[SCHEDULE 13D/A] Universal Security Instruments, Inc. SEC Filing

Rhea-AI Filing Summary

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.

Positive

• 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.

Negative

• 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

ETF Research Analyst

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.

Multi-Asset Portfolio Manager

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

UNIVERSAL SAFETY PRODUCTS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

913821302

(CUSIP Number)

Kenneth Schlesinger, Esq.
Olshan Frome Wolosky LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/03/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 913821302

1

Name of reporting person

JLA Realty Associates, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 227,400.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 227,400.00

11

Aggregate amount beneficially owned by each reporting person

227,400.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 913821302

1

Name of reporting person

CASPI STEVEN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 227,400.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 227,400.00

11

Aggregate amount beneficially owned by each reporting person

227,400.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: UNIVERSAL SAFETY PRODUCTS, INC.
(c)	Address of Issuer's Principal Executive Offices: 11407 CRONHILL DRIVE, SUITES A-D, OWINGS MILLS, MARYLAND , 21117-3586.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D originally filed by the Reporting Persons on July 2, 2025 (the "Schedule 13D"), and relates to the Common Stock of Universal Safety Products, Inc. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated, each capitalized term used but not defined in this Amendment No. 1 shall have the meaning assigned to such term in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is amended and restated as follows: The aggregate purchase price of the 227,400 Shares beneficially owned by JLA were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases is $583,350, including brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based upon 2,312,887 Shares outstanding as of February 14, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 14, 2025. As of the date hereof, JLA beneficially owned 227,400 Shares by virtue of the termination of the Coordination Agreement (as defined and described in Item 6 below) effective as of August 4, 2025. Percentage: Approximately 9.8% As of the date hereof, Mr. Caspi, as the Manager of JLA, may be deemed to beneficially own the 227,400 Shares beneficially owned by JLA. Percentage: Approximately 9.8%
(b)	Item 5(b) is hereby amended and restated as follows: JLA: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 227,400 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 227,400 Mr. Caspi: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 227,400 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 227,400
(c)	Item 5(c) is amended and restated as follows: The transactions in the Shares by each of the Reporting Persons since the filing of the Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	1 - Transactions in the Securities of the Issuer Since the Filing of the Schedule 13D

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JLA Realty Associates, LLC

Signature:	/s/ Steven J. Caspi
Name/Title:	Steven J. Caspi, Manager
Date:	07/08/2025

CASPI STEVEN

Signature:	/s/ Steven J. Caspi
Name/Title:	Steven J. Caspi
Date:	07/08/2025

FAQ

What were the 1-year returns for NYLI Hedge Multi-Strategy Tracker ETF (QAI)?

QAI’s NAV gained 4.71% for the year ended 30-Apr-2025.

How much did investors pay in expenses for the NYLI Merger Arbitrage ETF (MNA)?

A hypothetical $10,000 investment cost $80, or 0.76% of value, over the fiscal year.

Did the advisor change affect fund strategies?

The filing states New York Life Investment Management LLC replaced IndexIQ Advisors LLC, but no investment objectives or processes changed.

Which fund showed the highest portfolio turnover?

NYLI Merger Arbitrage ETF reported a 317% turnover rate.

What is the largest holding in NYLI Candriam U.S. Large Cap Equity ETF?

As of 30-Apr-2025, Microsoft Corp. represents 10.4% of net assets.

How large is the NYLI Hedge Multi-Strategy Tracker ETF?

The fund reported $689,032,671 in net assets.