
|
913,068 |
|
|
BPER Banca SpA |
|
64,585 |
|
524,051 |
|
|
Brunello Cucinelli SpA |
|
2,260 |
|
254,645 |
|
|
Coca-Cola HBC AG* |
|
11,141 |
|
580,361 |
|
|
Davide Campari-Milano NV(a) |
|
38,225 |
|
255,673 |
|
|
Enel SpA |
|
405,386 |
|
3,522,531 |
|
|
Eni SpA |
|
121,296 |
|
1,751,119 |
|
|
Ferrari NV |
|
6,232 |
|
2,845,028 |
|
|
FinecoBank Banca Fineco SpA |
|
37,929 |
|
757,330 |
|
|
Generali(a) |
|
69,069 |
|
2,523,449 |
|
|
Intesa Sanpaolo SpA |
|
811,620 |
|
4,319,660 |
|
|
Leonardo SpA |
|
20,537 |
|
1,069,222 |
|
|
Mediobanca Banca di Credito Finanziario SpA |
|
37,166 |
|
759,839 |
|
|
Moncler SpA |
|
12,862 |
|
790,113 |
|
|
Nexi SpA*(a) |
|
50,439 |
|
294,940 |
|
|
PRADA SpA* |
|
29,152 |
|
182,325 |
|
|
Prysmian SpA |
|
15,620 |
|
851,225 |
|
|
Recordati Industria Chimica e Farmaceutica SpA |
|
7,918 |
|
466,691 |
|
|
Snam SpA |
|
162,869 |
|
936,816 |
|
|
Telecom Italia SpA* |
|
928,357 |
|
367,248 |
|
|
Terna - Rete Elettrica Nazionale |
|
100,428 |
|
1,000,969 |
|
|
UniCredit SpA(a) |
|
78,118 |
|
4,526,173 |
|
|
Total Italy |
|
|
|
29,492,476 |
|
|
Ivory Coast — 0.0%(b) |
|
|
|
|
|
|
Endeavour Mining PLC |
|
10,735 |
|
289,069 |
|
|
Japan — 23.7% |
|
|
|
|
|
|
Advantest Corp. |
|
36,364 |
|
1,494,687 |
|
|
Aeon Co., Ltd. |
|
42,726 |
|
1,266,144 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
| ||||
|
AGC, Inc. |
|
14,812 |
|
$ 462,408 |
|
|
Aisin Corp. |
|
39,737 |
|
504,652 |
|
|
Ajinomoto Co., Inc. |
|
52,342 |
|
1,070,031 |
|
|
Aozora Bank Ltd. |
|
14,582 |
|
200,881 |
|
|
Asahi Group Holdings Ltd. |
|
81,719 |
|
1,130,053 |
|
|
Asahi Intecc Co., Ltd. |
|
13,242 |
|
203,541 |
|
|
Asahi Kasei Corp. |
|
88,309 |
|
615,389 |
|
|
Asics Corp. |
|
31,866 |
|
688,970 |
|
|
Astellas Pharma, Inc. |
|
102,803 |
|
1,028,823 |
|
|
Bandai Namco Holdings, Inc. |
|
33,317 |
|
1,155,958 |
|
|
BayCurrent, Inc. |
|
7,381 |
|
397,924 |
|
|
Bic Camera, Inc. |
|
16,571 |
|
177,920 |
|
|
Bridgestone Corp. |
|
32,570 |
|
1,367,967 |
|
|
Brother Industries Ltd. |
|
17,577 |
|
309,360 |
|
|
Canon, Inc. |
|
49,693 |
|
1,534,268 |
|
|
Capcom Co., Ltd. |
|
20,383 |
|
591,456 |
|
|
Central Japan Railway Co. |
|
53,826 |
|
1,106,029 |
|
|
Chubu Electric Power Co., Inc. |
|
46,275 |
|
600,822 |
|
|
Chugai Pharmaceutical Co., Ltd. |
|
32,985 |
|
1,900,615 |
|
|
Concordia Financial Group Ltd. |
|
73,884 |
|
475,605 |
|
|
CyberAgent, Inc. |
|
28,287 |
|
242,831 |
|
|
Dai Nippon Printing Co., Ltd. |
|
31,422 |
|
438,595 |
|
|
Daifuku Co., Ltd. |
|
20,758 |
|
551,112 |
|
|
Dai-ichi Life Holdings, Inc. |
|
185,755 |
|
1,334,170 |
|
|
Daiichi Sankyo Co., Ltd. |
|
92,482 |
|
2,362,622 |
|
|
Daikin Industries Ltd. |
|
14,586 |
|
1,666,285 |
|
|
Daito Trust Construction Co., Ltd. |
|
4,367 |
|
485,562 |
|
|
Daiwa House Industry Co., Ltd. |
|
34,454 |
|
1,245,165 |
|
|
Daiwa Securities Group, Inc. |
|
93,460 |
|
612,103 |
|
|
Daiwa Securities Living Investments Corp. |
|
448 |
|
283,298 |
|
|
Denso Corp. |
|
102,422 |
|
1,326,589 |
|
|
Dentsu Group, Inc. |
|
16,580 |
|
345,688 |
|
|
Disco Corp. |
|
4,719 |
|
913,760 |
|
|
East Japan Railway Co. |
|
61,184 |
|
1,327,998 |
|
|
Ebara Corp. |
|
25,638 |
|
386,799 |
|
|
Eisai Co., Ltd. |
|
15,162 |
|
437,725 |
|
|
ENEOS Holdings, Inc. |
|
159,864 |
|
768,724 |
|
|
FANUC Corp. |
|
49,889 |
|
1,278,003 |
|
|
Fast Retailing Co., Ltd. |
|
9,068 |
|
2,986,642 |
|
|
Fuji Electric Co., Ltd. |
|
8,712 |
|
386,189 |
|
|
FUJIFILM Holdings Corp. |
|
63,374 |
|
1,304,223 |
|
|
Fujikura Ltd. |
|
13,151 |
|
483,758 |
|
|
Fujitsu Ltd. |
|
88,126 |
|
1,946,754 |
|
|
GLP J-Reit |
|
473 |
|
408,536 |
|
|
Hamamatsu Photonics K.K. |
|
21,501 |
|
199,047 |
|
|
Hankyu Hanshin Holdings, Inc. |
|
17,712 |
|
505,135 |
|
|
Hikari Tsushin, Inc. |
|
1,601 |
|
444,248 |
|
|
Hirose Electric Co., Ltd. |
|
2,684 |
|
305,111 |
|
|
Hitachi Ltd. |
|
215,104 |
|
5,305,215 |
|
|
Honda Motor Co., Ltd. |
|
235,761 |
|
2,401,576 |
|
|
Hoya Corp. |
|
17,725 |
|
2,085,148 |
|
|
Idemitsu Kosan Co., Ltd. |
|
71,467 |
|
443,162 |
|
|
IHI Corp. |
|
6,764 |
|
528,734 |
|
|
Inpex Corp. |
|
50,764 |
|
643,803 |
|
|
Isetan Mitsukoshi Holdings Ltd. |
|
21,292 |
|
274,360 |
|
|
Isuzu Motors Ltd. |
|
34,930 |
|
471,766 |
|
|
ITOCHU Corp. |
|
67,547 |
|
3,448,382 |
|
|
J Front Retailing Co., Ltd. |
|
18,959 |
|
232,601 |
|
28
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
| ||||
|
Japan Logistics Fund, Inc. |
|
514 |
|
$ 336,925 |
|
|
Japan Post Bank Co., Ltd. |
|
108,895 |
|
1,115,365 |
|
|
Japan Post Holdings Co., Ltd. |
|
110,564 |
|
1,073,550 |
|
|
Japan Steel Works Ltd. (The) |
|
4,323 |
|
178,084 |
|
|
Japan Tobacco, Inc. |
|
61,785 |
|
1,908,907 |
|
|
Kajima Corp. |
|
29,288 |
|
699,553 |
|
|
Kansai Electric Power Co., Inc. (The) |
|
53,479 |
|
657,990 |
|
|
Kao Corp. |
|
25,872 |
|
1,107,686 |
|
|
Kawasaki Heavy Industries Ltd. |
|
8,190 |
|
486,267 |
|
|
Kawasaki Kisen Kaisha Ltd.(a) |
|
22,096 |
|
302,070 |
|
|
KDDI Corp. |
|
153,820 |
|
2,721,290 |
|
|
Keio Corp. |
|
10,850 |
|
294,602 |
|
|
Keisei Electric Railway Co., Ltd. |
|
29,599 |
|
306,801 |
|
|
Kewpie Corp. |
|
13,304 |
|
303,034 |
|
|
Keyence Corp. |
|
9,262 |
|
3,885,573 |
|
|
Kikkoman Corp. |
|
53,400 |
|
522,432 |
|
|
Kintetsu Group Holdings Co., Ltd. |
|
15,765 |
|
339,416 |
|
|
Kirin Holdings Co., Ltd. |
|
54,071 |
|
818,419 |
|
|
Kobe Bussan Co., Ltd. |
|
9,723 |
|
298,970 |
|
|
Kobe Steel Ltd. |
|
24,059 |
|
281,509 |
|
|
Koito Manufacturing Co., Ltd. |
|
20,124 |
|
244,214 |
|
|
Komatsu Ltd. |
|
49,065 |
|
1,410,653 |
|
|
Konami Group Corp. |
|
5,078 |
|
724,462 |
|
|
Kotobuki Spirits Co., Ltd. |
|
8,076 |
|
120,200 |
|
|
K’s Holdings Corp. |
|
20,825 |
|
199,943 |
|
|
Kubota Corp. |
|
55,092 |
|
638,440 |
|
|
Kuraray Co., Ltd. |
|
26,341 |
|
307,195 |
|
|
Kurita Water Industries Ltd. |
|
9,179 |
|
304,058 |
|
|
Kyocera Corp. |
|
79,616 |
|
944,407 |
|
|
Kyoto Financial Group, Inc. |
|
24,798 |
|
424,368 |
|
|
Kyowa Kirin Co., Ltd. |
|
19,644 |
|
306,421 |
|
|
Kyushu Electric Power Co., Inc. |
|
31,072 |
|
276,760 |
|
|
Lasertec Corp. |
|
4,520 |
|
421,136 |
|
|
Lion Corp. |
|
21,355 |
|
262,072 |
|
|
Lixil Corp. |
|
23,210 |
|
273,446 |
|
|
LY Corp. |
|
144,868 |
|
548,232 |
|
|
M3, Inc. |
|
24,244 |
|
303,645 |
|
|
Makita Corp. |
|
14,620 |
|
428,637 |
|
|
Marubeni Corp. |
|
83,721 |
|
1,483,782 |
|
|
Marui Group Co., Ltd. |
|
17,356 |
|
344,163 |
|
|
MatsukiyoCocokara & Co. |
|
22,913 |
|
421,908 |
|
|
MEIJI Holdings Co., Ltd. |
|
19,857 |
|
489,186 |
|
|
MINEBEA MITSUMI, Inc. |
|
25,822 |
|
379,075 |
|
|
MISUMI Group, Inc. |
|
17,840 |
|
250,390 |
|
|
Mitsubishi Chemical Group Corp. |
|
97,589 |
|
472,757 |
|
|
Mitsubishi Corp. |
|
187,677 |
|
3,568,284 |
|
|
Mitsubishi Electric Corp. |
|
99,355 |
|
1,922,809 |
|
|
Mitsubishi Estate Co., Ltd. |
|
66,762 |
|
1,172,454 |
|
|
Mitsubishi Heavy Industries Ltd. |
|
157,942 |
|
3,096,500 |
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
552,790 |
|
6,989,321 |
|
|
Mitsui & Co., Ltd. |
|
145,670 |
|
2,959,560 |
|
|
Mitsui Chemicals, Inc. |
|
15,639 |
|
343,172 |
|
|
Mitsui Fudosan Co., Ltd. |
|
149,879 |
|
1,480,507 |
|
|
Mitsui OSK Lines Ltd.(a) |
|
17,711 |
|
588,421 |
|
|
Mizuho Financial Group, Inc. |
|
128,834 |
|
3,233,495 |
|
|
Money Forward, Inc.* |
|
3,328 |
|
99,602 |
|
|
Morinaga Milk Industry Co., Ltd. |
|
8,817 |
|
209,793 |
|
|
MS&AD Insurance Group Holdings, Inc. |
|
69,389 |
|
1,578,571 |
|
|
Murata Manufacturing Co., Ltd. |
|
87,828 |
|
1,363,230 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
| ||||
|
NEC Corp. |
|
63,836 |
|
$ 1,555,622 |
|
|
Nexon Co., Ltd. |
|
24,959 |
|
392,828 |
|
|
NGK Insulators Ltd. |
|
25,534 |
|
315,326 |
|
|
NH Foods Ltd. |
|
9,075 |
|
342,603 |
|
|
NIDEC CORP |
|
55,114 |
|
978,714 |
|
|
Nintendo Co., Ltd. |
|
51,454 |
|
4,267,392 |
|
|
Nippon Building Fund, Inc. |
|
656 |
|
609,826 |
|
|
NIPPON EXPRESS HOLDINGS INC |
|
19,066 |
|
340,512 |
|
|
Nippon Paint Holdings Co., Ltd. |
|
54,552 |
|
414,953 |
|
|
Nippon Prologis REIT, Inc. |
|
230 |
|
380,700 |
|
|
Nippon Sanso Holdings Corp. |
|
12,077 |
|
386,508 |
|
|
Nippon Steel Corp. |
|
54,835 |
|
1,157,132 |
|
|
Nippon Telegraph & Telephone Corp. |
|
1,547,517 |
|
1,619,772 |
|
|
Nippon Yusen K.K.(a) |
|
21,880 |
|
713,278 |
|
|
Nissan Chemical Corp. |
|
8,852 |
|
258,473 |
|
|
Nissan Motor Co., Ltd.*(a) |
|
124,775 |
|
298,729 |
|
|
Nisshin Seifun Group, Inc. |
|
27,377 |
|
353,632 |
|
|
Nissin Foods Holdings Co., Ltd. |
|
16,581 |
|
366,051 |
|
|
Nitori Holdings Co., Ltd. |
|
4,527 |
|
541,913 |
|
|
Nitto Denko Corp. |
|
40,203 |
|
704,764 |
|
|
Nomura Holdings, Inc. |
|
169,131 |
|
938,141 |
|
|
Nomura Real Estate Master Fund, Inc. |
|
423 |
|
421,695 |
|
|
Nomura Research Institute Ltd. |
|
23,318 |
|
881,454 |
|
|
NSK Ltd. |
|
63,501 |
|
277,795 |
|
|
NTT Data Group Corp. |
|
32,959 |
|
653,334 |
|
|
Obayashi Corp. |
|
45,159 |
|
701,731 |
|
|
Obic Co., Ltd. |
|
20,331 |
|
711,385 |
|
|
Odakyu Electric Railway Co., Ltd.(a) |
|
24,254 |
|
268,148 |
|
|
Oji Holdings Corp. |
|
74,370 |
|
351,829 |
|
|
Olympus Corp. |
|
60,440 |
|
790,457 |
|
|
Omron Corp. |
|
11,014 |
|
326,621 |
|
|
Ono Pharmaceutical Co., Ltd.(a) |
|
31,554 |
|
363,234 |
|
|
Oriental Land Co., Ltd. |
|
56,941 |
|
1,210,755 |
|
|
ORIX Corp. |
|
62,414 |
|
1,247,492 |
|
|
Osaka Gas Co., Ltd. |
|
24,068 |
|
610,305 |
|
|
Otsuka Corp. |
|
15,895 |
|
353,358 |
|
|
Otsuka Holdings Co., Ltd. |
|
24,274 |
|
1,183,919 |
|
|
Pan Pacific International Holdings Corp. |
|
22,870 |
|
707,072 |
|
|
Panasonic Holdings Corp. |
|
114,112 |
|
1,312,800 |
|
|
Pola Orbis Holdings, Inc. |
|
17,163 |
|
156,963 |
|
|
Rakuten Group, Inc.* |
|
79,435 |
|
467,510 |
|
|
Recruit Holdings Co., Ltd. |
|
69,866 |
|
3,890,043 |
|
|
Resonac Holdings Corp. |
|
12,666 |
|
230,561 |
|
|
Ricoh Co., Ltd. |
|
36,690 |
|
387,375 |
|
|
Rohm Co., Ltd.(a) |
|
24,479 |
|
222,669 |
|
|
Ryohin Keikaku Co., Ltd. |
|
14,226 |
|
483,708 |
|
|
Sanrio Co., Ltd. |
|
10,952 |
|
436,422 |
|
|
Santen Pharmaceutical Co., Ltd. |
|
29,118 |
|
295,385 |
|
|
Sanwa Holdings Corp. |
|
12,596 |
|
413,803 |
|
|
SBI Holdings, Inc. |
|
17,635 |
|
462,264 |
|
|
SCREEN Holdings Co., Ltd. |
|
4,783 |
|
317,347 |
|
|
Secom Co., Ltd. |
|
25,874 |
|
951,954 |
|
|
Sekisui Chemical Co., Ltd. |
|
29,586 |
|
516,262 |
|
|
Sekisui House Ltd. |
|
37,465 |
|
860,455 |
|
|
Seven & I Holdings Co., Ltd. |
|
117,140 |
|
1,736,487 |
|
|
Shimadzu Corp. |
|
17,846 |
|
458,911 |
|
|
Shimamura Co., Ltd. |
|
4,075 |
|
271,743 |
|
|
Shimano, Inc. |
|
4,848 |
|
686,041 |
|
29
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
| ||||
|
Shimizu Corp. |
|
36,591 |
|
$391,332 |
|
|
Shin-Etsu Chemical Co., Ltd. |
|
96,928 |
|
2,942,360 |
|
|
Shionogi & Co., Ltd. |
|
45,850 |
|
769,524 |
|
|
Shiseido Co., Ltd. |
|
21,978 |
|
362,628 |
|
|
Shizuoka Financial Group, Inc. |
|
36,570 |
|
404,695 |
|
|
SMC Corp. |
|
3,014 |
|
981,917 |
|
|
Socionext, Inc.(a) |
|
11,023 |
|
118,429 |
|
|
SoftBank Corp. |
|
1,514,828 |
|
2,292,845 |
|
|
SoftBank Group Corp. |
|
50,288 |
|
2,525,682 |
|
|
Sompo Holdings, Inc. |
|
50,739 |
|
1,652,290 |
|
|
Sony Group Corp. |
|
290,586 |
|
7,682,276 |
|
|
Stanley Electric Co., Ltd. |
|
17,117 |
|
321,244 |
|
|
Subaru Corp. |
|
32,353 |
|
588,020 |
|
|
Sumitomo Corp. |
|
63,478 |
|
1,556,688 |
|
|
Sumitomo Electric Industries Ltd. |
|
42,825 |
|
687,230 |
|
|
Sumitomo Forestry Co., Ltd. |
|
8,098 |
|
233,221 |
|
|
Sumitomo Metal Mining Co., Ltd. |
|
15,676 |
|
349,589 |
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
184,701 |
|
4,402,576 |
|
|
Sumitomo Realty & Development Co., Ltd. |
|
23,665 |
|
879,308 |
|
|
Suntory Beverage & Food Ltd. |
|
12,043 |
|
421,134 |
|
|
Suzuki Motor Corp. |
|
95,251 |
|
1,140,221 |
|
|
Sysmex Corp. |
|
33,574 |
|
624,099 |
|
|
T&D Holdings, Inc. |
|
30,087 |
|
639,328 |
|
|
Taisei Corp. |
|
10,182 |
|
552,857 |
|
|
Takeda Pharmaceutical Co., Ltd. |
|
82,999 |
|
2,521,275 |
|
|
TDK Corp. |
|
99,935 |
|
1,065,978 |
|
|
Teijin Ltd. |
|
27,965 |
|
233,793 |
|
|
Terumo Corp. |
|
76,663 |
|
1,472,097 |
|
|
TIS, Inc. |
|
14,107 |
|
408,553 |
|
|
Tobu Railway Co., Ltd. |
|
19,636 |
|
358,332 |
|
|
Toho Co., Ltd. |
|
7,633 |
|
436,661 |
|
|
Tokio Marine Holdings, Inc. |
|
95,130 |
|
3,806,801 |
|
|
Tokyo Electric Power Co. Holdings, Inc.* |
|
92,858 |
|
283,899 |
|
|
Tokyo Electron Ltd. |
|
21,753 |
|
3,236,872 |
|
|
Tokyo Gas Co., Ltd. |
|
20,186 |
|
671,216 |
|
|
Tokyu Corp. |
|
38,402 |
|
467,910 |
|
|
Tokyu Fudosan Holdings Corp. |
|
56,543 |
|
394,699 |
|
|
Tomy Co., Ltd. |
|
7,167 |
|
157,570 |
|
|
TOPPAN Holdings, Inc. |
|
16,622 |
|
466,008 |
|
|
Toray Industries, Inc. |
|
94,046 |
|
599,523 |
|
|
Tosoh Corp. |
|
25,256 |
|
355,804 |
|
|
TOTO Ltd. |
|
10,274 |
|
273,272 |
|
|
Toyo Suisan Kaisha Ltd. |
|
5,980 |
|
386,537 |
|
|
Toyota Industries Corp. |
|
9,347 |
|
1,098,259 |
|
|
Toyota Motor Corp. |
|
567,852 |
|
10,864,190 |
|
|
Toyota Tsusho Corp. |
|
39,500 |
|
782,302 |
|
|
Trend Micro, Inc. |
|
7,482 |
|
536,602 |
|
|
Unicharm Corp. |
|
73,716 |
|
685,015 |
|
|
USS Co., Ltd. |
|
38,032 |
|
381,013 |
|
|
West Japan Railway Co. |
|
30,666 |
|
644,106 |
|
|
Workman Co., Ltd. |
|
4,466 |
|
141,519 |
|
|
Yakult Honsha Co., Ltd. |
|
19,559 |
|
402,109 |
|
|
Yamaha Corp. |
|
31,053 |
|
226,410 |
|
|
Yamaha Motor Co., Ltd. |
|
56,659 |
|
445,677 |
|
|
Yamato Holdings Co., Ltd. |
|
20,626 |
|
293,108 |
|
|
Yaskawa Electric Corp. |
|
15,953 |
|
337,424 |
|
|
Yokogawa Electric Corp. |
|
16,948 |
|
366,906 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Japan (continued) |
| ||||
|
Zenkoku Hosho Co., Ltd.(a) |
|
15,188 |
|
$ 329,123 |
|
|
Zensho Holdings Co., Ltd. |
|
5,420 |
|
337,002 |
|
|
Total Japan |
|
|
|
227,861,848 |
|
|
Luxembourg — 0.1% |
|
|
|
|
|
|
ArcelorMittal SA |
|
24,460 |
|
720,704 |
|
|
Eurofins Scientific SE(a) |
|
6,785 |
|
427,909 |
|
|
RTL Group SA* |
|
1,795 |
|
73,457 |
|
|
Total Luxembourg |
|
|
|
1,222,070 |
|
|
Macau — 0.1% |
|
|
|
|
|
|
Galaxy Entertainment Group Ltd. |
|
114,450 |
|
416,198 |
|
|
Sands China Ltd.* |
|
134,621 |
|
242,692 |
|
|
Total Macau |
|
|
|
658,890 |
|
|
Netherlands — 3.6% |
|
|
|
|
|
|
ABN AMRO Bank NV |
|
25,369 |
|
524,856 |
|
|
Adyen NV* |
|
1,453 |
|
2,341,779 |
|
|
Aegon Ltd. |
|
72,733 |
|
465,650 |
|
|
Akzo Nobel NV(a) |
|
9,141 |
|
577,326 |
|
|
Argenx SE*(a) |
|
2,936 |
|
1,895,701 |
|
|
ASM International NV |
|
2,289 |
|
1,106,641 |
|
|
ASML Holding NV |
|
18,762 |
|
12,423,400 |
|
|
ASR Nederland NV |
|
9,298 |
|
585,551 |
|
|
BE Semiconductor Industries NV(a) |
|
3,849 |
|
412,333 |
|
|
Euronext NV |
|
4,511 |
|
753,799 |
|
|
EXOR NV |
|
5,462 |
|
514,721 |
|
|
Havas NV* |
|
37,741 |
|
62,560 |
|
|
Heineken Holding NV |
|
8,100 |
|
633,489 |
|
|
Heineken NV |
|
14,521 |
|
1,299,082 |
|
|
ING Groep NV |
|
145,254 |
|
2,809,312 |
|
|
Koninklijke Ahold Delhaize NV |
|
46,031 |
|
1,891,054 |
|
|
Koninklijke KPN NV |
|
207,747 |
|
967,061 |
|
|
Koninklijke Philips NV* |
|
40,733 |
|
1,033,026 |
|
|
NN Group NV |
|
14,982 |
|
917,960 |
|
|
Randstad NV |
|
6,647 |
|
266,122 |
|
|
Universal Music Group NV |
|
39,761 |
|
1,168,378 |
|
|
Wolters Kluwer NV |
|
11,986 |
|
2,118,022 |
|
|
Total Netherlands |
|
|
|
34,767,823 |
|
|
New Zealand — 0.3% |
|
|
|
|
|
|
Auckland International Airport Ltd. |
|
114,849 |
|
512,542 |
|
|
Contact Energy Ltd. |
|
70,086 |
|
368,510 |
|
|
Fisher & Paykel Healthcare Corp., Ltd. |
|
31,896 |
|
643,576 |
|
|
Mainfreight Ltd. |
|
7,459 |
|
245,718 |
|
|
Meridian Energy Ltd. |
|
96,976 |
|
315,377 |
|
|
Spark New Zealand Ltd. |
|
166,314 |
|
205,294 |
|
|
Xero Ltd.* |
|
8,104 |
|
851,380 |
|
|
Total New Zealand |
|
|
|
3,142,397 |
|
|
Norway — 0.6% |
|
|
|
|
|
|
Aker BP ASA |
|
15,775 |
|
339,537 |
|
|
DNB Bank ASA |
|
51,439 |
|
1,283,749 |
|
|
Equinor ASA |
|
41,502 |
|
952,109 |
|
|
Kongsberg Gruppen ASA |
|
3,677 |
|
591,443 |
|
|
Mowi ASA |
|
22,815 |
|
418,240 |
|
|
Norsk Hydro ASA |
|
68,023 |
|
358,156 |
|
|
Orkla ASA |
|
39,232 |
|
437,343 |
|
|
Schibsted ASA, Class A |
|
8,598 |
|
261,672 |
|
|
Telenor ASA |
|
34,400 |
|
518,159 |
|
|
Var Energi ASA |
|
51,080 |
|
140,729 |
|
|
Total Norway |
|
|
|
5,301,137 |
|
30
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Poland — 0.4% |
|
|
|
|
|
|
Bank Polska Kasa Opieki SA* |
|
11,446 |
|
$ 572,954 |
|
|
Dino Polska SA* |
|
2,930 |
|
411,775 |
|
|
InPost SA* |
|
11,539 |
|
194,131 |
|
|
KGHM Polska Miedz SA |
|
9,321 |
|
296,151 |
|
|
mBank SA* |
|
1,050 |
|
229,662 |
|
|
ORLEN SA |
|
35,168 |
|
637,710 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
47,919 |
|
921,779 |
|
|
Powszechny Zaklad Ubezpieczen SA |
|
38,893 |
|
608,197 |
|
|
Total Poland |
|
|
|
3,872,359 |
|
|
Portugal — 0.1% |
|
|
|
|
|
|
EDP SA |
|
185,772 |
|
734,050 |
|
|
Galp Energia SGPS SA |
|
25,733 |
|
398,851 |
|
|
Total Portugal |
|
|
|
1,132,901 |
|
|
Singapore — 1.4% |
|
|
|
|
|
|
CapitaLand Ascendas REIT |
|
360,997 |
|
735,431 |
|
|
CapitaLand Integrated Commercial Trust |
|
458,595 |
|
755,135 |
|
|
Capitaland Investment Ltd. |
|
167,595 |
|
352,980 |
|
|
DBS Group Holdings Ltd. |
|
96,399 |
|
3,134,056 |
|
|
Genting Singapore Ltd.(a) |
|
492,183 |
|
278,943 |
|
|
Keppel Ltd. |
|
94,451 |
|
474,534 |
|
|
Mapletree Industrial Trust |
|
320,119 |
|
495,244 |
|
|
Oversea-Chinese Banking Corp., Ltd. |
|
178,872 |
|
2,212,440 |
|
|
Seatrium Ltd.*(a) |
|
94,707 |
|
138,539 |
|
|
Singapore Exchange Ltd. |
|
55,498 |
|
610,363 |
|
|
Singapore Technologies Engineering Ltd. |
|
99,284 |
|
563,448 |
|
|
Singapore Telecommunications Ltd. |
|
409,779 |
|
1,186,310 |
|
|
STMicroelectronics NV(a) |
|
32,206 |
|
725,614 |
|
|
United Overseas Bank Ltd. |
|
60,252 |
|
1,598,475 |
|
|
Total Singapore |
|
|
|
13,261,512 |
|
|
South Africa — 0.2% |
|
|
|
|
|
|
Anglo American PLC |
|
60,859 |
|
1,649,364 |
|
|
South Korea — 3.8% |
|
|
|
|
|
|
Alteogen, Inc.* |
|
2,089 |
|
515,821 |
|
|
Celltrion, Inc. |
|
8,434 |
|
957,020 |
|
|
CJ CheilJedang Corp. |
|
1,682 |
|
282,798 |
|
|
Coway Co., Ltd. |
|
5,821 |
|
359,129 |
|
|
DB Insurance Co., Ltd. |
|
4,877 |
|
312,896 |
|
|
Delivery Hero SE* |
|
10,700 |
|
301,527 |
|
|
Doosan Enerbility Co., Ltd.* |
|
25,236 |
|
513,952 |
|
|
Ecopro BM Co., Ltd.* |
|
2,734 |
|
195,217 |
|
|
Ecopro Co., Ltd. |
|
5,693 |
|
204,251 |
|
|
Ecopro Materials Co., Ltd.* |
|
1,982 |
|
77,384 |
|
|
Hana Financial Group, Inc. |
|
17,815 |
|
808,349 |
|
|
Hankook Tire & Technology Co., Ltd. |
|
10,835 |
|
315,560 |
|
|
Hanmi Semiconductor Co., Ltd. |
|
3,076 |
|
164,674 |
|
|
Hanwha Aerospace Co., Ltd. |
|
1,610 |
|
902,687 |
|
|
Hanwha Vision Co., Ltd.* |
|
1,999 |
|
84,657 |
|
|
HD Hyundai Electric Co., Ltd. |
|
1,345 |
|
290,951 |
|
|
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. |
|
2,844 |
|
544,191 |
|
|
HLB, Inc.* |
|
6,373 |
|
255,099 |
|
|
HMM Co., Ltd. |
|
20,869 |
|
268,074 |
|
|
Hyundai Mobis Co., Ltd. |
|
4,194 |
|
789,233 |
|
|
Hyundai Motor Co. |
|
9,994 |
|
1,340,033 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
South Korea (continued) |
| ||||
|
Industrial Bank of Korea |
|
56,370 |
|
$ 608,312 |
|
|
Kakao Corp. |
|
20,071 |
|
540,074 |
|
|
KakaoBank Corp. |
|
18,777 |
|
294,567 |
|
|
KB Financial Group, Inc. |
|
19,330 |
|
1,226,568 |
|
|
Kia Corp. |
|
14,999 |
|
953,858 |
|
|
Korea Electric Power Corp. |
|
27,227 |
|
491,293 |
|
|
Korea Zinc Co., Ltd. |
|
461 |
|
258,796 |
|
|
Korean Air Lines Co., Ltd. |
|
26,309 |
|
387,741 |
|
|
Krafton, Inc.* |
|
2,144 |
|
560,321 |
|
|
KT&G Corp. |
|
9,799 |
|
790,675 |
|
|
LG Chem Ltd. |
|
3,372 |
|
512,383 |
|
|
LG Corp. |
|
8,922 |
|
418,013 |
|
|
LG Display Co., Ltd.* |
|
62 |
|
369 |
|
|
LG Energy Solution Ltd.* |
|
2,599 |
|
593,300 |
|
|
Meritz Financial Group, Inc. |
|
6,248 |
|
545,464 |
|
|
POSCO Holdings, Inc. |
|
4,353 |
|
797,718 |
|
|
Samsung Biologics Co., Ltd.* |
|
1,070 |
|
791,868 |
|
|
Samsung C&T Corp. |
|
6,657 |
|
573,209 |
|
|
Samsung Electro-Mechanics Co., Ltd. |
|
4,760 |
|
394,127 |
|
|
Samsung Electronics Co., Ltd. |
|
232,882 |
|
9,092,473 |
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
2,171 |
|
571,959 |
|
|
Samsung Heavy Industries Co., Ltd.* |
|
38,717 |
|
396,839 |
|
|
Samsung SDI Co., Ltd. |
|
3,545 |
|
438,917 |
|
|
Samsung SDS Co., Ltd. |
|
4,490 |
|
405,569 |
|
|
SK Hynix, Inc. |
|
26,841 |
|
3,351,585 |
|
|
SK Innovation Co., Ltd. |
|
3,854 |
|
255,939 |
|
|
SK Square Co., Ltd.* |
|
5,600 |
|
350,222 |
|
|
SK, Inc. |
|
3,777 |
|
351,794 |
|
|
Woori Financial Group, Inc. |
|
62,047 |
|
773,023 |
|
|
Yuhan Corp. |
|
3,854 |
|
308,537 |
|
|
Total South Korea |
|
|
|
36,519,016 |
|
|
Spain — 2.9% |
|
|
|
|
|
|
ACS Actividades de Construccion y Servicios SA |
|
10,483 |
|
656,603 |
|
|
Aena SME SA(a) |
|
3,622 |
|
911,573 |
|
|
Amadeus IT Group SA |
|
21,430 |
|
1,685,265 |
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
277,745 |
|
3,807,667 |
|
|
Banco de Sabadell SA |
|
240,798 |
|
701,837 |
|
|
Banco Santander SA(a) |
|
721,734 |
|
5,071,910 |
|
|
Bankinter SA |
|
34,089 |
|
396,807 |
|
|
CaixaBank SA(a) |
|
189,345 |
|
1,448,983 |
|
|
Cellnex Telecom SA* |
|
29,203 |
|
1,183,125 |
|
|
EDP Renovaveis SA |
|
23,024 |
|
216,055 |
|
|
Endesa SA |
|
19,234 |
|
579,403 |
|
|
Grifols SA* |
|
23,657 |
|
223,043 |
|
|
Iberdrola SA |
|
300,545 |
|
5,430,445 |
|
|
Industria de Diseno Textil SA(a) |
|
50,886 |
|
2,732,585 |
|
|
Naturgy Energy Group SA(a) |
|
7,531 |
|
224,637 |
|
|
Red Electrica Corp. SA |
|
28,621 |
|
601,897 |
|
|
Repsol SA |
|
61,084 |
|
750,617 |
|
|
Telefonica SA(a) |
|
217,750 |
|
1,118,330 |
|
|
Total Spain |
|
|
|
27,740,782 |
|
|
Sweden — 3.0% |
|
|
|
|
|
|
Alfa Laval AB(a) |
|
15,001 |
|
622,288 |
|
|
Assa Abloy AB, Class B |
|
51,697 |
|
1,562,986 |
|
|
Atlas Copco AB, B Shares |
|
77,141 |
|
1,075,346 |
|
|
Atlas Copco AB, A Shares |
|
126,358 |
|
1,963,187 |
|
31
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Sweden (continued) |
| ||||
|
Beijer Ref AB(a) |
|
23,226 |
|
$ 354,474 |
|
|
Boliden AB* |
|
15,283 |
|
469,191 |
|
|
Castellum AB*(a) |
|
30,289 |
|
367,586 |
|
|
Epiroc AB, Class A |
|
32,897 |
|
712,179 |
|
|
Epiroc AB, Class B |
|
21,190 |
|
415,676 |
|
|
EQT AB(a) |
|
37,368 |
|
1,076,303 |
|
|
Essity AB, Class B |
|
30,746 |
|
887,483 |
|
|
Evolution AB*(a) |
|
7,827 |
|
547,125 |
|
|
Fastighets AB Balder, B Shares*(a) |
|
42,207 |
|
302,826 |
|
|
Getinge AB, B Shares(a) |
|
12,389 |
|
239,176 |
|
|
H & M Hennes & Mauritz AB, B Shares(a) |
|
28,765 |
|
417,686 |
|
|
Hexagon AB, B Shares* |
|
110,504 |
|
1,073,315 |
|
|
Industrivarden AB, A Shares |
|
17,553 |
|
616,955 |
|
|
Indutrade AB |
|
17,258 |
|
466,660 |
|
|
Investor AB, B Shares |
|
113,558 |
|
3,359,091 |
|
|
Nibe Industrier AB, B Shares(a) |
|
92,703 |
|
391,961 |
|
|
Saab AB, Class B(a) |
|
15,826 |
|
734,944 |
|
|
Sandvik AB(a) |
|
56,110 |
|
1,164,098 |
|
|
Securitas AB, B Shares(a) |
|
29,641 |
|
471,741 |
|
|
Skandinaviska Enskilda Banken AB, Class A(a) |
|
78,912 |
|
1,247,305 |
|
|
Skanska AB, B Shares |
|
21,001 |
|
487,524 |
|
|
SKF AB, B Shares |
|
20,587 |
|
404,594 |
|
|
Svenska Cellulosa AB SCA, Class B |
|
33,167 |
|
430,883 |
|
|
Svenska Handelsbanken AB, A Shares(a) |
|
75,291 |
|
986,326 |
|
|
Swedbank AB, A Shares(a) |
|
44,565 |
|
1,108,476 |
|
|
Tele2 AB, B Shares |
|
30,641 |
|
451,916 |
|
|
Telefonaktiebolaget LM Ericsson, B Shares |
|
139,494 |
|
1,176,997 |
|
|
Telia Co. AB |
|
130,554 |
|
489,329 |
|
|
Trelleborg AB, B Shares |
|
12,001 |
|
414,098 |
|
|
Volvo AB, B Shares(a) |
|
88,311 |
|
2,404,428 |
|
|
Total Sweden |
|
|
|
28,894,153 |
|
|
Switzerland — 4.4% |
|
|
|
|
|
|
ABB Ltd. |
|
77,919 |
|
4,095,311 |
|
|
Adecco Group AG |
|
8,922 |
|
232,564 |
|
|
Avolta AG* |
|
4,504 |
|
205,537 |
|
|
Bachem Holding AG*(a) |
|
1,628 |
|
99,750 |
|
|
Baloise Holding AG |
|
3,133 |
|
698,849 |
|
|
Barry Callebaut AG(a) |
|
211 |
|
190,266 |
|
|
Chocoladefabriken Lindt & Spruengli AG(a) |
|
101 |
|
1,479,817 |
|
|
Cie Financiere Richemont SA, Class A |
|
25,686 |
|
4,540,178 |
|
|
Clariant AG* |
|
15,006 |
|
167,819 |
|
|
DSM-Firmenich AG |
|
8,927 |
|
967,286 |
|
|
EMS-Chemie Holding AG |
|
426 |
|
314,932 |
|
|
Geberit AG |
|
1,739 |
|
1,206,666 |
|
|
Givaudan SA |
|
396 |
|
1,918,919 |
|
|
Helvetia Holding AG |
|
2,323 |
|
512,516 |
|
|
Julius Baer Group Ltd. |
|
10,395 |
|
673,477 |
|
|
Kuehne + Nagel International AG |
|
2,597 |
|
596,828 |
|
|
Logitech International SA |
|
7,631 |
|
576,121 |
|
|
Lonza Group AG |
|
3,466 |
|
2,482,613 |
|
|
Partners Group Holding AG |
|
1,100 |
|
1,439,671 |
|
|
PSP Swiss Property AG |
|
3,669 |
|
655,888 |
|
|
Sandoz Group AG |
|
22,209 |
|
967,007 |
|
|
Schindler Holding AG, Participating Certificate |
|
3,255 |
|
1,191,486 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Switzerland (continued) |
| ||||
|
SGS SA(a) |
|
8,409 |
|
$ 826,011 |
|
|
SIG Group AG*(a) |
|
19,016 |
|
368,171 |
|
|
Sika AG |
|
7,521 |
|
1,883,568 |
|
|
Sonova Holding AG |
|
2,568 |
|
791,885 |
|
|
Straumann Holding AG |
|
5,284 |
|
647,198 |
|
|
Swatch Group AG (The), Bearer(a) |
|
2,134 |
|
369,149 |
|
|
Swiss Prime Site AG |
|
5,775 |
|
817,320 |
|
|
Swisscom AG |
|
1,587 |
|
1,062,184 |
|
|
Temenos AG |
|
3,243 |
|
232,841 |
|
|
UBS Group AG(c) |
|
155,746 |
|
4,717,393 |
|
|
VAT Group AG |
|
1,344 |
|
481,338 |
|
|
Zurich Insurance Group AG(c) |
|
7,268 |
|
5,151,060 |
|
|
Total Switzerland |
|
|
|
42,561,619 |
|
|
Thailand — 0.0%(b) |
|
|
|
|
|
|
Thai Beverage PCL |
|
390,767 |
|
149,639 |
|
|
United Kingdom — 10.7% |
|
|
|
|
|
|
3i Group PLC |
|
46,070 |
|
2,605,425 |
|
|
Admiral Group PLC |
|
15,064 |
|
655,543 |
|
|
Ashtead Group PLC |
|
21,650 |
|
1,153,826 |
|
|
Associated British Foods PLC |
|
16,999 |
|
468,644 |
|
|
AstraZeneca PLC(c) |
|
72,802 |
|
10,432,098 |
|
|
Auto Trader Group PLC |
|
47,869 |
|
536,574 |
|
|
Aviva PLC |
|
142,465 |
|
1,065,628 |
|
|
B&M European Value Retail SA |
|
45,917 |
|
206,319 |
|
|
BAE Systems PLC |
|
148,103 |
|
3,431,213 |
|
|
Barclays PLC |
|
715,062 |
|
2,834,766 |
|
|
Barratt Redrow PLC |
|
77,857 |
|
484,403 |
|
|
Beazley PLC |
|
34,777 |
|
410,865 |
|
|
Berkeley Group Holdings PLC |
|
6,051 |
|
337,033 |
|
|
British American Tobacco PLC |
|
96,972 |
|
4,206,995 |
|
|
British Land Co. PLC (The) |
|
62,768 |
|
329,824 |
|
|
BT Group PLC(a) |
|
320,471 |
|
743,957 |
|
|
Bunzl PLC |
|
17,922 |
|
562,554 |
|
|
Burberry Group PLC |
|
18,324 |
|
177,104 |
|
|
Centrica PLC |
|
257,914 |
|
551,711 |
|
|
CK Hutchison Holdings Ltd. |
|
144,988 |
|
818,919 |
|
|
Compass Group PLC |
|
84,066 |
|
2,827,390 |
|
|
ConvaTec Group PLC |
|
86,623 |
|
300,595 |
|
|
Croda International PLC |
|
7,400 |
|
291,683 |
|
|
DCC PLC |
|
5,338 |
|
348,371 |
|
|
Diageo PLC |
|
109,419 |
|
3,057,483 |
|
|
Entain PLC |
|
31,109 |
|
264,938 |
|
|
Halma PLC |
|
19,820 |
|
729,613 |
|
|
Howden Joinery Group PLC |
|
31,475 |
|
323,297 |
|
|
HSBC Holdings PLC |
|
870,049 |
|
9,668,890 |
|
|
IMI PLC |
|
14,787 |
|
349,198 |
|
|
Imperial Brands PLC |
|
41,976 |
|
1,723,513 |
|
|
Informa PLC |
|
69,583 |
|
676,433 |
|
|
Intermediate Capital Group PLC |
|
14,491 |
|
363,112 |
|
|
Intertek Group PLC |
|
8,862 |
|
542,608 |
|
|
JD Sports Fashion PLC |
|
151,773 |
|
159,300 |
|
|
Kingfisher PLC |
|
100,136 |
|
384,135 |
|
|
Land Securities Group PLC |
|
42,548 |
|
336,726 |
|
|
Legal & General Group PLC |
|
310,892 |
|
973,783 |
|
|
Lloyds Banking Group PLC |
|
3,001,482 |
|
2,937,858 |
|
|
London Stock Exchange Group PLC |
|
24,381 |
|
3,785,768 |
|
|
M&G PLC |
|
126,579 |
|
350,655 |
|
|
Marks & Spencer Group PLC |
|
106,572 |
|
553,735 |
|
32
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
United Kingdom (continued) |
| ||||
|
Melrose Industries PLC |
|
64,394 |
|
$ 372,945 |
|
|
National Grid PLC |
|
242,787 |
|
3,512,072 |
|
|
NatWest Group PLC |
|
366,396 |
|
2,340,291 |
|
|
Next PLC |
|
5,977 |
|
984,364 |
|
|
Pearson PLC |
|
35,325 |
|
564,553 |
|
|
Persimmon PLC |
|
18,061 |
|
312,407 |
|
|
Reckitt Benckiser Group PLC |
|
34,152 |
|
2,206,945 |
|
|
RELX PLC |
|
91,985 |
|
4,996,901 |
|
|
Rentokil Initial PLC |
|
129,142 |
|
590,969 |
|
|
Rightmove PLC |
|
42,694 |
|
420,741 |
|
|
Rolls-Royce Holdings PLC |
|
413,247 |
|
4,162,994 |
|
|
Sage Group PLC (The) |
|
51,630 |
|
853,408 |
|
|
Segro PLC |
|
73,812 |
|
671,009 |
|
|
Severn Trent PLC |
|
14,712 |
|
548,259 |
|
|
Smith & Nephew PLC |
|
45,666 |
|
642,900 |
|
|
Smiths Group PLC |
|
19,427 |
|
483,683 |
|
|
Spirax Group PLC |
|
3,889 |
|
305,180 |
|
|
SSE PLC |
|
56,299 |
|
1,272,362 |
|
|
St James’s Place PLC |
|
29,244 |
|
366,863 |
|
|
Standard Chartered PLC |
|
98,573 |
|
1,416,706 |
|
|
Taylor Wimpey PLC |
|
196,088 |
|
307,619 |
|
|
Tesco PLC |
|
337,896 |
|
1,673,074 |
|
|
Unilever PLC |
|
119,342 |
|
7,586,100 |
|
|
United Utilities Group PLC |
|
36,426 |
|
548,577 |
|
|
Vodafone Group PLC |
|
1,048,618 |
|
1,026,110 |
|
|
Weir Group PLC (The) |
|
13,966 |
|
419,351 |
|
|
Whitbread PLC |
|
10,001 |
|
346,382 |
|
|
Wise PLC, Class A* |
|
38,399 |
|
501,869 |
|
|
WPP PLC |
|
57,523 |
|
442,715 |
|
|
Total United Kingdom |
|
|
|
102,839,834 |
|
|
United States — 8.9% |
|
|
|
|
|
|
Alcon AG |
|
24,644 |
|
2,388,976 |
|
|
BP PLC |
|
790,246 |
|
3,697,533 |
|
|
CSL Ltd. |
|
23,880 |
|
3,837,161 |
|
|
Experian PLC |
|
45,669 |
|
2,266,157 |
|
|
Ferrovial SE |
|
24,060 |
|
1,172,778 |
|
|
GSK PLC |
|
196,539 |
|
3,894,448 |
|
|
Haleon PLC |
|
420,067 |
|
2,111,921 |
|
|
Holcim AG* |
|
27,226 |
|
3,034,867 |
|
|
James Hardie Industries PLC*(a) |
|
21,974 |
|
520,221 |
|
|
Nestle SA(c) |
|
125,838 |
|
13,435,992 |
|
|
Novartis AG(c) |
|
96,856 |
|
11,054,608 |
|
|
QIAGEN NV* |
|
9,923 |
|
425,876 |
|
|
Roche Holding AG |
|
35,075 |
|
11,494,612 |
|
|
Samsonite Group SA |
|
76,404 |
|
137,345 |
|
|
Sanofi SA |
|
54,258 |
|
5,914,905 |
|
|
Schneider Electric SE |
|
26,054 |
|
6,047,774 |
|
|
Shell PLC(c) |
|
296,773 |
|
9,674,149 |
|
|
Smurfit WestRock PLC |
|
25,672 |
|
1,073,967 |
|
|
Stellantis NV |
|
108,003 |
|
999,368 |
|
|
Swiss Re AG |
|
14,563 |
|
2,618,416 |
|
|
Total United States |
|
|
|
85,801,074 |
|
|
Total
Common Stocks |
|
951,492,411 |
|||
|
|
|
Shares |
|
Value |
|
|
Preferred Stocks — 0.4% |
| ||||
|
Germany — 0.2% |
|
|
|
|
|
|
Henkel AG & Co. KGaA, 2.94% |
|
8,806 |
|
$ 684,700 |
|
|
Sartorius AG, 0.31%(a) |
|
1,383 |
|
357,030 |
|
|
Volkswagen AG, 9.40% |
|
10,700 |
|
1,160,859 |
|
|
Total Germany |
|
|
|
2,202,589 |
|
|
South Korea — 0.2% |
|
|
|
|
|
|
Samsung Electronics Co., Ltd., 3.20% |
|
42,983 |
|
1,416,640 |
|
|
Total
Preferred Stocks |
|
3,619,229 |
| ||
|
Rights — 0.0%(b) |
| ||||
|
South Korea — 0.0%(b) |
|
|
|
|
|
|
Samsung SDI Co., Ltd., expires 5/13/25* |
|
528 |
|
12,796 |
|
|
Spain — 0.0%(b) |
|
|
|
|
|
|
EDP Renovaveis SA, expires 5/15/25*(a) |
|
24,414 |
|
2,498 |
|
|
Total
Rights |
|
15,294 |
| ||
|
Short-Term Investments — 2.5% |
| ||||
|
Money Market Funds — 2.5% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(d)(e) |
|
23,219,595 |
|
23,219,595 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(d) |
|
1,196,372 |
|
1,196,372 |
|
|
Total
Short-Term Investments |
|
24,415,967 |
| ||
|
Total
Investments — 101.9% |
|
|
|
979,542,901 |
|
|
Other
Assets and Liabilities, |
|
|
|
(18,067,399 |
) |
|
Net Assets — 100.0% |
|
|
|
$961,475,502 |
|
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $35,633,676; total market value of collateral held by the Fund was $39,001,465. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $15,781,870.
(b)Less than 0.05%.
(c)All or a portion of these securities have been segregated as collateral for forward foreign currency contracts. The total value of securities segregated amounted to $45,516,638.
(d)Reflects the 1-day yield at April 30, 2025.
(e)Represents security purchased with cash collateral received for securities on loan.
33
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
Forward Foreign Currency Contracts Outstanding as of April 30, 2025:
|
Purchased Contracts |
|
Settlement Date |
|
Counterparty |
|
Currency Amount Purchased |
|
Value at Settlement Date |
|
Value at April 30, 2025 |
|
Unrealized Appreciation |
|
Australian Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
53,931,110 |
|
$34,483,099 |
|
$34,509,580 |
|
$26,481 |
|
Swiss Franc |
|
05/08/25 |
|
Morgan Stanley |
|
37,612,238 |
|
45,756,938 |
|
45,799,414 |
|
42,476 |
|
Danish Krone |
|
05/08/25 |
|
Morgan Stanley |
|
72,738,455 |
|
11,077,985 |
|
11,082,733 |
|
4,748 |
|
Euro |
|
05/08/25 |
|
Morgan Stanley |
|
145,484,487 |
|
165,326,711 |
|
165,431,142 |
|
104,431 |
|
Great British Pound |
|
05/08/25 |
|
Morgan Stanley |
|
3,486,918 |
|
4,591,719 |
|
4,657,483 |
|
65,764 |
|
Hong Kong Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
5,231,082 |
|
674,032 |
|
674,569 |
|
537 |
|
Israeli Shekel |
|
05/08/25 |
|
Morgan Stanley |
|
13,709,379 |
|
3,763,423 |
|
3,767,762 |
|
4,339 |
|
Japanese Yen |
|
05/08/25 |
|
Morgan Stanley |
|
143,633,787 |
|
977,268 |
|
1,006,967 |
|
29,699 |
|
South Korean Won# |
|
05/08/25 |
|
Morgan Stanley |
|
27,347,423,673 |
|
19,177,199 |
|
19,249,277 |
|
72,078 |
|
Norwegian Krone |
|
05/08/25 |
|
Morgan Stanley |
|
2,027,405 |
|
192,072 |
|
195,508 |
|
3,436 |
|
New Zealand Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
17,537 |
|
9,796 |
|
10,409 |
|
613 |
|
Polish Zloty |
|
05/08/25 |
|
Morgan Stanley |
|
445,269 |
|
117,427 |
|
118,320 |
|
893 |
|
Swedish Krona |
|
05/08/25 |
|
Morgan Stanley |
|
147,975,793 |
|
15,339,059 |
|
15,347,206 |
|
8,147 |
|
Singapore Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
9,735,904 |
|
7,453,451 |
|
7,458,635 |
|
5,184 |
|
Unrealized Appreciation |
|
|
|
|
|
|
|
$308,940,179 |
|
$309,309,005 |
|
$368,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold Contracts |
|
Settlement Date |
|
Counterparty |
|
Currency Amount Sold |
|
Value at Settlement Date |
|
Value at April 30, 2025 |
|
Unrealized Appreciation |
|
Swiss Franc |
|
05/08/25 |
|
Morgan Stanley |
|
(273,411) |
|
$(335,391) |
|
$(332,925) |
|
$2,466 |
|
Danish Krone |
|
05/08/25 |
|
Morgan Stanley |
|
(178,390) |
|
(27,209) |
|
(27,180) |
|
29 |
|
Euro |
|
05/08/25 |
|
Morgan Stanley |
|
(391,624) |
|
(446,089) |
|
(445,318) |
|
771 |
|
Hong Kong Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
(314,104) |
|
(40,509) |
|
(40,505) |
|
4 |
|
Japanese Yen |
|
05/08/25 |
|
Morgan Stanley |
|
(119,690,642) |
|
(840,412) |
|
(839,110) |
|
1,302 |
|
South Korean Won# |
|
05/08/25 |
|
Morgan Stanley |
|
(78,825,051) |
|
(55,696) |
|
(55,483) |
|
213 |
|
Norwegian Krone |
|
06/03/25 |
|
Morgan Stanley |
|
(29,045,278) |
|
(2,801,124) |
|
(2,800,924) |
|
200 |
|
Unrealized Appreciation |
|
|
|
|
|
|
|
$(4,546,430) |
|
$(4,541,445) |
|
$4,985 |
|
Total Unrealized Appreciation |
|
|
|
|
|
|
|
|
|
|
|
$373,811 |
|
|
|
|
|
|
|
| ||||||
|
Purchased Contracts |
|
Settlement Date |
|
Counterparty |
|
Currency Amount Purchased |
|
Value at Settlement Date |
|
Value at April 30, 2025 |
|
Unrealized (Depreciation) |
|
Swiss Franc |
|
05/08/25 |
|
Morgan Stanley |
|
2,388,930 |
|
$2,919,793 |
|
$2,908,936 |
|
$(10,857) |
|
Danish Krone |
|
05/08/25 |
|
Morgan Stanley |
|
397,633 |
|
61,190 |
|
60,585 |
|
(605) |
|
Euro |
|
05/08/25 |
|
Morgan Stanley |
|
796,405 |
|
914,774 |
|
905,596 |
|
(9,178) |
|
Great British Pound |
|
05/08/25 |
|
Morgan Stanley |
|
52,113,345 |
|
69,611,987 |
|
69,607,898 |
|
(4,089) |
|
Hong Kong Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
72,002,240 |
|
9,286,128 |
|
9,284,981 |
|
(1,147) |
|
Japanese Yen |
|
05/08/25 |
|
Morgan Stanley |
|
17,491,519,620 |
|
122,671,046 |
|
122,627,031 |
|
(44,015) |
|
South Korean Won# |
|
05/08/25 |
|
Morgan Stanley |
|
1,576,457,425 |
|
1,115,966 |
|
1,109,635 |
|
(6,331) |
|
Norwegian Krone |
|
05/08/25 |
|
Morgan Stanley |
|
30,878,326 |
|
2,978,012 |
|
2,977,677 |
|
(335) |
|
New Zealand Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
2,138,696 |
|
1,269,807 |
|
1,269,404 |
|
(403) |
|
Polish Zloty |
|
05/08/25 |
|
Morgan Stanley |
|
6,869,183 |
|
1,825,487 |
|
1,825,322 |
|
(165) |
|
Swedish Krona |
|
05/08/25 |
|
Morgan Stanley |
|
9,351,425 |
|
971,586 |
|
969,877 |
|
(1,709) |
|
Unrealized Depreciation |
|
|
|
|
|
|
|
$213,625,776 |
|
$213,546,942 |
|
$(78,834) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sold Contracts |
|
Settlement Date |
|
Counterparty |
|
Currency Amount Sold |
|
Value at Settlement Date |
|
Value at April 30, 2025 |
|
Unrealized (Depreciation) |
|
Australian Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
(53,931,110) |
|
$(33,617,173) |
|
$(34,509,580) |
|
$(892,407) |
|
Australian Dollar |
|
06/03/25 |
|
Morgan Stanley |
|
(51,553,159) |
|
(32,988,247) |
|
(32,998,316) |
|
(10,069) |
|
Swiss Franc |
|
05/08/25 |
|
Morgan Stanley |
|
(39,727,757) |
|
(45,075,517) |
|
(48,375,425) |
|
(3,299,908) |
|
Swiss Franc |
|
06/03/25 |
|
Morgan Stanley |
|
(34,939,577) |
|
(42,662,256) |
|
(42,699,686) |
|
(37,430) |
|
Danish Krone |
|
05/08/25 |
|
Morgan Stanley |
|
(72,957,698) |
|
(10,586,632) |
|
(11,116,138) |
|
(529,506) |
|
Danish Krone |
|
06/03/25 |
|
Morgan Stanley |
|
(63,942,940) |
|
(9,760,348) |
|
(9,761,976) |
|
(1,628) |
|
Euro |
|
05/08/25 |
|
Morgan Stanley |
|
(145,889,268) |
|
(157,892,544) |
|
(165,891,420) |
|
(7,998,876) |
|
Euro |
|
06/03/25 |
|
Morgan Stanley |
|
(132,787,359) |
|
(151,198,459) |
|
(151,269,074) |
|
(70,615) |
|
British Pound |
|
05/08/25 |
|
Morgan Stanley |
|
(55,600,263) |
|
(71,771,714) |
|
(74,265,381) |
|
(2,493,667) |
34
See notes to financial statements.
Schedule of Investments — NYLI FTSE International Equity Currency Neutral ETF (continued)
April 30, 2025
|
Sold Contracts |
|
Settlement Date |
|
Counterparty |
|
Currency Amount Sold |
|
Value at Settlement Date |
|
Value at April 30, 2025 |
|
Unrealized (Depreciation) |
|
British Pound |
|
06/03/25 |
|
Morgan Stanley |
|
(50,064,221) |
|
$(66,874,786) |
|
$(66,879,098) |
|
$(4,312) |
|
Hong Kong Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
(76,919,218) |
|
(9,894,023) |
|
(9,919,045) |
|
(25,022) |
|
Hong Kong Dollar |
|
06/03/25 |
|
Morgan Stanley |
|
(69,610,724) |
|
(8,978,850) |
|
(8,981,102) |
|
(2,252) |
|
Israeli Shekel |
|
05/08/25 |
|
Morgan Stanley |
|
(13,709,379) |
|
(3,680,745) |
|
(3,767,762) |
|
(87,017) |
|
Israeli Shekel |
|
06/03/25 |
|
Morgan Stanley |
|
(13,332,451) |
|
(3,665,224) |
|
(3,666,924) |
|
(1,700) |
|
Japanese Yen |
|
05/08/25 |
|
Morgan Stanley |
|
(17,515,462,765) |
|
(117,519,666) |
|
(122,794,888) |
|
(5,275,222) |
|
Japanese Yen |
|
06/03/25 |
|
Morgan Stanley |
|
(16,251,107,002) |
|
(114,333,570) |
|
(114,380,134) |
|
(46,564) |
|
South Korean Won# |
|
05/08/25 |
|
Morgan Stanley |
|
(28,845,056,047) |
|
(19,592,486) |
|
(20,303,429) |
|
(710,943) |
|
South Korean Won# |
|
06/03/25 |
|
Morgan Stanley |
|
(26,748,457,370) |
|
(18,779,413) |
|
(18,863,788) |
|
(84,375) |
|
Norwegian Krone |
|
05/08/25 |
|
Morgan Stanley |
|
(32,905,731) |
|
(3,123,051) |
|
(3,173,185) |
|
(50,134) |
|
New Zealand Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
(2,156,233) |
|
(1,222,377) |
|
(1,279,813) |
|
(57,436) |
|
New Zealand Dollar |
|
06/03/25 |
|
Morgan Stanley |
|
(1,930,250) |
|
(1,146,414) |
|
(1,146,697) |
|
(283) |
|
Polish Zloty |
|
05/08/25 |
|
Morgan Stanley |
|
(7,314,452) |
|
(1,883,733) |
|
(1,943,642) |
|
(59,909) |
|
Polish Zloty |
|
06/03/25 |
|
Morgan Stanley |
|
(6,917,107) |
|
(1,836,439) |
|
(1,836,483) |
|
(44) |
|
Swedish Krona |
|
05/08/25 |
|
Morgan Stanley |
|
(157,327,218) |
|
(15,695,837) |
|
(16,317,083) |
|
(621,246) |
|
Swedish Krona |
|
06/03/25 |
|
Morgan Stanley |
|
(139,340,610) |
|
(14,473,157) |
|
(14,478,037) |
|
(4,880) |
|
Singapore Dollar |
|
05/08/25 |
|
Morgan Stanley |
|
(9,735,904) |
|
(7,255,618) |
|
(7,458,635) |
|
(203,017) |
|
Singapore Dollar |
|
06/03/25 |
|
Morgan Stanley |
|
(8,533,289) |
|
(6,545,765) |
|
(6,548,367) |
|
(2,602) |
|
Unrealized Depreciation |
|
|
|
|
|
|
|
$(972,054,044) |
|
$(994,625,108) |
|
$(22,571,064) |
|
Total Unrealized Depreciation |
|
|
|
|
|
|
|
|
|
|
|
$(22,649,898) |
|
Net Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
$(22,276,087) |
The total value of securities segregated as collateral for forward foreign currency contracts with counterparty Morgan Stanley amounted to $45,516,638 at April 30, 2025.
#Non-deliverable forward.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(e) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$951,492,411 |
|
$— |
|
$— |
|
$951,492,411 |
|
Preferred Stocks |
|
3,619,229 |
|
— |
|
— |
|
3,619,229 |
|
Rights |
|
15,294 |
|
— |
|
— |
|
15,294 |
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
24,415,967 |
|
— |
|
— |
|
24,415,967 |
|
Total Investments in Securities |
|
979,542,901 |
|
— |
|
— |
|
979,542,901 |
|
Other Financial Instruments:(f) |
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Contracts |
|
— |
|
373,811 |
|
— |
|
373,811 |
|
Total Investments in Securities and Other Financial Instruments |
|
$979,542,901 |
|
$373,811 |
|
$— |
|
$979,916,712 |
|
Liability Valuation Inputs |
|
|
|
|
|
|
|
|
|
Other Financial Instruments:(f) |
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Contracts |
|
$— |
|
$(22,649,898) |
|
$— |
|
$(22,649,898) |
(e)For a complete listing of investments and their countries, see the Schedule of Investments.
(f)Reflects the unrealized appreciation (depreciation) of the instruments.
For the year ended April 30, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy. (See Note 2)
35
See notes to financial statements.
Schedule of Investments — NYLI U.S. Large Cap R&D Leaders ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.9% |
| ||||
|
Communication Services — 17.1% | |||||
|
Alphabet, Inc., Class A |
|
3,883 |
|
$616,620 |
|
|
Electronic Arts, Inc. |
|
240 |
|
34,822 |
|
|
Meta Platforms, Inc., Class A |
|
853 |
|
468,297 |
|
|
Netflix, Inc.* |
|
42 |
|
47,532 |
|
|
Pinterest, Inc., Class A* |
|
527 |
|
13,344 |
|
|
ROBLOX Corp., Class A* |
|
325 |
|
21,791 |
|
|
Spotify Technology SA* |
|
36 |
|
22,103 |
|
|
Total Communication Services |
|
|
|
1,224,509 |
|
|
Consumer Discretionary — 14.9% | |||||
|
Airbnb, Inc., Class A* |
|
220 |
|
26,822 |
|
|
Amazon.com, Inc.* |
|
3,345 |
|
616,885 |
|
|
Aptiv PLC* |
|
242 |
|
13,809 |
|
|
DoorDash, Inc., Class A* |
|
84 |
|
16,203 |
|
|
eBay, Inc. |
|
310 |
|
21,130 |
|
|
Expedia Group, Inc. |
|
104 |
|
16,321 |
|
|
Ford Motor Co. |
|
11,047 |
|
110,580 |
|
|
Garmin Ltd. |
|
65 |
|
12,147 |
|
|
General Motors Co. |
|
2,551 |
|
115,407 |
|
|
Lucid Group, Inc.*(a) |
|
6,695 |
|
16,804 |
|
|
Rivian Automotive, Inc., Class A*(a) |
|
1,827 |
|
24,957 |
|
|
Tesla, Inc.* |
|
251 |
|
70,822 |
|
|
Total Consumer Discretionary |
|
|
|
1,061,887 |
|
|
Consumer Staples — 0.4% | |||||
|
Procter & Gamble Co. (The) |
|
165 |
|
26,824 |
|
|
Financials — 1.1% | |||||
|
Block, Inc.* |
|
657 |
|
38,415 |
|
|
PayPal Holdings, Inc.* |
|
585 |
|
38,516 |
|
|
Total Financials |
|
|
|
76,931 |
|
|
Health Care — 23.6% | |||||
|
Abbott Laboratories |
|
308 |
|
40,271 |
|
|
AbbVie, Inc. |
|
841 |
|
164,079 |
|
|
Alnylam Pharmaceuticals, Inc.* |
|
55 |
|
14,478 |
|
|
Amgen, Inc. |
|
259 |
|
75,348 |
|
|
Becton Dickinson & Co. |
|
74 |
|
15,325 |
|
|
Biogen, Inc.* |
|
172 |
|
20,826 |
|
|
Boston Scientific Corp.* |
|
221 |
|
22,734 |
|
|
Bristol-Myers Squibb Co. |
|
2,291 |
|
115,008 |
|
|
Danaher Corp. |
|
103 |
|
20,531 |
|
|
Edwards Lifesciences Corp.* |
|
212 |
|
16,004 |
|
|
Eli Lilly & Co. |
|
181 |
|
162,710 |
|
|
GE HealthCare Technologies, Inc. |
|
222 |
|
15,613 |
|
|
Gilead Sciences, Inc. |
|
748 |
|
79,692 |
|
|
Illumina, Inc.* |
|
184 |
|
14,278 |
|
|
Incyte Corp.* |
|
580 |
|
36,343 |
|
|
Intuitive Surgical, Inc.* |
|
32 |
|
16,506 |
|
|
Johnson & Johnson |
|
1,457 |
|
227,744 |
|
|
Medtronic PLC |
|
415 |
|
35,175 |
|
|
Merck & Co., Inc. |
|
2,332 |
|
198,686 |
|
|
Moderna, Inc.* |
|
1,836 |
|
52,400 |
|
|
Pfizer, Inc. |
|
5,642 |
|
137,721 |
|
|
Regeneron Pharmaceuticals, Inc. |
|
97 |
|
58,080 |
|
|
Stryker Corp. |
|
53 |
|
19,818 |
|
|
Thermo Fisher Scientific, Inc. |
|
37 |
|
15,873 |
|
|
Vertex Pharmaceuticals, Inc.* |
|
224 |
|
114,128 |
|
|
Total Health Care |
|
|
|
1,689,371 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Industrials — 4.3% | |||||
|
3M Co. |
|
115 |
|
$15,975 |
|
|
Boeing Co. (The)* |
|
295 |
|
54,056 |
|
|
Caterpillar, Inc. |
|
87 |
|
26,906 |
|
|
Cummins, Inc. |
|
63 |
|
18,512 |
|
|
Deere & Co. |
|
67 |
|
31,059 |
|
|
General Electric Co. |
|
103 |
|
20,759 |
|
|
Honeywell International, Inc. |
|
101 |
|
21,260 |
|
|
Lockheed Martin Corp. |
|
50 |
|
23,887 |
|
|
Northrop Grumman Corp. |
|
31 |
|
15,081 |
|
|
RTX Corp. |
|
305 |
|
38,470 |
|
|
Uber Technologies, Inc.* |
|
565 |
|
45,771 |
|
|
Total Industrials |
|
|
|
311,736 |
|
|
Information Technology — 38.2% | |||||
|
Accenture PLC, Class A |
|
52 |
|
15,556 |
|
|
Adobe, Inc.* |
|
144 |
|
53,997 |
|
|
Advanced Micro Devices, Inc.* |
|
835 |
|
81,287 |
|
|
Analog Devices, Inc. |
|
101 |
|
19,687 |
|
|
Apple, Inc. |
|
2,021 |
|
429,463 |
|
|
Applied Materials, Inc. |
|
302 |
|
45,514 |
|
|
Arista Networks, Inc.* |
|
165 |
|
13,575 |
|
|
Atlassian Corp., Class A* |
|
148 |
|
33,790 |
|
|
Autodesk, Inc.* |
|
77 |
|
21,117 |
|
|
Broadcom, Inc. |
|
667 |
|
128,377 |
|
|
Cadence Design Systems, Inc.* |
|
81 |
|
24,117 |
|
|
Cisco Systems, Inc. |
|
1,995 |
|
115,171 |
|
|
Corning, Inc. |
|
309 |
|
13,713 |
|
|
Crowdstrike Holdings, Inc., Class A* |
|
41 |
|
17,584 |
|
|
Datadog, Inc., Class A* |
|
151 |
|
15,426 |
|
|
Dell Technologies, Inc., Class C |
|
417 |
|
38,264 |
|
|
Hewlett Packard Enterprise Co. |
|
1,835 |
|
29,764 |
|
|
HP, Inc. |
|
787 |
|
20,124 |
|
|
Intel Corp. |
|
9,418 |
|
189,302 |
|
|
International Business Machines Corp. |
|
422 |
|
102,048 |
|
|
Intuit, Inc. |
|
64 |
|
40,158 |
|
|
Juniper Networks, Inc. |
|
440 |
|
15,981 |
|
|
KLA Corp. |
|
26 |
|
18,270 |
|
|
Lam Research Corp. |
|
363 |
|
26,016 |
|
|
Marvell Technology, Inc. |
|
382 |
|
22,297 |
|
|
Micron Technology, Inc. |
|
515 |
|
39,629 |
|
|
Microsoft Corp. |
|
1,100 |
|
434,786 |
|
|
NetApp, Inc. |
|
153 |
|
13,732 |
|
|
NVIDIA Corp. |
|
1,515 |
|
165,014 |
|
|
Oracle Corp. |
|
856 |
|
120,456 |
|
|
Palo Alto Networks, Inc.* |
|
146 |
|
27,292 |
|
|
QUALCOMM, Inc. |
|
793 |
|
117,729 |
|
|
Salesforce, Inc. |
|
270 |
|
72,552 |
|
|
Sandisk Corp.* |
|
285 |
|
9,151 |
|
|
ServiceNow, Inc.* |
|
42 |
|
40,110 |
|
|
Snowflake, Inc., Class A* |
|
154 |
|
24,561 |
|
|
Synopsys, Inc.* |
|
65 |
|
29,836 |
|
|
Texas Instruments, Inc. |
|
151 |
|
24,168 |
|
|
Twilio, Inc., Class A* |
|
134 |
|
12,959 |
|
|
Western Digital Corp.* |
|
648 |
|
28,421 |
|
|
Workday, Inc., Class A* |
|
145 |
|
35,525 |
|
|
Total Information Technology |
|
|
|
2,726,519 |
|
|
|
|
|
|
|
|
36
See notes to financial statements.
Schedule of Investments — NYLI U.S. Large Cap R&D Leaders ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
| ||||
|
Materials — 0.3% | |||||
|
Corteva, Inc. |
|
313 |
|
$19,403 |
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
| ||
|
(Cost $6,920,327) |
|
|
|
7,137,180 |
|
|
Short-Term Investments — 0.3% |
| ||||
|
Money Market Funds — 0.3% | |||||
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(b)(c) |
|
18,043 |
|
18,043 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(b) |
|
5,878 |
|
5,878 |
|
|
Total
Short-Term Investments |
|
|
|
23,921 |
|
|
Total
Investments — 100.2% |
|
|
|
7,161,101 |
|
|
Other
Assets and Liabilities, |
|
|
|
(17,138) |
|
|
Net Assets — 100.0% |
|
|
|
$7,143,963 |
|
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $40,920; total market value of collateral held by the Fund was $42,338. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $24,295.
(b)Reflects the 1-day yield at April 30, 2025.
(c)Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(d) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$7,137,180 |
|
$— |
|
$— |
|
$7,137,180 |
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
23,921 |
|
— |
|
— |
|
23,921 |
|
Total Investments in Securities |
|
$7,161,101 |
|
$— |
|
$— |
|
$7,161,101 |
(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)
37
See notes to financial statements.
Schedule of Investments — NYLI Global Equity R&D Leaders ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.3% |
| ||||
|
Belgium — 0.2% | |||||
|
UCB SA |
|
84 |
|
$15,388 |
|
|
Brazil — 0.2% | |||||
|
MercadoLibre, Inc.* |
|
6 |
|
13,985 |
|
|
Canada — 0.4% | |||||
|
Constellation Software, Inc. |
|
4 |
|
14,387 |
|
|
Shopify, Inc., Class A* |
|
110 |
|
10,442 |
|
|
Total Canada |
|
|
|
24,829 |
|
|
China — 7.5% | |||||
|
Alibaba Group Holding Ltd. |
|
3,915 |
|
59,321 |
|
|
Baidu, Inc., Class A* |
|
2,199 |
|
24,515 |
|
|
BeiGene Ltd.* |
|
774 |
|
15,770 |
|
|
BYD Co., Ltd., Class H |
|
1,031 |
|
49,219 |
|
|
China Energy Engineering Corp., Ltd., Class H |
|
97,869 |
|
12,494 |
|
|
China Petroleum & Chemical Corp., Class H |
|
32,532 |
|
16,655 |
|
|
China Railway Group Ltd., Class H |
|
42,015 |
|
18,096 |
|
|
Haier Smart Home Co., Ltd., Class H |
|
3,948 |
|
11,480 |
|
|
JD.com, Inc., Class A |
|
939 |
|
15,487 |
|
|
Kuaishou Technology* |
|
1,817 |
|
12,090 |
|
|
Lenovo Group Ltd. |
|
12,594 |
|
14,600 |
|
|
Li Auto, Inc., Class A* |
|
993 |
|
12,197 |
|
|
Meituan, Class B* |
|
1,141 |
|
19,172 |
|
|
Metallurgical Corp. of China Ltd., Class H |
|
86,162 |
|
16,333 |
|
|
Midea Group Co., Ltd., Class H* |
|
1,823 |
|
17,290 |
|
|
NetEase, Inc. |
|
1,048 |
|
22,569 |
|
|
NIO, Inc., Class A*(a) |
|
3,300 |
|
13,384 |
|
|
Tencent Holdings Ltd. |
|
1,256 |
|
77,290 |
|
|
Trip.com Group Ltd. |
|
240 |
|
14,484 |
|
|
Weichai Power Co., Ltd., Class H |
|
4,322 |
|
8,472 |
|
|
Xiaomi Corp., Class B* |
|
3,996 |
|
25,739 |
|
|
ZTE Corp., Class H |
|
7,407 |
|
21,873 |
|
|
Total China |
|
|
|
498,530 |
|
|
Denmark — 1.0% | |||||
|
Genmab A/S* |
|
60 |
|
12,703 |
|
|
Novo Nordisk A/S, Class B |
|
763 |
|
50,565 |
|
|
Total Denmark |
|
|
|
63,268 |
|
|
Finland — 0.6% | |||||
|
Nokia OYJ |
|
7,440 |
|
37,120 |
|
|
France — 1.4% | |||||
|
Airbus SE |
|
164 |
|
27,431 |
|
|
Dassault Systemes SE |
|
280 |
|
10,453 |
|
|
L’Oreal SA* |
|
32 |
|
14,077 |
|
|
Renault SA |
|
268 |
|
14,206 |
|
|
Safran SA |
|
45 |
|
11,919 |
|
|
Thales SA |
|
45 |
|
12,527 |
|
|
Total France |
|
|
|
90,613 |
|
|
Germany — 6.8% | |||||
|
BASF SE* |
|
343 |
|
17,402 |
|
|
Bayer AG |
|
2,168 |
|
56,757 |
|
|
Bayerische Motoren Werke AG |
|
834 |
|
70,440 |
|
|
Continental AG |
|
492 |
|
38,277 |
|
|
Daimler Truck Holding AG |
|
365 |
|
14,588 |
|
|
Infineon Technologies AG |
|
510 |
|
16,749 |
|
|
Mercedes-Benz Group AG |
|
806 |
|
48,074 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Germany (continued) |
|
|
|
|
|
|
Merck KGaA |
|
146 |
|
$20,231 |
|
|
SAP SE |
|
217 |
|
62,976 |
|
|
Siemens AG |
|
233 |
|
53,489 |
|
|
Siemens Energy AG* |
|
175 |
|
13,436 |
|
|
Siemens Healthineers AG |
|
319 |
|
17,181 |
|
|
Traton SE |
|
531 |
|
17,445 |
|
|
Total Germany |
|
|
|
447,045 |
|
|
Ireland — 0.1% | |||||
|
Accenture PLC, Class A |
|
25 |
|
7,479 |
|
|
Japan — 7.9% | |||||
|
Aisin Corp. |
|
1,050 |
|
13,335 |
|
|
Astellas Pharma, Inc. |
|
1,827 |
|
18,284 |
|
|
Canon, Inc. |
|
575 |
|
17,753 |
|
|
Chugai Pharmaceutical Co., Ltd. |
|
219 |
|
12,619 |
|
|
Daiichi Sankyo Co., Ltd. |
|
920 |
|
23,503 |
|
|
Denso Corp. |
|
2,389 |
|
30,943 |
|
|
Eisai Co., Ltd. |
|
325 |
|
9,383 |
|
|
FUJIFILM Holdings Corp. |
|
439 |
|
9,035 |
|
|
Hitachi Ltd. |
|
669 |
|
16,500 |
|
|
Honda Motor Co., Ltd. |
|
5,739 |
|
58,460 |
|
|
Mazda Motor Corp. |
|
1,250 |
|
7,487 |
|
|
Mitsubishi Electric Corp. |
|
656 |
|
12,695 |
|
|
Nippon Telegraph & Telephone Corp. |
|
14,852 |
|
15,545 |
|
|
Nissan Motor Co., Ltd.* |
|
12,520 |
|
29,975 |
|
|
Otsuka Holdings Co., Ltd. |
|
319 |
|
15,559 |
|
|
Panasonic Holdings Corp. |
|
2,225 |
|
25,597 |
|
|
Renesas Electronics Corp. |
|
901 |
|
10,565 |
|
|
SoftBank Group Corp. |
|
480 |
|
24,108 |
|
|
Sony Group Corp. |
|
1,705 |
|
45,075 |
|
|
Sumitomo Chemical Co., Ltd. |
|
4,179 |
|
10,070 |
|
|
Suzuki Motor Corp. |
|
1,080 |
|
12,928 |
|
|
Takeda Pharmaceutical Co., Ltd. |
|
1,295 |
|
39,338 |
|
|
TDK Corp. |
|
1,238 |
|
13,205 |
|
|
Tokyo Electron Ltd. |
|
87 |
|
12,946 |
|
|
Toyota Motor Corp. |
|
1,826 |
|
34,935 |
|
|
Total Japan |
|
|
|
519,843 |
|
|
Jersey — 0.1% | |||||
|
Aptiv PLC* |
|
118 |
|
6,733 |
|
|
Netherlands — 1.0% | |||||
|
ASML Holding NV |
|
55 |
|
36,419 |
|
|
Koninklijke Philips NV* |
|
622 |
|
15,774 |
|
|
NXP Semiconductors NV |
|
77 |
|
14,192 |
|
|
Total Netherlands |
|
|
|
66,385 |
|
|
Singapore — 0.2% | |||||
|
STMicroelectronics NV |
|
731 |
|
16,470 |
|
|
South Korea — 4.7% | |||||
|
Hyundai Mobis Co., Ltd. |
|
59 |
|
11,103 |
|
|
Hyundai Motor Co. |
|
123 |
|
16,492 |
|
|
Kia Corp. |
|
194 |
|
12,337 |
|
|
LG Chem Ltd. |
|
64 |
|
9,725 |
|
|
LG Display Co., Ltd.* |
|
1,398 |
|
8,330 |
|
|
LG Electronics, Inc. |
|
412 |
|
20,694 |
|
|
NAVER Corp. |
|
80 |
|
11,284 |
|
|
Samsung Electronics Co., Ltd. |
|
5,124 |
|
200,058 |
|
|
SK Hynix, Inc. |
|
188 |
|
23,475 |
|
|
Total South Korea |
|
|
|
313,498 |
|
38
See notes to financial statements.
Schedule of Investments — NYLI Global Equity R&D Leaders ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Sweden — 0.9% |
|
|
|
|
|
|
Telefonaktiebolaget LM Ericsson, B Shares |
|
4,835 |
|
$40,796 |
|
|
Volvo AB, B Shares |
|
806 |
|
21,945 |
|
|
Total Sweden |
|
|
|
62,741 |
|
|
Switzerland — 0.2% | |||||
|
ABB Ltd. |
|
218 |
|
11,458 |
|
|
Taiwan — 1.8% | |||||
|
Delta Electronics, Inc. |
|
862 |
|
8,988 |
|
|
Hon Hai Precision Industry Co., Ltd. |
|
6,060 |
|
26,811 |
|
|
MediaTek, Inc. |
|
771 |
|
32,544 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,816 |
|
51,556 |
|
|
Total Taiwan |
|
|
|
119,899 |
|
|
|
|
|
|
|
|
|
United Kingdom — 1.6% |
|
|
|
|
|
|
AstraZeneca PLC |
|
685 |
|
98,156 |
|
|
Unilever PLC |
|
153 |
|
9,726 |
|
|
Total United Kingdom |
|
|
|
107,882 |
|
|
|
|
|
|
|
|
|
United States — 60.7% |
|
|
|
|
|
|
3M Co. |
|
56 |
|
7,779 |
|
|
Abbott Laboratories |
|
150 |
|
19,613 |
|
|
AbbVie, Inc. |
|
410 |
|
79,991 |
|
|
Adobe, Inc.* |
|
70 |
|
26,249 |
|
|
Advanced Micro Devices, Inc.* |
|
408 |
|
39,719 |
|
|
Airbnb, Inc., Class A* |
|
107 |
|
13,045 |
|
|
Alnylam Pharmaceuticals, Inc.* |
|
27 |
|
7,107 |
|
|
Alphabet, Inc., Class A |
|
2,001 |
|
317,759 |
|
|
Amazon.com, Inc.* |
|
2,185 |
|
402,958 |
|
|
Amgen, Inc. |
|
126 |
|
36,656 |
|
|
Analog Devices, Inc. |
|
49 |
|
9,551 |
|
|
Apple, Inc. |
|
985 |
|
209,313 |
|
|
Applied Materials, Inc. |
|
148 |
|
22,305 |
|
|
Atlassian Corp., Class A* |
|
72 |
|
16,438 |
|
|
Autodesk, Inc.* |
|
37 |
|
10,147 |
|
|
Becton Dickinson & Co. |
|
36 |
|
7,455 |
|
|
Biogen, Inc.* |
|
84 |
|
10,171 |
|
|
Block, Inc.* |
|
321 |
|
18,769 |
|
|
Boeing Co. (The)* |
|
144 |
|
26,387 |
|
|
Boston Scientific Corp.* |
|
108 |
|
11,110 |
|
|
Bristol-Myers Squibb Co. |
|
1,117 |
|
56,073 |
|
|
Broadcom, Inc. |
|
325 |
|
62,553 |
|
|
Cadence Design Systems, Inc.* |
|
40 |
|
11,910 |
|
|
Caterpillar, Inc. |
|
42 |
|
12,989 |
|
|
Cisco Systems, Inc. |
|
973 |
|
56,171 |
|
|
Corning, Inc. |
|
151 |
|
6,701 |
|
|
Corteva, Inc. |
|
153 |
|
9,484 |
|
|
Crowdstrike Holdings, Inc., Class A* |
|
20 |
|
8,577 |
|
|
CSL Ltd. |
|
74 |
|
11,891 |
|
|
Cummins, Inc. |
|
31 |
|
9,109 |
|
|
Danaher Corp. |
|
50 |
|
9,967 |
|
|
Datadog, Inc., Class A* |
|
74 |
|
7,560 |
|
|
Deere & Co. |
|
33 |
|
15,297 |
|
|
Dell Technologies, Inc., Class C |
|
204 |
|
18,719 |
|
|
DoorDash, Inc., Class A* |
|
41 |
|
7,908 |
|
|
eBay, Inc. |
|
151 |
|
10,292 |
|
|
Edwards Lifesciences Corp.* |
|
103 |
|
7,775 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
United States (continued) |
|
|
|
|
|
|
Electronic Arts, Inc. |
|
117 |
|
$16,976 |
|
|
Eli Lilly & Co. |
|
88 |
|
79,108 |
|
|
Expedia Group, Inc. |
|
51 |
|
8,003 |
|
|
Ford Motor Co. |
|
5,385 |
|
53,904 |
|
|
GE HealthCare Technologies, Inc. |
|
108 |
|
7,596 |
|
|
General Electric Co. |
|
50 |
|
10,077 |
|
|
General Motors Co. |
|
1,244 |
|
56,279 |
|
|
Gilead Sciences, Inc. |
|
366 |
|
38,994 |
|
|
GSK PLC |
|
3,352 |
|
66,420 |
|
|
Hewlett Packard Enterprise Co. |
|
897 |
|
14,549 |
|
|
Honeywell International, Inc. |
|
49 |
|
10,315 |
|
|
HP, Inc. |
|
384 |
|
9,819 |
|
|
Illumina, Inc.* |
|
90 |
|
6,984 |
|
|
Incyte Corp.* |
|
283 |
|
17,733 |
|
|
Intel Corp. |
|
4,591 |
|
92,279 |
|
|
International Business Machines Corp. |
|
206 |
|
49,815 |
|
|
Intuit, Inc. |
|
31 |
|
19,452 |
|
|
Intuitive Surgical, Inc.* |
|
16 |
|
8,253 |
|
|
Johnson & Johnson |
|
710 |
|
110,980 |
|
|
Juniper Networks, Inc. |
|
215 |
|
7,809 |
|
|
KLA Corp. |
|
13 |
|
9,135 |
|
|
Lam Research Corp. |
|
178 |
|
12,757 |
|
|
Lockheed Martin Corp. |
|
24 |
|
11,466 |
|
|
Marvell Technology, Inc. |
|
187 |
|
10,915 |
|
|
Medtronic PLC |
|
203 |
|
17,206 |
|
|
Merck & Co., Inc. |
|
1,137 |
|
96,872 |
|
|
Meta Platforms, Inc., Class A |
|
492 |
|
270,108 |
|
|
Micron Technology, Inc. |
|
252 |
|
19,391 |
|
|
Microsoft Corp. |
|
536 |
|
211,859 |
|
|
Moderna, Inc.* |
|
897 |
|
25,600 |
|
|
Nestle SA |
|
153 |
|
16,336 |
|
|
Netflix, Inc.* |
|
21 |
|
23,766 |
|
|
Northrop Grumman Corp. |
|
15 |
|
7,298 |
|
|
Novartis AG |
|
696 |
|
79,438 |
|
|
NVIDIA Corp. |
|
739 |
|
80,492 |
|
|
Oracle Corp. |
|
417 |
|
58,680 |
|
|
Palo Alto Networks, Inc.* |
|
72 |
|
13,459 |
|
|
PayPal Holdings, Inc.* |
|
286 |
|
18,830 |
|
|
Pfizer, Inc. |
|
2,751 |
|
67,152 |
|
|
Pinterest, Inc., Class A* |
|
258 |
|
6,533 |
|
|
Procter & Gamble Co. (The) |
|
81 |
|
13,168 |
|
|
QUALCOMM, Inc. |
|
388 |
|
57,602 |
|
|
Regeneron Pharmaceuticals, Inc. |
|
47 |
|
28,142 |
|
|
Rivian Automotive, Inc., Class A*(a) |
|
893 |
|
12,198 |
|
|
ROBLOX Corp., Class A* |
|
159 |
|
10,661 |
|
|
Roche Holding AG |
|
356 |
|
116,667 |
|
|
RTX Corp. |
|
149 |
|
18,793 |
|
|
Salesforce, Inc. |
|
132 |
|
35,470 |
|
|
Sandisk Corp.* |
|
139 |
|
4,463 |
|
|
Sanofi SA |
|
587 |
|
63,991 |
|
|
Schneider Electric SE |
|
71 |
|
16,481 |
|
|
ServiceNow, Inc.* |
|
21 |
|
20,055 |
|
|
Shell PLC |
|
263 |
|
8,573 |
|
|
Snowflake, Inc., Class A* |
|
75 |
|
11,962 |
|
|
Spotify Technology SA* |
|
18 |
|
11,052 |
|
|
Stellantis NV |
|
4,382 |
|
40,547 |
|
|
Stryker Corp. |
|
26 |
|
9,722 |
|
|
Synopsys, Inc.* |
|
32 |
|
14,688 |
|
39
See notes to financial statements.
Schedule of Investments — NYLI Global Equity R&D Leaders ETF (continued)
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
United States (continued) |
|
|
|
|
|
|
Tesla, Inc.* |
|
123 |
|
$34,706 |
|
|
Texas Instruments, Inc. |
|
74 |
|
11,844 |
|
|
Thermo Fisher Scientific, Inc. |
|
18 |
|
7,722 |
|
|
Uber Technologies, Inc.* |
|
276 |
|
22,359 |
|
|
Vertex Pharmaceuticals, Inc.* |
|
109 |
|
55,536 |
|
|
Western Digital Corp.* |
|
317 |
|
13,904 |
|
|
Workday, Inc., Class A* |
|
71 |
|
17,395 |
|
|
Total United States |
|
|
|
4,015,837 |
|
|
Total
Common Stocks |
|
6,439,003 |
| ||
|
Preferred Stock — 2.5% |
| ||||
|
Germany — 2.5% |
|
|
|
|
|
|
Volkswagen AG, 9.40% |
|
|
|
|
|
|
(Cost $182,163) |
|
1,490 |
|
161,652 |
|
|
Warrants — 0.0%(b) |
| ||||
|
Canada — 0.0%(b) |
|
|
|
|
|
|
Constellation Software, Inc., expires 3/31/40*(c) |
|
|
|
|
|
|
(Cost $0) |
|
11 |
|
0 |
|
|
|
|
Shares |
|
Value |
|
|
Short-Term Investments — 0.2% |
| ||||
|
Money Market Funds — 0.2% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(d)(e) |
|
11,864 |
|
$11,864 |
|
|
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.31%(d) |
|
2,959 |
|
2,959 |
|
|
Total
Short-Term Investments |
|
14,823 |
| ||
|
Total
Investments — 100.0% |
|
6,615,478 |
| ||
|
|
|
|
| ||
|
Other
Assets and Liabilities, |
|
2,262 |
| ||
|
Net Assets — 100.0% |
|
$6,617,740 |
| ||
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $23,247; total market value of collateral held by the Fund was $23,740. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $11,876.
(b)Less than 0.05%.
(c)Securities are fair valued as determined in good faith in accordance with the procedures established by the Board of Trustees. The securities are fair valued using significant unobservable inputs.
(d)Reflects the 1-day yield at April 30, 2025.
(e)Represents security purchased with cash collateral received for securities on loan.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the level used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(f) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$6,439,003 |
|
$— |
|
$— |
|
$6,439,003 |
|
Preferred Stock |
|
161,652 |
|
— |
|
— |
|
161,652 |
|
Warrants |
|
— |
|
— |
|
0(g) |
|
— |
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
14,823 |
|
— |
|
— |
|
14,823 |
|
Total Investments in Securities |
|
$6,615,478 |
|
$
— |
|
$0 |
|
$6,615,478 |
(f)For a complete listing of investments and their countries, see the Schedule of Investments.
(g)The Level 3 securities, valued in total at $0, have been fair valued in good faith in accordance with procedures established by the Board of Trustees.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the year. (See Note 2)
40
See notes to financial statements.
Schedule of Investments — NYLI Healthy Hearts ETF
April 30, 2025
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.8% |
| ||||
|
Communication Services — 5.0% |
|
|
|
|
|
|
Alphabet, Inc., Class A |
|
2,863 |
|
$454,644 |
|
|
Consumer Discretionary — 11.6% |
|
|
|
|
|
|
adidas AG |
|
430 |
|
98,591 |
|
|
Asics Corp. |
|
2,203 |
|
47,631 |
|
|
Basic-Fit NV*(a) |
|
2,038 |
|
46,172 |
|
|
Columbia Sportswear Co.(a) |
|
561 |
|
34,877 |
|
|
Deckers Outdoor Corp.* |
|
390 |
|
43,224 |
|
|
Dick’s Sporting Goods, Inc. |
|
217 |
|
40,740 |
|
|
Feng TAY Enterprise Co., Ltd. |
|
11,591 |
|
40,771 |
|
|
Garmin Ltd. |
|
401 |
|
74,935 |
|
|
Giant Manufacturing Co., Ltd. |
|
10,124 |
|
41,151 |
|
|
Moncler SpA |
|
709 |
|
43,554 |
|
|
NIKE, Inc., Class B |
|
3,003 |
|
169,369 |
|
|
On Holding AG, Class A* |
|
1,006 |
|
48,399 |
|
|
Planet Fitness, Inc., Class A* |
|
527 |
|
49,849 |
|
|
Pool Corp. |
|
140 |
|
41,040 |
|
|
Puma SE |
|
1,626 |
|
41,717 |
|
|
Shimano, Inc. |
|
360 |
|
50,944 |
|
|
Thule Group AB |
|
1,511 |
|
34,466 |
|
|
Under Armour, Inc., Class A*(a) |
|
7,159 |
|
40,949 |
|
|
Vail Resorts, Inc. |
|
307 |
|
42,734 |
|
|
VF Corp. |
|
1,955 |
|
23,225 |
|
|
Total Consumer Discretionary |
|
|
|
1,054,338 |
|
|
Consumer Staples — 1.5% |
|
|
|
|
|
|
General Mills, Inc. |
|
1,420 |
|
80,571 |
|
|
Glanbia PLC |
|
4,231 |
|
54,829 |
|
|
Total Consumer Staples |
|
|
|
135,400 |
|
|
Health Care — 75.5% |
|
|
|
|
|
|
Abbott Laboratories |
|
3,532 |
|
461,809 |
|
|
Acadia Healthcare Co., Inc.* |
|
1,626 |
|
38,048 |
|
|
Asahi Intecc Co., Ltd. |
|
3,008 |
|
46,236 |
|
|
AstraZeneca PLC |
|
3,235 |
|
463,556 |
|
|
AtriCure, Inc.* |
|
1,258 |
|
37,627 |
|
|
Bangkok Dusit Medical Services PCL |
|
68,838 |
|
49,457 |
|
|
Beam Therapeutics, Inc.* |
|
1,851 |
|
36,890 |
|
|
Boston Scientific Corp.* |
|
4,697 |
|
483,180 |
|
|
Bristol-Myers Squibb Co. |
|
5,244 |
|
263,249 |
|
|
Bumrungrad Hospital PCL |
|
8,521 |
|
42,089 |
|
|
Centene Corp.* |
|
1,269 |
|
75,950 |
|
|
Cytokinetics, Inc.* |
|
1,060 |
|
45,410 |
|
|
Edwards Lifesciences Corp.* |
|
1,495 |
|
112,858 |
|
|
Elevance Health, Inc. |
|
587 |
|
246,880 |
|
|
Eli Lilly & Co. |
|
530 |
|
476,444 |
|
|
Encompass Health Corp. |
|
487 |
|
56,974 |
|
|
Fresenius SE & Co. KGaA* |
|
1,219 |
|
57,922 |
|
|
HCA Healthcare, Inc. |
|
455 |
|
157,011 |
|
|
IHH Healthcare Bhd |
|
29,201 |
|
46,830 |
|
|
iRhythm Technologies, Inc.* |
|
443 |
|
47,352 |
|
|
Johnson & Johnson |
|
2,954 |
|
461,740 |
|
|
Koninklijke Philips NV* |
|
2,004 |
|
50,823 |
|
|
LivaNova PLC* |
|
1,171 |
|
43,327 |
|
|
Medtronic PLC |
|
3,313 |
|
280,810 |
|
|
Merit Medical Systems, Inc.* |
|
478 |
|
45,147 |
|
|
Molina Healthcare, Inc.* |
|
162 |
|
52,976 |
|
|
Netcare Ltd. |
|
67,067 |
|
49,166 |
|
|
Nihon Kohden Corp. |
|
3,390 |
|
40,997 |
|
|
Novartis AG |
|
4,504 |
|
514,062 |
|
|
Novo Nordisk A/S, Class B |
|
5,424 |
|
359,455 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks (continued) |
|
|
|
|
|
|
Health Care (continued) |
|
|
|
|
|
|
Penumbra, Inc.* |
|
171 |
|
$50,076 |
|
|
Pfizer, Inc. |
|
18,445 |
|
450,242 |
|
|
Ramsay Health Care Ltd. |
|
2,279 |
|
48,500 |
|
|
Rhythm Pharmaceuticals, Inc.* |
|
888 |
|
57,889 |
|
|
Sanofi SA |
|
4,492 |
|
489,693 |
|
|
Select Medical Holdings Corp. |
|
2,680 |
|
48,883 |
|
|
Siemens Healthineers AG |
|
872 |
|
46,965 |
|
|
Tenet Healthcare Corp.* |
|
385 |
|
55,036 |
|
|
United Therapeutics Corp.* |
|
152 |
|
46,070 |
|
|
UnitedHealth Group, Inc. |
|
1,026 |
|
422,137 |
|
|
Total Health Care |
|
|
|
6,859,766 |
|
|
Industrials — 1.5% |
|
|
|
|
|
|
Fluidra SA |
|
2,113 |
|
48,808 |
|
|
Hayward Holdings, Inc.* |
|
3,364 |
|
44,842 |
|
|
Pentair PLC |
|
518 |
|
46,998 |
|
|
Total Industrials |
|
|
|
140,648 |
|
|
|
|
|
|
|
|
|
Information Technology — 4.7% |
|
|
|
|
|
|
Apple, Inc. |
|
2,016 |
|
428,400 |
|
|
Total
Common Stocks |
|
9,073,196 |
| ||
|
Short-Term Investment — 0.1% |
| ||||
|
Money Market Fund — 0.1% |
|
|
|
|
|
|
Dreyfus Government Cash Management Fund, Institutional Shares, 4.24%(b)(c) |
|
|
|
|
|
|
(Cost $4,569) |
|
4,569 |
|
4,569 |
|
|
|
|
|
|
|
|
|
Total
Investments — 99.9% |
|
9,077,765 |
| ||
|
|
|
|
| ||
|
Other
Assets and Liabilities, |
|
6,357 |
| ||
|
Net Assets — 100.0% |
|
$9,084,122 |
| ||
*Non-income producing securities.
(a)All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $118,118; total market value of collateral held by the Fund was $124,223. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $119,654.
(b)Reflects the 1-day yield at April 30, 2025.
(c)Represents security purchased with cash collateral received for securities on loan.
41
See notes to financial statements.
Schedule of Investments — NYLI Healthy Hearts ETF (continued)
April 30, 2025
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to Note 2.
|
Description |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Asset Valuation Inputs |
|
|
|
|
|
|
|
|
|
Investments in Securities:(d) |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$9,073,196 |
|
$— |
|
$— |
|
$9,073,196 |
|
Short-Term Investment: |
|
|
|
|
|
|
|
|
|
Money Market Fund |
|
4,569 |
|
— |
|
— |
|
4,569 |
|
Total Investments in Securities |
|
$9,077,765 |
|
$— |
|
$— |
|
$9,077,765 |
(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)
42
Statements of Assets and Liabilities
April 30, 2025
|
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
NYLI Merger Arbitrage ETF |
|
NYLI Candriam International Equity ETF |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Investments, at value (including securities on loan)(a) |
|
$728,851,434 |
|
$232,505,785 |
|
$208,475,878 |
|
$198,974,460 |
|
|
Investments in affiliates, at value |
|
26,753,488 |
|
— |
|
— |
|
— |
|
|
Cash |
|
414,823 |
|
301,594 |
|
— |
|
84 |
|
|
Deposits at broker for swap contracts |
|
1,500,000 |
|
— |
|
— |
|
— |
|
|
Receivable for capital shares transactions |
|
1,562,474 |
|
— |
|
— |
|
— |
|
|
Securities lending income receivable |
|
79,416 |
|
6,608 |
|
1,454 |
|
317 |
|
|
Unrealized appreciation on swap transactions |
|
— |
|
14 |
|
— |
|
— |
|
|
Receivable for investments sold |
|
— |
|
12,601,575 |
|
164,604 |
|
— |
|
|
Due from broker |
|
— |
|
1,647,473 |
|
— |
|
— |
|
|
Reclaims receivable |
|
— |
|
1,603,711 |
|
733,576 |
|
2,775 |
|
|
Dividend receivable |
|
— |
|
303,353 |
|
917,323 |
|
50,302 |
|
|
Total Assets |
|
759,161,635 |
|
248,970,113 |
|
210,292,835 |
|
199,027,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Collateral for investments on loan |
|
66,584,983 |
|
15,441,493 |
|
1,500,199 |
|
615,795 |
|
|
Due to broker |
|
1,678,713 |
|
— |
|
— |
|
— |
|
|
Payable for investments purchased |
|
1,561,487 |
|
— |
|
315,287 |
|
— |
|
|
Advisory fees payable |
|
294,499 |
|
141,011 |
|
22,417 |
|
21,709 |
|
|
Trustee fees payable |
|
6,331 |
|
2,472 |
|
2,000 |
|
2,162 |
|
|
Compliance fees payable |
|
101 |
|
52 |
|
28 |
|
57 |
|
|
Cash due to custodian |
|
— |
|
— |
|
2,384 |
|
— |
|
|
Foreign currency due to custodian |
|
— |
|
78,462 |
|
20,572 |
|
— |
|
|
Unrealized depreciation on swap transactions |
|
— |
|
33,118 |
|
— |
|
— |
|
|
Accrued expenses and other liabilities |
|
2,850 |
|
687 |
|
485 |
|
557 |
|
|
Total Liabilities |
|
70,128,964 |
|
15,697,295 |
|
1,863,372 |
|
640,280 |
|
|
Net Assets |
|
$689,032,671 |
|
$233,272,818 |
|
$208,429,463 |
|
$198,387,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Net Assets |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$764,976,703 |
|
$272,640,272 |
|
$199,840,055 |
|
$209,673,960 |
|
|
Total distributable earnings/(accumulated loss) |
|
(75,944,032 |
) |
(39,367,454 |
) |
8,589,408 |
|
(11,286,302 |
) |
|
Net Assets |
|
$689,032,671 |
|
$233,272,818 |
|
$208,429,463 |
|
$198,387,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE |
|
|
|
|
|
|
|
|
|
|
Shares
Outstanding (no par value, unlimited |
|
22,050,000 |
|
6,750,000 |
|
6,600,000 |
|
6,650,000 |
|
|
Net Asset Value Per Share |
|
$31.25 |
|
$34.56 |
|
$31.58 |
|
$29.83 |
|
|
Investments, at cost |
|
$715,191,325 |
|
$231,339,587 |
|
$189,005,289 |
|
$200,230,996 |
|
|
Investments in affiliates, at cost |
|
$24,555,945 |
|
$— |
|
$— |
|
$— |
|
|
(a)Market value of securities on loan |
|
$93,733,494 |
|
$16,226,847 |
|
$3,024,545 |
|
$1,147,778 |
|
43
Statements of Assets and Liabilities (continued)
April 30, 2025
|
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
NYLI
U.S. |
|
NYLI Global Equity R&D Leaders ETF |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Investments, at value (including securities on loan)(a) |
|
$342,077,742 |
|
$979,542,901 |
|
$7,161,101 |
|
$6,615,478 |
|
|
Cash |
|
144 |
|
12,414 |
|
— |
|
— |
|
|
Dividend receivable |
|
187,743 |
|
4,503,754 |
|
3,968 |
|
12,115 |
|
|
Securities lending income receivable |
|
75 |
|
19,751 |
|
14 |
|
32 |
|
|
Receivable for investments sold |
|
— |
|
37,599,719 |
|
— |
|
— |
|
|
Reclaims receivable |
|
— |
|
1,509,693 |
|
— |
|
7,847 |
|
|
Unrealized appreciation on forward foreign currency contracts |
|
— |
|
373,811 |
|
— |
|
— |
|
|
Total Assets |
|
342,265,704 |
|
1,023,562,043 |
|
7,165,083 |
|
6,635,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Collateral for investments on loan |
|
93,766 |
|
23,219,595 |
|
18,043 |
|
11,864 |
|
|
Advisory fees payable |
|
21,656 |
|
149,282 |
|
712 |
|
903 |
|
|
Trustee fees payable |
|
3,788 |
|
7,740 |
|
76 |
|
66 |
|
|
Compliance fees payable |
|
90 |
|
72 |
|
1 |
|
1 |
|
|
Payable for investments purchased |
|
— |
|
16,036,641 |
|
— |
|
— |
|
|
Cash due to custodian |
|
— |
|
— |
|
2,212 |
|
2,635 |
|
|
Foreign currency due to custodian |
|
— |
|
20,620 |
|
— |
|
2,186 |
|
|
Unrealized depreciation on forward foreign currency contracts |
|
— |
|
22,649,898 |
|
— |
|
— |
|
|
Accrued expenses and other liabilities |
|
1,040 |
|
2,693 |
|
76 |
|
77 |
|
|
Total Liabilities |
|
120,340 |
|
62,086,541 |
|
21,120 |
|
17,732 |
|
|
Net Assets |
|
$342,145,364 |
|
$961,475,502 |
|
$7,143,963 |
|
$6,617,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Net Assets |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$334,148,881 |
|
$888,741,856 |
|
$7,436,720 |
|
$6,744,383 |
|
|
Total distributable earnings/(accumulated loss) |
|
7,996,483 |
|
72,733,646 |
|
(292,757 |
) |
(126,643 |
) |
|
Net Assets |
|
$342,145,364 |
|
$961,475,502 |
|
$7,143,963 |
|
$6,617,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE |
|
|
|
|
|
|
|
|
|
|
Shares
Outstanding (no par value, unlimited |
|
7,600,000 |
|
34,400,000 |
|
225,000 |
|
225,000 |
|
|
Net Asset Value Per Share |
|
$45.02 |
|
$27.95 |
|
$31.75 |
|
$29.41 |
|
|
Investments, at cost |
|
$319,115,064 |
|
$871,806,373 |
|
$6,944,248 |
|
$6,245,776 |
|
|
(a)Market value of securities on loan |
|
$1,039,407 |
|
$35,633,676 |
|
$40,920 |
|
$23,247 |
|
44
Statements of Assets and Liabilities (continued)
April 30, 2025
|
|
|
NYLI Healthy Hearts ETF |
|
|
Assets |
|
|
|
|
Investments, at value (including securities on loan)(a) |
|
$9,077,765 |
|
|
Reclaims receivable |
|
18,621 |
|
|
Dividend receivable |
|
7,846 |
|
|
Securities lending income receivable |
|
18 |
|
|
Total Assets |
|
9,104,250 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Cash due to custodian |
|
11,893 |
|
|
Collateral for investments on loan |
|
4,569 |
|
|
Advisory fees payable |
|
3,204 |
|
|
Foreign currency due to custodian |
|
290 |
|
|
Trustee fees payable |
|
91 |
|
|
Compliance fees payable |
|
2 |
|
|
Accrued expenses and other liabilities |
|
79 |
|
|
Total Liabilities |
|
20,128 |
|
|
Net Assets |
|
$9,084,122 |
|
|
|
|
|
|
|
Composition of Net Assets |
|
|
|
|
Paid-in capital |
|
$9,004,309 |
|
|
Total distributable earnings/(accumulated loss) |
|
79,813 |
|
|
Net Assets |
|
$9,084,122 |
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE |
|
|
|
|
Shares Outstanding (no par value, unlimited shares authorized) |
|
300,000 |
|
|
Net Asset Value Per Share |
|
$30.28 |
|
|
Investments, at cost |
|
$8,471,417 |
|
|
(a)Market value of securities on loan |
|
$118,118 |
|
45
See notes to financial statements.
Statements of Operations
For the Year Ended April 30, 2025
|
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
NYLI Merger Arbitrage ETF |
|
NYLI Candriam International Equity ETF |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
Dividend income* |
|
$21,345,785 |
|
$3,334,498 |
|
$5,261,868 |
|
$3,230,948 |
|
|
Dividend income from affiliates |
|
77,566 |
|
— |
|
— |
|
— |
|
|
Securities lending income, net of borrower rebates |
|
833,937 |
|
158,217 |
|
10,452 |
|
22,659 |
|
|
Total investment income |
|
22,257,288 |
|
3,492,715 |
|
5,272,320 |
|
3,253,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Advisory fees (See Note 3) |
|
4,718,183 |
|
1,784,479 |
|
291,785 |
|
327,892 |
|
|
Trustee fees |
|
59,734 |
|
19,868 |
|
18,684 |
|
22,087 |
|
|
Legal fees |
|
11,738 |
|
3,037 |
|
3,605 |
|
4,283 |
|
|
Compliance fees |
|
1,471 |
|
461 |
|
459 |
|
567 |
|
|
Miscellaneous fees |
|
1,150 |
|
73 |
|
58 |
|
13 |
|
|
Total expenses |
|
4,792,276 |
|
1,807,918 |
|
314,591 |
|
354,842 |
|
|
Waivers/Reimbursements (See Note 3) |
|
(1,384,003 |
) |
— |
|
(22,807 |
) |
(26,950 |
) |
|
Net expenses |
|
3,408,273 |
|
1,807,918 |
|
291,784 |
|
327,892 |
|
|
Net investment income |
|
18,849,015 |
|
1,684,797 |
|
4,980,536 |
|
2,925,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
(98,736 |
) |
13,869,566 |
|
(4,130,868 |
) |
(7,202,971 |
) |
|
Investment in affiliates |
|
1,861,217 |
|
— |
|
— |
|
— |
|
|
In-Kind redemptions |
|
5,136,445 |
|
3,071,365 |
|
17,528,090 |
|
14,927,284 |
|
|
Affiliated in-kind redemptions |
|
771,093 |
|
— |
|
— |
|
— |
|
|
Swap transactions |
|
(12,038,938 |
) |
(2,310,015 |
) |
(2,360 |
) |
— |
|
|
Distributions by other investment companies |
|
20,105 |
|
— |
|
— |
|
— |
|
|
Foreign currency transactions |
|
— |
|
(269,550 |
) |
(65,946 |
) |
— |
|
|
Net realized gain (loss) |
|
(4,348,814 |
) |
14,361,366 |
|
13,328,916 |
|
7,724,313 |
|
|
Net change in net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
10,578,659 |
|
10,560,516 |
|
3,538,999 |
|
(5,393,814 |
) |
|
Investment in affiliates |
|
1,251,466 |
|
— |
|
— |
|
— |
|
|
Swap transactions |
|
— |
|
(33,104 |
) |
— |
|
— |
|
|
Foreign currency translations |
|
— |
|
(6,970 |
) |
108,837 |
|
— |
|
|
Net change in net unrealized appreciation (depreciation) |
|
11,830,125 |
|
10,520,442 |
|
3,647,836 |
|
(5,393,814 |
) |
|
Net realized and unrealized gain (loss) |
|
7,481,311 |
|
24,881,808 |
|
16,976,752 |
|
2,330,499 |
|
|
Net Increase in Net Assets Resulting from Operations |
|
$26,330,326 |
|
$26,566,605 |
|
$21,957,288 |
|
$5,256,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
*Net of foreign taxes withheld of: |
|
$— |
|
$40,506 |
|
$534,744 |
|
$6,916 |
|
46
See notes to financial statements.
Statements of Operations (continued)
For the Year Ended April 30, 2025
|
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
NYLI Global Equity R&D Leaders ETF |
|
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
Dividend income* |
|
$4,841,498 |
|
$24,056,394 |
|
$93,122 |
|
$121,379 |
|
|
Securities lending income, net of borrower rebates |
|
5,250 |
|
53,724 |
|
450 |
|
98 |
|
|
Total investment income |
|
4,846,748 |
|
24,110,118 |
|
93,572 |
|
121,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Advisory fees (See Note 3) |
|
335,583 |
|
1,523,365 |
|
10,419 |
|
11,998 |
|
|
Trustee fees |
|
36,591 |
|
77,710 |
|
744 |
|
492 |
|
|
Legal fees |
|
7,153 |
|
15,548 |
|
143 |
|
97 |
|
|
Compliance fees |
|
938 |
|
1,938 |
|
19 |
|
6 |
|
|
Miscellaneous fees |
|
58 |
|
3,728 |
|
48 |
|
48 |
|
|
Total expenses |
|
380,323 |
|
1,622,289 |
|
11,373 |
|
12,641 |
|
|
Waivers/Reimbursements (See Note 3) |
|
(44,747 |
) |
— |
|
(955 |
) |
(644 |
) |
|
Net expenses |
|
335,576 |
|
1,622,289 |
|
10,418 |
|
11,997 |
|
|
Net investment income |
|
4,511,172 |
|
22,487,829 |
|
83,154 |
|
109,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
(5,035,412 |
) |
(13,651,290 |
) |
(307,121 |
) |
(87,807 |
) |
|
In-Kind redemptions |
|
48,217,434 |
|
28,215,696 |
|
1,068,676 |
|
140,920 |
|
|
Swap transactions |
|
— |
|
4,655 |
|
— |
|
— |
|
|
Forward foreign currency contracts |
|
— |
|
4,375,444 |
|
— |
|
— |
|
|
Foreign currency transactions |
|
— |
|
(266,361 |
) |
— |
|
(1,814 |
) |
|
Net realized gain |
|
43,182,022 |
|
18,678,144 |
|
761,555 |
|
51,299 |
|
|
Net change in net unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
(20,953,010 |
) |
52,521,097 |
|
(326,897 |
) |
334,061 |
|
|
Forward foreign currency contracts |
|
— |
|
(27,821,674 |
) |
— |
|
— |
|
|
Foreign currency translations |
|
— |
|
309,492 |
|
— |
|
906 |
|
|
Net change in net unrealized appreciation (depreciation) |
|
(20,953,010 |
) |
25,008,915 |
|
(326,897 |
) |
334,967 |
|
|
Net realized and unrealized gain (loss) |
|
22,229,012 |
|
43,687,059 |
|
434,658 |
|
386,266 |
|
|
Net Increase in Net Assets Resulting from Operations |
|
$26,740,184 |
|
$66,174,888 |
|
$517,812 |
|
$495,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
*Net of foreign taxes withheld of: |
|
$— |
|
$2,545,800 |
|
$— |
|
$12,255 |
|
47
See notes to financial statements.
Statements of Operations (continued)
For the Year Ended April 30, 2025
|
|
|
NYLI Healthy Hearts ETF |
|
|
Investment Income |
|
|
|
|
Dividend income* |
|
$165,720 |
|
|
Securities lending income, net of borrower rebates |
|
339 |
|
|
Total investment income |
|
166,059 |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
Advisory fees (See Note 3) |
|
41,308 |
|
|
Trustee fees |
|
893 |
|
|
Legal fees |
|
176 |
|
|
Compliance fees |
|
22 |
|
|
Miscellaneous fees |
|
58 |
|
|
Total expenses |
|
42,457 |
|
|
Waivers/Reimbursements (See Note 3) |
|
(1,149 |
) |
|
Net expenses |
|
41,308 |
|
|
Net investment income |
|
124,751 |
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
Investment securities |
|
(33,915 |
) |
|
In-Kind redemptions |
|
405,642 |
|
|
Foreign currency transactions |
|
(1,767 |
) |
|
Net realized gain |
|
369,960 |
|
|
Net change in net unrealized appreciation (depreciation) on: |
|
|
|
|
Investment securities |
|
(132,757 |
) |
|
Foreign currency translations |
|
1,820 |
|
|
Net change in net unrealized depreciation |
|
(130,937 |
) |
|
Net realized and unrealized gain (loss) |
|
239,023 |
|
|
Net Increase in Net Assets Resulting from Operations |
|
$363,774 |
|
|
|
|
|
|
|
*Net of foreign taxes withheld of: |
|
$8,455 |
|
48
Statements of Changes in Net Assets
See notes to financial statements.
|
|
|
NYLI
Hedge Multi-Strategy |
|
NYLI Merger Arbitrage ETF |
| ||||
|
|
|
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 |
|
$18,849,015 |
|
$27,075,952 |
|
$1,684,797 |
|
$2,219,340 |
|
|
Net realized gain (loss) |
|
(4,348,814 |
) |
12,508,502 |
|
14,361,366 |
|
3,448,640 |
|
|
Net
change in net unrealized |
|
11,830,125 |
|
9,525,741 |
|
10,520,442 |
|
(9,653,997 |
) |
|
Net increase (decrease) in net assets resulting from operations |
|
26,330,326 |
|
49,110,195 |
|
26,566,605 |
|
(3,986,017 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders |
|
(14,744,680 |
) |
(25,206,630 |
) |
— |
|
(4,247,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
Proceeds from shares created |
|
245,280,329 |
|
118,660,772 |
|
23,527,049 |
|
42,085,057 |
|
|
Cost of shares redeemed |
|
(120,034,631 |
) |
(196,862,237 |
) |
(83,170,949 |
) |
(227,695,498 |
) |
|
Net increase (decrease) from capital share transactions |
|
125,245,698 |
|
(78,201,465 |
) |
(59,643,900 |
) |
(185,610,441 |
) |
|
Total increase (decrease) in net assets |
|
136,831,344 |
|
(54,297,900 |
) |
(33,077,295 |
) |
(193,843,558 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
552,201,327 |
|
606,499,227 |
|
266,350,113 |
|
460,193,671 |
|
|
End of year |
|
$689,032,671 |
|
$552,201,327 |
|
$233,272,818 |
|
$266,350,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of year |
|
18,100,000 |
|
20,650,000 |
|
8,600,000 |
|
14,500,000 |
|
|
Shares created |
|
7,750,000 |
|
3,950,000 |
|
700,000 |
|
1,350,000 |
|
|
Shares redeemed |
|
(3,800,000 |
) |
(6,500,000 |
) |
(2,550,000 |
) |
(7,250,000 |
) |
|
Shares outstanding, end of year |
|
22,050,000 |
|
18,100,000 |
|
6,750,000 |
|
8,600,000 |
|
49
Statements of Changes in Net Assets (continued)
See notes to financial statements.
|
|
|
NYLI Candriam International Equity ETF |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
| ||||
|
|
|
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 |
|
$4,980,536 |
|
$5,152,672 |
|
$2,925,715 |
|
$2,161,807 |
|
|
Net realized gain |
|
13,328,916 |
|
7,527,416 |
|
7,724,313 |
|
5,864,642 |
|
|
Net
change in net unrealized |
|
3,647,836 |
|
4,919,629 |
|
(5,393,814 |
) |
3,909,355 |
|
|
Net increase in net assets resulting from operations |
|
21,957,288 |
|
17,599,717 |
|
5,256,214 |
|
11,935,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders |
|
(5,081,060 |
) |
(5,430,434 |
) |
(2,693,887 |
) |
(1,926,760 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
Proceeds from shares created |
|
63,597,883 |
|
12,937,639 |
|
65,673,110 |
|
242,619,993 |
|
|
Cost of shares redeemed |
|
(56,469,581 |
) |
(33,353,346 |
) |
(68,758,066 |
) |
(59,067,443 |
) |
|
Net increase (decrease) from capital share transactions |
|
7,128,302 |
|
(20,415,707 |
) |
(3,084,956 |
) |
183,552,550 |
|
|
Total increase (decrease) in net assets |
|
24,004,530 |
|
(8,246,424 |
) |
(522,629 |
) |
193,561,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
184,424,933 |
|
192,671,357 |
|
198,910,287 |
|
5,348,693 |
|
|
End of year |
|
$208,429,463 |
|
$184,424,933 |
|
$198,387,658 |
|
$198,910,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of year |
|
6,350,000 |
|
7,050,000 |
|
6,675,000 |
|
200,000 |
|
|
Shares created |
|
2,125,000 |
|
475,000 |
|
2,100,000 |
|
8,475,000 |
|
|
Shares redeemed |
|
(1,875,000 |
) |
(1,175,000 |
) |
(2,125,000 |
) |
(2,000,000 |
) |
|
Shares outstanding, end of year |
|
6,600,000 |
|
6,350,000 |
|
6,650,000 |
|
6,675,000 |
|
50
Statements of Changes in Net Assets (continued)
See notes to financial statements.
|
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
NYLI FTSE International Equity Currency Neutral ETF |
| ||||
|
|
|
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 |
|
$4,511,172 |
|
$4,704,679 |
|
$22,487,829 |
|
$12,200,876 |
|
|
Net realized gain |
|
43,182,022 |
|
46,574,257 |
|
18,678,144 |
|
5,648,932 |
|
|
Net
change in net unrealized |
|
(20,953,010 |
) |
21,896,028 |
|
25,008,915 |
|
45,114,094 |
|
|
Net increase in net assets resulting from operations |
|
26,740,184 |
|
73,174,964 |
|
66,174,888 |
|
62,963,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders |
|
(4,472,765 |
) |
(4,665,767 |
) |
(18,231,541 |
) |
(8,859,486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
Proceeds from shares created |
|
93,480,061 |
|
94,579,862 |
|
418,649,410 |
|
204,782,495 |
|
|
Cost of shares redeemed |
|
(141,537,431 |
) |
(171,598,128 |
) |
(84,659,019 |
) |
(4,587,867 |
) |
|
Net increase (decrease) from capital share transactions |
|
(48,057,370 |
) |
(77,018,266 |
) |
333,990,391 |
|
200,194,628 |
|
|
Total increase (decrease) in net assets |
|
(25,789,951 |
) |
(8,509,069 |
) |
381,933,738 |
|
254,299,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
367,935,315 |
|
376,444,384 |
|
579,541,764 |
|
325,242,720 |
|
|
End of year |
|
$342,145,364 |
|
$367,935,315 |
|
$961,475,502 |
|
$579,541,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of year |
|
8,625,000 |
|
10,550,000 |
|
22,000,000 |
|
13,800,000 |
|
|
Shares created |
|
2,000,000 |
|
2,350,000 |
|
15,550,000 |
|
8,400,000 |
|
|
Shares redeemed |
|
(3,025,000 |
) |
(4,275,000 |
) |
(3,150,000 |
) |
(200,000 |
) |
|
Shares outstanding, end of year |
|
7,600,000 |
|
8,625,000 |
|
34,400,000 |
|
22,000,000 |
|
51
Statements of Changes in Net Assets (continued)
See notes to financial statements.
|
|
|
NYLI
U.S. Large Cap |
|
NYLI
Global Equity |
| ||||
|
|
|
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 |
|
$83,154 |
|
$71,136 |
|
$109,480 |
|
$144,908 |
|
|
Net realized gain |
|
761,555 |
|
537,656 |
|
51,299 |
|
724,241 |
|
|
Net change in net unrealized appreciation (depreciation) |
|
(326,897 |
) |
856,012 |
|
334,967 |
|
214,401 |
|
|
Net increase in net assets resulting from operations |
|
517,812 |
|
1,464,804 |
|
495,746 |
|
1,083,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders |
|
(82,172 |
) |
(71,777 |
) |
(102,558 |
) |
(153,927 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
Proceeds from shares created |
|
3,319,758 |
|
2,192,749 |
|
748,569 |
|
11,965,671 |
|
|
Cost of shares redeemed |
|
(3,306,254 |
) |
(1,493,391 |
) |
(735,941 |
) |
(12,434,368 |
) |
|
Net increase (decrease) from capital share transactions |
|
13,504 |
|
699,358 |
|
12,628 |
|
(468,697 |
) |
|
Total increase in net assets |
|
449,144 |
|
2,092,385 |
|
405,816 |
|
460,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
6,694,819 |
|
4,602,434 |
|
6,211,924 |
|
5,750,998 |
|
|
End of year |
|
$7,143,963 |
|
$6,694,819 |
|
$6,617,740 |
|
$6,211,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of year |
|
225,000 |
|
200,000 |
|
225,000 |
|
250,000 |
|
|
Shares created |
|
100,000 |
|
75,000 |
|
25,000 |
|
475,000 |
|
|
Shares redeemed |
|
(100,000 |
) |
(50,000 |
) |
(25,000 |
) |
(500,000 |
) |
|
Shares outstanding, end of year |
|
225,000 |
|
225,000 |
|
225,000 |
|
225,000 |
|
52
Statements of Changes in Net Assets (continued)
See notes to financial statements.
|
|
|
NYLI Healthy Hearts ETF |
| ||
|
|
|
For the Year Ended April 30, |
| ||
|
2025 |
|
2024 |
| ||
|
Increase (Decrease) in Net Assets from Operations |
|
|
|
|
|
|
Net investment income |
|
$124,751 |
|
$111,056 |
|
|
Net realized gain |
|
369,960 |
|
385,752 |
|
|
Net change in net unrealized depreciation |
|
(130,937 |
) |
(100,739 |
) |
|
Net increase in net assets resulting from operations |
|
363,774 |
|
396,069 |
|
|
|
|
|
|
|
|
|
Distributions to Shareholders |
|
(121,723 |
) |
(106,617 |
) |
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
Proceeds from shares created |
|
1,570,229 |
|
749,995 |
|
|
Cost of shares redeemed |
|
(1,546,077 |
) |
(741,449 |
) |
|
Net increase from capital share transactions |
|
24,152 |
|
8,546 |
|
|
Total increase in net assets |
|
266,203 |
|
297,998 |
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
Beginning of year |
|
8,817,919 |
|
8,519,921 |
|
|
End of year |
|
$9,084,122 |
|
$8,817,919 |
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding |
|
|
|
|
|
|
Shares outstanding, beginning of year |
|
300,000 |
|
300,000 |
|
|
Shares created |
|
50,000 |
|
25,000 |
|
|
Shares redeemed |
|
(50,000 |
) |
(25,000 |
) |
|
Shares outstanding, end of year |
|
300,000 |
|
300,000 |
|
53
Financial Highlights
Selected Data for a Share of Capital Stock Outstanding
See notes to financial statements.
|
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
| ||||||||
|
|
|
For the Year Ended April 30, |
| ||||||||
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
| ||
|
Net asset value, beginning of year |
|
$30.51 |
|
$29.37 |
|
$29.76 |
|
$32.02 |
|
$29.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a)(b) |
|
0.94 |
|
1.33 |
|
0.72 |
|
0.41 |
|
0.42 |
|
|
Net realized and unrealized gain (loss) |
|
0.50 |
|
1.04 |
|
(0.54 |
) |
(2.65 |
) |
2.79 |
|
|
Distributions
of net realized gains from |
|
0.00 |
(c) |
— |
|
— |
|
0.07 |
|
0.03 |
|
|
Net
increase (decrease) in net assets |
|
1.44 |
|
2.37 |
|
0.18 |
|
(2.17 |
) |
3.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.70 |
) |
(1.23 |
) |
(0.57 |
) |
(0.09 |
) |
(0.63 |
) |
|
Net asset value, end of year |
|
$31.25 |
|
$30.51 |
|
$29.37 |
|
$29.76 |
|
$32.02 |
|
|
Market price, end of year |
|
$31.25 |
|
$30.49 |
|
$29.38 |
|
$29.75 |
|
$32.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(d) |
|
4.71 |
% |
8.11 |
% |
0.68 |
% |
(6.80 |
)% |
11.01 |
% |
|
Total investment return based on market price(e) |
|
4.77 |
% |
8.00 |
% |
0.73 |
% |
(6.80 |
)% |
11.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s omitted) |
|
$689,033 |
|
$552,201 |
|
$606,499 |
|
$757,270 |
|
$795,577 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers(f) |
|
0.54 |
% |
0.54 |
% |
0.55 |
%(g) |
0.54 |
% |
0.54 |
% |
|
Expenses excluding waivers(f) |
|
0.76 |
% |
0.76 |
% |
0.77 |
% |
0.76 |
% |
0.76 |
% |
|
Net investment income(b) |
|
3.00 |
% |
4.43 |
% |
2.50 |
% |
1.29 |
% |
1.35 |
% |
|
Portfolio turnover rate(h) |
|
65 |
% |
151 |
% |
94 |
% |
138 |
% |
163 |
% |
(a)Based on average shares outstanding.
(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)Less than $0.005 per share.
(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)The market price total investment returns are calculated using the mean between the last bid and ask prices.
(f)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)The ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(h)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
54
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
See notes to financial statements.
|
|
|
NYLI Merger Arbitrage ETF |
| ||||||||
|
|
|
For the Year Ended April 30, |
| ||||||||
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
| ||
|
Net asset value, beginning of year |
|
$30.97 |
|
$31.74 |
|
$31.81 |
|
$33.62 |
|
$31.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a)(b) |
|
0.23 |
|
0.17 |
|
0.43 |
|
0.09 |
|
0.31 |
|
|
Net realized and unrealized gain (loss) |
|
3.36 |
|
(0.56 |
) |
(0.50 |
) |
(1.90 |
) |
2.55 |
|
|
Distributions
of net realized gains from |
|
— |
|
— |
|
— |
|
0.00 |
(c) |
0.00 |
(c) |
|
Net
increase (decrease) in net assets |
|
3.59 |
|
(0.39 |
) |
(0.07 |
) |
(1.81 |
) |
2.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
— |
|
(0.38 |
) |
— |
|
— |
|
(0.77 |
) |
|
Net asset value, end of year |
|
$34.56 |
|
$30.97 |
|
$31.74 |
|
$31.81 |
|
$33.62 |
|
|
Market price, end of year |
|
$34.57 |
|
$30.90 |
|
$31.72 |
|
$31.78 |
|
$33.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(d) |
|
11.59 |
% |
(1.25 |
)% |
(0.21 |
)% |
(5.38 |
)% |
9.07 |
% |
|
Total investment return based on market price(e) |
|
11.88 |
% |
(1.42 |
)% |
(0.19 |
)% |
(5.61 |
)% |
9.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s omitted) |
|
$233,273 |
|
$266,350 |
|
$460,194 |
|
$591,634 |
|
$746,279 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses(f) |
|
0.76 |
% |
0.76 |
% |
0.77 |
% |
0.76 |
% |
0.76 |
% |
|
Net investment income(b) |
|
0.71 |
% |
0.55 |
% |
1.36 |
% |
0.28 |
% |
0.94 |
% |
|
Portfolio turnover rate(g) |
|
317 |
% |
386 |
% |
367 |
% |
314 |
% |
313 |
% |
(a)Based on average shares outstanding.
(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)Less than $0.005 per share.
(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(e)The market price total investment returns are calculated using the mean between the last bid and ask prices.
(f)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(g)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
55
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
|
|
|
NYLI Candriam International Equity ETF |
| ||||||||
|
|
|
For the Year Ended April 30, |
| ||||||||
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
| ||
|
Net asset value, beginning of year |
|
$29.04 |
|
$27.33 |
|
$26.16 |
|
$29.21 |
|
$21.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a)(b) |
|
0.77 |
|
0.74 |
|
0.79 |
|
0.85 |
|
0.62 |
|
|
Net realized and unrealized gain (loss) |
|
2.55 |
|
1.76 |
|
1.16 |
|
(3.05 |
) |
8.01 |
|
|
Net
increase (decrease) in net assets resulting |
|
3.32 |
|
2.50 |
|
1.95 |
|
(2.20 |
) |
8.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.78 |
) |
(0.79 |
) |
(0.78 |
) |
(0.85 |
) |
(0.42 |
) |
|
Net asset value, end of year |
|
$31.58 |
|
$29.04 |
|
$27.33 |
|
$26.16 |
|
$29.21 |
|
|
Market price, end of year |
|
$31.55 |
|
$28.77 |
|
$27.40 |
|
$25.79 |
|
$29.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(c) |
|
11.63 |
% |
9.34 |
% |
7.98 |
% |
(7.82 |
)% |
41.45 |
% |
|
Total investment return based on market price(d) |
|
12.58 |
% |
8.03 |
% |
9.81 |
% |
(9.25 |
)% |
42.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s omitted) |
|
$208,429 |
|
$184,425 |
|
$192,671 |
|
$198,798 |
|
$186,951 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(e) |
|
0.15 |
% |
0.15 |
% |
0.15 |
% |
0.15 |
% |
0.15 |
% |
|
Expenses excluding waivers/reimbursements(e) |
|
0.16 |
% |
0.16 |
% |
0.16 |
% |
0.16 |
% |
0.16 |
% |
|
Net investment income(b) |
|
2.56 |
% |
2.71 |
% |
3.19 |
% |
2.90 |
% |
2.41 |
% |
|
Portfolio turnover rate(f) |
|
22 |
% |
26 |
% |
17 |
% |
10 |
% |
21 |
% |
(a)Based on average shares outstanding.
(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)The market price total investment returns are calculated using the mean between the last bid and ask prices.
(e)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
56
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
See notes to financial statements.
|
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
| ||||
|
|
|
For the Year Ended April 30, |
|
For
the Period October 25, 2022(a)
to |
| ||
|
2025 |
|
2024 |
| ||||
|
Net asset value, beginning of period |
|
$29.80 |
|
$26.74 |
|
$25.00 |
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
Net investment income(b)(c) |
|
0.43 |
|
0.41 |
|
0.23 |
|
|
Net realized and unrealized gain (loss) |
|
(0.02 |
)(d) |
2.99 |
|
1.69 |
|
|
Net
increase (decrease) in net assets resulting |
|
0.41 |
|
3.40 |
|
1.92 |
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
Net investment income |
|
(0.38 |
) |
(0.34 |
) |
(0.18 |
) |
|
Net asset value, end of period |
|
$29.83 |
|
$29.80 |
|
$26.74 |
|
|
Market price, end of period |
|
$29.80 |
|
$29.80 |
|
$26.75 |
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
Total investment return based on net asset value(e) |
|
1.32 |
% |
12.72 |
% |
6.85 |
% |
|
Total investment return based on market price(f) |
|
1.21 |
% |
12.69 |
% |
6.88 |
%(g) |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
Net assets, end of period (000’s omitted) |
|
$198,388 |
|
$198,910 |
|
$5,349 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(h) |
|
0.15 |
% |
0.15 |
% |
0.15 |
%(i) |
|
Expenses excluding waivers/reimbursements(h) |
|
0.16 |
% |
0.16 |
% |
0.19 |
%(i) |
|
Net investment income(c) |
|
1.34 |
% |
1.44 |
% |
1.65 |
%(i) |
|
Portfolio turnover rate(j) |
|
47 |
% |
38 |
% |
13 |
% |
(a)Commencement of operations.
(b)Based on average shares outstanding.
(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)Calculation of the net realized and unrealized gain (loss) per share may not correlate with the Fund’s net realized and unrealized gain (loss) presented on the Statements of Changes in Net Assets due to the timing of creation of Fund shares in relation to fluctuating market values.
(e)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(f)The market price total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(g)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(h)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(i)Annualized.
(j)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
57
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
|
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
| ||||||||
|
|
|
For the Year Ended April 30, |
| ||||||||
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
| ||
|
Net asset value, beginning of year |
|
$42.66 |
|
$35.68 |
|
$35.56 |
|
$35.56 |
|
$24.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a)(b) |
|
0.57 |
|
0.50 |
|
0.49 |
|
0.46 |
|
0.42 |
|
|
Net realized and unrealized gain (loss) |
|
2.33 |
|
6.97 |
|
0.11 |
|
(0.01 |
) |
11.32 |
|
|
Net
increase (decrease) in net assets |
|
2.90 |
|
7.47 |
|
0.60 |
|
0.45 |
|
11.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.54 |
) |
(0.49 |
) |
(0.48 |
) |
(0.45 |
) |
(0.31 |
) |
|
Net asset value, end of year |
|
$45.02 |
|
$42.66 |
|
$35.68 |
|
$35.56 |
|
$35.56 |
|
|
Market price, end of year |
|
$44.94 |
|
$42.65 |
|
$35.68 |
|
$35.58 |
|
$35.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(c) |
|
6.75 |
% |
21.01 |
% |
1.81 |
% |
1.21 |
% |
48.85 |
% |
|
Total investment return based on market price(d) |
|
6.59 |
% |
20.99 |
% |
1.75 |
% |
1.23 |
% |
49.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s omitted) |
|
$342,145 |
|
$367,935 |
|
$376,444 |
|
$428,535 |
|
$410,702 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(e) |
|
0.09 |
% |
0.09 |
% |
0.09 |
% |
0.09 |
% |
0.09 |
% |
|
Expenses excluding waivers/reimbursements(e) |
|
0.10 |
% |
0.10 |
% |
0.10 |
% |
0.10 |
% |
0.10 |
% |
|
Net investment income(b) |
|
1.21 |
% |
1.27 |
% |
1.45 |
% |
1.21 |
% |
1.35 |
% |
|
Portfolio turnover rate(f) |
|
34 |
% |
15 |
% |
19 |
% |
5 |
% |
21 |
% |
(a)Based on average shares outstanding.
(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)The market price total investment returns are calculated using the mean between the last bid and ask prices.
(e)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
58
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
See notes to financial statements.
|
|
|
NYLI FTSE International Equity Currency Neutral ETF |
| ||||||||
|
|
|
For the Year Ended April 30, |
| ||||||||
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
| ||
|
Net asset value, beginning of year |
|
$26.34 |
|
$23.57 |
|
$22.88 |
|
$24.34 |
|
$18.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a)(b) |
|
0.75 |
|
0.68 |
|
0.71 |
|
0.67 |
|
0.51 |
|
|
Net realized and unrealized gain (loss) |
|
1.52 |
|
2.61 |
|
1.05 |
|
(1.40 |
) |
6.28 |
|
|
Net
increase (decrease) in net assets |
|
2.27 |
|
3.29 |
|
1.76 |
|
(0.73 |
) |
6.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.65 |
) |
(0.52 |
) |
(0.82 |
) |
(0.73 |
) |
(0.47 |
) |
|
Net realized gain |
|
(0.01 |
) |
— |
|
(0.25 |
) |
— |
|
— |
|
|
Total distributions from net investment income and realized gains |
|
(0.66 |
) |
(0.52 |
) |
(1.07 |
) |
(0.73 |
) |
(0.47 |
) |
|
Net asset value, end of year |
|
$27.95 |
|
$26.34 |
|
$23.57 |
|
$22.88 |
|
$24.34 |
|
|
Market price, end of year |
|
$27.95 |
|
$26.20 |
|
$23.68 |
|
$22.60 |
|
$24.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
Total
investment return based on |
|
8.83 |
% |
14.16 |
% |
8.31 |
% |
(3.16 |
)% |
38.14 |
% |
|
Total investment return based on market price(d) |
|
9.40 |
% |
13.01 |
% |
10.19 |
% |
(4.45 |
)% |
39.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000’s omitted) |
|
$961,476 |
|
$579,542 |
|
$325,243 |
|
$265,421 |
|
$310,388 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(e) |
|
0.20 |
% |
0.20 |
% |
0.21 |
% |
0.20 |
% |
0.20 |
% |
|
Expenses excluding waivers/reimbursements(e) |
|
0.20 |
% |
0.20 |
% |
0.26 |
% |
0.36 |
% |
0.36 |
% |
|
Net investment income(b) |
|
2.80 |
% |
2.79 |
% |
3.25 |
% |
2.72 |
% |
2.41 |
% |
|
Portfolio turnover rate(f) |
|
16 |
% |
11 |
% |
14 |
% |
8 |
% |
10 |
% |
(a)Based on average shares outstanding.
(b)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(c)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period.
(d)The market price total investment returns are calculated using the mean between the last bid and ask prices.
(e)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(f)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
59
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
|
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
| ||||||
|
|
|
For the Year Ended April 30, |
|
For
the Period February 8, 2022(a)
to |
| ||||
|
2025 |
|
2024 |
|
2023 |
| ||||
|
Net asset value, beginning of period |
|
$29.75 |
|
$23.01 |
|
$22.47 |
|
$24.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net investment income(b)(c) |
|
0.37 |
|
0.34 |
|
0.31 |
|
0.07 |
|
|
Net realized and unrealized gain (loss) |
|
1.97 |
|
6.74 |
|
0.54 |
|
(2.39 |
) |
|
Net
increase (decrease) in net assets |
|
2.34 |
|
7.08 |
|
0.85 |
|
(2.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.34 |
) |
(0.34 |
) |
(0.31 |
) |
(0.04 |
) |
|
Net asset value, end of period |
|
$31.75 |
|
$29.75 |
|
$23.01 |
|
$22.47 |
|
|
Market price, end of period |
|
$31.67 |
|
$29.77 |
|
$23.02 |
|
$22.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(d) |
|
7.80 |
% |
30.90 |
% |
3.95 |
% |
(9.37 |
)% |
|
Total investment return based on market price(e) |
|
7.47 |
% |
30.92 |
% |
4.08 |
% |
(9.43 |
)%(f) |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s omitted) |
|
$7,144 |
|
$6,695 |
|
$4,602 |
|
$4,494 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(g) |
|
0.14 |
% |
0.14 |
% |
0.14 |
% |
0.14 |
%(h) |
|
Expenses excluding waivers/reimbursements(g) |
|
0.15 |
% |
0.15 |
% |
0.16 |
% |
0.15 |
%(h) |
|
Net investment income(c) |
|
1.12 |
% |
1.25 |
% |
1.45 |
% |
1.21 |
%(h) |
|
Portfolio turnover rate(i) |
|
12 |
% |
17 |
% |
23 |
% |
3 |
% |
(a)Commencement of operations.
(b)Based on average shares outstanding.
(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)The market price total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(f)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)Annualized.
(i)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
60
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
See notes to financial statements.
|
|
|
NYLI Global Equity R&D Leaders ETF |
| ||||||
|
|
|
For the Year Ended April 30, |
|
For
the Period February 8, 2022(a)
to |
| ||||
|
2025 |
|
2024 |
|
2023 |
| ||||
|
Net asset value, beginning of period |
|
$27.61 |
|
$23.00 |
|
$22.29 |
|
$24.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net investment income(b)(c) |
|
0.49 |
|
0.39 |
|
0.46 |
|
0.12 |
|
|
Net realized and unrealized gain (loss) |
|
1.75 |
|
4.66 |
|
0.71 |
|
(2.69 |
) |
|
Net
increase (decrease) in net assets |
|
2.24 |
|
5.05 |
|
1.17 |
|
(2.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.44 |
) |
(0.44 |
) |
(0.46 |
) |
(0.06 |
) |
|
Net asset value, end of period |
|
$29.41 |
|
$27.61 |
|
$23.00 |
|
$22.29 |
|
|
Market price, end of period |
|
$29.38 |
|
$27.50 |
|
$23.05 |
|
$22.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(d) |
|
8.13 |
% |
22.13 |
% |
5.54 |
% |
(10.35 |
)% |
|
Total investment return based on market price(e) |
|
8.45 |
% |
21.41 |
% |
6.54 |
% |
(11.03 |
)%(f) |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s omitted) |
|
$6,618 |
|
$6,212 |
|
$5,751 |
|
$4,457 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(g) |
|
0.18 |
% |
0.18 |
% |
0.18 |
% |
0.18 |
%(h) |
|
Expenses excluding waivers/reimbursements(g) |
|
0.19 |
% |
0.20 |
% |
0.20 |
% |
0.19 |
%(h) |
|
Net investment income(c) |
|
1.64 |
% |
1.53 |
% |
2.19 |
% |
2.15 |
%(h) |
|
Portfolio turnover rate(i) |
|
26 |
% |
33 |
% |
27 |
% |
12 |
% |
(a)Commencement of operations.
(b)Based on average shares outstanding.
(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)The market price total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(f)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)Annualized.
(i)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
61
See notes to financial statements.
Financial Highlights (continued)
Selected Data for a Share of Capital Stock Outstanding
|
|
|
NYLI Healthy Hearts ETF |
| ||||||||
|
|
|
For the Year Ended April 30, |
|
For the Period January 14, 2021(a) to April 30, 2021 |
| ||||||
|
2025 |
|
2024 |
|
2023 |
|
2022 |
| ||||
|
Net asset value, beginning of period |
|
$29.39 |
|
$28.40 |
|
$27.57 |
|
$26.24 |
|
$24.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(b)(c) |
|
0.43 |
|
0.37 |
|
0.33 |
|
0.32 |
|
0.14 |
|
|
Net realized and unrealized gain (loss) |
|
0.87 |
|
0.97 |
|
0.83 |
|
1.33 |
|
1.26 |
|
|
Net
increase (decrease) in net assets |
|
1.30 |
|
1.34 |
|
1.16 |
|
1.65 |
|
1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
(0.41 |
) |
(0.35 |
) |
(0.33 |
) |
(0.32 |
) |
(0.09 |
) |
|
Net asset value, end of period |
|
$30.28 |
|
$29.39 |
|
$28.40 |
|
$27.57 |
|
$26.24 |
|
|
Market price, end of period |
|
$30.24 |
|
$29.34 |
|
$28.43 |
|
$27.51 |
|
$26.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return based on net asset value(d) |
|
4.36 |
% |
4.75 |
% |
4.35 |
% |
6.32 |
% |
5.62 |
% |
|
Total investment return based on market price(e) |
|
4.40 |
% |
4.45 |
% |
4.70 |
% |
5.89 |
% |
5.77 |
%(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s omitted) |
|
$9,084 |
|
$8,818 |
|
$8,520 |
|
$6,893 |
|
$6,559 |
|
|
Ratio to average net assets of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers/reimbursements(g) |
|
0.45 |
% |
0.45 |
% |
0.46 |
%(h) |
0.45 |
% |
0.45 |
%(i) |
|
Expenses excluding waivers/reimbursements(g) |
|
0.46 |
% |
0.46 |
% |
0.47 |
% |
0.47 |
% |
0.46 |
%(i) |
|
Net investment income(c) |
|
1.36 |
% |
1.30 |
% |
1.26 |
% |
1.15 |
% |
1.92 |
%(i) |
|
Portfolio turnover rate(j) |
|
35 |
% |
34 |
% |
55 |
% |
31 |
% |
14 |
% |
(a)Commencement of operations.
(b)Based on average shares outstanding.
(c)Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.
(d)Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.
(e)The market price total investment returns are calculated using the mean between the last bid and ask prices. Total investment returns calculated for a period less than one year are not annualized.
(f)Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception date to the first day of the secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(g)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a prorated share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(h)The Ratio includes non-recurring costs associated with a proxy statement of 0.01%.
(i)Annualized.
(j)Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.
62
Notes to Financial Statements
April 30, 2025
1. ORGANIZATION
New York Life Investments ETF Trust (the “Trust”) (formally known as IndexIQ ETF Trust) was organized as a Delaware statutory trust on July 1, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end, management investment company, as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of nine operational funds (collectively, the “Funds” and each, a “Fund”). The Funds are exchange-traded funds (“ETFs”), whose shares are listed on a stock exchange and traded like equity securities at market prices.
Investors may find the financial statements of any issuer whose securities represent a significant amount of the Fund’s assets on the SEC’s website (www.sec.gov).
|
Fund |
|
Diversification Policy |
|
Commencement of Operations Date |
|
NYLI Hedge Multi-Strategy Tracker ETF* |
|
Diversified |
|
March 25, 2009 |
|
NYLI Merger Arbitrage ETF |
|
Non-diversified |
|
November 17, 2009 |
|
NYLI Candriam International Equity ETF |
|
Diversified |
|
December 17, 2019 |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
Diversified |
|
October 25, 2022 |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
Diversified |
|
December 17, 2019 |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
Diversified |
|
July 22, 2015 |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
Non-diversified |
|
February 8, 2022 |
|
NYLI Global Equity R&D Leaders ETF |
|
Diversified |
|
February 8, 2022 |
|
NYLI Healthy Hearts ETF |
|
Non-diversified |
|
January 14, 2021 |
*Fund is “fund of funds”, meaning that it seeks to achieve its investment objective by investing primarily in underlying funds, including ETFs, exchange-traded notes (“ETNs”), and other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange traded commodity pools (“ETVs”). Such ETFs, ETVs and ETNs are referred to collectively as exchange-traded products (“ETPs”).
Each Fund’s investment objective is to seek daily investment results, before fees and expenses that correspond to the performance of a particular index (the “Underlying Index”). The Underlying Index for each Fund is listed below:
|
Fund |
|
Underlying Index |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
NYLI Hedge Multi-Strategy Index |
|
NYLI Merger Arbitrage ETF |
|
NYLI Merger Arbitrage Index |
|
NYLI Candriam International Equity ETF |
|
NYLI Candriam International Equity Index |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
NYLI Candriam U.S. Mid Cap Equity Index |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
NYLI Candriam U.S. Large Cap Equity Index |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
FTSE Developed ex North America 50% Hedged to USD Index |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
NYLI U.S. Large Cap R&D Leaders Index |
|
NYLI Global Equity R&D Leaders ETF |
|
NYLI Global Equity R&D Leaders Index |
|
NYLI Healthy Hearts ETF |
|
NYLI Candriam Healthy Hearts Index |
In this reporting period, the Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. NYLI Disclosure Committee (“Committee”) acts as the Funds’ chief operating
63
Notes to Financial Statements (continued)
April 30, 2025
decision maker assessing performance and making decisions about resource allocation. The Committee has determined that each Fund has a single operating segment based on the fact that the Committee monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy. The financial information provided to and reviewed by the Committee is consistent with that presented in each Fund’s Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.
2. SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standard Codification Topic 946 Financial Services — Investment Companies. Each Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.
Use of Estimates
New York Life Investment Management LLC (“NYLIM” or “Advisor”) makes certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.
Indemnification
In the normal course of business, the Funds may enter into contracts that contain a variety of representations and warranties that may provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. The Advisor believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Funds.
Investment Valuation
Each Fund issues and redeems shares on a continuous basis at Net Asset Value (“NAV”) only in large blocks of shares called “Creation Units.” The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the Fund’s listed exchange is open for trading. The NAV of the shares of each Fund will be equal to each Fund’s total assets minus each Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places. The consideration for purchase of a Creation Unit of shares of each Fund generally consists of a basket of securities and/or cash that the Fund specifies each day.
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the “Board”) designated the Advisor as its Valuation Designee (the “Valuation Designee”). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund’s for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Fund’s and the Valuation Designee’s policies and procedures (“Valuation Procedures”) govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources.
64
Notes to Financial Statements (continued)
April 30, 2025
In calculating NAV, each Fund’s investments are valued using market quotations when available. Equity securities are generally valued at the closing price of the security on the security’s primary exchange. The primary exchanges for a Fund’s foreign equity securities may close for trading at various times prior to close of regular trading on the NYSE Arca or Nasdaq, and the value of such securities used in computing a Fund’s NAV are generally determined as of such times.
A swap on an exchange-listed security or securities is valued based on the last reported sale price of the swap’s underlying security or securities on the exchange where the security or securities is primarily traded, or if no sale price is available, a swap will be valued using market-based prices provided by independent pricing sources or broker dealer bid quotations (i.e. counterparty).
Forward foreign currency contracts and currency-related derivatives, are generally valued by taking forward points of the contract and calculating an interpolated rate based on the forward currency rate as of the 4PM GMT London rate.
If a Fund invests in open-end management investment companies (other than ETFs) registered under the 1940 Act, such investments are generally valued using the investment company’s NAV per share or public offering price. Those companies may also use fair value pricing under some circumstances.
When market quotations or prices are not readily available or not representative of an investment’s fair value, investments are valued using fair value pricing as determined in good faith by the Valuation Designee pursuant to the Valuation Procedures. The Valuation Procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds’ assets and liabilities) rests with the Valuation Designee. The Valuation Designee may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of liquidity or other reason, if a market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, or if the trading market on which a security is listed is suspended or closed and no appropriate alternative trading market is available. The frequency with which a Fund’s investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the Fund invests pursuant to its investment objective, strategies and limitations.
A Fund may sweep uninvested cash balances into the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares (“Dreyfus Institutional Fund”). The Dreyfus Institutional Fund seeks as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. The Dreyfus Institutional Fund has no redemption restriction and is valued at the daily NAV.
Under normal conditions, to the extent a Fund invests in securities lending, the Fund may invest its cash collateral in the Dreyfus Government Cash Management Fund, Institutional Shares (“Dreyfus Government Fund”). The Dreyfus Government Fund’s investment objective is to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Government Fund has no redemption restrictions and is valued at the daily NAV.
Fair Value Measurement
Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the following hierarchy:
•Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
•Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on
65
Notes to Financial Statements (continued)
April 30, 2025
an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The availability of observable inputs can vary from security to security and are affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. With respect to the valuation of Level 3 securities, the Advisor may employ a market-based valuation approach which may use related or comparable securities, recent transactions, market multiples, book values, and other relevant information to determine fair value. The Advisor may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value. The Advisor representatives meet regularly to review and discuss the appropriateness of such fair values using more current information, such as recent security news, recent market transactions, updated corporate action information and/or other macro or security specific events.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund’s investments at April 30, 2025, is disclosed at the end of each Fund’s Schedule of Investments.
Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included on the Statements of Operations within net change in unrealized appreciation/depreciation on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
Foreign securities and instruments are valued in their local currency following the methodologies described above. Foreign securities, instruments and currencies will be translated to U.S. dollars, based on foreign currency exchange rate quotations supplied by the London Stock Exchange.
Tax Information and Uncertain Tax Positions
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of the taxable income to the shareholders of the Fund within the allowable time limits.
66
Notes to Financial Statements (continued)
April 30, 2025
The Advisor evaluates each Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Advisor has analyzed each Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years), and has concluded that no provisions for federal, state and local income tax are required in each Fund’s financial statements. Each Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.
The Funds have concluded that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken.
Foreign Taxes
The Funds may be subject to foreign withholding taxes on income and other transaction-based taxes imposed by certain countries in which they invest. A portion of the taxes on gains on investments or currency purchases/repatriation may be recoverable. The Funds will accrue such taxes expected and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. Whether or when a Fund will receive a withholding tax refund is subject to a determination by the tax authorities of each country in which the Fund has an open receivable. The Funds regularly evaluate the probability of recovering each accrued withholding tax. If the likelihood of recovery decreases accruals in the Funds’ net asset value for such refunds may be written down partially or in full, which will adversely affect the Funds’ net asset value.
The Funds may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which they invest. The Funds will accrue the unrecoverable portion of such taxes as applicable based upon their current interpretation of tax rules and regulations that exist in the market in which they invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statements of Assets and Liabilities, as well as an adjustment to the Funds’ net unrealized appreciation/depreciation. Taxes related to capital gains realized during the year ended April 30, 2025, if any, are reflected as part of net realized gain (loss) on the Statements of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation/depreciation on investments on the Statements of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.
Dividends and Distributions to Shareholders
Distributions to Shareholders are recorded on the ex-dividend date. In addition, the Funds may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Funds owned the underlying investment securities for the entire dividend period in which case some portion of each distribution may result in a return of capital. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profit for tax purposes, are reported as a tax return of capital. Therefore, no federal, state and local income tax provisions are required.
Cash Equivalents
Cash equivalents consist of highly liquid investments, with maturities of three months or less when acquired and are disclosed as “Short-Term Investments” in the Schedules of Investments.
67
Notes to Financial Statements (continued)
April 30, 2025
Security Transactions
Security transactions are recorded as of the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method.
Investment Income and Expenses
Dividend income is recognized on the ex-date net of any foreign tax withheld at the source. Interest income is accrued daily as earned using the effective interest rate method. Distributions of realized capital gains by underlying funds are recorded as realized capital gains on the ex-date. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust based upon the relative net assets or other appropriate measures. The Funds distribute substantially all their net investment income to shareholders in the form of dividends. Net investment income and capital gains are typically distributed to shareholders annually; except the NYLI Candriam International Equity ETF, NYLI Candriam U.S. Mid Cap Equity ETF, NYLI Candriam U.S. Large Cap Equity ETF, NYLI FTSE International Equity Currency Neutral ETF, NYLI U.S. Large Cap R&D Leaders ETF, NYLI Global Equity R&D Leaders ETF and NYLI Healthy Hearts ETF typically distribute income quarterly. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code. The expenses of the investment companies in which a Fund invests are not included in the amounts shown as expenses on the Statements of Operations or in the expense ratios included in the Financial Highlights.
Discounts and premiums on securities purchased, other than Short-Term Investments, for the Funds are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Discounts and premiums on Short-Term Investments are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest method for Short-Term Investments. Income from payment-in-kind securities is accreted daily based on the effective interest method.
Restricted Cash
At April 30, 2025, certain Funds held restricted cash in connection with investments in certain-derivative securities. Restricted cash is held in a segregated account with the Funds’ custodian/counterparty broker and is reflected in the Statements of Assets and Liabilities.
Securities Lending
The Bank of New York Mellon (“BNY Mellon”) serves as the Funds’ securities lending agent. The Funds may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or high grade debt obligations, is maintained at all times. Cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. Each Fund receives compensation for lending its securities from fees paid by the borrowers of securities, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Each Fund will continue to receive dividend and interest income on securities loaned, any gain or loss in the market price of securities on loan will be accounted for by each Fund. Lending portfolio securities could result in a delay in recovering the Funds’ securities if the borrower defaults.
A Fund’s security lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between each Fund and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower, collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. Government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, each Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. The lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy each Fund’s obligation to return the full amount owed to such Borrower.
68
Notes to Financial Statements (continued)
April 30, 2025
In accordance with the securities lending agreement between the Funds and BNY Mellon, the Funds will be indemnified by BNY Mellon in the event of default of a third party Borrower.
The securities lending income earned by each Fund is disclosed on the Statements of Operations. The value of loaned securities and related collateral are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. As of April 30, 2025, the cash collateral consisted of an institutional money market fund and non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds, Separate Trading of Registered Interest (“STRIPs”) and Principal of Securities and U.S. Treasury Inflation Indexed Notes and Bonds with the following maturities:
|
|
|
Money Market Mutual Fund |
|
U.S. Government Securities |
|
| ||||
|
Fund |
|
Overnight and Continuous |
|
<30 Days |
|
Between 30 & 90 Days |
|
>90 Days |
|
Total |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$66,584,983 |
|
$28,007 |
|
$1,163,566 |
|
$27,814,494 |
|
$95,591,050 |
|
NYLI Merger Arbitrage ETF |
|
15,441,493 |
|
— |
|
9,391 |
|
1,274,188 |
|
16,725,072 |
|
NYLI Candriam International Equity ETF |
|
1,500,199 |
|
17,704 |
|
82,439 |
|
1,572,260 |
|
3,172,602 |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
615,795 |
|
2,735 |
|
4,310 |
|
564,626 |
|
1,187,466 |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
93,766 |
|
— |
|
39,246 |
|
930,564 |
|
1,063,576 |
|
NYLI
FTSE International Equity |
|
23,219,595 |
|
3,027 |
|
494,191 |
|
15,284,652 |
|
39,001,465 |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
18,043 |
|
— |
|
870 |
|
23,425 |
|
42,338 |
|
NYLI Global Equity R&D Leaders ETF |
|
11,864 |
|
— |
|
425 |
|
11,451 |
|
23,740 |
|
NYLI Healthy Hearts ETF |
|
4,569 |
|
989 |
|
7,048 |
|
111,617 |
|
124,223 |
The collateral amount presented is in excess of the securities on loan.
Master Netting Arrangements
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including forward foreign currency contracts, and typically contains, among other things, collateral posting terms, netting and rights of offset provisions in the event of a default and/or termination event. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.
For financial reporting purposes, the Funds do not offset assets and liabilities subject to master netting arrangements or similar arrangements on the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis on the Statements of Assets and Liabilities.
Total return swap contracts are valued at the unrealized appreciation/depreciation on Total Return Swap contracts of the instrument. Securities segregated as collateral for swap contracts are footnoted within each Fund’s Schedule of Investments and the cash collateral is noted at the end of each Fund’s swap table.
At April 30, 2025, the unrealized appreciation/depreciation on total return swap contracts reflecting a reset date at period end based on the contractual agreements with Merrill Lynch International (“MLI”) and Morgan Stanley Capital Service LLC (“Morgan Stanley”), as counterparties to the following Funds:
|
NYLI Hedge Multi-Strategy Tracker ETF |
— |
|
|
NYLI Merger Arbitrage ETF |
($33,118 |
) |
|
NYLI Candriam International Equity ETF |
— |
|
69
Notes to Financial Statements (continued)
April 30, 2025
As of April 30, 2025, the impact of netting of assets and liabilities and offsetting of collateral pledged or received based on contractual netting provisions in the Lending Agreement with BNY Mellon are detailed in the following table:
|
|
|
Assets |
|
Liabilities | |||||||||
|
Fund |
|
Gross
Amounts Presented in Statements of |
|
Collateral Received(1) |
|
Net
|
|
Gross
Amounts Presented in Statements of |
|
Collateral Pledged |
|
Net
| |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$93,733,494 |
|
$(93,733,494 |
) |
|
$— |
|
$— |
|
$— |
|
$— |
|
NYLI Merger Arbitrage ETF |
|
16,226,847 |
|
(16,226,847 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI Candriam International Equity ETF |
|
3,024,545 |
|
(3,024,545 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
1,147,778 |
|
(1,147,778 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
1,039,407 |
|
(1,039,407 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
35,633,676 |
|
(35,633,676 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
40,920 |
|
(40,920 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI Global Equity R&D Leaders ETF |
|
23,247 |
|
(23,247 |
) |
|
— |
|
— |
|
— |
|
— |
|
NYLI Healthy Hearts ETF |
|
118,118 |
|
(118,118 |
) |
|
— |
|
— |
|
— |
|
— |
1 The amount of collateral presented is limited such that the net amount cannot be less than $0.
As of April 30, 2025, each Fund’s OTC derivative assets, which may be offset against each Fund’s OTC derivative liabilities and collateral received from the counterparty, are as follows:
|
Fund |
|
Gross Amounts of Assets Presented in Statements of Assets and Liabilities |
|
Financial Instruments and Derivatives Available for Offset |
|
Net Amount of Derivatives Assets |
|
Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities |
|
Financial Instruments and Derivatives Available for Offset |
|
Net Amount of Derivatives Liabilities |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley |
|
$373,811 |
|
$(373,811) |
|
$— |
|
$22,649,898 |
|
$(373,811) |
|
$22,276,087 |
This does not reflect securities segregated as collateral, as detailed on the Schedule of Investments.
3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS
Investment Advisory Agreement
The Advisor serves as the investment advisor to each series of the Trust and is an indirect wholly-owned subsidiary of New York Life Insurance Company. Under an Investment Advisory Agreement (“Advisory Agreement”) between the Advisor and the Trust on behalf of each Fund, the Advisor provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund (including arranging for sub-advisory services, as applicable) subject to the supervision of the Board.
The Advisor also: (i) supervises all non-advisory operations of the Funds; (ii) provides personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Funds and the other series of the Trust; (iii) arranges for (a) the preparation of all required tax returns, (b) the preparation and submission of reports to existing shareholders, (c) the periodic updating of prospectuses and statements of additional information; and (d) the preparation of reports to be filed with the SEC and other regulatory authorities; (iv) maintains the records of the Funds and the other series of the Trust; and (v) provides
70
Notes to Financial Statements (continued)
April 30, 2025
office space and all necessary office equipment and services. The Funds reimburse the Advisor in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to each Fund.
The Advisory Agreement will continue in effect with respect to the Funds from year to year provided such continuance is specifically approved at least annually by a majority of the Trustees that are not interested persons of the Trust (“Independent Trustees”). Pursuant to the Advisory Agreement, the Funds pay the Advisor a fee, which is accrued daily and paid monthly, for the services performed and the facilities furnished at an annual rate of each Fund’s average daily net assets per the table below.
|
Fund |
|
Rate |
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
0.75 |
% |
|
NYLI Merger Arbitrage ETF |
|
0.75 |
% |
|
NYLI Candriam International Equity ETF |
|
0.15 |
% |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
0.15 |
% |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
0.09 |
% |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
0.19 |
% |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
0.14 |
% |
|
NYLI Global Equity R&D Leaders ETF |
|
0.18 |
% |
|
NYLI Healthy Hearts ETF |
|
0.45 |
% |
In consideration of the fees paid with respect to the Funds, the Advisor has agreed to pay all expenses of the Trust, except (i) brokerage and other transaction expenses, including taxes; (ii) extraordinary legal fees or expenses, such as those for litigation or arbitration; (iii) compensation and expenses of the Independent Trustees, counsel to the Independent Trustees, and the Trust’s chief compliance officer; (iv) extraordinary expenses; (v) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and (vi) the advisory fee payable to the Advisor.
The Advisor has entered into a Fee Waiver Agreement with certain Funds under which it has contractually agreed to waive a portion of its management fee equal to a specific percentage of the average daily net assets as follows:
|
Fund |
|
Rate |
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
0.22 |
% |
The Advisor has entered into an Expense Limitation Agreement with certain Funds under which it has contractually agreed to waive or reduce its management fee and/or reimburse expenses of certain Funds in an amount that limits “Total Annual Fund Operating Expenses” (excluding interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of a Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) to not more than the average daily net assets of each Fund as follows:
|
Fund |
|
Rate |
|
|
NYLI Candriam International Equity ETF |
|
0.15 |
% |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
0.15 |
% |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
0.09 |
% |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
0.14 |
% |
|
NYLI Global Equity R&D Leaders ETF |
|
0.18 |
% |
|
NYLI Healthy Hearts ETF |
|
0.45 |
% |
The Fee Waiver and Expense Limitation Agreements will remain in effect permanently unless terminated by the Board of Trustees of the Funds.
71
Notes to Financial Statements (continued)
April 30, 2025
As of April 30, 2025, the Advisor waived/reimbursed the following Fund expenses:
|
Fund |
|
Waived/Reimbursed Expenses |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$1,384,003 |
|
NYLI Candriam International Equity ETF |
|
22,807 |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
26,950 |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
44,747 |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
— |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
955 |
|
NYLI Global Equity R&D Leaders ETF |
|
644 |
|
NYLI Healthy Hearts ETF |
|
1,149 |
Distribution (12b-1 Fees)
ALPS Distributors, Inc. serves as the Funds’ distributor (the “Distributor”) pursuant to a Distribution Agreement. NYLIFE Distributors LLC has entered into a Service Agreement with the Distributor to market the Funds. The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, the Funds are authorized to pay an amount up to 0.10% of each Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each respective Fund’s assets. The Advisor and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
As described in Note 4 below, the Distributor has entered into Authorized Participant Agreements with certain broker-dealers and others that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. Also as described in Note 4 below, such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds and/or serve as counterparty to derivative transactions with each Fund.
Administrator, Custodian and Transfer Agent
BNY Mellon (in each capacity, the “Administrator,” “Custodian” or “Transfer Agent”) serves as the Funds’ Administrator, Custodian and Transfer Agent pursuant to the Fund Administration and Accounting Agreement, Custody Agreement and Transfer Agency Agreement. Pursuant to these agreements, BNY Mellon provides necessary administrative, custody, transfer agency, tax, accounting services and financial reporting for the maintenance and operations of the Trust and the Funds. Under the terms of the agreement, the Advisor pays the Funds’ Administrative, Custody and Transfer Agency fees. BNY Mellon is also responsible for maintaining the books and records and calculating the daily NAV of the Funds. BNY Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
4. CAPITAL SHARE TRANSACTIONS
Shares are created and redeemed on a continuous basis at NAV only in large blocks of shares called Creation Units. Except when aggregated in Creation Units, shares are not redeemable. Transactions in shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Only Authorized Participants may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to create and redeem whole Creation Units. Therefore, they will be unable
72
Notes to Financial Statements (continued)
April 30, 2025
to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.
5. FEDERAL INCOME TAX
At April 30, 2025, the cost and unrealized appreciation/depreciation of investments, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:
|
Fund |
|
Cost |
|
Gross Unrealized Appreciation |
|
Gross Unrealized Depreciation |
|
Net
Unrealized Appreciation/ |
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$742,249,412 |
|
$219,626,864 |
|
$(206,271,354 |
) |
$13,355,510 |
|
|
NYLI Merger Arbitrage ETF |
|
231,420,182 |
|
54,144,697 |
|
(53,059,094 |
) |
1,085,603 |
|
|
NYLI Candriam International Equity ETF |
|
190,393,349 |
|
33,246,004 |
|
(15,163,475 |
) |
18,082,529 |
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
200,611,101 |
|
20,035,545 |
|
(21,672,186 |
) |
(1,636,641 |
) |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
319,269,739 |
|
49,337,796 |
|
(26,529,793 |
) |
22,808,003 |
|
|
NYLI
FTSE International Equity Currency |
|
884,777,120 |
|
174,737,000 |
|
(79,971,219 |
) |
94,765,781 |
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
6,954,884 |
|
713,442 |
|
(507,225 |
) |
206,217 |
|
|
NYLI Global Equity R&D Leaders ETF |
|
6,287,460 |
|
876,540 |
|
(548,522 |
) |
328,018 |
|
|
NYLI Healthy Hearts ETF |
|
8,497,657 |
|
1,503,060 |
|
(922,952 |
) |
580,108 |
|
The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sale loss deferrals, pass through investments, amortization of market premium, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies held at April 30, 2025.
At April 30, 2025, the components of undistributed or accumulated earnings/losses on a tax-basis were as follows:
|
Fund |
|
Ordinary
Income |
|
Net
|
|
Net Unrealized Appreciation/ Depreciation |
|
Total Earnings/ (Losses) |
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$2,489,695 |
|
$(91,789,237 |
) |
$13,355,510 |
|
$(75,944,032 |
) |
|
NYLI Merger Arbitrage ETF |
|
— |
|
(40,399,912 |
) |
1,032,458 |
|
(39,367,454 |
) |
|
NYLI Candriam International Equity ETF |
|
1,993,841 |
|
(11,566,576 |
) |
18,162,144 |
|
8,589,409 |
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
212,545 |
|
(9,862,206 |
) |
(1,636,641 |
) |
(11,286,302 |
) |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
285,186 |
|
(15,096,706 |
) |
22,808,003 |
|
7,996,483 |
|
|
NYLI FTSE International Equity Currency Neutral ETF |
|
17,899,045 |
|
(39,939,866 |
) |
94,774,467 |
|
72,733,646 |
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
4,781 |
|
(503,755 |
) |
206,217 |
|
(292,757 |
) |
|
NYLI Global Equity R&D Leaders ETF |
|
7,254 |
|
(462,582 |
) |
328,685 |
|
(126,643 |
) |
|
NYLI Healthy Hearts ETF |
|
12,220 |
|
(514,198 |
) |
581,791 |
|
79,813 |
|
1Includes late year ordinary loss, if any.
2Amount includes the deferral of post October losses, if any.
The differences between book and tax basis components of net assets are primarily attributable to wash sale loss deferrals and other book and tax differences including foreign currency contracts, swap contracts, post-October, passive foreign investment companies and partnerships and late year losses.
73
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 |
|
Paid-in
|
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$(6,653,452 |
) |
$6,653,452 |
|
|
NYLI Merger Arbitrage ETF |
|
11,308,847 |
|
(11,308,847 |
) |
|
NYLI Candriam International Equity ETF |
|
(17,069,502 |
) |
17,069,502 |
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
(14,808,375 |
) |
14,808,375 |
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
(48,112,836 |
) |
48,112,836 |
|
|
NYLI FTSE International Equity Currency Neutral ETF |
|
(27,037,841 |
) |
27,037,841 |
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
(1,067,264 |
) |
1,067,264 |
|
|
NYLI Global Equity R&D Leaders ETF |
|
(137,626 |
) |
137,626 |
|
|
NYLI Healthy Hearts ETF |
|
(401,242 |
) |
401,242 |
|
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/ tax differences. Reclassifications are primarily due to the tax treatment of redemptions in-kind, distributions in excess of earnings and profits, nondeductible expenses, net operating loss and capital share redemptions utilized as distributions for tax purposes.
The tax character of distributions paid during the years ended April 30, 2025 and 2024 were as follows:
|
|
|
2025 |
|
2024 | ||||||||
|
Fund |
|
Ordinary Income |
|
Long-Term Capital Gains |
|
Tax Return of Capital |
|
Ordinary Income |
|
Long-Term Capital Gains |
|
Tax Return of Capital |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$14,744,680 |
|
$— |
|
$— |
|
$25,206,630 |
|
$— |
|
$— |
|
NYLI Merger Arbitrage ETF |
|
— |
|
— |
|
— |
|
4,247,100 |
|
— |
|
— |
|
NYLI Candriam International Equity ETF |
|
5,081,060 |
|
— |
|
— |
|
5,430,434 |
|
— |
|
— |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
2,693,887 |
|
— |
|
— |
|
1,926,760 |
|
— |
|
— |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
4,472,765 |
|
— |
|
— |
|
4,665,767 |
|
— |
|
— |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
18,231,541 |
|
— |
|
— |
|
8,859,486 |
|
— |
|
— |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
82,172 |
|
— |
|
— |
|
71,777 |
|
— |
|
— |
|
NYLI Global Equity R&D Leaders ETF |
|
102,558 |
|
— |
|
— |
|
153,927 |
|
— |
|
— |
|
NYLI Healthy Hearts ETF |
|
121,723 |
|
— |
|
— |
|
106,617 |
|
— |
|
— |
At April 30, 2025, the Funds did not have any capital losses incurred after October 31 (“Post-October Losses”) and certain late year ordinary income losses within the taxable year can be deemed to arise on the first business day of the Funds’ next taxable year.
|
Fund |
|
Late
Year |
|
Short-Term
|
|
Long-Term
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$— |
|
$— |
|
$— |
|
NYLI Merger Arbitrage ETF |
|
— |
|
— |
|
— |
|
NYLI Candriam International Equity ETF |
|
— |
|
— |
|
— |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
— |
|
— |
|
— |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
— |
|
— |
|
— |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
— |
|
— |
|
— |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
— |
|
— |
|
— |
|
NYLI Global Equity R&D Leaders ETF |
|
— |
|
— |
|
— |
|
NYLI Healthy Hearts ETF |
|
— |
|
— |
|
— |
74
Notes to Financial Statements (continued)
April 30, 2025
At April 30, 2025, the Funds listed below had net capital loss carryforwards for Federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses.
Accordingly, no capital gain distributions are expected to be paid to shareholders of these Funds until future net capital gains have been realized in excess of the available capital loss carryforwards. There is no assurance that any Fund will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards are as follows:
|
Fund |
|
Utilized In Current Year |
|
Short-Term With No Expiration |
|
Long-Term With No Expiration |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$1,049,535 |
|
$65,700,784 |
|
$26,088,453 |
|
NYLI Merger Arbitrage ETF |
|
16,338,266 |
|
40,339,675 |
|
60,237 |
|
NYLI Candriam International Equity ETF |
|
— |
|
6,187,963 |
|
5,378,613 |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
— |
|
7,670,898 |
|
2,191,308 |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
— |
|
7,639,064 |
|
7,457,642 |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
— |
|
14,319,229 |
|
25,620,637 |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
— |
|
160,705 |
|
343,050 |
|
NYLI Global Equity R&D Leaders ETF |
|
— |
|
110,631 |
|
351,951 |
|
NYLI Healthy Hearts ETF |
|
— |
|
235,251 |
|
278,947 |
6. OTHER AFFILIATED PARTIES AND TRANSACTIONS
For the purposes of the financial statements, the Funds assume the following to be holdings by affiliates. As of April 30, 2025, affiliated transactions, if any, are listed at the end of the Fund’s respective Schedule of Investments.
The following table reflects shares of a Fund beneficially owned by NYLIM or funds or accounts managed by NYLIM where such holdings exceed 5% of the shares of the Fund. As of April 30, 2025, NYLIM or funds or accounts managed by NYLIM were not known to own beneficially greater than 5% of the shares of any Fund except as set forth below.
New York Life Investment Management LLC
|
Fund |
|
% Ownership |
|
NYLI Candriam International Equity ETF |
|
81.2% |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
98.3% |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
70.0% |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
10.7% |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
84.4% |
|
NYLI Global Equity R&D Leaders ETF |
|
84.4% |
|
NYLI Healthy Hearts ETF |
|
66.4% |
75
Notes to Financial Statements (continued)
April 30, 2025
7. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) for the year ended April 30, 2025, are as follows:
|
Fund |
|
Purchases |
|
Sales |
|
Purchases
|
|
Sales
|
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
$411,578,394 |
|
$416,768,310 |
|
$244,834,800 |
|
$119,851,289 |
|
|
NYLI Merger Arbitrage ETF |
|
689,698,035 |
|
712,259,696 |
|
22,300,441 |
|
81,226,242 |
|
|
NYLI Candriam International Equity ETF |
|
57,504,182 |
|
42,423,625 |
|
48,442,171 |
|
56,699,750 |
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
103,263,295 |
|
103,407,371 |
|
65,702,981 |
|
68,401,452 |
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
125,141,087 |
|
125,078,968 |
|
93,488,794 |
|
141,606,009 |
|
|
NYLI FTSE International Equity Currency Neutral ETF |
|
129,578,630 |
|
129,028,721 |
|
393,539,640 |
|
81,862,814 |
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
896,931 |
|
1,134,524 |
|
3,319,617 |
|
3,070,792 |
|
|
NYLI Global Equity R&D Leaders ETF |
|
1,715,286 |
|
1,977,168 |
|
692,177 |
|
415,202 |
|
|
NYLI Healthy Hearts ETF |
|
3,175,960 |
|
3,349,346 |
|
1,539,400 |
|
1,338,980 |
|
8. DERIVATIVE FINANCIAL INSTRUMENTS
Swap Transactions
A swap agreement is an agreement between two parties pursuant to which the parties exchange payments at specified dates based on a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Most swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Funds’ obligations or rights under a swap agreement entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty. Swap agreements are not entered into or traded on exchanges and there is no central clearing or guaranty function for total return swaps. Swaps could result in losses if interest rates or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Funds or if the reference index, security or investments do not perform as expected.
The value of a total return swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Segregated securities are designated on the Schedules of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of total return swaps, if any, are recorded as unrealized appreciation or depreciation on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as a change in net unrealized appreciation depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement on the Statements of Operations.
When a Fund has an unrealized loss on a swap agreement, the Fund instructs the Custodian to pledge cash or liquid securities as collateral with a value at least equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted with the fluctuations of the swap value.
The NYLI Hedge Multi-Strategy Tracker ETF, NYLI Merger Arbitrage ETF and NYLI Candriam International Equity ETF used total return swaps to replicate the performance of the Underlying Index. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. Therefore, the Funds consider the creditworthiness of the counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying instruments.
76
Notes to Financial Statements (continued)
April 30, 2025
Pursuant to documentation governing the Funds’ swap transactions with MLI and Morgan Stanley, MLI and Morgan Stanley have the right to terminate the swaps early in the event that the net assets of the given Fund decline below specific levels set forth in the documentation (“net asset contingent features”). In the event of early termination, MLI and Morgan Stanley may require the Funds to pay or receive a settlement amount in connection with the terminated swap transaction. The Funds utilized swaps to affect both long and short exposure to several asset classes and market segments, including, among others, real estate, domestic equity, international equity, emerging markets equities, investment grade corporate bonds, high yield corporate bonds, convertible bonds, preferred securities, emerging market-debt, mortgage-backed securities, floating rate notes, developed markets currencies, broad commodity indices, precious metals, equity market volatility, and U.S. Treasury bonds. As of April 30, 2025, the Funds have not triggered the conditions under such documentation that will give the counterparty the right to call for an early termination. As of such date, the settlement values of these contracts were approximately equal to the fair value of such contracts. As of April 30, 2025, open swap transactions, if any, are listed at the end of the Funds’ respective Schedule of Investments.
Forward Foreign Currency Contracts
The NYLI FTSE International Equity Currency Neutral ETF may enter into forward foreign currency contracts for hedging purposes, to seek to protect against anticipated changes in future foreign currency exchange rates. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A non-deliverable forward currency contract does not require physical delivery of the underlying currencies and the contract is settled based on the difference between the contracted price and the prevailing spot price of the agreed upon notional amount. These contracts are traded in the interbank market between currency traders (usually large commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are generally charged at any stage for trades.
Upon entering into a forward foreign currency contract, a Fund is required to segregate permissible liquid assets or engage in other measures approved by the SEC to “cover” the Fund’s obligations relating to its transactions in derivatives. Fluctuations in the value of open forward foreign currency contracts are recorded for book purposes as unrealized gains or losses on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have matured or were sold. At April 30, 2025, open forward foreign currency contracts, if any, are listed at the end of the Funds’ respective Schedule of Investments.
Quantitative Disclosure of Derivative Holding
The following tables show additional disclosures related to each Fund’s derivative and holding activities, including how such activities are accounted for and their effect in each Fund’s financial positions, performance and cash flows.
The fair value of derivative instruments reflected on the Statements of Assets and Liabilities were as follows:
|
Asset Derivatives |
|
Foreign Currency Risk |
|
Equity Risk |
|
NYLI Merger Arbitrage ETF |
|
|
|
|
|
Unrealized appreciation on swap transactions |
|
|
|
$14 |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
|
|
|
|
Unrealized appreciation on forward foreign currency contracts |
|
$373,811 |
|
|
|
|
|
|
|
|
77
Notes to Financial Statements (continued)
April 30, 2025
|
|
|
Foreign Currency Risk |
|
Equity Risk |
|
Liability Derivatives |
|
|
|
|
|
NYLI Merger Arbitrage ETF |
|
|
|
|
|
Unrealized depreciation on swap transactions |
|
|
|
$33,118 |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
|
|
|
|
Unrealized depreciation on forward foreign currency contracts |
|
$22,649,898 |
|
|
Transactions in derivative instruments reflected on the Statements of Operations during the year ended April 30, 2025, were as follows:
|
Fund |
|
Foreign Currency Risk |
|
Equity Risk |
|
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
|
|
|
|
|
Realized gain (loss) |
|
|
|
|
|
|
Swap transactions |
|
|
|
$(12,038,938) |
|
|
NYLI Merger Arbitrage ETF |
|
|
|
|
|
|
Realized gain (loss) |
|
|
|
|
|
|
Swap transactions |
|
|
|
(2,310,015) |
|
|
Change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
Swap transactions |
|
|
|
(33,104) |
|
|
NYLI Candriam International Equity ETF |
|
|
|
|
|
|
Realized gain (loss) |
|
|
|
|
|
|
Swap transactions |
|
|
|
(2,360) |
|
|
NYLI FTSE International Equity Currency Neutral ETF |
|
|
|
|
|
|
Realized gain (loss) |
|
|
|
|
|
|
Swap transactions |
|
|
|
4,655 |
|
|
Forward foreign currency contracts |
|
$4,375,444 |
|
|
|
|
Change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
Forward foreign currency contracts |
|
(27,821,674) |
|
|
|
For the year ended April 30, 2025, the monthly average notional value of the derivatives held by the Funds were as follows:
|
|
|
Average Notional Value |
| ||||||
|
Fund |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
NYLI Merger Arbitrage ETF |
|
NYLI Candriam International Equity ETF |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
|
Asset Derivatives |
|
|
|
|
|
|
|
|
|
|
Swap contracts |
|
$79,350,451 |
|
$— |
|
$828,017 |
|
$— |
|
|
Forward foreign currency contracts |
|
— |
|
— |
|
— |
|
711,053,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives |
|
|
|
|
|
|
|
|
|
|
Swap contracts |
|
(78,560,619 |
) |
(66,632,935 |
) |
— |
|
— |
|
|
Forward foreign currency contracts |
|
— |
|
— |
|
— |
|
(712,527,939 |
) |
78
Notes to Financial Statements (continued)
April 30, 2025
9. RISKS INVOLVED WITH INVESTING IN THE FUNDS
The Funds are subject to the principal risks described below, some or all of these risks may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. As with any investment, an investment in a Fund could result in a loss or the performance of a Fund could be inferior to that of other investments.
Counterparty Risk
Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions. In those instances, an underlying ETP utilizing such deliverables will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the underlying ETP will sustain losses.
Currency Hedging Risk1
A Fund may use various strategies to attempt to reduce the impact of changes in the value of a foreign currency against the U.S. dollar. These strategies may not be successful. Currency exchange rates can be very volatile and can change quickly and unpredictably. Therefore, the value of an investment in a Fund may also go up or down quickly and unpredictably and investors may lose money.
Currency Risk
Certain Funds will invest in securities denominated in currencies other than U.S. dollars (foreign currencies). Therefore, while much of the income received by a Fund may be denominated in foreign currency, the Underlying Index and the Fund’s NAV will be calculated in U.S. dollars. Furthermore, a Fund may convert cash in U.S. dollars to foreign currencies to purchase securities. Both a Fund’s ability to track the Underlying Index, and Fund returns in general, may be adversely impacted by changes in currency exchange rates, which can occur quickly and without warning.
Derivatives Risk
Derivative strategies may expose a Fund to greater risk than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing a Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Futures and other derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Fund. Derivatives may be more volatile than direct investments in the instrument underlying the contract and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying asset, a Fund may not be able to profitably exercise an option and may lose its entire investment in an option. Derivatives may also increase the expenses of a Fund.
Emerging Market Securities Risk
A Fund may invest in securities of issuers located in emerging countries. The risks of foreign investment are heightened when the issuer is located in an emerging country. Emerging countries are generally located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central and South America and Africa. The securities markets of emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries.
1Applies to NYLI FTSE International Equity Currency Neutral ETF.
79
Notes to Financial Statements (continued)
April 30, 2025
ESG Investing Style Risk2
The application of environmental, social and corporate governance investing criteria may affect the Fund’s exposure to certain sectors or types of investments and may impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. In addition, there is no guarantee that the construction methodology of the Underlying Index will accurately provide exposure to issuers meeting environmental, social and corporate governance criteria.
Fund of Funds Risk3
If a Fund is a “fund of funds”, the Funds’ investment performance depends on the investment performance of the underlying ETFs in which it invests. An investment in any such Fund is subject to the risks associated with the underlying ETFs that comprise its Underlying Index. Such a Fund will indirectly pay a proportional share of the asset-based fees of the underlying ETFs in which it invests.
Index Risk
The Funds’ Underlying Indexes and the Funds rebalance only on a monthly, quarterly or annual basis, which may cause the performance of the Underlying Indexes and the Funds to deviate from that of the market exposure that they are trying to achieve.
Large Transaction Risks
From time to time, a Fund may receive large purchase or redemption orders from affiliated or unaffiliated funds or other investors. Such large transactions could have adverse effects on a Fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase a Fund’s transaction costs.
Market Risk
Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets.
Passive Management Risk
Unlike many investment companies, each Fund seeks to track its Underlying Index and is not “actively” managed. Therefore, a Fund would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) its Underlying Index.
2Applies to NYLI Candriam International Equity ETF, NYLI Candriam U.S. Mid Cap Equity ETF, NYLI Candriam U.S. Large Cap Equity ETF and NYLI Healthy Hearts ETF.
3Applies to NYLI Hedge Multi-Strategy Tracker ETF.
80
Notes to Financial Statements (continued)
April 30, 2025
Total Return Swap Risk4
Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. Total return swaps can also be used to replicate an exposure to a short position in an asset class where a Fund has the right to receive the depreciation in value of a specified security, index or other instrument (“inverse swaps”). If the underlying asset in a total return swap declines in value (or increases in value, if an inverse swap) over the term of the swap, a Fund may also be required to pay the dollar value of that decline (or, if an inverse swap, increase, if an inverse swap) to the counterparty. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty.
10. RECENT ACCOUNTING PRONOUNCEMENT
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on our financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact to the funds.
11. SUBSEQUENT EVENTS
On June 25, 2025, the Board, upon the recommendation from the Fund’s Advisor, approved a proposal to liquidate the NYLI Healthy Hearts ETF pursuant to the terms of a plan of liquidation. After considering all of the information presented, the Board concluded that it would be in the best interest of the Fund and its shareholders to liquidate the Fund. The Fund will be liquidated on or about August 26, 2025.
Other than the Fund liquidation, management has determined that there were no other material events that would require disclosure in the preparation of these financial statements.
4Applies to NYLI Hedge Multi-Strategy Tracker ETF and NYLI Merger Arbitrage ETF.
81
Report of Independent Registered Public Accounting Firm
April 30, 2025
To the Board of Trustees of New York Life Investments ETF Trust and Shareholders of each of the nine funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting New York Life Investments ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
|
NYLI Hedge Multi-Strategy Tracker ETF1 |
NYLI FTSE International Equity Currency Neutral ETF1 |
|
NYLI Merger Arbitrage ETF1 |
NYLI U.S. Large Cap R&D Leaders ETF1 |
|
NYLI Candriam International Equity ETF1 |
NYLI Global Equity R&D Leaders ETF1 |
|
NYLI Candriam U.S. Mid Cap Equity ETF1 |
NYLI Healthy Hearts ETF1 |
|
NYLI Candriam U.S. Large Cap Equity ETF1 |
|
1Statement of operations for the year ended April 30, 2025, and statement of changes in net assets for the years ended April 30, 2025 and 2024.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/
PricewaterhouseCoopers LLP
New York, New York
June 29, 2025
We have served as the auditor of one or more investment companies in the New York Life Investments ETF Complex since 2015.
82
Supplemental Information (unaudited)
Supplemental Information (unaudited)
Federal Tax Status of Dividends Declared During the Tax Year
Qualified Dividend Income — Certain dividends paid by the fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of ordinary income distributions for the fiscal year ended April 30, 2025 taxed at a maximum rate of 20% is as follows:
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
14.92% |
|
|
NYLI Merger Arbitrage ETF |
|
0.00% |
|
|
NYLI Candriam International Equity ETF |
|
82.49% |
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
75.12% |
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
100.00% |
|
|
NYLI FTSE International Equity Currency Neutral ETF |
|
69.09% |
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
100.00% |
|
|
NYLI Global Equity R&D Leaders ETF |
|
100.00% |
|
|
NYLI Healthy Hearts ETF |
|
100.00% |
|
Dividends Received Deduction — For corporate shareholders, the percentage of ordinary income distributions for the year ended April 30, 2025 that qualifies for the dividends received deduction is as follows:
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
7.06% |
|
|
NYLI Merger Arbitrage ETF |
|
0.00% |
|
|
NYLI Candriam International Equity ETF |
|
0.00% |
|
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
68.81% |
|
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
92.05% |
|
|
NYLI FTSE International Equity Currency Neutral ETF |
|
0.00% |
|
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
100.00% |
|
|
NYLI Global Equity R&D Leaders ETF |
|
39.85% |
|
|
NYLI Healthy Hearts ETF |
|
76.45% |
|
Foreign Taxes Paid — The following Funds elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid to its shareholders. The total amount of foreign taxes passed through to shareholders on a per share basis for the year ended April 30, 2025, are as follows:
|
Fund |
|
Foreign
Taxes |
|
Foreign
Income |
|
NYLI Hedge Multi-Strategy Tracker ETF |
|
— |
|
— |
|
NYLI Merger Arbitrage ETF |
|
— |
|
— |
|
NYLI Candriam International Equity ETF |
|
0.07 |
|
0.87 |
|
NYLI Candriam U.S. Mid Cap Equity ETF |
|
— |
|
— |
|
NYLI Candriam U.S. Large Cap Equity ETF |
|
— |
|
— |
|
NYLI FTSE International Equity Currency Neutral ETF |
|
0.07 |
|
0.77 |
|
NYLI U.S. Large Cap R&D Leaders ETF |
|
— |
|
— |
|
NYLI Global Equity R&D Leaders ETF |
|
— |
|
— |
|
NYLI Healthy Hearts ETF |
|
— |
|
— |
In January 2026, you will be advised on IRS Form 1099 DIV as to the Federal tax status of the distributions received by you in calendar year 2025.
83
April 30, 2025
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statements of Operations within the Fund’s Financial Statements.
84
Board Review of Investment Advisory Agreements
April 30, 2025
Approval Relating to Annual Continuation of the Advisory Agreement
The Board (the members of which are referred to as “Trustees”) met in person on March 27, 2025, to consider the approval of the continuation, for an additional year, of the Advisory Agreement with respect to the series of the Trust for which the agreement applies (the “Funds”). The Board noted that the Advisory Agreement was between the Trust and New York Life Investment Management LLC (the “Advisor”).
In accordance with Section 15(c) of the Investment Company Act of 1940, as amended (“1940 Act”), the Board requested, reviewed and considered materials furnished by the Advisor relevant to the Board’s consideration of whether to approve the continuation of the Advisory Agreement with respect to the Funds. In connection with considering approval of the continuation of the Advisory Agreement, the Trustees who are not considered “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), met in executive session with counsel to the Independent Trustees, who provided assistance and advice. The consideration of the continuation of the Advisory Agreement was conducted by both the full Board and the Independent Trustees, who also voted separately.
During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including: (1) the nature, extent and quality of the services provided by the Advisor to the Funds and the fees charged by the Advisor; (2) information concerning the business and operations, compliance program and portfolio management teams of the Advisor; (3) the expense levels of each Fund; (4) the investment performance of the Funds; (5) the costs of the services provided and profits realized by the Advisor and its affiliates from the relationship with the Trust, including expense limitation agreements and fee waiver agreements between the Advisor and certain Funds; (6) the extent to which economies of scale would be realized as each Fund grows; (7) any “fall-out” benefits derived or to be derived by the Advisor from its relationship with the Trust; and (8) potential conflicts of interest. The Board considered that the Funds were passively managed exchange-traded funds (“ETFs”) and that each Fund except the NYLI FTSE International Equity Currency Neutral ETF was designed to track an index provided by the Advisor.
In reviewing such factors, the Board relied on certain information, including (1) a copy of the Advisory Agreement; (2) information about applicable expense limitation and fee waiver agreements; (3) information describing the Advisor and the services provided thereby; (4) information regarding the compliance program and portfolio management team of the Advisor; (5) copies of the Form ADV for the Advisor; (6) memoranda and guidance from legal counsel to the Independent Trustees on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act; (7) materials provided by the Advisor in response to a 15(c) request for information from legal counsel to the Independent Trustees; and (8) a presentation by personnel of the Advisor. In addition, the Board was provided data comparing the advisory fees and operating expenses (including acquired fund fees and expenses, as applicable) of the Funds with expenses and performance of other registered investment companies with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the investment management industry, as applicable, including their experiences with the Advisor in respect of series of the Trust and the New York Life Investments Active ETF Trust.
In particular, the Trustees including the Independent Trustees, considered and discussed the following with respect to the Funds:
1.The nature, extent and quality of the facilities and services provided by the Advisor. The Board reviewed the services that the Advisor provides to the Funds, noting that they had continually reviewed and overseen such services throughout the past year. The Board noted the responsibilities that the Advisor has as the investment advisor to the Funds, including overall supervisory responsibility for the general management and investment of each Fund’s securities portfolio, monitoring fund compliance with regulatory requirements and Fund objectives and policies, daily monitoring of the portfolio, overseeing Fund service providers, obtaining licenses for use of indexes tracked by the Funds, providing officers for the Funds, ongoing reporting to the Board, and the implementation of Board directives as they relate to the Funds.
85
Board Review of Investment Advisory Agreements (continued)
April 30, 2025
The Board reviewed the Advisor’s experience, resources, and strengths in managing ETFs and other investment mandates, including the Advisor’s management of the Funds and the funds of the New York Life Investments Active ETF Trust. The Board also noted and discussed with the Advisor the resources and additional support and personnel from its affiliate New York Life Insurance and Annuity Corporation, which resources enhance and support the work of the Advisor’s officers and staff. The Board also considered the tenure and experience of the personnel at the Advisor providing management and administrative services to the Funds. The Board also considered the Advisor’s marketing and distribution strategy, including the various services engaged by the Advisor in seeking to market and grow assets in the Funds.
Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue to benefit from the nature, quality, and extent of these services, as well as the Advisor’s ability to render such services based on its personnel, experience, operations, and resources.
2.Comparison of services provided and fees charged by the Advisor and other investment advisers to similar clients, and the cost of the services provided and profits realized by the Advisor from its relationship with the Funds. The Board then compared both the services rendered and the fees paid with respect to the Funds pursuant to the Advisory Agreement to contracts of other registered investment advisers providing services to similar ETFs.
In particular, the Board compared each Fund’s advisory fee and expense ratio (including acquired fund fees and expenses, as applicable) to other investment companies considered to be in each such Fund’s peer group. The Advisor presented information on how peer groups were selected for the Funds, which generally are differentiated from broad Morningstar categorization based on distinguishing characteristics of many Funds’ core strategies, several of which are unique indexes designed by the Advisor. The Advisor explained that, consistent with prior practice, peer groups were selected by the Advisor using an objective methodology.
The Board noted that certain Funds had peer groups of limited size and, in certain cases, with substantial differences in portfolio management and operational costs. The Board was presented with information describing the Funds’ performance and fees, with information relative to peer groups. The Board considered unique characteristics of certain Funds relative to peer groups, particularly where such Funds had fee or total expense ratios that diverged from the median levels of the applicable peer group. The Board also discussed price pressure in the general ETF marketplace and the impact of market pressures on the price levels for relatively unique investment strategies such as those implemented by several of the Funds.
Additionally, the Trustees considered that the Advisor had put in place expense limitation or fee waiver agreements whereby the Advisor reimburses expenses and/or waives fees to limit the impact above set thresholds of certain expenses on shareholders of certain Funds. The Board noted that such expense limitation and fee waiver agreements were reflected, where applicable, in the peer group analysis provided by the Advisor. The Board further noted that the Advisor had put in place permanent expense limitation and/or fee waiver agreements for certain Funds, which were subject to termination by the Board.
The Board also considered that certain Funds invest in other underlying funds and based on information provided by the Advisor, and determined that fees that would be paid to the Advisor that are attributable to the investments made by such Funds would not be duplicative.
After comparing each Fund’s fees with those of other investment companies in the Fund’s peer group, and in light of the nature, quality, and extent of services provided by the Advisor and the costs incurred by the Advisor in rendering those services, the Board concluded that the level of fees paid (or proposed to be paid) to the Advisor with respect to each Fund is fair and reasonable.
86
Board Review of Investment Advisory Agreements (continued)
April 30, 2025
3.The Advisor’s profitability and the extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale. The Board discussed with the Advisor the costs and profitability of the Advisor in connection with its serving as investment advisor to each Fund, including operational costs. The Board also discussed additional resources available to the Advisor as part of a larger organization, including the investment of financial and human resources into the Advisor and additional support to market and distribute the Funds.
The Board considered information regarding the strategy of the Advisor to grow assets in the Funds during the calendar year, including the marketing and distribution details that were provided in the Board materials. The Board reviewed the net asset levels of the Funds and the impact of both high and low asset levels on such Funds. The Advisor presented to the Board information on the operating profits on a year over year basis.
The Board considered whether the continued operation of certain Funds that had not attracted significant assets under management would be profitable to the Advisor under the unitary fee arrangement of the Advisory Agreement and determined to continue to review the asset levels of the Funds in relation to the Advisor’s profitability. The Board also noted the existence of Expense Limitation Agreements and Fee Waiver Agreements applicable to certain of the Funds, and their respective impacts on costs to shareholders and profitability of the Advisor.
The Board concluded that the fees paid to the Advisor were reasonable when considering the relative asset levels and profitability of the Funds to the Advisor.
4.Investment performance of the Funds. The Board considered the investment performance of the existing Funds, including tracking error. In particular, the Board considered the investment performance of the Funds relative to their stated objectives and the success of the Advisor in reaching such objectives. The Board considered each Fund’s investment performance compared to the underlying index that each Fund seeks to track and includes in its prospectus and shareholder reports. The Board also considered each Fund’s investment performance compared to the respective Fund’s peer group. The Board concluded that the investment performance of the Funds, particularly in the context of tracking error as against each Fund’s underlying index and in succeeding in satisfying their stated investment objective, supported the approval of the Advisory Agreement.
The Board agreed that it had been furnished with sufficient information, both at the meeting and in its ongoing oversight of the Funds, to make an informed business decision with respect to the Advisory Agreement for the Funds. Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, the Independent Trustees concluded that the terms of the Advisory Agreement with the Advisor were reasonable and fair to the Funds and to recommend to the Board the approval of the Advisory Agreement. As a result, all of the Board members, including the Independent Trustees, determined that the continuation of the Advisory Agreement with the Advisor was in the best interests of each Fund and its shareholders. The Board and the Independent Trustees, voting separately, approved the continuation of the Advisory Agreement for an additional one-year period.
“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.
| (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.
| (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)). |
| (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. |
| (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. |
| Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | New York Life Investments ETF Trust | |
| By (Signature and Title) | /s/ Kirk C. Lehneis | |
| Kirk C. Lehneis | ||
| (Principal Executive Officer) |
Date July 8, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Kirk C. Lehneis | |
| Kirk C. Lehneis | ||
| (Principal Executive Officer) |
Date July 8, 2025
| By (Signature and Title) | /s/ Adefolahan O. Oyefeso | |
| Adefolahan O. Oyefeso | ||
| (Principal Financial Officer) |
Date July 8, 2025
FAQ
What were the 1-year returns for NYLI Hedge Multi-Strategy Tracker ETF (QAI)?
How much did investors pay in expenses for the NYLI Merger Arbitrage ETF (MNA)?
Did the advisor change affect fund strategies?
Which fund showed the highest portfolio turnover?
What is the largest holding in NYLI Candriam U.S. Large Cap Equity ETF?
How large is the NYLI Hedge Multi-Strategy Tracker ETF?
