Schedule of Investments ─ NYLI Merger Arbitrage ETF
January 31, 2026 (unaudited)
| Shares | Value | |||||||
| Common Stocks — 84.1% | ||||||||
| Communication Services — 6.6% | ||||||||
| Electronic Arts, Inc. | 48,689 | $ | 9,928,661 | |||||
| TEGNA, Inc. | 355,565 | 6,812,625 | ||||||
| Total Communication Services | 16,741,286 | |||||||
| Consumer Discretionary — 0.6% | ||||||||
| Golden Entertainment, Inc. | 51,682 | 1,391,279 | ||||||
| Consumer Staples — 5.9% | ||||||||
| JDE Peet’s NV | 250,606 | 9,427,017 | ||||||
| Kenvue, Inc. | 288,532 | 5,020,457 | ||||||
| Mandom Corp. | 28,821 | 591,329 | ||||||
| Total Consumer Staples | 15,038,803 | |||||||
| Energy — 0.9% | ||||||||
| NuVista Energy Ltd.* | 167,600 | 2,307,030 | ||||||
| Financials — 7.4% | ||||||||
| Brighthouse Financial, Inc.* | 43,829 | 2,807,686 | ||||||
| Cantaloupe, Inc.* | 151,799 | 1,630,321 | ||||||
| DigitalBridge Group, Inc. | 183,213 | 2,819,648 | ||||||
| Forge Global Holdings, Inc.* | 9,011 | 402,792 | ||||||
| Heritage Commerce Corp. | 83,576 | 1,063,922 | ||||||
| Just Group PLC | 2,122,064 | 6,289,927 | ||||||
| MidWestOne Financial Group, Inc. | 23,002 | 1,065,453 | ||||||
| ProAssurance Corp.* | 110,430 | 2,674,614 | ||||||
| Total Financials | 18,754,363 | |||||||
| Health Care — 8.2% | ||||||||
| Amicus Therapeutics, Inc.* | 260,800 | 3,726,832 | ||||||
| Avidity Biosciences, Inc.* | 59,918 | 4,348,249 | ||||||
| Dynavax Technologies Corp.* | 110,947 | 1,718,014 | ||||||
| Exact Sciences Corp.* | 45,759 | 4,682,976 | ||||||
| Hogy Medical Co., Ltd. | 30,669 | 1,330,064 | ||||||
| Hologic, Inc.* | 64,369 | 4,823,169 | ||||||
| Total Health Care | 20,629,304 | |||||||
| Industrials — 21.3% | ||||||||
| Air Lease Corp. | 125,354 | 8,101,629 | ||||||
| American Woodmark Corp.* | 43,755 | 2,598,609 | ||||||
| Chart Industries, Inc.* | 43,366 | 8,991,506 | ||||||
| CSG Systems International, Inc. | 34,024 | 2,713,414 | ||||||
| Dayforce, Inc.* | 121,760 | 8,434,315 | ||||||
| Fujitec Co., Ltd. | 150,935 | 5,542,894 | ||||||
| Hillenbrand, Inc. | 102,340 | 3,265,669 | ||||||
| Iveco Group NV | 200,095 | 4,491,890 | ||||||
| Norfolk Southern Corp. | 33,365 | 9,717,223 | ||||||
| Total Industrials | 53,857,149 | |||||||
| Information Technology — 9.1% | ||||||||
| Confluent, Inc., Class A* | 152,683 | 4,662,939 | ||||||
| CyberArk Software Ltd.* | 19,932 | 8,587,304 | ||||||
| Jamf Holding Corp.* | 162,849 | 2,125,179 | ||||||
| Qorvo, Inc.* | 45,096 | 3,522,449 | ||||||
| RPMGlobal Holdings Ltd.* | 149,532 | 521,678 | ||||||
| SEMrush Holdings, Inc., Class A* | 151,953 | 1,806,721 | ||||||
| Veeco Instruments, Inc.* | 60,240 | 1,881,295 | ||||||
| Total Information Technology | 23,107,565 | |||||||
| Materials — 10.4% | ||||||||
| Axalta Coating Systems Ltd.* | 141,532 | 4,752,645 | ||||||
| New Gold, Inc.* | 432,846 | 4,341,445 | ||||||
| Olympic Steel, Inc. | 14,298 | 687,591 | ||||||
| Sealed Air Corp. | 113,869 | 4,768,834 | ||||||
| Teck Resources Ltd., Class B | 219,079 | 11,777,687 | ||||||
| Total Materials | 26,328,202 | |||||||
| Shares | Value | |||||||
| Common Stocks (continued) | ||||||||
| Real Estate — 4.4% | ||||||||
| Alexander & Baldwin, Inc. | 106,987 | $ | 2,218,911 | |||||
| InterRent Real Estate Investment Trust | 560,657 | 5,519,003 | ||||||
| National Storage REIT | 1,763,401 | 3,409,567 | ||||||
| Total Real Estate | 11,147,481 | |||||||
| Utilities — 9.3% | ||||||||
| Essential Utilities, Inc. | 143,914 | 5,582,424 | ||||||
| Northwestern Energy Group, Inc. | 131,312 | 8,910,832 | ||||||
| TXNM Energy, Inc. | 151,540 | 8,928,737 | ||||||
| Total Utilities | 23,421,993 | |||||||
| Total Common Stocks | ||||||||
| (Cost $205,021,260) | 212,724,455 | |||||||
| Rights — 0.1% | ||||||||
| Health Care — 0.1% | ||||||||
| Chinook Therapeutics, Inc.*(b) | 435,560 | 130,668 | ||||||
| Epizyme, Inc.*(b) | 1,957,185 | 39,143 | ||||||
| Supernus Pharmaceuticals, Inc.*(b) | 333,265 | 19,996 | ||||||
| Vigil Neuroscience, Inc.*(b) | 55,277 | 2,764 | ||||||
| Total Rights | ||||||||
| (Cost $0) | 192,571 | |||||||
| Short-Term Investment — 9.5% | ||||||||
| Money Market Funds — 9.5% | ||||||||
| Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.65%(c) | ||||||||
| (Cost $24,107,769) | 24,107,769 | 24,107,769 | ||||||
| Total Investments — 93.7% (Cost $229,129,029) | 237,024,795 | |||||||
| Other Assets and Liabilities, Net — 6.3% | 15,844,936 | (a) | ||||||
| Net Assets — 100.0% | $ | 252,869,731 | ||||||
| * | Non-income producing securities. |
| (a) | “Other Assets and Liabilities, Net” includes pending sales that are also on loan. The aggregate market value of securities on loan was $2,530,110; total market value of collateral held consisted of non-cash U.S. Treasury securities collateral having a value of $2,589,254. |
| (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 January 31, 2026. |
Schedule of Investments ─ NYLI Merger Arbitrage ETF (continued)
January 31, 2026 (unaudited)
| Total Return Swap contracts outstanding at January 31, 2026: | ||||||||||||||||
| Total Return Benchmark | Counterparty | Floating Rate(d) | Expiration Date | Payment Frequency | Notional Amount Long/(Short) | Value/ | ||||||||||
| Akzo Nobel NV | Morgan Stanley | 1-Day FEDEF - 0.40% | 5/07/2027 | Monthly | $ | 4,924,407 | $ | (23 | ) | |||||||
| American Airlines Group, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 5/07/2027 | Monthly | 13,634,715 | 2 | ||||||||||
| American Water Works Co., Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 5,665,320 | — | ||||||||||
| Axcelis Technologies, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 1,896,323 | — | ||||||||||
| Black Hills Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 9,386,907 | — | ||||||||||
| Coeur Mining, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 4,386,731 | — | ||||||||||
| CVB Financial Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 1,070,214 | — | ||||||||||
| Kimberly-Clark Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 4,217,278 | — | ||||||||||
| Masterbrand, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 2,730,684 | — | ||||||||||
| Nicolet Bankshares, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 1,065,946 | — | ||||||||||
| Ovintiv, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 1,249,849 | — | ||||||||||
| Palo Alto Networks, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 7,760,488 | — | ||||||||||
| Ryerson Holding Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 690,035 | — | ||||||||||
| Skyworks Solutions, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 2,413,516 | — | ||||||||||
| Union Pacific Corp. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 7,840,350 | — | ||||||||||
| VICI Properties, Inc. | Morgan Stanley | 1-Day FEDEF - 0.35% | 2/02/2027 | Monthly | 1,308,388 | — | ||||||||||
| $ | (21 | ) | ||||||||||||||
At January 31, 2026, 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.
| (d) | Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity. |
| (e) | Reflects the value at reset date of January 31, 2026. |
Abbreviation
FEDEF — Federal Funds Effective Rate
The following is a summary of the inputs used to value the Fund’s investments as of January 31, 2026. 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:(f) | ||||||||||||||||
| Common Stocks | $ | 212,724,455 | $ | — | $ | — | $ | 212,724,455 | ||||||||
| Rights | — | — | 192,571 | (g) | 192,571 | |||||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Funds | 24,107,769 | — | — | 24,107,769 | ||||||||||||
| Total Investments in Securities | 236,832,224 | — | 192,571 | 237,024,795 | ||||||||||||
| Other Financial Instruments:(h) | ||||||||||||||||
| Swap Contracts | — | 2 | — | 2 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 236,832,224 | $ | 2 | $ | 192,571 | $ | 237,024,797 | ||||||||
| Liability Valuation Inputs | ||||||||||||||||
| Other Financial Instruments:(h) | ||||||||||||||||
| Swap Contracts | — | (23 | ) | — | (23 | ) |
| (f) | For a complete listing of investments and their industries, see the Schedule of Investments. |
| (g) | The Level 3 securities, valued in total at $192,571, have been fair valued in good faith in accordance with procedures established by the Board of Trustees. |
| (h) | 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.