Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Long-Term Bonds — 98.5% | ||||||||
| Bank Loans — 1.0% | ||||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| Clarios Global LP First Lien Amendment No. 6 Dollar Term Loan | ||||||||
| 7.106%, (1 Month CME SOFR + 2.75%), due 1/28/32(a) | $ | 100,000 | $ | 100,042 | ||||
| RealTruck Group, Inc. Second Amendment Incremental Term Loan | ||||||||
| 9.476%, (1 Month CME SOFR + 5.00%), due 1/31/28(a) | 149,244 | 138,673 | ||||||
| 238,715 | ||||||||
| Chemicals — 0.1% | ||||||||
| SCIH Salt Holdings, Inc. Incremental Term B-1 Loan (First Lien) | ||||||||
| 7.319%, (3 Month CME SOFR + 3.00%), due 1/31/29(a) | 248,750 | 248,992 | ||||||
| Commercial Services — 0.0%(b) | ||||||||
| Camelot US Acquisition LLC Amendment No. 7 Incremental Term Loan | ||||||||
| 7.606%, (1 Month CME SOFR + 3.25%), due 1/31/31(a) | 100,000 | 100,375 | ||||||
| Computers — 0.1% | ||||||||
| Amentum Holdings, Inc. Initial Term Loan | ||||||||
| 6.603%, (1 Month CME SOFR + 2.25%), due 9/29/31(a) | 219,375 | 218,004 | ||||||
| Diversified Financial Services — 0.0%(b) | ||||||||
| Aretec Group, Inc. Term B-3 Loan (First Lien) | ||||||||
| 7.857%, (1 Month CME SOFR + 3.50%), due 8/9/30(a) | 99,749 | 99,921 | ||||||
| Electric — 0.2% | ||||||||
| Talen Energy Supply, LLC 2024-1 Incremental Term B Loan | ||||||||
| 6.823%, (3 Month CME SOFR + 2.50%), due 12/13/31(a) | 547,250 | 547,836 | ||||||
| Internet — 0.0%(b) | ||||||||
| Arches Buyer, Inc. Refinancing Term Loan | ||||||||
| 7.702%, (1 Month CME SOFR + 3.25%), due 12/6/27(a) | 99,739 | 99,545 | ||||||
| Machinery-Diversified — 0.1% | ||||||||
| TK Elevator U.S. Newco, Inc., Facility B | ||||||||
| 7.343%, (1 Month CME SOFR + 3.00%), due 4/30/30(a) | 199,500 | 200,497 | ||||||
| Media — 0.0%(b) | ||||||||
| Gray Television, Inc. Term D Loan | ||||||||
| 7.468%, (1 Month CME SOFR + 3.00%), due 12/1/28(a) | 53,401 | 53,229 | ||||||
| Principal Amount | Value | |||||||
| Bank Loans (continued) | ||||||||
| Mining — 0.1% | ||||||||
| American Rock Salt Co., LLC Initial Loan (First Lien) | ||||||||
| 8.585%, (3 Month CME SOFR + 4.00%), due 6/9/28(a) | $ | 198,450 | $ | 150,326 | ||||
| Pipelines — 0.0%(b) | ||||||||
| New Fortress Energy, Inc. Second Amendment Incremental Term Loan | ||||||||
| 9.824%, (3 Month CME SOFR + 5.50%), due 10/30/28(a) | 199,249 | 91,903 | ||||||
| Retail — 0.3% | ||||||||
| Great Outdoors Group, LLC Term B-3 Loan | ||||||||
| 7.616%, (1 Month CME SOFR + 3.25%), due 1/23/32(a) | 497,500 | 497,251 | ||||||
| PetSmart LLC Initial Term Loan | ||||||||
| 8.211%, (1 Month CME SOFR + 3.75%), due 2/11/28(a) | 198,966 | 198,552 | ||||||
| 695,803 | ||||||||
| Transportation — 0.0%(b) | ||||||||
| NA Rail Hold Co., LLC Tranche B-3 Term Loan | ||||||||
| 7.310%, (3 Month CME SOFR + 3.00%), due 3/8/32(a) | 100,000 | 100,250 | ||||||
| Total Bank Loans | ||||||||
| (Cost $2,975,388) | 2,845,396 | |||||||
| Collateralized Loan Obligations — 1.6% | ||||||||
| AGL CLO 17 Ltd., (Cayman Islands) | ||||||||
| Series 2022-17A BR, 5.725%, (3 Month CME SOFR + 1.40%), due 1/21/35(a) | 700,000 | 700,275 | ||||||
| BCC Middle Market CLO 2025-1 LLC | ||||||||
| Series 2025-1A A1, 5.725%, (3 Month CME SOFR + 1.62%), due 7/17/37(a) | 435,000 | 435,979 | ||||||
| Blackrock Rainier CLO VI Ltd., (Cayman Islands) | ||||||||
| Series 2021-6A A1R, 5.875%, (3 Month CME SOFR + 1.55%), due 4/20/37(a) | 400,000 | 400,067 | ||||||
| Fortress Credit Opportunities XXI CLO LLC | ||||||||
| Series 2023-21A A1TR, 5.895%, (3 Month CME SOFR + 1.57%), due 1/21/37(a) | 600,000 | 601,181 | ||||||
| Golub Capital Partners CLO 49M Ltd., (Cayman Islands) | ||||||||
| Series 2020-49A A2R2, 6.002%, (3 Month CME SOFR + 1.68%), due 7/20/38(a) | 750,000 | 750,081 | ||||||
| Golub Capital Partners CLO 78M | ||||||||
| Series 2025-78A A1, 5.705%, (3 Month CME SOFR + 1.38%), due 4/21/39(a) | 600,000 | 598,981 | ||||||
| Great Lakes CLO Ltd., (Cayman Islands) | ||||||||
| Series 2019-1A ARR, 5.798%, (3 Month CME SOFR + 1.48%), due 4/15/37(a) | 515,000 | 515,533 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Collateralized Loan Obligations (continued) | ||||||||
| Sixth Street CLO XIV Ltd., (Cayman Islands) | ||||||||
| Series 2019-14A A1R2, 5.475%, (3 Month CME SOFR + 1.15%), due 1/20/38(a) | $ | 700,000 | $ | 698,682 | ||||
| 4,700,779 | ||||||||
| Total Collateralized Loan Obligations | ||||||||
| (Cost $4,697,725) | 4,700,779 | |||||||
| Collateralized Mortgage Obligations — 6.1% | ||||||||
| Mortgage Securities — 6.1% | ||||||||
| Agate Bay Mortgage Trust | ||||||||
| Series 2015-5 B3, 3.573%, due 7/25/45(a)(c) | 147,493 | 119,293 | ||||||
| BRAVO Residential Funding Trust 2024-NQM8 | ||||||||
| Series 2024-NQM8 A1A, 4.300%, due 8/1/53 | 304,573 | 296,680 | ||||||
| CHL Mortgage Pass-Through Trust | ||||||||
| Series 2005-9 1A1, 5.067%, (1 Month CME SOFR + 0.71%), due 5/25/35(a) | 34,983 | 30,557 | ||||||
| Connecticut Avenue Securities | ||||||||
| Series 2025-R01 1B1, 6.050%, (1 Month SOFR + 1.70%), due 1/25/45(a) | 770,000 | 768,322 | ||||||
| Connecticut Avenue Securities Trust | ||||||||
| Series 2020-SBT1 1B1, 11.214%, (1 Month SOFR + 6.86%), due 2/25/40(a) | 1,050,000 | 1,114,312 | ||||||
| Series 2021-R03 1B2, 9.850%, (1 Month SOFR + 5.50%), due 12/25/41(a) | 485,000 | 505,541 | ||||||
| Series 2022-R01 1B2, 10.350%, (1 Month SOFR + 6.00%), due 12/25/41(a) | 425,000 | 445,850 | ||||||
| Series 2022-R02 2B2, 12.000%, (1 Month SOFR + 7.65%), due 1/25/42(a) | 490,000 | 524,799 | ||||||
| Series 2022-R03 1B2, 14.200%, (1 Month SOFR + 9.85%), due 3/25/42(a) | 210,000 | 233,820 | ||||||
| Series 2022-R07 1M2, 9.000%, (1 Month SOFR + 4.65%), due 6/25/42(a) | 100,000 | 106,351 | ||||||
| Series 2022-R08 1B1, 9.950%, (1 Month SOFR + 5.60%), due 7/25/42(a) | 865,000 | 932,582 | ||||||
| Series 2023-R07 2M2, 7.600%, (1 Month SOFR + 3.25%), due 9/25/43(a) | 540,000 | 562,424 | ||||||
| Series 2024-R02 1B1, 6.850%, (1 Month SOFR + 2.50%), due 2/25/44(a) | 220,000 | 225,159 | ||||||
| Series 2024-R03 2M2, 6.300%, (1 Month SOFR + 1.95%), due 3/25/44(a) | 200,000 | 201,624 | ||||||
| Series 2024-R05 2B1, 6.350%, (1 Month SOFR + 2.00%), due 7/25/44(a) | 1,340,000 | 1,344,967 | ||||||
| Connecticut Avenue Securities Trust 2019-HRP1 | ||||||||
| Series 2019-HRP1 B1, 13.714%, (1 Month SOFR + 9.36%), due 11/25/39(a) | 635,000 | 684,708 | ||||||
| HarborView Mortgage Loan Trust | ||||||||
| Series 2005-2 2A1A, 4.905%, (1 Month CME SOFR + 0.55%), due 5/19/35(a) | 56,659 | 54,235 | ||||||
| J.P. Morgan Mortgage Trust | ||||||||
| Series 2021-4 B1, 2.879%, due 8/25/51(a)(c) | 1,436,744 | 1,154,123 | ||||||
| Series 2024-INV1 A4, 6.000%, due 4/25/55(a)(c) | 547,537 | 551,212 | ||||||
| Series 2025-5MPR A1D, 5.500%, due 11/25/55 | 440,147 | 439,189 | ||||||
| J.P. Morgan Mortgage Trust 2022-1 | ||||||||
| Series 2022-1 B3, 3.085%, due 7/25/52(a)(c) | 728,276 | 581,455 | ||||||
| Principal Amount | Value | |||||||
| Collateralized Mortgage Obligations (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| Mill City Mortgage Loan Trust 2018-3 | ||||||||
| Series 2018-3 B2, 3.250%, due 8/25/58(a)(c) | $ | 833,224 | $ | 629,208 | ||||
| Multifamily Connecticut Avenue Securities Trust | ||||||||
| Series 2020-01 CE, 11.964%, (1 Month SOFR + 7.61%), due 3/25/50(a) | 200,000 | 207,146 | ||||||
| OBX 2024-NQM9 Trust | ||||||||
| Series 2024-NQM9 A1, 6.030%, due 1/25/64 | 286,799 | 288,613 | ||||||
| OBX Trust | ||||||||
| Series 2019-INV2 A5, 4.000%, due 5/27/49(a)(c) | 249,997 | 232,522 | ||||||
| Series 2022-J1 A14, 2.500%, due 2/25/52(a)(c) | 752,231 | 602,226 | ||||||
| RCKT Mortgage Trust | ||||||||
| Series 2021-5 A1, 2.500%, due 11/25/51(a)(c) | 4,350,769 | 3,504,701 | ||||||
| STACR Trust | ||||||||
| Series 2018-HRP1 B2, 16.214%, (1 Month SOFR + 11.86%), due 5/25/43(a) | 398,484 | 482,787 | ||||||
| UWM Mortgage Trust 2021-INV5 | ||||||||
| Series 2021-INV5 A14, 3.000%, due 1/25/52(a)(c) | 873,418 | 729,474 | ||||||
| WaMu Mortgage Pass-Through Certificates Trust | ||||||||
| Series 2004-AR13 A2B, 5.347%, (1 Month CME SOFR + 0.99%), due 11/25/34(a) | 37,569 | 35,688 | ||||||
| 17,589,568 | ||||||||
| Total Collateralized Mortgage Obligations | ||||||||
| (Cost $17,701,717) | 17,589,568 | |||||||
| Commercial Asset-Backed Securities — 7.1% | ||||||||
| Asset Backed Securities — 7.1% | ||||||||
| Ally Bank Auto Credit-Linked Notes | ||||||||
| Series 2024-B G, 11.395%, due 9/15/32 | 572,521 | 568,812 | ||||||
| Ares Loan Funding IX Ltd., (Cayman Islands) | ||||||||
| Series 2025-ALF9A A2, 5.640%, (3 Month CME SOFR + 1.40%), due 3/31/38(a) | 600,000 | 600,316 | ||||||
| Bayview Opportunity Master Fund VII LLC | ||||||||
| Series 2024-EDU1 C, 6.150%, (1 Month SOFR + 1.80%), due 6/25/47(a) | 316,254 | 315,183 | ||||||
| Bridgecrest Lending Auto Securitization Trust | ||||||||
| Series 2024-1 D, 6.030%, due 11/15/29 | 1,500,000 | 1,521,601 | ||||||
| CF Hippolyta Issuer LLC | ||||||||
| Series 2020-1 A2, 1.990%, due 7/15/60 | 542,773 | 455,743 | ||||||
| Series 2020-1 B1, 2.280%, due 7/15/60 | 845,485 | 650,732 | ||||||
| Series 2020-1 B2, 2.600%, due 7/15/60 | 512,688 | 389,466 | ||||||
| Series 2021-1A B1, 1.980%, due 3/15/61 | 362,842 | 277,512 | ||||||
| DT Auto Owner Trust | ||||||||
| Series 2021-4A D, 1.990%, due 9/15/27 | 148,609 | 146,518 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2022-2A E, 6.340%, due 10/15/29 | 1,065,000 | 985,994 | ||||||
| Series 2022-5A E, 10.450%, due 4/15/30 | 1,265,000 | 1,330,360 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Commercial Asset-Backed Securities (continued) | ||||||||
| Asset Backed Securities (continued) | ||||||||
| Series 2023-4A D, 6.950%, due 12/17/29 | $ | 260,000 | $ | 268,129 | ||||
| Flagship Credit Auto Trust | ||||||||
| Series 2021-3 E, 3.320%, due 12/15/28 | 890,000 | 825,851 | ||||||
| Series 2022-1 D, 3.640%, due 3/15/28 | 780,000 | 756,898 | ||||||
| Series 2022-2 D, 5.800%, due 4/17/28 | 1,264,000 | 1,162,769 | ||||||
| Ford Credit Auto Owner Trust | ||||||||
| Series 2023-1 D, 6.260%, due 8/15/35 | 425,000 | 434,691 | ||||||
| GLS Auto Receivables Issuer Trust | ||||||||
| Series 2022-3A E, 8.350%, due 10/15/29 | 425,000 | 441,102 | ||||||
| Series 2024-3A D, 5.530%, due 2/18/31 | 660,000 | 666,582 | ||||||
| Hertz Vehicle Financing III LP | ||||||||
| Series 2021-2A D, 4.340%, due 12/27/27 | 730,000 | 703,390 | ||||||
| Home Partners of America | ||||||||
| Series 2021-2 B, 2.302%, due 12/17/26 | 95,960 | 92,526 | ||||||
| HPEFS Equipment Trust | ||||||||
| Series 2024-1A D, 5.820%, due 11/20/31 | 260,000 | 262,473 | ||||||
| LAD Auto Receivables Trust | ||||||||
| Series 2024-3A D, 5.180%, due 2/17/32 | 885,000 | 891,056 | ||||||
| Magnetite 50 Ltd., (Cayman Islands) | ||||||||
| Series 2025-50A A1, 5.581%, (3 Month CME SOFR + 1.28%), due 7/25/38(a) | 650,000 | 650,070 | ||||||
| New Economy Assets Phase 1 Sponsor LLC | ||||||||
| Series 2021-1 A1, 1.910%, due 10/20/61 | 420,000 | 344,506 | ||||||
| Series 2021-1 B1, 2.410%, due 10/20/61 | 865,000 | 674,917 | ||||||
| OneMain Direct Auto Receivables Trust | ||||||||
| Series 2019-1A D, 4.680%, due 4/14/31 | 385,000 | 383,132 | ||||||
| Progress Residential 2025-SFR3 Trust | ||||||||
| Series 2025-SFR3 D, 3.390%, due 7/17/42 | 540,000 | 481,396 | ||||||
| QTS Issuer ABS I LLC | ||||||||
| Series 2025-1A A2, 5.439%, due 5/25/55 | 470,000 | 472,331 | ||||||
| Santander Drive Auto Receivables Trust 2025-1 | ||||||||
| Series 2025-1 D, 5.430%, due 3/17/31 | 430,000 | 434,203 | ||||||
| Stifel SBA IO Trust | ||||||||
| Series 2024-1A A2, 1.268%, due 6/25/50(a)(c)(d) | 4,180,561 | 147,626 | ||||||
| Subway Funding LLC | ||||||||
| Series 2024-1A A2I, 6.028%, due 7/30/54 | 656,700 | 664,925 | ||||||
| Series 2024-3A A23, 5.914%, due 7/30/54 | 338,300 | 330,426 | ||||||
| Series 2024-3A A2II, 5.566%, due 7/30/54 | 402,975 | 396,612 | ||||||
| Tricon American Homes | ||||||||
| Series 2020-SFR1 A, 1.499%, due 7/17/38 | 267,897 | 260,062 | ||||||
| Tricon Residential 2024-SFR4 Trust | ||||||||
| Series 2024-SFR4 A, 4.300%, due 11/17/41 | 493,164 | 483,482 | ||||||
| Zayo Issuer LLC | ||||||||
| Series 2025-1A A2, 5.648%, due 3/20/55 | 840,000 | 848,273 | ||||||
| 20,319,665 | ||||||||
| Total Commercial Asset-Backed Securities | ||||||||
| (Cost $20,694,328) | 20,319,665 | |||||||
| Principal Amount | Value | |||||||
| Commercial Mortgage-Backed Securities — 8.1% | ||||||||
| Mortgage Securities — 8.1% | ||||||||
| Bank | ||||||||
| Series 2019-BN19 C, 4.026%, due 8/15/61(a)(c) | $ | 840,000 | $ | 612,367 | ||||
| BANK | ||||||||
| Series 2017-BNK7 C, 3.981%, due 9/15/60(a)(c) | 245,000 | 219,130 | ||||||
| Series 2019-BN20 C, 3.651%, due 9/15/62(a)(c) | 180,000 | 140,817 | ||||||
| Series 2020-BN25 D, 2.500%, due 1/15/63 | 1,390,000 | 1,064,517 | ||||||
| Bank of America Merrill Lynch Commercial Mortgage Trust | ||||||||
| Series 2016-UB10 D, 3.000%, due 7/15/49 | 1,380,000 | 1,215,715 | ||||||
| BBCMS Mortgage Trust 2023-C21 | ||||||||
| Series 2023-C21 A3, 6.296%, due 9/15/56(a)(c) | 420,000 | 447,702 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2018-B3 C, 4.546%, due 4/10/51(a)(c) | 550,000 | 465,626 | ||||||
| Series 2019-B11 A5, 3.542%, due 5/15/52 | 315,000 | 299,432 | ||||||
| Series 2019-B14 C, 3.763%, due 12/15/62(a)(c) | 450,000 | 341,725 | ||||||
| Series 2019-B9 C, 4.971%, due 3/15/52(a)(c) | 1,050,000 | 914,944 | ||||||
| BMO Mortgage Trust | ||||||||
| Series 2022-C1 111A, 3.269%, due 2/17/55(a)(c) | 840,000 | 761,625 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2024-BRBK D, 10.311%, (1 Month CME SOFR + 5.97%), due 10/15/41(a) | 495,000 | 496,846 | ||||||
| BX Trust 2025-VLT7 | ||||||||
| Series 2025-VLT7 C, 6.650%, (1 Month CME SOFR + 2.35%), due 7/15/44(a) | 585,000 | 586,645 | ||||||
| CD Mortgage Trust | ||||||||
| Series 2017-CD4 C, 4.350%, due 5/10/50(a)(c) | 480,000 | 440,490 | ||||||
| Series 2017-CD4 D, 3.300%, due 5/10/50 | 495,000 | 412,965 | ||||||
| CFCRE Commercial Mortgage Trust | ||||||||
| Series 2016-C3 D, 3.052%, due 1/10/48(a)(c) | 540,000 | 502,545 | ||||||
| CFCRE Commercial Mortgage Trust 2016-C4 | ||||||||
| Series 2016-C4 D, 4.842%, due 5/10/58(a)(c) | 617,007 | 585,062 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| Series 2018-B2 D, 3.145%, due 3/10/51(a)(c) | 1,420,000 | 1,074,473 | ||||||
| COMM 2014-CCRE20 Mortgage Trust | ||||||||
| Series 2014-CR20 D, 3.222%, due 11/10/47 | 790,000 | 594,933 | ||||||
| COMM Mortgage Trust | ||||||||
| Series 2016-DC2 D, 3.930%, due 2/10/49(a)(c) | 1,260,000 | 1,192,128 | ||||||
| CONE Trust | ||||||||
| Series 2024-DFW1 D, 7.382%, (1 Month CME SOFR + 3.04%), due 8/15/41(a) | 270,000 | 269,314 | ||||||
| CSAIL Commercial Mortgage Trust | ||||||||
| Series 2015-C3 A4, 3.718%, due 8/15/48 | 18,788 | 18,724 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Commercial Mortgage-Backed Securities (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| DBGS 2018-5BP Mortgage Trust | ||||||||
| Series 2018-5BP A, 5.234%, (1 Month CME SOFR + 0.89%), due 6/15/33(a) | $ | 365,000 | $ | 346,750 | ||||
| Durst Commercial Mortgage Trust 2025-151 | ||||||||
| Series 2025-151 D, 7.018%, due 8/10/42(a)(c) | 655,000 | 655,000 | ||||||
| Freddie Mac Multifamily Structured Credit Risk | ||||||||
| Series 2024-MN9 M2, 7.600%, (1 Month SOFR + 3.25%), due 10/25/44(a) | 915,000 | 923,795 | ||||||
| GS Mortgage Securities Corp. Trust 2017-GPTX | ||||||||
| Series 2017-GPTX A, 2.856%, due 5/10/34 | 513,367 | 451,989 | ||||||
| GS Mortgage Securities Trust 2018-GS10 | ||||||||
| Series 2018-GS10 C, 4.400%, due 7/10/51(a)(c) | 750,000 | 656,024 | ||||||
| JPMCC Commercial Mortgage Securities Trust | ||||||||
| Series 2019-COR5 D, 3.000%, due 6/13/52 | 155,000 | 116,173 | ||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||
| Series 2017-C7 C, 4.174%, due 10/15/50(a)(c) | 415,000 | 370,993 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 | ||||||||
| Series 2015-C22 D, 3.984%, due 4/15/48(a)(c) | 900,000 | 562,536 | ||||||
| Morgan Stanley Capital I Trust | ||||||||
| Series 2014-150E A, 3.912%, due 9/9/32 | 1,050,000 | 938,415 | ||||||
| Series 2015-420 A, 7.982%, due 10/12/50 | 430,402 | 434,928 | ||||||
| MSWF Commercial Mortgage Trust | ||||||||
| Series 2023-2 AS, 6.491%, due 12/15/56(a)(c) | 395,000 | 423,351 | ||||||
| NCMF Trust 2025-MFS | ||||||||
| Series 2025-MFS D, 6.618%, due 6/10/33(a)(c) | 560,000 | 564,877 | ||||||
| ROCK Trust | ||||||||
| Series 2024-CNTR E, 8.819%, due 11/13/41 | 1,300,000 | 1,367,470 | ||||||
| SG Commercial Mortgage Securities Trust | ||||||||
| Series 2016-C5 B, 3.933%, due 10/10/48 | 400,000 | 384,428 | ||||||
| SKY Trust 2025-LINE | ||||||||
| Series 2025-LINE B, 8.029%, (1 Month CME SOFR + 3.69%), due 4/15/42(a) | 492,395 | 492,391 | ||||||
| UBS Commercial Mortgage Trust | ||||||||
| Series 2018-C9 C, 4.944%, due 3/15/51(a)(c) | 440,000 | 296,654 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2016-NXS6 D, 3.059%, due 11/15/49 | 630,000 | 556,353 | ||||||
| Series 2017-C40 D, 2.700%, due 10/15/50 | 635,000 | 535,809 | ||||||
| Series 2019-C51 C, 4.289%, due 6/15/52(a)(c) | 460,000 | 380,614 | ||||||
| 23,116,275 | ||||||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $22,530,718) | 23,116,275 | |||||||
| Principal Amount | Value | |||||||
| Corporate Bonds — 44.3% | ||||||||
| Advertising — 0.2% | ||||||||
| Clear Channel Outdoor Holdings, Inc. | ||||||||
| 7.750%, due 4/15/28 | $ | 105,000 | $ | 99,151 | ||||
| Lamar Media Corp. | ||||||||
| 4.875%, due 1/15/29 | 300,000 | 294,618 | ||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
| 5.000%, due 8/15/27 | 150,000 | 148,490 | ||||||
| 542,259 | ||||||||
| Aerospace & Defense — 0.6% | ||||||||
| AAR Escrow Issuer LLC | ||||||||
| 6.750%, due 3/15/29 | 140,000 | 143,648 | ||||||
| Efesto Bidco S.p.A Efesto U.S. LLC, (Italy) | ||||||||
| Series XR, 7.500%, due 2/15/32 | 80,000 | 81,600 | ||||||
| TransDigm, Inc. | ||||||||
| 6.000%, due 1/15/33 | 75,000 | 75,370 | ||||||
| 6.375%, due 5/31/33 | 300,000 | 301,906 | ||||||
| 6.750%, due 8/15/28 | 1,000,000 | 1,020,362 | ||||||
| 1,622,886 | ||||||||
| Agriculture — 0.1% | ||||||||
| Darling Ingredients, Inc. | ||||||||
| 6.000%, due 6/15/30 | 250,000 | 251,598 | ||||||
| Airlines — 1.0% | ||||||||
| American Airlines Class B Pass Through Trust | ||||||||
| Series 2021-1, B, 3.950%, due 7/11/30 | 215,350 | 204,179 | ||||||
| British Airways Class A Pass Through Trust, (United Kingdom) | ||||||||
| Series 2021-1, A, 2.900%, due 3/15/35 | 806,279 | 729,016 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd. | ||||||||
| 4.500%, due 10/20/25 | 29,375 | 29,303 | ||||||
| 4.750%, due 10/20/28 | 1,055,000 | 1,055,648 | ||||||
| JetBlue Class AA Pass Through Trust | ||||||||
| Series 2019-1, AA, 2.750%, due 5/15/32 | 721,632 | 628,901 | ||||||
| United Airlines Class A Pass Through Trust | ||||||||
| Series 20-1, A, 5.875%, due 10/15/27 | 197,296 | 201,052 | ||||||
| 2,848,099 | ||||||||
| Auto Manufacturers — 2.1% | ||||||||
| American Honda Finance Corp. | ||||||||
| 5.150%, due 7/9/32 | 715,000 | 722,499 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 4.125%, due 8/17/27 | 760,000 | 740,419 | ||||||
| 6.054%, due 11/5/31 | 345,000 | 345,198 | ||||||
| 6.950%, due 3/6/26 | 435,000 | 438,418 | ||||||
| 7.200%, due 6/10/30 | 390,000 | 410,313 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 2.350%, due 1/8/31 | 640,000 | 557,870 | ||||||
| 4.300%, due 4/6/29 | 365,000 | 358,407 | ||||||
| 5.625%, due 4/4/32 | 715,000 | 726,251 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Auto Manufacturers (continued) | ||||||||
| JB Poindexter & Co., Inc. | ||||||||
| 8.750%, due 12/15/31 | $ | 350,000 | $ | 357,958 | ||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 1.850%, due 9/16/26 | 1,150,000 | 1,103,488 | ||||||
| PM General Purchaser LLC | ||||||||
| 9.500%, due 10/1/28 | 150,000 | 116,625 | ||||||
| 5,877,446 | ||||||||
| Auto Parts & Equipment — 0.4% | ||||||||
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl | ||||||||
| 7.750%, due 5/31/32 | 90,000 | 93,399 | ||||||
| IHO Verwaltungs GmbH, (Germany) | ||||||||
| 7.750%, due 11/15/30 | 500,000 | 513,211 | ||||||
| 8.000%, due 11/15/32 | 45,000 | 46,263 | ||||||
| Real Hero Merger Sub 2, Inc. | ||||||||
| 6.250%, due 2/1/29 | 150,000 | 103,081 | ||||||
| Tenneco, Inc. | ||||||||
| 8.000%, due 11/17/28 | 250,000 | 248,137 | ||||||
| 1,004,091 | ||||||||
| Banks — 8.6% | ||||||||
| Australia & New Zealand Banking Group Ltd., (Australia) | ||||||||
| 5.731%, (5 Year US CMT T-Note + 1.62%), due 9/18/34(a) | 610,000 | 624,868 | ||||||
| Banco Santander SA, (Spain) | ||||||||
| 6.350%, due 3/14/34 | 200,000 | 210,024 | ||||||
| Bank of America Corp. | ||||||||
| 2.572%, (SOFR + 1.21%), due 10/20/32(a) | 815,000 | 718,259 | ||||||
| 2.687%, (SOFR + 1.32%), due 4/22/32(a) | 605,000 | 542,494 | ||||||
| Barclays PLC, (United Kingdom) | ||||||||
| 4.375%, (5 Year US CMT T-Note + 3.41%), due 12/15/73(a) | 810,000 | 769,671 | ||||||
| 5.367%, (SOFR + 1.23%), due 2/25/31(a) | 805,000 | 822,384 | ||||||
| 8.000%, (5 Year US CMT T-Note + 5.43%), due 12/15/73(a) | 195,000 | 206,669 | ||||||
| BNP Paribas SA, (France) | ||||||||
| 3.052%, (SOFR + 1.51%), due 1/13/31(a) | 440,000 | 409,076 | ||||||
| 4.625%, (5 Year US CMT T-Note + 3.20%), due 7/12/74(a) | 350,000 | 342,719 | ||||||
| BPCE SA, (France) | ||||||||
| 2.045%, (SOFR + 1.09%), due 10/19/27(a) | 1,220,000 | 1,180,641 | ||||||
| 6.714%, (SOFR + 2.27%), due 10/19/29(a) | 250,000 | 264,450 | ||||||
| Citigroup, Inc. | ||||||||
| 2.520%, (SOFR + 1.18%), due 11/3/32(a) | 560,000 | 488,866 | ||||||
| 5.411%, (5 Year US CMT T-Note + 1.73%), due 9/19/39(a) | 400,000 | 391,635 | ||||||
| Citizens Financial Group, Inc. | ||||||||
| 3.250%, due 4/30/30 | 445,000 | 415,875 | ||||||
| Cooperatieve Rabobank UA, (Netherlands) | ||||||||
| 3.649%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.22%), due 4/6/28(a)(e) | 1,045,000 | 1,029,710 | ||||||
| Credit Agricole SA, (France) | ||||||||
| 4.750%, (5 Year US CMT T-Note + 3.24%), due 3/23/74(a) | 440,000 | 415,639 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Banks (continued) | ||||||||
| Deutsche Bank AG/New York NY, (Germany) | ||||||||
| 2.552%, (SOFR + 1.32%), due 1/7/28(a) | $ | 910,000 | $ | 882,718 | ||||
| 3.729%, (SOFR + 2.76%), due 1/14/32(a) | 570,000 | 527,602 | ||||||
| First Horizon Bank | ||||||||
| 5.750%, due 5/1/30 | 811,000 | 828,416 | ||||||
| First Horizon Corp. | ||||||||
| 5.514%, (SOFR + 1.77%), due 3/7/31(a) | 600,000 | 610,444 | ||||||
| Huntington Bancshares, Inc. | ||||||||
| 6.141%, (5 Year US CMT T-Note + 1.70%), due 11/18/39(a) | 755,000 | 771,781 | ||||||
| Huntington National Bank (The) | ||||||||
| 5.650%, due 1/10/30 | 631,000 | 653,596 | ||||||
| Intesa Sanpaolo SpA, (Italy) | ||||||||
| 7.000%, due 11/21/25 | 830,000 | 835,129 | ||||||
| KeyBank NA | ||||||||
| 4.150%, due 8/8/25 | 485,000 | 484,885 | ||||||
| 4.900%, due 8/8/32 | 720,000 | 700,793 | ||||||
| KeyCorp | ||||||||
| 6.401%, (SOFR + 2.42%), due 3/6/35(a) | 320,000 | 342,013 | ||||||
| Lloyds Banking Group PLC, (United Kingdom) | ||||||||
| 4.582%, due 12/10/25 | 775,000 | 774,558 | ||||||
| 4.650%, due 3/24/26 | 590,000 | 589,650 | ||||||
| 4.976%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.30%), due 8/11/33(a) | 355,000 | 353,094 | ||||||
| M&T Bank Corp. | ||||||||
| 5.385%, (SOFR + 1.61%), due 1/16/36(a) | 430,000 | 428,439 | ||||||
| 6.082%, (SOFR + 2.26%), due 3/13/32(a) | 410,000 | 431,438 | ||||||
| Morgan Stanley | ||||||||
| 2.484%, (SOFR + 1.36%), due 9/16/36(a) | 1,050,000 | 895,009 | ||||||
| 2.511%, (SOFR + 1.20%), due 10/20/32(a) | 595,000 | 520,857 | ||||||
| Santander Holdings USA, Inc. | ||||||||
| 6.342%, (SOFR + 2.14%), due 5/31/35(a) | 50,000 | 52,568 | ||||||
| 6.499%, (SOFR + 2.36%), due 3/9/29(a) | 855,000 | 890,154 | ||||||
| Societe Generale SA, (France) | ||||||||
| 5.375%, (5 Year US CMT T-Note + 4.51%), due 5/18/74(a) | 675,000 | 625,256 | ||||||
| Synchrony Bank | ||||||||
| 5.400%, due 8/22/25 | 715,000 | 714,866 | ||||||
| Truist Financial Corp. | ||||||||
| 5.153%, (SOFR + 1.57%), due 8/5/32(a) | 420,000 | 427,168 | ||||||
| UBS Group AG, (Switzerland) | ||||||||
| 1.364%, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.08%), due 1/30/27(a) | 285,000 | 280,319 | ||||||
| 4.375%, (5 Year US CMT T-Note + 3.31%), due 8/10/73(a) | 740,000 | 663,228 | ||||||
| 4.875%, (5 Year US CMT T-Note + 3.40%), due 8/12/73(a) | 150,000 | 147,148 | ||||||
| 6.442%, (SOFR + 3.70%), due 8/11/28(a) | 550,000 | 569,221 | ||||||
| Westpac Banking Corp., (Australia) | ||||||||
| 3.020%, (5 Year US CMT T-Note + 1.53%), due 11/18/36(a) | 975,000 | 854,526 | ||||||
| 24,687,856 | ||||||||
| Biotechnology — 0.2% | ||||||||
| Amgen, Inc. | ||||||||
| 5.750%, due 3/2/63 | 725,000 | 695,566 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Building Materials — 0.5% | ||||||||
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | ||||||||
| 6.625%, due 12/15/30 | $ | 375,000 | $ | 382,353 | ||||
| James Hardie International Finance DAC | ||||||||
| 5.000%, due 1/15/28 | 200,000 | 198,482 | ||||||
| Knife River Corp. | ||||||||
| 7.750%, due 5/1/31 | 400,000 | 419,706 | ||||||
| Quikrete Holdings, Inc. | ||||||||
| 6.375%, due 3/1/32 | 315,000 | 323,062 | ||||||
| 6.750%, due 3/1/33 | 85,000 | 87,178 | ||||||
| 1,410,781 | ||||||||
| Chemicals — 0.9% | ||||||||
| ASP Unifrax Holdings, Inc. | ||||||||
| 11.175%, due 9/30/29 | 103,604 | 95,316 | ||||||
| Celanese U.S. Holdings LLC | ||||||||
| 6.830%, due 7/15/29 | 50,000 | 51,938 | ||||||
| 6.850%, due 11/15/28 | 100,000 | 104,103 | ||||||
| 7.050%, due 11/15/30 | 100,000 | 104,142 | ||||||
| GPD Cos., Inc. | ||||||||
| 12.500%, due 12/31/29 | 125,870 | 109,507 | ||||||
| Huntsman International LLC | ||||||||
| 4.500%, due 5/1/29 | 865,000 | 822,140 | ||||||
| Innophos Holdings, Inc. | ||||||||
| 11.500%, due 6/15/29 | 280,000 | 283,438 | ||||||
| Inversion Escrow Issuer LLC | ||||||||
| 6.750%, due 8/1/32 | 180,000 | 177,869 | ||||||
| Mativ Holdings, Inc. | ||||||||
| 8.000%, due 10/1/29 | 50,000 | 45,091 | ||||||
| NOVA Chemicals Corp., (Canada) | ||||||||
| 8.500%, due 11/15/28 | 300,000 | 315,049 | ||||||
| Olympus Water U.S. Holding Corp. | ||||||||
| 7.125%, due 10/1/27 | 200,000 | 203,100 | ||||||
| SK Invictus Intermediate II Sarl | ||||||||
| 5.000%, due 10/30/29 | 255,000 | 247,892 | ||||||
| 2,559,585 | ||||||||
| Coal — 0.1% | ||||||||
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp. | ||||||||
| 8.625%, due 6/15/29 | 150,000 | 158,513 | ||||||
| Coronado Finance Pty Ltd., (Australia) | ||||||||
| 9.250%, due 10/1/29 | 50,000 | 38,199 | ||||||
| 196,712 | ||||||||
| Commercial Services — 0.9% | ||||||||
| Belron UK Finance PLC, (United Kingdom) | ||||||||
| 5.750%, due 10/15/29 | 115,000 | 116,079 | ||||||
| Clarivate Science Holdings Corp. | ||||||||
| 3.875%, due 7/1/28 | 300,000 | 286,764 | ||||||
| 4.875%, due 7/1/29 | 365,000 | 341,838 | ||||||
| Dcli Bidco LLC | ||||||||
| 7.750%, due 11/15/29 | 85,000 | 86,763 | ||||||
| Graham Holdings Co. | ||||||||
| 5.750%, due 6/1/26 | 475,000 | 474,765 | ||||||
| Herc Holdings, Inc. | ||||||||
| 7.000%, due 6/15/30 | 465,000 | 480,594 | ||||||
| NES Fircroft Bondco A/S, (United Kingdom) | ||||||||
| 8.000%, due 9/30/29 | 125,000 | 124,637 | ||||||
| NESCO Holdings II, Inc. | ||||||||
| 5.500%, due 4/15/29 | 150,000 | 146,251 | ||||||
| OT Midco, Inc. | ||||||||
| 10.000%, due 2/15/30 | 135,000 | 110,022 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Commercial Services (continued) | ||||||||
| TriNet Group, Inc. | ||||||||
| 3.500%, due 3/1/29 | $ | 200,000 | $ | 186,021 | ||||
| United Rentals North America, Inc. | ||||||||
| 3.875%, due 2/15/31 | 100,000 | 93,306 | ||||||
| Williams Scotsman, Inc. | ||||||||
| 4.625%, due 8/15/28 | 150,000 | 147,560 | ||||||
| 6.625%, due 4/15/30 | 50,000 | 51,555 | ||||||
| 2,646,155 | ||||||||
| Computers — 0.2% | ||||||||
| CACI International, Inc. | ||||||||
| 6.375%, due 6/15/33 | 75,000 | 76,690 | ||||||
| Dell International LLC / EMC Corp. | ||||||||
| 3.375%, due 12/15/41 | 440,000 | 329,953 | ||||||
| Insight Enterprises, Inc. | ||||||||
| 6.625%, due 5/15/32 | 165,000 | 168,733 | ||||||
| McAfee Corp. | ||||||||
| 7.375%, due 2/15/30 | 125,000 | 115,899 | ||||||
| 691,275 | ||||||||
| Cosmetics/Personal Care — 0.8% | ||||||||
| Coty, Inc. /HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | ||||||||
| 4.750%, due 1/15/29 | 1,420,000 | 1,392,517 | ||||||
| Edgewell Personal Care Co. | ||||||||
| 5.500%, due 6/1/28 | 450,000 | 446,616 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| Series USD, 6.125%, due 9/30/32 | 100,000 | 101,047 | ||||||
| Prestige Brands, Inc. | ||||||||
| 3.750%, due 4/1/31 | 200,000 | 183,021 | ||||||
| 5.125%, due 1/15/28 | 75,000 | 74,375 | ||||||
| 2,197,576 | ||||||||
| Distribution/Wholesale — 0.3% | ||||||||
| Gates Corp. | ||||||||
| 6.875%, due 7/1/29 | 200,000 | 205,816 | ||||||
| RB Global Holdings Inc, (Canada) | ||||||||
| 7.750%, due 3/15/31 | 500,000 | 523,996 | ||||||
| Velocity Vehicle Group LLC | ||||||||
| 8.000%, due 6/1/29 | 85,000 | 86,005 | ||||||
| 815,817 | ||||||||
| Diversified Financial Services — 3.5% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland) | ||||||||
| 3.000%, due 10/29/28 | 200,000 | 190,337 | ||||||
| AG Issuer LLC | ||||||||
| 6.250%, due 3/1/28 | 300,000 | 299,683 | ||||||
| Aircastle Ltd. / Aircastle Ireland DAC | ||||||||
| 5.000%, due 9/15/30 | 525,000 | 524,049 | ||||||
| Ally Financial, Inc. | ||||||||
| 5.548%, (SOFR + 1.78%), due 7/31/33(a) | 630,000 | 630,874 | ||||||
| 6.992%, (SOFR + 3.26%), due 6/13/29(a) | 465,000 | 488,949 | ||||||
| Aretec Group, Inc. | ||||||||
| 7.500%, due 4/1/29 | 125,000 | 125,004 | ||||||
| Aviation Capital Group LLC | ||||||||
| 1.950%, due 1/30/26 | 965,000 | 951,486 | ||||||
| Avolon Holdings Funding Ltd., (Ireland) | ||||||||
| 2.125%, due 2/21/26 | 615,000 | 605,345 | ||||||
| 5.750%, due 11/15/29 | 890,000 | 916,196 | ||||||
| Cantor Fitzgerald LP | ||||||||
| 7.200%, due 12/12/28 | 490,000 | 520,506 | ||||||
| Capital One Financial Corp. | ||||||||
| 6.312%, (SOFR + 2.64%), due 6/8/29(a) | 775,000 | 809,638 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Diversified Financial Services (continued) | ||||||||
| Jane Street Group / JSG Finance, Inc. | ||||||||
| 6.125%, due 11/1/32 | $ | 200,000 | $ | 198,433 | ||||
| 6.750%, due 5/1/33 | 60,000 | 61,403 | ||||||
| 7.125%, due 4/30/31 | 550,000 | 568,054 | ||||||
| Macquarie Airfinance Holdings Ltd., (United Kingdom) | ||||||||
| 6.400%, due 3/26/29 | 850,000 | 883,655 | ||||||
| Osaic Holdings, Inc. | ||||||||
| 6.750%, due 8/1/32 | 100,000 | 101,206 | ||||||
| 8.000%, due 8/1/33 | 40,000 | 40,648 | ||||||
| PennyMac Financial Services, Inc. | ||||||||
| 4.250%, due 2/15/29 | 250,000 | 239,440 | ||||||
| 5.750%, due 9/15/31 | 100,000 | 97,848 | ||||||
| Planet Financial Group LLC | ||||||||
| 10.500%, due 12/15/29 | 150,000 | 153,059 | ||||||
| Rocket Cos., Inc. | ||||||||
| 6.125%, due 8/1/30 | 130,000 | 131,814 | ||||||
| 6.375%, due 8/1/33 | 95,000 | 96,898 | ||||||
| Stonex Escrow Issuer LLC | ||||||||
| 6.875%, due 7/15/32 | 155,000 | 157,784 | ||||||
| StoneX Group, Inc. | ||||||||
| 7.875%, due 3/1/31 | 375,000 | 393,955 | ||||||
| Synchrony Financial | ||||||||
| 5.450%, (SOFR + 1.68%), due 3/6/31(a) | 850,000 | 855,913 | ||||||
| 10,042,177 | ||||||||
| Electric — 3.9% | ||||||||
| AEP Texas, Inc. | ||||||||
| 3.450%, due 5/15/51 | 745,000 | 497,898 | ||||||
| Algonquin Power & Utilities Corp., (Canada) | ||||||||
| 5.365%, due 6/15/26 | 950,000 | 955,037 | ||||||
| Alpha Generation LLC | ||||||||
| 6.750%, due 10/15/32 | 225,000 | 230,248 | ||||||
| Arizona Public Service Co. | ||||||||
| 5.700%, due 8/15/34 | 575,000 | 593,731 | ||||||
| 6.350%, due 12/15/32 | 665,000 | 714,213 | ||||||
| Baltimore Gas and Electric Co. | ||||||||
| 4.550%, due 6/1/52 | 720,000 | 606,149 | ||||||
| Clearway Energy Operating LLC | ||||||||
| 4.750%, due 3/15/28 | 425,000 | 417,867 | ||||||
| Edison International | ||||||||
| 5.250%, due 3/15/32(e) | 850,000 | 814,350 | ||||||
| 7.875%, (5 Year US CMT T-Note + 3.66%), due 6/15/54(a) | 470,000 | 450,497 | ||||||
| Series A, 5.375%, (5 Year US CMT T-Note + 4.70%), due 9/15/73(a) | 50,000 | 47,544 | ||||||
| Electricite de France SA, (France) | ||||||||
| 9.125%, (5 Year US CMT T-Note + 5.41%), due 12/15/73(a) | 40,000 | 45,835 | ||||||
| Evergy Kansas Central, Inc. | ||||||||
| 5.250%, due 3/15/35 | 1,250,000 | 1,257,902 | ||||||
| Indianapolis Power & Light Co. | ||||||||
| 5.650%, due 12/1/32 | 370,000 | 379,025 | ||||||
| Lightning Power LLC | ||||||||
| 7.250%, due 8/15/32 | 400,000 | 418,187 | ||||||
| NRG Energy, Inc. | ||||||||
| 5.750%, due 1/15/28 | 100,000 | 100,306 | ||||||
| 6.000%, due 2/1/33 | 250,000 | 250,678 | ||||||
| PacifiCorp | ||||||||
| 7.375%, (5 Year US CMT T-Note + 3.32%), due 9/15/55(a) | 470,000 | 481,167 | ||||||
| Puget Energy, Inc. | ||||||||
| 4.224%, due 3/15/32 | 855,000 | 804,834 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Electric (continued) | ||||||||
| Southern California Edison Co. | ||||||||
| 5.700%, due 3/1/53 | $ | 270,000 | $ | 244,490 | ||||
| TransAlta Corp., (Canada) | ||||||||
| 7.750%, due 11/15/29 | 110,000 | 114,614 | ||||||
| Virginia Electric and Power Co. | ||||||||
| Series C, 4.625%, due 5/15/52 | 500,000 | 422,181 | ||||||
| Vistra Corp. | ||||||||
| 8.000%, (5 Year US CMT T-Note + 6.93%), due 4/15/74(a) | 200,000 | 204,143 | ||||||
| Vistra Operations Co. LLC | ||||||||
| 5.500%, due 9/1/26 | 350,000 | 349,811 | ||||||
| 5.625%, due 2/15/27 | 500,000 | 499,425 | ||||||
| XPLR Infrastructure Operating Partners LP | ||||||||
| 3.875%, due 10/15/26 | 100,000 | 97,601 | ||||||
| 4.500%, due 9/15/27 | 50,000 | 48,404 | ||||||
| 7.250%, due 1/15/29 | 100,000 | 101,980 | ||||||
| 8.375%, due 1/15/31 | 90,000 | 94,401 | ||||||
| 8.625%, due 3/15/33(e) | 75,000 | 79,438 | ||||||
| 11,321,956 | ||||||||
| Electrical Components & Equipment — 0.1% | ||||||||
| EnerSys | ||||||||
| 6.625%, due 1/15/32 | 100,000 | 102,766 | ||||||
| WESCO Distribution, Inc. | ||||||||
| 6.375%, due 3/15/33 | 40,000 | 40,950 | ||||||
| 143,716 | ||||||||
| Electronics — 0.1% | ||||||||
| Sensata Technologies BV | ||||||||
| 5.875%, due 9/1/30 | 350,000 | 350,282 | ||||||
| Engineering & Construction — 0.3% | ||||||||
| AECOM | ||||||||
| 6.000%, due 8/1/33 | 120,000 | 120,976 | ||||||
| Arcosa, Inc. | ||||||||
| 4.375%, due 4/15/29 | 425,000 | 409,974 | ||||||
| Artera Services LLC | ||||||||
| 8.500%, due 2/15/31 | 100,000 | 82,814 | ||||||
| Great Lakes Dredge & Dock Corp. | ||||||||
| 5.250%, due 6/1/29 | 85,000 | 80,512 | ||||||
| TopBuild Corp. | ||||||||
| 3.625%, due 3/15/29 | 125,000 | 117,783 | ||||||
| Weekley Homes LLC / Weekley Finance Corp. | ||||||||
| 4.875%, due 9/15/28 | 150,000 | 144,337 | ||||||
| 956,396 | ||||||||
| Entertainment — 0.9% | ||||||||
| Boyne USA, Inc. | ||||||||
| 4.750%, due 5/15/29 | 250,000 | 242,264 | ||||||
| Caesars Entertainment, Inc. | ||||||||
| 4.625%, due 10/15/29 | 75,000 | 70,877 | ||||||
| 6.000%, due 10/15/32(e) | 150,000 | 144,778 | ||||||
| Churchill Downs, Inc. | ||||||||
| 5.500%, due 4/1/27 | 375,000 | 374,501 | ||||||
| 5.750%, due 4/1/30(e) | 375,000 | 374,074 | ||||||
| Jacobs Entertainment, Inc. | ||||||||
| 6.750%, due 2/15/29 | 160,000 | 156,000 | ||||||
| Light & Wonder International, Inc. | ||||||||
| 7.500%, due 9/1/31 | 200,000 | 208,457 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
| 4.750%, due 10/15/27 | 500,000 | 492,271 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Entertainment (continued) | ||||||||
| Motion Bondco DAC, (United Kingdom) | ||||||||
| 6.625%, due 11/15/27 | $ | 200,000 | $ | 189,763 | ||||
| Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp. | ||||||||
| 6.625%, due 2/1/33 | 100,000 | 100,963 | ||||||
| Voyager Parent LLC | ||||||||
| 9.250%, due 7/1/32 | 130,000 | 137,520 | ||||||
| 2,491,468 | ||||||||
| Environmental Control — 0.0%(b) | ||||||||
| Waste Pro USA, Inc. | ||||||||
| 7.000%, due 2/1/33 | 50,000 | 51,878 | ||||||
| Food — 1.1% | ||||||||
| Chobani Holdco II LLC | ||||||||
| 8.750%, due 10/1/29 | 208,391 | 223,516 | ||||||
| MARB BondCo PLC, (Brazil) | ||||||||
| 3.950%, due 1/29/31 | 1,010,000 | 896,239 | ||||||
| Performance Food Group, Inc. | ||||||||
| 4.250%, due 8/1/29 | 250,000 | 240,359 | ||||||
| 5.500%, due 10/15/27 | 200,000 | 199,692 | ||||||
| Post Holdings, Inc. | ||||||||
| 5.500%, due 12/15/29 | 275,000 | 272,616 | ||||||
| Simmons Foods Inc/Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc./Simmons Feed | ||||||||
| 4.625%, due 3/1/29 | 300,000 | 283,895 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 3.000%, due 10/15/30 | 170,000 | 154,747 | ||||||
| 4.250%, due 2/1/27 | 715,000 | 705,999 | ||||||
| United Natural Foods, Inc. | ||||||||
| 6.750%, due 10/15/28 | 125,000 | 124,472 | ||||||
| 3,101,535 | ||||||||
| Forest Products & Paper — 0.1% | ||||||||
| Mercer International, Inc., (Germany) | ||||||||
| 5.125%, due 2/1/29 | 480,000 | 386,660 | ||||||
| Gas — 1.1% | ||||||||
| AltaGas Ltd., (Canada) | ||||||||
| 7.200%, (5 Year US CMT T-Note + 3.57%), due 10/15/54(a) | 100,000 | 100,766 | ||||||
| Boston Gas Co. | ||||||||
| 3.757%, due 3/16/32 | 275,000 | 254,239 | ||||||
| Brooklyn Union Gas Co. (The) | ||||||||
| 4.866%, due 8/5/32 | 910,000 | 877,210 | ||||||
| 6.388%, due 9/15/33 | 225,000 | 238,447 | ||||||
| National Fuel Gas Co. | ||||||||
| 5.950%, due 3/15/35 | 1,155,000 | 1,182,849 | ||||||
| Southern California Gas Co. | ||||||||
| 6.000%, due 6/15/55 | 605,000 | 615,475 | ||||||
| 3,268,986 | ||||||||
| Healthcare-Products — 0.2% | ||||||||
| Hologic, Inc. | ||||||||
| 3.250%, due 2/15/29 | 150,000 | 142,044 | ||||||
| Neogen Food Safety Corp. | ||||||||
| 8.625%, due 7/20/30(e) | 90,000 | 90,957 | ||||||
| Varex Imaging Corp. | ||||||||
| 7.875%, due 10/15/27 | 350,000 | 355,097 | ||||||
| 588,098 | ||||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Healthcare-Services — 0.6% | ||||||||
| Acadia Healthcare Co., Inc. | ||||||||
| 5.000%, due 4/15/29 | $ | 125,000 | $ | 120,786 | ||||
| CHS/Community Health Systems, Inc. | ||||||||
| 9.750%, due 1/15/34 | 45,000 | 45,287 | ||||||
| DaVita, Inc. | ||||||||
| 4.625%, due 6/1/30 | 75,000 | 71,520 | ||||||
| Encompass Health Corp. | ||||||||
| 4.625%, due 4/1/31 | 100,000 | 95,509 | ||||||
| Fortrea Holdings, Inc. | ||||||||
| 7.500%, due 7/1/30(e) | 40,000 | 36,572 | ||||||
| IQVIA, Inc. | ||||||||
| 6.250%, due 6/1/32 | 195,000 | 199,964 | ||||||
| LifePoint Health, Inc. | ||||||||
| 5.375%, due 1/15/29 | 110,000 | 103,400 | ||||||
| 8.375%, due 2/15/32 | 110,000 | 117,028 | ||||||
| 10.000%, due 6/1/32 | 155,000 | 160,911 | ||||||
| 11.000%, due 10/15/30 | 250,000 | 274,774 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 6.125%, due 6/15/30 | 400,000 | 403,612 | ||||||
| 1,629,363 | ||||||||
| Holding Companies-Divers — 0.3% | ||||||||
| Clue Opco LLC | ||||||||
| 9.500%, due 10/15/31 | 185,000 | 196,169 | ||||||
| Stena International SA, (Sweden) | ||||||||
| 7.625%, due 2/15/31 | 750,000 | 770,836 | ||||||
| 967,005 | ||||||||
| Home Builders — 0.2% | ||||||||
| Installed Building Products, Inc. | ||||||||
| 5.750%, due 2/1/28 | 200,000 | 199,446 | ||||||
| Shea Homes LP / Shea Homes Funding Corp. | ||||||||
| 4.750%, due 2/15/28 | 75,000 | 73,204 | ||||||
| STL Holding Co. LLC | ||||||||
| 8.750%, due 2/15/29 | 65,000 | 67,485 | ||||||
| Winnebago Industries, Inc. | ||||||||
| 6.250%, due 7/15/28 | 118,000 | 117,164 | ||||||
| 457,299 | ||||||||
| Household Products/Wares — 0.2% | ||||||||
| Central Garden & Pet Co. | ||||||||
| 5.125%, due 2/1/28 | 450,000 | 448,061 | ||||||
| Housewares — 0.2% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375%, due 5/15/30 | 100,000 | 96,904 | ||||||
| 6.625%, due 5/15/32 | 115,000 | 109,978 | ||||||
| 8.500%, due 6/1/28 | 75,000 | 78,590 | ||||||
| Scotts Miracle-Gro Co. (The) | ||||||||
| 4.000%, due 4/1/31 | 150,000 | 136,931 | ||||||
| 4.375%, due 2/1/32 | 250,000 | 227,145 | ||||||
| 649,548 | ||||||||
| Insurance — 0.4% | ||||||||
| Belrose Funding Trust II | ||||||||
| 6.792%, due 5/15/55 | 650,000 | 665,039 | ||||||
| HUB International Ltd. | ||||||||
| 7.250%, due 6/15/30 | 150,000 | 156,365 | ||||||
| MGIC Investment Corp. | ||||||||
| 5.250%, due 8/15/28 | 200,000 | 199,544 | ||||||
| Ryan Specialty LLC | ||||||||
| 5.875%, due 8/1/32 | 200,000 | 200,553 | ||||||
| 1,221,501 | ||||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Internet — 0.2% | ||||||||
| Cars.com, Inc. | ||||||||
| 6.375%, due 11/1/28 | $ | 185,000 | $ | 184,616 | ||||
| Gen Digital, Inc. | ||||||||
| 6.750%, due 9/30/27 | 55,000 | 55,904 | ||||||
| Go Daddy Operating Co LLC / GD Finance Co., Inc. | ||||||||
| 5.250%, due 12/1/27 | 450,000 | 448,325 | ||||||
| 688,845 | ||||||||
| Investment Companies — 0.1% | ||||||||
| Ares Capital Corp. | ||||||||
| 5.500%, due 9/1/30 | 75,000 | 74,866 | ||||||
| Compass Group Diversified Holdings LLC | ||||||||
| 5.250%, due 4/15/29 | 130,000 | 120,767 | ||||||
| 195,633 | ||||||||
| Iron/Steel — 0.3% | ||||||||
| Mineral Resources Ltd., (Australia) | ||||||||
| 8.125%, due 5/1/27 | 100,000 | 100,294 | ||||||
| 8.500%, due 5/1/30 | 450,000 | 460,637 | ||||||
| 9.250%, due 10/1/28 | 250,000 | 261,288 | ||||||
| Samarco Mineracao SA, (Brazil) | ||||||||
| 9.500%, due 6/30/31 | 100,000 | 99,036 | ||||||
| 921,255 | ||||||||
| Leisure Time — 0.1% | ||||||||
| Carnival Corp. | ||||||||
| 5.750%, due 8/1/32 | 150,000 | 151,015 | ||||||
| MajorDrive Holdings IV LLC | ||||||||
| 6.375%, due 6/1/29 | 75,000 | 61,865 | ||||||
| 212,880 | ||||||||
| Lodging — 0.7% | ||||||||
| Hilton Domestic Operating Co., Inc. | ||||||||
| 3.625%, due 2/15/32 | 100,000 | 90,163 | ||||||
| 4.875%, due 1/15/30 | 500,000 | 493,135 | ||||||
| 5.750%, due 9/15/33 | 100,000 | 100,095 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.250%, due 6/30/29 | 885,000 | 900,465 | ||||||
| Studio City Finance Ltd., (Macau) | ||||||||
| 5.000%, due 1/15/29 | 490,000 | 453,013 | ||||||
| 2,036,871 | ||||||||
| Machinery-Diversified — 0.2% | ||||||||
| Maxim Crane Works Holdings Capital LLC | ||||||||
| 11.500%, due 9/1/28 | 135,000 | 143,039 | ||||||
| Regal Rexnord Corp. | ||||||||
| 6.400%, due 4/15/33 | 75,000 | 79,279 | ||||||
| TK Elevator U.S. Newco, Inc., (Germany) | ||||||||
| 5.250%, due 7/15/27 | 400,000 | 398,211 | ||||||
| 620,529 | ||||||||
| Media — 1.5% | ||||||||
| Cable One, Inc. | ||||||||
| 1.125%, due 3/15/28 | 100,000 | 77,100 | ||||||
| 7.660%, due 3/15/26(f) | 200,000 | 190,900 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
| 4.500%, due 5/1/32 | 585,000 | 530,808 | ||||||
| 5.000%, due 2/1/28 | 200,000 | 196,256 | ||||||
| CSC Holdings LLC | ||||||||
| 5.500%, due 4/15/27 | 350,000 | 338,771 | ||||||
| 5.750%, due 1/15/30 | 200,000 | 98,608 | ||||||
| Discovery Communications LLC | ||||||||
| 3.625%, due 5/15/30 | 70,000 | 62,007 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Media (continued) | ||||||||
| Gray Media, Inc. | ||||||||
| 7.250%, due 8/15/33 | $ | 50,000 | $ | 49,737 | ||||
| 9.625%, due 7/15/32 | 105,000 | 105,921 | ||||||
| 10.500%, due 7/15/29(e) | 40,000 | 43,288 | ||||||
| LCPR Senior Secured Financing DAC, (Puerto Rico) | ||||||||
| 5.125%, due 7/15/29 | 200,000 | 135,947 | ||||||
| 6.750%, due 10/15/27 | 200,000 | 153,500 | ||||||
| News Corp. | ||||||||
| 5.125%, due 2/15/32 | 300,000 | 292,394 | ||||||
| Nexstar Media, Inc. | ||||||||
| 4.750%, due 11/1/28(e) | 50,000 | 48,597 | ||||||
| Sinclair Television Group, Inc. | ||||||||
| 8.125%, due 2/15/33 | 125,000 | 127,501 | ||||||
| Sirius XM Radio LLC | ||||||||
| 5.000%, due 8/1/27 | 400,000 | 395,649 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.750%, due 6/15/39 | 635,000 | 650,816 | ||||||
| Univision Communications, Inc. | ||||||||
| 9.375%, due 8/1/32 | 60,000 | 62,256 | ||||||
| Virgin Media Secured Finance PLC, (United Kingdom) | ||||||||
| 5.500%, due 5/15/29 | 200,000 | 195,510 | ||||||
| Virgin Media Vendor Financing Notes IV DAC, (United Kingdom) | ||||||||
| 5.000%, due 7/15/28 | 235,000 | 227,902 | ||||||
| Ziggo BV, (Netherlands) | ||||||||
| 4.875%, due 1/15/30 | 275,000 | 254,037 | ||||||
| 4,237,505 | ||||||||
| Metal Fabricate/Hardware — 0.2% | ||||||||
| Advanced Drainage Systems, Inc. | ||||||||
| 6.375%, due 6/15/30 | 300,000 | 304,533 | ||||||
| Park-Ohio Industries, Inc. | ||||||||
| 8.500%, due 8/1/30 | 65,000 | 62,401 | ||||||
| Vallourec SACA, (France) | ||||||||
| 7.500%, due 4/15/32 | 200,000 | 211,737 | ||||||
| 578,671 | ||||||||
| Mining — 0.8% | ||||||||
| Century Aluminum Co. | ||||||||
| 6.875%, due 8/1/32 | 100,000 | 101,037 | ||||||
| 7.500%, due 4/1/28 | 400,000 | 407,393 | ||||||
| Compass Minerals International, Inc. | ||||||||
| 8.000%, due 7/1/30 | 85,000 | 88,063 | ||||||
| Eldorado Gold Corp., (Turkey) | ||||||||
| 6.250%, due 9/1/29 | 50,000 | 49,963 | ||||||
| First Quantum Minerals Ltd., (Zambia) | ||||||||
| 9.375%, due 3/1/29 | 300,000 | 317,913 | ||||||
| IAMGOLD Corp., (Burkina Faso) | ||||||||
| 5.750%, due 10/15/28 | 250,000 | 247,245 | ||||||
| Vedanta Resources Finance II PLC, (India) | ||||||||
| 10.875%, due 9/17/29 | 390,000 | 398,526 | ||||||
| WE Soda Investments Holding PLC, (Turkey) | ||||||||
| 9.375%, due 2/14/31 | 765,000 | 801,085 | ||||||
| 2,411,225 | ||||||||
| Miscellaneous Manufacturing — 0.2% | ||||||||
| Amsted Industries, Inc. | ||||||||
| 4.625%, due 5/15/30 | 50,000 | 47,885 | ||||||
| 6.375%, due 3/15/33 | 60,000 | 60,957 | ||||||
| Calderys Financing II LLC | ||||||||
| 11.750%, due 6/1/28 | 200,000 | 206,085 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Miscellaneous Manufacturing (continued) | ||||||||
| Calderys Financing LLC, (France) | ||||||||
| 11.250%, due 6/1/28 | $ | 100,000 | $ | 105,653 | ||||
| Enpro, Inc. | ||||||||
| 6.125%, due 6/1/33 | 40,000 | 40,355 | ||||||
| LSB Industries, Inc. | ||||||||
| 6.250%, due 10/15/28 | 100,000 | 98,303 | ||||||
| 559,238 | ||||||||
| Oil & Gas — 1.6% | ||||||||
| Diamond Foreign Asset Co. / Diamond Finance LLC | ||||||||
| 8.500%, due 10/1/30 | 200,000 | 208,449 | ||||||
| Encino Acquisition Partners Holdings LLC | ||||||||
| 8.500%, due 5/1/28 | 315,000 | 321,694 | ||||||
| Energean Israel Finance Ltd., (Israel) | ||||||||
| 5.375%, due 3/30/28 | 95,000 | 91,255 | ||||||
| Gulfport Energy Operating Corp. | ||||||||
| 6.750%, due 9/1/29 | 200,000 | 203,252 | ||||||
| Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
| 6.000%, due 2/1/31 | 300,000 | 288,982 | ||||||
| Matador Resources Co. | ||||||||
| 6.875%, due 4/15/28(e) | 150,000 | 152,456 | ||||||
| Moss Creek Resources Holdings, Inc. | ||||||||
| 8.250%, due 9/1/31 | 325,000 | 317,246 | ||||||
| NewCo Holding USD 20 SARL, (Brazil) | ||||||||
| 9.375%, due 11/7/29(e) | 200,000 | 204,874 | ||||||
| Noble Finance II LLC | ||||||||
| 8.000%, due 4/15/30 | 200,000 | 203,993 | ||||||
| Parkland Corp., (Canada) | ||||||||
| 4.625%, due 5/1/30 | 500,000 | 479,487 | ||||||
| PBF Holding Co. LLC / PBF Finance Corp. | ||||||||
| 9.875%, due 3/15/30 | 55,000 | 54,516 | ||||||
| Permian Resources Operating LLC | ||||||||
| 5.875%, due 7/1/29 | 450,000 | 450,275 | ||||||
| Range Resources Corp. | ||||||||
| 4.750%, due 2/15/30 | 150,000 | 145,810 | ||||||
| Rockcliff Energy II LLC | ||||||||
| 5.500%, due 10/15/29 | 250,000 | 243,529 | ||||||
| Seadrill Finance Ltd., (Norway) | ||||||||
| 8.375%, due 8/1/30 | 100,000 | 102,150 | ||||||
| SM Energy Co. | ||||||||
| 6.750%, due 8/1/29 | 100,000 | 100,079 | ||||||
| Talos Production, Inc. | ||||||||
| 9.000%, due 2/1/29 | 140,000 | 143,486 | ||||||
| 9.375%, due 2/1/31 | 360,000 | 367,097 | ||||||
| Transocean Poseidon Ltd. | ||||||||
| 6.875%, due 2/1/27 | 78,750 | 78,693 | ||||||
| Transocean Titan Financing Ltd. | ||||||||
| 8.375%, due 2/1/28 | 90,476 | 92,724 | ||||||
| Transocean, Inc. | ||||||||
| 8.750%, due 2/15/30 | 200,000 | 207,354 | ||||||
| Vital Energy, Inc. | ||||||||
| 7.750%, due 7/31/29 | 50,000 | 45,495 | ||||||
| 7.875%, due 4/15/32 | 90,000 | 78,994 | ||||||
| Wildfire Intermediate Holdings LLC | ||||||||
| 7.500%, due 10/15/29 | 100,000 | 99,504 | ||||||
| 4,681,394 | ||||||||
| Oil & Gas Services — 0.1% | ||||||||
| Bristow Group, Inc. | ||||||||
| 6.875%, due 3/1/28 | 130,000 | 130,308 | ||||||
| Nine Energy Service, Inc. | ||||||||
| 13.000%, due 2/1/28 | 110,000 | 51,942 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Oil & Gas Services (continued) | ||||||||
| Tidewater, Inc. | ||||||||
| 9.125%, due 7/15/30 | $ | 125,000 | $ | 131,099 | ||||
| 313,349 | ||||||||
| Packaging & Containers — 0.2% | ||||||||
| Berry Global, Inc. | ||||||||
| 4.875%, due 7/15/26 | 352,000 | 351,524 | ||||||
| Sealed Air Corp/Sealed Air Corp. U.S. | ||||||||
| 6.125%, due 2/1/28 | 100,000 | 100,956 | ||||||
| 452,480 | ||||||||
| Pharmaceuticals — 0.9% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000%, due 4/15/32 | 70,000 | 71,266 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 11.000%, due 9/30/28 | 200,000 | 205,500 | ||||||
| BellRing Brands, Inc. | ||||||||
| 7.000%, due 3/15/30 | 200,000 | 207,483 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926%, due 1/10/34 | 108,482 | 109,326 | ||||||
| Endo Finance Holdings, Inc. | ||||||||
| 8.500%, due 4/15/31 | 225,000 | 239,362 | ||||||
| Jazz Securities DAC | ||||||||
| 4.375%, due 1/15/29(e) | 950,000 | 919,008 | ||||||
| Organon & Co / Organon Foreign Debt Co.-Issuer BV | ||||||||
| 4.125%, due 4/30/28 | 550,000 | 520,580 | ||||||
| 5.125%, due 4/30/31 | 200,000 | 173,023 | ||||||
| 2,445,548 | ||||||||
| Pipelines — 2.0% | ||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
| 5.750%, due 1/15/28 | 300,000 | 299,538 | ||||||
| Buckeye Partners LP | ||||||||
| 6.750%, due 2/1/30 | 45,000 | 46,586 | ||||||
| 6.875%, due 7/1/29 | 250,000 | 257,348 | ||||||
| Columbia Pipelines Operating Co. LLC | ||||||||
| 5.962%, due 2/15/55 | 1,040,000 | 998,467 | ||||||
| DT Midstream, Inc. | ||||||||
| 4.300%, due 4/15/32 | 605,000 | 565,859 | ||||||
| 4.375%, due 6/15/31 | 100,000 | 95,180 | ||||||
| Excelerate Energy LP | ||||||||
| 8.000%, due 5/15/30 | 150,000 | 157,028 | ||||||
| Flex Intermediate Holdco LLC | ||||||||
| 3.363%, due 6/30/31 | 635,000 | 570,140 | ||||||
| Global Partners LP / GLP Finance Corp. | ||||||||
| 6.875%, due 1/15/29(e) | 150,000 | 151,538 | ||||||
| 7.125%, due 7/1/33 | 25,000 | 25,388 | ||||||
| Hess Midstream Operations LP | ||||||||
| 5.500%, due 10/15/30 | 300,000 | 301,305 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500%, due 8/1/29 | 180,000 | 171,452 | ||||||
| Plains All American Pipeline LP | ||||||||
| Series B, 8.698%, (3 Month CME SOFR + 4.37%), due 11/15/73(a) | 550,000 | 550,311 | ||||||
| Prairie Acquiror LP | ||||||||
| 9.000%, due 8/1/29 | 75,000 | 77,684 | ||||||
| South Bow Canadian Infrastructure Holdings Ltd., (Canada) | ||||||||
| 7.625%, (5 Year US CMT T-Note + 3.95%), due 3/1/55(a) | 100,000 | 103,279 | ||||||
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||
| 5.500%, due 1/15/28 | 600,000 | 594,612 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Pipelines (continued) | ||||||||
| TransMontaigne Partners LLC | ||||||||
| 8.500%, due 6/15/30 | $ | 90,000 | $ | 94,080 | ||||
| Venture Global LNG, Inc. | ||||||||
| 8.375%, due 6/1/31 | 60,000 | 62,061 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.500%, due 1/15/34 | 85,000 | 87,444 | ||||||
| 6.750%, due 1/15/36 | 50,000 | 51,435 | ||||||
| Western Midstream Operating LP | ||||||||
| 5.250%, due 2/1/50 | 680,000 | 570,520 | ||||||
| 5,831,255 | ||||||||
| Real Estate — 0.1% | ||||||||
| Alpha Star Holding IX Ltd., (United Arab Emirates) | ||||||||
| 7.000%, due 8/26/28 | 200,000 | 204,409 | ||||||
| REITS — 1.3% | ||||||||
| American Homes 4 Rent LP | ||||||||
| 2.375%, due 7/15/31 | 905,000 | 786,004 | ||||||
| Blackstone Mortgage Trust, Inc. | ||||||||
| 7.750%, due 12/1/29 | 50,000 | 52,854 | ||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||
| 4.000%, due 1/15/30 | 930,000 | 889,521 | ||||||
| Invitation Homes Operating Partnership LP | ||||||||
| 2.000%, due 8/15/31 | 585,000 | 496,580 | ||||||
| Iron Mountain, Inc. | ||||||||
| 5.250%, due 3/15/28 | 75,000 | 74,618 | ||||||
| MPT Operating Partnership LP / MPT Finance Corp. | ||||||||
| 5.000%, due 10/15/27 | 100,000 | 91,740 | ||||||
| 8.500%, due 2/15/32 | 100,000 | 103,941 | ||||||
| RHP Hotel Properties LP / RHP Finance Corp. | ||||||||
| 4.500%, due 2/15/29 | 250,000 | 243,135 | ||||||
| 6.500%, due 4/1/32(e) | 50,000 | 51,058 | ||||||
| 6.500%, due 6/15/33 | 55,000 | 56,324 | ||||||
| 7.250%, due 7/15/28 | 100,000 | 103,124 | ||||||
| Trust Fibra Uno, (Mexico) | ||||||||
| 7.375%, due 2/13/34 | 200,000 | 207,009 | ||||||
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | ||||||||
| 4.750%, due 4/15/28 | 200,000 | 193,823 | ||||||
| 6.500%, due 2/15/29 | 135,000 | 131,331 | ||||||
| 10.500%, due 2/15/28 | 236,000 | 249,424 | ||||||
| 3,730,486 | ||||||||
| Retail — 1.3% | ||||||||
| 1011778 BC ULC / New Red Finance, Inc., (Canada) | ||||||||
| 3.875%, due 1/15/28 | 100,000 | 96,454 | ||||||
| 4.000%, due 10/15/30 | 500,000 | 463,256 | ||||||
| 6.125%, due 6/15/29 | 100,000 | 102,207 | ||||||
| Arcos Dorados BV, (Brazil) | ||||||||
| 6.375%, due 1/29/32 | 820,000 | 844,600 | ||||||
| Asbury Automotive Group, Inc. | ||||||||
| 4.750%, due 3/1/30 | 250,000 | 240,105 | ||||||
| 5.000%, due 2/15/32 | 100,000 | 94,590 | ||||||
| AutoNation, Inc. | ||||||||
| 4.750%, due 6/1/30 | 313,000 | 310,230 | ||||||
| Beacon Roofing Supply, Inc. | ||||||||
| 6.750%, due 4/30/32 | 80,000 | 82,382 | ||||||
| LCM Investments Holdings II LLC | ||||||||
| 4.875%, due 5/1/29 | 365,000 | 354,715 | ||||||
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Retail (continued) | ||||||||
| Papa John’s International, Inc. | ||||||||
| 3.875%, due 9/15/29 | $ | 100,000 | $ | 95,188 | ||||
| Patrick Industries, Inc. | ||||||||
| 4.750%, due 5/1/29 | 50,000 | 48,413 | ||||||
| PetSmart, Inc. / PetSmart Finance Corp. | ||||||||
| 7.750%, due 2/15/29 | 200,000 | 195,716 | ||||||
| Saks Global Enterprises LLC | ||||||||
| 11.000%, due 12/15/29 | 385,000 | 86,625 | ||||||
| SGUS LLC | ||||||||
| 11.000%, due 12/15/29 | 112,315 | 104,957 | ||||||
| Yum! Brands, Inc. | ||||||||
| 4.625%, due 1/31/32 | 400,000 | 382,917 | ||||||
| 5.375%, due 4/1/32 | 100,000 | 99,459 | ||||||
| 3,601,814 | ||||||||
| Savings & Loans — 0.3% | ||||||||
| Nationwide Building Society, (United Kingdom) | ||||||||
| 2.972%, (SOFR + 1.29%), due 2/16/28(a) | 960,000 | 935,664 | ||||||
| Software — 0.8% | ||||||||
| Cloud Software Group, Inc. | ||||||||
| 6.500%, due 3/31/29 | 500,000 | 504,942 | ||||||
| 9.000%, due 9/30/29 | 75,000 | 77,615 | ||||||
| Open Text Holdings, Inc., (Canada) | ||||||||
| 4.125%, due 2/15/30 | 475,000 | 445,221 | ||||||
| PTC, Inc. | ||||||||
| 4.000%, due 2/15/28 | 100,000 | 97,439 | ||||||
| SS&C Technologies, Inc. | ||||||||
| 5.500%, due 9/30/27 | 500,000 | 500,109 | ||||||
| 6.500%, due 6/1/32 | 300,000 | 308,471 | ||||||
| UKG, Inc. | ||||||||
| 6.875%, due 2/1/31 | 450,000 | 461,999 | ||||||
| 2,395,796 | ||||||||
| Sovereign & Agency — 0.3% | ||||||||
| Eagle Funding Luxco SARL, (Mexico) | ||||||||
| 5.500%, due 8/17/30 | 885,000 | 888,983 | ||||||
| Telecommunications — 0.5% | ||||||||
| AT&T, Inc. | ||||||||
| 3.500%, due 9/15/53 | 585,000 | 394,110 | ||||||
| EchoStar Corp. | ||||||||
| 6.750%, due 11/30/30 | 72,599 | 68,787 | ||||||
| 10.750%, due 11/30/29 | 85,000 | 89,569 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 5.875%, due 10/15/27 | 300,000 | 300,054 | ||||||
| Iliad Holding SASU, (France) | ||||||||
| 8.500%, due 4/15/31 | 215,000 | 230,627 | ||||||
| Windstream Services LLC / Windstream Escrow Finance Corp. | ||||||||
| 8.250%, due 10/1/31 | 425,000 | 444,928 | ||||||
| 1,528,075 | ||||||||
| Transportation — 0.2% | ||||||||
| Star Leasing Co. LLC | ||||||||
| 7.625%, due 2/15/30 | 280,000 | 276,180 | ||||||
| Watco Cos. LLC / Watco Finance Corp. | ||||||||
| 7.125%, due 8/1/32 | 235,000 | 243,802 | ||||||
| 519,982 | ||||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| Corporate Bonds (continued) | ||||||||
| Water — 0.3% | ||||||||
| Aegea Finance Sarl, (Brazil) | ||||||||
| 9.000%, due 1/20/31 | $ | 829,000 | $ | 891,010 | ||||
| Total Corporate Bonds | ||||||||
| (Cost $126,599,554) | 127,006,528 | |||||||
| U.S. Government & Federal Agencies — 30.3% | ||||||||
| Mortgage Securities — 18.4% | ||||||||
| Fannie Mae Interest Strip | ||||||||
| Series 2022-426 C32, 1.500%, due 2/25/52(d) | 2,599,835 | 247,358 | ||||||
| Series 2023-429 C5, 3.000%, due 10/25/52(d) | 1,868,316 | 341,584 | ||||||
| Series 2023-438 C34, 6.000%, due 8/25/53(d) | 1,209,486 | 291,782 | ||||||
| Series 2024-440 C46, 4.000%, due 10/25/53(d) | 2,109,824 | 463,326 | ||||||
| Fannie Mae Pool | ||||||||
| Series 2020-FM5299, 3.500%, due 11/1/50 | 226,023 | 202,752 | ||||||
| Series 2021-MA4492, 2.000%, due 12/1/51 | 375,259 | 294,302 | ||||||
| Series 2022-CB3155, 2.000%, due 3/1/52 | 365,563 | 286,365 | ||||||
| Series 2022-MA4562, 2.000%, due 3/1/52 | 848,571 | 666,220 | ||||||
| Series 2023-FP0087, 2.000%, due 10/1/50 | 1,638,388 | 1,287,884 | ||||||
| Series 2023-FS3603, 5.500%, due 8/1/53 | 596,166 | 597,261 | ||||||
| Series 2023-FS5641, 6.000%, due 8/1/53 | 383,420 | 392,276 | ||||||
| Series 2023-FS5758, 6.000%, due 9/1/53 | 526,796 | 538,621 | ||||||
| Series 2023-FS6211, 6.000%, due 11/1/53 | 189,221 | 192,514 | ||||||
| Series 2023-MA4918, 5.000%, due 2/1/53 | 557,979 | 544,929 | ||||||
| Series 2023-MA4919, 5.500%, due 2/1/53 | 444,372 | 443,080 | ||||||
| Series 2023-MA5108, 6.000%, due 8/1/53 | 995,422 | 1,010,786 | ||||||
| Series 2023-MA5139, 6.000%, due 9/1/53 | 422,337 | 429,244 | ||||||
| Series 2024-FS7587, 5.500%, due 4/1/54 | 591,199 | 590,985 | ||||||
| Series 2024-FS8275, 5.500%, due 6/1/54 | 2,013,493 | 2,004,785 | ||||||
| Series 2024-FS9453, 4.500%, due 8/1/53 | 780,130 | 741,416 | ||||||
| Series 2024-MA5353, 5.500%, due 5/1/54 | 513,352 | 511,092 | ||||||
| Fannie Mae REMICS | ||||||||
| Series 2016-19 SD, 1.636%, (1 Month SOFR + 5.99%), due 4/25/46(a)(d) | 1,190,592 | 98,568 | ||||||
| Series 2016-57 SN, 1.586%, (1 Month SOFR + 5.94%), due 6/25/46(a)(d) | 537,627 | 55,341 | ||||||
| Series 2019-32 SB, 1.586%, (1 Month SOFR + 5.94%), due 6/25/49(a)(d) | 894,334 | 99,651 | ||||||
| Series 2020-70 SD, 1.786%, (1 Month SOFR + 6.14%), due 10/25/50(a)(d) | 744,564 | 99,719 | ||||||
| Principal Amount | Value | |||||||
| U.S. Government & Federal Agencies (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| Series 2021-12 JI, 2.500%, due 3/25/51(d) | $ | 586,910 | $ | 93,747 | ||||
| Series 2021-34 IS, 0.000%, (1 Month SOFR + 2.91%), due 11/25/42(a)(d) | 2,459,794 | 63,454 | ||||||
| Series 2021-34 MI, 2.500%, due 3/25/51(d) | 1,228,781 | 172,724 | ||||||
| Series 2021-54 HI, 2.500%, due 6/25/51(d) | 167,657 | 20,427 | ||||||
| Series 2021-8 ID, 3.500%, due 3/25/51(d) | 1,389,516 | 297,318 | ||||||
| Series 2022-10 SA, 1.400%, (1 Month SOFR + 5.75%), due 2/25/52(a)(d) | 753,635 | 84,641 | ||||||
| Series 2023-24 OQ, 0.000%, due 7/25/54(f)(g) | 498,800 | 406,475 | ||||||
| Series 2024-48 SB, 1.550%, (1 Month SOFR + 5.90%), due 7/25/54(a)(d) | 3,669,419 | 227,059 | ||||||
| Freddie Mac Gold Pool | ||||||||
| Series 2025-Z40283, 3.500%, due 9/1/47 | 535,671 | 489,658 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| Series 2024-K758 A2, 4.680%, due 10/25/31(a)(c) | 1,260,000 | 1,274,106 | ||||||
| Freddie Mac Pool | ||||||||
| Series 2022-RA6622, 2.500%, due 1/1/52 | 831,311 | 689,520 | ||||||
| Series 2022-SD8215, 4.000%, due 5/1/52 | 230,647 | 213,163 | ||||||
| Series 2022-SD8220, 3.000%, due 6/1/52 | 1,167,898 | 1,000,056 | ||||||
| Series 2022-SD8243, 3.500%, due 9/1/52 | 2,542,062 | 2,274,151 | ||||||
| Series 2022-SD8257, 4.500%, due 10/1/52 | 1,415,873 | 1,345,559 | ||||||
| Series 2023-SD3392, 5.500%, due 7/1/53 | 288,154 | 288,684 | ||||||
| Series 2023-SD3770, 2.500%, due 3/1/52 | 187,134 | 155,299 | ||||||
| Series 2023-SD4026, 6.000%, due 10/1/53 | 197,508 | 201,787 | ||||||
| Series 2023-SD4268, 6.000%, due 11/1/53 | 189,280 | 192,734 | ||||||
| Series 2024-SD5040, 5.500%, due 3/1/54 | 567,291 | 567,142 | ||||||
| Series 2024-SD5184, 4.000%, due 3/1/53 | 1,039,128 | 961,163 | ||||||
| Series 2024-SD6766, 5.500%, due 11/1/54 | 373,796 | 372,121 | ||||||
| Series 2024-SD8407, 5.000%, due 3/1/54 | 664,679 | 647,699 | ||||||
| Series 2025-SL0849, 6.000%, due 4/1/55 | 538,335 | 545,952 | ||||||
| Freddie Mac REMICS | ||||||||
| Series 2014-4358 Z, 3.000%, due 6/15/44 | 815,415 | 739,195 | ||||||
| Series 2017-4725 WZ, 3.500%, due 11/15/47 | 983,314 | 897,448 | ||||||
| Series 2020-4988 LP, 1.250%, due 6/25/50 | 642,295 | 476,211 | ||||||
| Series 2020-4993 KS, 1.586%, (1 Month SOFR + 5.94%), due 7/25/50(a)(d) | 1,404,227 | 178,356 | ||||||
| Series 2020-4994 TS, 1.636%, (1 Month SOFR + 5.99%), due 7/25/50(a)(d) | 709,336 | 90,039 | ||||||
| Series 2020-5013 DI, 3.000%, due 9/25/50(d) | 1,571,381 | 292,565 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| U.S. Government & Federal Agencies (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| Series 2020-5021 SA, 0.000%, (1 Month SOFR + 3.55%), due 10/25/50(a)(d) | $ | 749,724 | $ | 18,163 | ||||
| Series 2020-5031 IQ, 2.500%, due 10/25/50(d) | 474,051 | 71,197 | ||||||
| Series 2020-5038 IB, 2.500%, due 10/25/50(d) | 460,438 | 72,671 | ||||||
| Series 2020-5040 IO, 3.500%, due 11/25/50(d) | 685,668 | 127,435 | ||||||
| Series 2021-5070 PI, 3.000%, due 8/25/50(d) | 791,719 | 146,519 | ||||||
| Series 2021-5092 XA, 1.000%, due 1/15/41 | 355,624 | 304,686 | ||||||
| Series 2022-5191 IO, 3.500%, due 9/25/50(d) | 802,020 | 146,218 | ||||||
| Series 2023-5304 UB, 4.000%, due 2/25/52 | 329,299 | 305,445 | ||||||
| Series 2023-5315 OQ, 0.000%, due 1/25/55(f)(g) | 436,422 | 355,417 | ||||||
| Series 2023-5326 QO, 0.000%, due 9/25/50(f)(g) | 328,047 | 212,269 | ||||||
| Series 2023-5328 JY, 0.250%, due 9/25/50 | 699,500 | 469,717 | ||||||
| Series 2023-5351 DO, 0.000%, due 9/25/53(f)(g) | 399,262 | 329,986 | ||||||
| Series 2023-5351 EO, 0.000%, due 10/25/53(f)(g) | 270,978 | 215,583 | ||||||
| Series 2023-5363, 0.000%, due 12/25/53(f)(g) | 337,408 | 287,085 | ||||||
| Series 2024-5468 QS, 0.350%, (1 Month SOFR + 4.70%), due 5/25/54(a)(d) | 7,878,098 | 191,247 | ||||||
| Series 2024-5471 SK, 1.000%, (1 Month SOFR + 5.35%), due 8/25/54(a)(d) | 5,606,295 | 232,565 | ||||||
| Series 2024-5472 SB, 1.000%, (1 Month SOFR + 5.35%), due 11/25/54(a)(d) | 5,616,344 | 258,678 | ||||||
| Series 2025-5527 FA, 5.350%, (1 Month SOFR + 1.00%), due 4/25/55(a) | 526,550 | 524,128 | ||||||
| Freddie Mac Stacr Remic Trust | ||||||||
| Series 2025-HQA1 M2, 6.000%, (1 Month SOFR + 1.65%), due 2/25/45(a) | 1,000,000 | 1,003,950 | ||||||
| Freddie Mac STACR REMIC Trust | ||||||||
| Series 2020-HQA1 B2, 9.564%, (1 Month SOFR + 5.21%), due 1/25/50(a) | 815,000 | 897,014 | ||||||
| Series 2022-DNA3 M2, 8.700%, (1 Month SOFR + 4.35%), due 4/25/42(a) | 565,000 | 594,371 | ||||||
| Freddie Mac STACR REMIC Trust 2025-DNA1 | ||||||||
| Series 2025-DNA1 M2, 5.700%, (1 Month SOFR + 1.35%), due 1/25/45(a) | 455,000 | 454,468 | ||||||
| Freddie Mac Strips | ||||||||
| Series 2012-272, 0.000%, due 8/15/42(f)(g) | 462,496 | 353,052 | ||||||
| Series 2013-311 S1, 1.496%, (1 Month SOFR + 5.84%), due 8/15/43(a)(d) | 724,388 | 72,787 | ||||||
| Series 2023-397 C61, 5.500%, due 1/25/53(d) | 915,417 | 205,600 | ||||||
| Series 2023-402, 0.000%, due 9/25/53(f)(g) | 454,558 | 371,986 | ||||||
| Ginnie Mae II Pool | ||||||||
| Series 2021-MA7409, 2.000%, due 6/20/51 | 532,715 | 416,944 | ||||||
| Government National Mortgage Association | ||||||||
| Series 2016-93 AI, 4.500%, due 7/20/44(d) | 917,262 | 220,760 | ||||||
| Principal Amount | Value | |||||||
| U.S. Government & Federal Agencies (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| Series 2019-128 KF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49(a) | $ | 233,916 | $ | 207,352 | ||||
| Series 2019-128 YF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49(a) | 242,086 | 215,042 | ||||||
| Series 2019-159 P, 2.500%, due 9/20/49 | 529,948 | 459,699 | ||||||
| Series 2019-92 GF, 3.500%, (1 Month CME SOFR + 0.80%), due 7/20/49(a) | 226,919 | 201,374 | ||||||
| Series 2020-1 YF, 3.500%, (1 Month CME SOFR + 0.78%), due 1/20/50(a) | 441,924 | 392,097 | ||||||
| Series 2020-1 YS, 0.000%, (1 Month CME SOFR + 2.72%), due 1/20/50(a)(d) | 1,218,024 | 13,098 | ||||||
| Series 2020-129 SB, 0.000%, (1 Month CME SOFR + 3.09%), due 9/20/50(a)(d) | 1,634,688 | 23,148 | ||||||
| Series 2020-146 KI, 2.500%, due 10/20/50(d) | 1,334,471 | 195,185 | ||||||
| Series 2020-146 SA, 1.835%, (1 Month CME SOFR + 6.19%), due 10/20/50(a)(d) | 793,660 | 110,329 | ||||||
| Series 2020-168 IA, 0.980%, due 12/16/62(a)(c)(d) | 1,481,666 | 105,432 | ||||||
| Series 2020-175 CS, 1.835%, (1 Month CME SOFR + 6.19%), due 11/20/50(a)(d) | 846,288 | 111,826 | ||||||
| Series 2020-189 SU, 1.835%, (1 Month CME SOFR + 6.19%), due 12/20/50(a)(d) | 733,295 | 102,822 | ||||||
| Series 2020-34 SC, 1.585%, (1 Month CME SOFR + 5.94%), due 3/20/50(a)(d) | 845,032 | 103,697 | ||||||
| Series 2021-1 IT, 3.000%, due 1/20/51(d) | 1,198,428 | 200,583 | ||||||
| Series 2021-1 PI, 2.500%, due 12/20/50(d) | 682,643 | 103,665 | ||||||
| Series 2021-122 HS, 1.835%, (1 Month CME SOFR + 6.19%), due 7/20/51(a)(d) | 1,081,500 | 145,428 | ||||||
| Series 2021-146 IN, 3.500%, due 8/20/51(d) | 1,011,491 | 179,630 | ||||||
| Series 2021-158 SB, 0.000%, (1 Month SOFR + 3.70%), due 9/20/51(a)(d) | 922,444 | 28,012 | ||||||
| Series 2021-16 AS, 0.000%, (1 Month CME SOFR + 2.64%), due 1/20/51(a)(d) | 2,136,507 | 18,481 | ||||||
| Series 2021-179 SA, 1.835%, (1 Month CME SOFR + 6.19%), due 11/20/50(a)(d) | 1,255,873 | 174,044 | ||||||
| Series 2021-188 IO, 2.500%, due 10/20/51(d) | 3,319,329 | 556,586 | ||||||
| Series 2021-205 DS, 0.000%, (1 Month SOFR + 3.20%), due 11/20/51(a)(d) | 2,945,253 | 43,868 | ||||||
| Series 2021-226 SA, 0.000%, (1 Month SOFR + 1.70%), due 12/20/51(a)(d) | 1,709,685 | 5,164 | ||||||
| Series 2021-29 AS, 0.000%, (1 Month SOFR + 2.70%), due 2/20/51(a)(d) | 2,053,134 | 18,896 | ||||||
| Series 2021-42 BI, 2.500%, due 3/20/51(d) | 546,404 | 85,524 | ||||||
| Series 2021-46 QS, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51(a)(d) | 496,486 | 62,500 | ||||||
| Series 2021-46 TS, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51(a)(d) | 635,143 | 80,381 | ||||||
| Series 2021-47 IO, 0.992%, due 3/16/61(a)(c)(d) | 3,471,118 | 230,794 | ||||||
| Series 2021-49 SB, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51(a)(d) | 727,574 | 94,145 | ||||||
| Series 2021-57 SA, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51(a)(d) | 1,907,527 | 240,030 | ||||||
| Series 2021-57 SD, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51(a)(d) | 1,997,836 | 258,599 | ||||||
| Series 2021-67 PI, 3.000%, due 4/20/51(d) | 686,853 | 117,684 | ||||||
| Series 2021-74 HI, 3.000%, due 4/20/51(d) | 162,913 | 24,648 | ||||||
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| Principal Amount | Value | |||||||
| U.S. Government & Federal Agencies (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| Series 2021-96 GP, 1.000%, due 6/20/51 | $ | 536,491 | $ | 407,615 | ||||
| Series 2021-97 SA, 0.000%, (1 Month SOFR + 2.60%), due 6/20/51(a)(d) | 4,132,492 | 46,250 | ||||||
| Series 2021-97 SM, 1.835%, (1 Month CME SOFR + 6.19%), due 6/20/51(a)(d) | 1,143,286 | 165,759 | ||||||
| Series 2021-98 IN, 3.000%, due 6/20/51(d) | 558,030 | 97,633 | ||||||
| Series 2022-101 SB, 0.000%, (1 Month SOFR + 3.30%), due 6/20/52(a)(d) | 1,097,694 | 13,524 | ||||||
| Series 2022-107 SA, 0.000%, (1 Month SOFR + 3.47%), due 6/20/52(a)(d) | 5,550,608 | 73,596 | ||||||
| Series 2022-113 Z, 2.000%, due 9/16/61 | 638,132 | 301,124 | ||||||
| Series 2022-185 DI, 1.022%, due 10/16/65(a)(c)(d) | 1,290,701 | 90,559 | ||||||
| Series 2022-221 C, 3.000%, due 6/16/64(a)(c) | 395,000 | 258,693 | ||||||
| Series 2022-34 HS, 0.000%, (1 Month SOFR + 4.10%), due 2/20/52(a)(d) | 2,139,635 | 97,758 | ||||||
| Series 2022-69 FA, 4.500%, (1 Month SOFR + 0.75%), due 4/20/52(a) | 208,023 | 195,493 | ||||||
| Series 2022-78 S, 0.000%, (1 Month SOFR + 3.70%), due 4/20/52(a)(d) | 1,140,036 | 16,316 | ||||||
| Series 2022-87 SA, 0.000%, (1 Month SOFR + 3.30%), due 5/20/52(a)(d) | 2,194,388 | 27,036 | ||||||
| Series 2023-101 KO, 0.000%, due 1/20/51(f)(g) | 1,071,534 | 705,943 | ||||||
| Series 2023-114 MO, 0.000%, due 8/20/53(f)(g) | 222,676 | 184,716 | ||||||
| Series 2023-159 CI, 0.953%, due 7/16/65(a)(c)(d) | 2,853,155 | 205,292 | ||||||
| Series 2023-172 IO, 1.382%, due 2/16/66(a)(c)(d) | 1,951,708 | 180,910 | ||||||
| Series 2023-194 CI, 0.817%, due 10/16/65(a)(c)(d) | 2,189,963 | 139,396 | ||||||
| Series 2023-38 WT, 6.517%, due 12/20/51(a)(c) | 267,943 | 280,304 | ||||||
| Series 2023-53, 0.000%, due 4/20/53(f)(g) | 223,233 | 175,844 | ||||||
| Series 2023-55 CG, 7.658%, due 7/20/51(a)(c) | 439,824 | 488,073 | ||||||
| Series 2023-55 LB, 7.803%, due 11/20/51(a)(c) | 414,615 | 469,546 | ||||||
| Series 2023-56 SK, 1.585%, (1 Month CME SOFR + 5.94%), due 4/20/51(a)(d) | 2,154,920 | 225,695 | ||||||
| Series 2023-59 YC, 7.130%, due 9/20/51(a)(c) | 590,027 | 645,882 | ||||||
| Series 2023-60 ES, 2.504%, (1 Month SOFR + 11.20%), due 4/20/53(a) | 469,999 | 415,577 | ||||||
| Series 2023-66 MP, 3.604%, (1 Month SOFR + 12.30%), due 5/20/53(a) | 588,266 | 539,188 | ||||||
| Series 2023-66 OQ, 0.000%, due 7/20/52(f)(g) | 743,919 | 573,507 | ||||||
| Series 2023-80 SA, 0.902%, (1 Month SOFR + 5.25%), due 6/20/53(a)(d) | 2,297,576 | 81,772 | ||||||
| Series 2023-86 SE, 2.302%, (1 Month SOFR + 6.65%), due 9/20/50(a)(d) | 769,783 | 113,330 | ||||||
| Series 2024-29 B, 2.500%, due 8/16/64(a)(c) | 635,000 | 460,590 | ||||||
| Series 2024-48 JI, 3.000%, due 7/20/51(d) | 1,198,567 | 200,030 | ||||||
| Series 2024-51 SX, 0.852%, (1 Month SOFR + 5.20%), due 3/20/54(a)(d) | 6,056,345 | 236,664 | ||||||
| Series 2025-112 IO, 0.564%, due 3/16/66(a)(c)(d) | 3,490,980 | 176,523 | ||||||
| Principal Amount | Value | |||||||
| U.S. Government & Federal Agencies (continued) | ||||||||
| Mortgage Securities (continued) | ||||||||
| Series 2025-2 WZ, 2.000%, due 8/20/52 | $ | 994,891 | $ | 618,161 | ||||
| Series 2025-2 Z, 3.500%, due 1/20/55 | 1,124,479 | 849,656 | ||||||
| Series 2025-37 B, 4.500%, due 3/16/66(a)(c) | 535,000 | 458,565 | ||||||
| Seasoned Credit Risk Transfer Trust Series | ||||||||
| Series 2025-1 MTU, 3.250%, due 11/25/64 | 1,138,998 | 977,498 | ||||||
| 52,654,016 | ||||||||
| U.S. Treasury Bond — 2.8% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.750%, due 5/15/55 | 2,995,000 | 2,929,484 | ||||||
| 5.000%, due 5/15/45(e) | 5,130,000 | 5,205,347 | ||||||
| 8,134,831 | ||||||||
| U.S. Treasury Note — 9.1% | ||||||||
| U.S. Treasury Notes | ||||||||
| 3.875%, due 7/15/28 | 895,000 | 894,720 | ||||||
| 3.875%, due 7/31/30 | 12,180,000 | 12,136,228 | ||||||
| 4.000%, due 7/31/32 | 3,050,000 | 3,023,789 | ||||||
| 4.250%, due 5/15/35(e) | 10,060,000 | 9,971,975 | ||||||
| 26,026,712 | ||||||||
| Total U.S. Government & Federal Agencies | ||||||||
| (Cost $86,909,809) | 86,815,559 | |||||||
| Shares | Value | |||||||
| Short-Term Investments — 1.8% | ||||||||
| Money Market Funds — 1.8% | ||||||||
| BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class, 4.19%(h) | 2,625,491 | 2,625,491 | ||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.18%(h)(i) | 2,679,967 | 2,679,967 | ||||||
| Total Short-Term Investments | ||||||||
| (Cost $5,305,458) | 5,305,458 | |||||||
| Total Investments — 100.3% (Cost $287,414,697) | 287,699,228 | |||||||
| Other Assets and Liabilities, Net — (0.3)% | (823,851) | |||||||
| Net Assets — 100.0% | $ | 286,875,377 | ||||||
| (a) | Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of July 31, 2025. |
| (b) | Less than 0.05%. |
| (c) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. |
| (d) | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
| (e) | All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $11,591,620; total market value of collateral held by the Fund was $11,948,083. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $9,268,116. |
| (f) | The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield. |
| (g) | A principal only security is the principal only portion of a fixed income security, which is separated and sold individually from the interest portion of the security. |
(h) (i) |
Reflects the 7-day yield at July 31, 2025. Represents security purchased with cash collateral received for securities on loan |
| Abbreviations | |
| CMT | - 1 year Constant Maturity Treasury Index |
| SOFR | - Secured Financing Overnight Rate |
| Open futures contracts outstanding at July 31, 2025: | ||||||||||||
| Type | Broker | Expiration Date | Number
of Contracts Purchased (Sold) |
Notional
Value at Trade Date |
Notional
Value at July 31, 2025 |
Unrealized
Appreciation (Depreciation) | ||||||
| U.S. 10 Year Note (CBT) | Citigroup Global Markets Inc. | September 2025 | 75 | $8,300,979 | $8,329,688 | $28,709 | ||||||
| U.S. 10 Year Ultra Note (CBT) | Citigroup Global Markets Inc. | September 2025 | (6) | (679,486) | (678,469) | 1,017 | ||||||
| U.S. 2 Year Note (CBT) | Citigroup Global Markets Inc. | September 2025 | (84) | (17,423,735) | (17,386,687) | 37,048 | ||||||
| U.S. 5 Year Note (CBT) | Citigroup Global Markets Inc. | September 2025 | 83 | 9,002,430 | 8,978,266 | (24,164) | ||||||
| U.S. Long Bond (CBT) | Citigroup Global Markets Inc. | September 2025 | 57 | 6,355,901 | 6,508,687 | 152,786 | ||||||
| U.S. Ultra Bond (CBT) | Citigroup Global Markets Inc. | September 2025 | 67 | 7,658,806 | 7,859,937 | 201,131 | ||||||
| $396,527 | ||||||||||||
| CBT — Chicago Board of Trade | ||||||||||||
Cash posted as collateral to broker for futures contracts was $802,740 at July 31, 2025.
Schedule of Investments ─ NYLI MacKay Core Plus Bond ETF (continued)
July 31, 2025 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund’s most recent semi-annual or annual financial statements.
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Investments in Securities:(j) | ||||||||||||||||
| Bank Loans | $ | — | $ | 2,845,396 | $ | — | $ | 2,845,396 | ||||||||
| Collateralized Loan Obligations | — | 4,700,779 | — | 4,700,779 | ||||||||||||
| Collateralized Mortgage Obligations | — | 17,589,568 | — | 17,589,568 | ||||||||||||
| Commercial Asset-Backed Securities | — | 20,319,665 | — | 20,319,665 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 23,116,275 | — | 23,116,275 | ||||||||||||
| Corporate Bonds | — | 127,006,528 | — | 127,006,528 | ||||||||||||
| U.S. Government & Federal Agencies | — | 86,815,559 | — | 86,815,559 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
| Money Market Funds | 5,305,458 | — | — | 5,305,458 | ||||||||||||
| Total Investments in Securities | 5,305,458 | 282,393,770 | — | 287,699,228 | ||||||||||||
| Other Financial Instruments:(k) | ||||||||||||||||
| Futures Contracts | 420,691 | — | — | 420,691 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 5,726,149 | $ | 282,393,770 | $ | — | $ | 288,119,919 | ||||||||
| Liability Valuation Inputs | ||||||||||||||||
| Other Financial Instruments:(k) | ||||||||||||||||
| Futures Contracts | $ | (24,164 | ) | $ | — | $ | — | $ | (24,164 | ) | ||||||
| (j) | For a complete listing of investments and their industries, see the Schedule of Investments. |
| (k) | Reflects the unrealized appreciation (depreciation) of the instruments. |
For the period ended July 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.