Schedule of Investments ─ NYLI MacKay Muni Insured ETF
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds — 97.7% | ||||||||
| Alabama — 2.6% | ||||||||
| Alabama State University, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.500%, due 9/1/45 | $ | 2,000,000 | $ | 2,167,211 | ||||
| 5.750%, due 9/1/50 | 2,250,000 | 2,439,644 | ||||||
| City of Gadsden AL, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 10/1/50 | 875,000 | 912,250 | ||||||
| State of Alabama Docks Department, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.000%, due 10/1/27 | 2,200,000 | 2,271,619 | ||||||
| University of South Alabama, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.250%, due 4/1/54 | 2,050,000 | 2,129,865 | ||||||
| 9,920,589 | ||||||||
| Alaska — 0.8% | ||||||||
| Alaska Railroad Corp., Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 6.000%, due 10/1/50 | 2,750,000 | 2,980,522 | ||||||
| California — 10.4% | ||||||||
| Buellton Union School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 3.550%, due 2/1/34(a) | 1,305,000 | 984,813 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds | ||||||||
| Series B Insured: AG | ||||||||
| 4.000%, due 7/1/39 | 3,000,000 | 3,046,658 | ||||||
| California Community Choice Financing Authority, Revenue Bonds | ||||||||
| Series 2 | ||||||||
| 3.902%, (SOFR + 1.45%), due 4/1/56(b) | 2,000,000 | 2,000,257 | ||||||
| Series G | ||||||||
| 5.000%, due 11/1/55(b)(c) | 3,575,000 | 3,765,472 | ||||||
| City of San Mateo CA, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 9/1/37 | 4,460,000 | 5,009,537 | ||||||
| Fontana Unified School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 2.375%, due 8/1/44 | 2,500,000 | 1,809,498 | ||||||
| Foothill-De Anza Community College District, General Obligation Bonds | ||||||||
| Series 99 Insured: NATL-IBC FGIC | ||||||||
| 2.300%, due 8/1/29(a) | 1,050,000 | 969,195 | ||||||
| Los Angeles Department of Water & Power, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 7/1/55 | 3,000,000 | 3,103,641 | ||||||
| Series E | ||||||||
| 5.000%, due 7/1/48 | 1,575,000 | 1,637,584 | ||||||
| Los Angeles Department of Water & Power Water System Revenue, Revenue Bonds | ||||||||
| Series C Insured: BAM | ||||||||
| 5.000%, due 7/1/42 | 2,500,000 | 2,768,876 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| California (continued) | ||||||||
| Oak Grove School District, General Obligation Bonds | ||||||||
| Series 2 Insured: BAM | ||||||||
| 4.680%, due 6/1/46(a) | $ | 4,000,000 | $ | 1,562,864 | ||||
| Oroville Union High School District, General Obligation Bonds | ||||||||
| Series 08 Insured: AG | ||||||||
| 2.600%, due 8/1/29(a) | 1,230,000 | 1,123,636 | ||||||
| River Islands Public Financing Authority, Special Tax | ||||||||
| Series 1 Insured: AG | ||||||||
| 5.250%, due 9/1/52 | 735,000 | 772,630 | ||||||
| Riverside County Transportation Commission, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 3.000%, due 6/1/49 | 2,592,000 | 1,961,530 | ||||||
| Sacramento City Unified School District, General Obligation Bonds | ||||||||
| Series C Insured: AG | ||||||||
| 5.500%, due 8/1/54 | 2,500,000 | 2,724,028 | ||||||
| Southern California Public Power Authority, Revenue Bonds | ||||||||
| Series 1 Insured: BAM | ||||||||
| 5.250%, due 7/1/50 | 3,875,000 | 4,121,161 | ||||||
| Twin Rivers Unified School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.420%, due 8/1/41(a) | 2,000,000 | 1,015,937 | ||||||
| Washington Unified School District/Yolo County CA, General Obligation Bonds | ||||||||
| Series A Insured: NATL | ||||||||
| 2.340%, due 8/1/26(a) | 1,100,000 | 1,087,220 | ||||||
| 39,464,537 | ||||||||
| Colorado — 2.4% | ||||||||
| Arista Metropolitan District, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 12/1/48 | 2,650,000 | 2,725,201 | ||||||
| Castle Oaks Metropolitan District No 3, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 12/1/45 | 3,000,000 | 2,867,207 | ||||||
| Colorado Educational & Cultural Facilities Authority, Revenue Bonds | ||||||||
| Insured: BAM-TCRS MORAL OBLIG | ||||||||
| 4.000%, due 9/1/46 | 2,385,000 | 2,127,485 | ||||||
| Park 70 Metropolitan District, General Obligation Bonds | ||||||||
| 5.000%, due 12/1/46 | 450,000 | 437,826 | ||||||
| Trails at Crowfoot Metropolitan District No 3, General Obligation Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.000%, due 12/1/39 | 1,000,000 | 1,088,234 | ||||||
| 9,245,953 | ||||||||
| Connecticut — 0.7% | ||||||||
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.500%, due 7/1/51 | 2,500,000 | 2,675,410 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Delaware — 0.9% | ||||||||
| Delaware State Health Facilities Authority, Revenue Bonds | ||||||||
| 5.250%, due 10/1/51 | $ | 3,095,000 | $ | 3,251,695 | ||||
| District of Columbia — 0.2% | ||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.430%, due 10/1/37(a) | 1,500,000 | 900,027 | ||||||
| Florida — 5.5% | ||||||||
| County of Miami-Dade Seaport Department, Revenue Bonds | ||||||||
| Series 1 Insured: AG | ||||||||
| 4.000%, due 10/1/41 | 1,425,000 | 1,416,974 | ||||||
| Series 2 Insured: AG | ||||||||
| 3.000%, due 10/1/50 | 4,090,000 | 3,015,582 | ||||||
| County of Osceola FL Transportation Revenue, Revenue Bonds | ||||||||
| Series A-2 Insured: AGM-CR | ||||||||
| 4.250%, due 10/1/40(a) | 1,250,000 | 674,618 | ||||||
| Series AG Insured: AGM-CR | ||||||||
| 4.400%, due 10/1/41(a) | 1,015,000 | 513,226 | ||||||
| County of Pasco FL, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 9/1/48 | 4,675,000 | 4,759,546 | ||||||
| Series A Insured: AG | ||||||||
| 5.250%, due 9/1/28 | 1,000,000 | 1,065,659 | ||||||
| County of Pasco FL Solid Waste Disposal & Resource Recovery System Revenue, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.500%, due 10/1/51 | 1,970,000 | 2,026,691 | ||||||
| 5.500%, due 10/1/56 | 4,135,000 | 4,246,142 | ||||||
| Halifax Hospital Medical Center, Revenue Bonds | ||||||||
| Series AG Insured: AG-CR | ||||||||
| 3.750%, due 6/1/41 | 2,275,000 | 2,137,304 | ||||||
| 4.000%, due 6/1/46 | 1,065,000 | 944,681 | ||||||
| 20,800,423 | ||||||||
| Georgia — 0.7% | ||||||||
| Savannah Georgia Convention Center Authority, Revenue Bonds | ||||||||
| Series C Insured: AG | ||||||||
| 5.500%, due 6/1/50 | 2,400,000 | 2,558,361 | ||||||
| Idaho — 0.4% | ||||||||
| Idaho Housing & Finance Association, Revenue Bonds | ||||||||
| Insured: SCH BD GTY | ||||||||
| 5.000%, due 5/1/52 | 750,000 | 730,836 | ||||||
| 5.250%, due 5/1/42 | 800,000 | 820,883 | ||||||
| 1,551,719 | ||||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Illinois — 14.1% | ||||||||
| Chicago Board of Education, General Obligation Bonds | ||||||||
| Series 1 Insured: NATL | ||||||||
| 3.400%, due 12/1/27(a) | $ | 1,500,000 | $ | 1,410,107 | ||||
| Series AG Insured: AGC-ICC FGIC | ||||||||
| 5.500%, due 12/1/26 | 555,000 | 566,696 | ||||||
| Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | ||||||||
| 5.250%, due 4/1/35 | 1,750,000 | 1,954,752 | ||||||
| Insured: BAM | ||||||||
| 5.750%, due 4/1/48 | 750,000 | 796,880 | ||||||
| Chicago Midway International Airport, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.750%, due 1/1/42 | 2,000,000 | 2,214,480 | ||||||
| Chicago O'Hare International Airport, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 1/1/42 | 1,470,000 | 1,590,037 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 4.000%, due 12/1/50 | 4,700,000 | 4,276,769 | ||||||
| City of Joliet IL, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/15/44 | 3,750,000 | 4,031,347 | ||||||
| City of Springfield IL Electric Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 3.000%, due 3/1/37 | 2,000,000 | 1,919,818 | ||||||
| La Salle County Community Unit School District No 2 Serena, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/1/38 | 1,825,000 | 2,042,593 | ||||||
| 5.500%, due 10/1/42 | 1,260,000 | 1,371,672 | ||||||
| Madison County Community Unit School District No 7 Edwardsville, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 12/1/39 | 4,060,000 | 4,551,900 | ||||||
| Northern Illinois University, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 10/1/40 | 400,000 | 399,985 | ||||||
| 4.000%, due 10/1/41 | 400,000 | 395,414 | ||||||
| Series B Insured: BAM | ||||||||
| 4.000%, due 4/1/37 | 1,425,000 | 1,441,979 | ||||||
| Sales Tax Securitization Corp., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 1/1/48 | 1,060,000 | 934,405 | ||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 1/1/37 | 1,200,000 | 1,265,515 | ||||||
| Series C Insured: BAM | ||||||||
| 5.250%, due 1/1/48 | 2,500,000 | 2,535,607 | ||||||
| Sangamon & Christian Counties Community Unit School District No 3A Rochester, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 2/1/47 | 1,590,000 | 1,677,567 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Illinois (continued) | ||||||||
| Sangamon County School District No 186 Springfield, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 6/1/50 | $ | 5,130,000 | $ | 5,469,353 | ||||
| Southwestern Illinois Development Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 12/1/40 | 2,700,000 | 2,961,933 | ||||||
| Series B Insured: BAM | ||||||||
| 5.500%, due 4/1/50 | 4,000,000 | 4,290,759 | ||||||
| State of Illinois, General Obligation Bonds | ||||||||
| 5.750%, due 5/1/45 | 1,000,000 | 1,057,109 | ||||||
| Will County School District No 114 Manhattan, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.500%, due 1/1/45 | 3,765,000 | 4,063,858 | ||||||
| 53,220,535 | ||||||||
| Indiana — 2.8% | ||||||||
| City of Carmel IN Waterworks Revenue, Revenue Bonds | ||||||||
| Series C Insured: BAM | ||||||||
| 5.250%, due 5/1/51 | 1,500,000 | 1,557,003 | ||||||
| Indiana Housing & Community Development Authority, Revenue Bonds | ||||||||
| Series 1 Insured: GNMA/FNMA/FHLMC | ||||||||
| 4.700%, due 7/1/49 | 1,760,000 | 1,764,233 | ||||||
| Indiana Municipal Power Agency, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.000%, due 1/1/43 | 3,810,000 | 4,129,616 | ||||||
| Tri-Creek 2002 High School Building Corp., Revenue Bonds | ||||||||
| Insured: ST INTERCEPT | ||||||||
| 5.500%, due 7/15/43 | 3,000,000 | 3,302,197 | ||||||
| 10,753,049 | ||||||||
| Iowa — 1.5% | ||||||||
| City of West Des Moines IA, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 2.000%, due 6/1/39 | 1,235,000 | 959,156 | ||||||
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 7/1/41 | 2,100,000 | 2,109,968 | ||||||
| Davenport Community School District Infrastructure Sales Services & Use Tax, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.000%, due 6/1/43 | 2,210,000 | 2,199,026 | ||||||
| West Delaware County Community School District Sales & Services Tax Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.125%, due 6/1/41 | 325,000 | 327,907 | ||||||
| 5,596,057 | ||||||||
| Kentucky — 1.0% | ||||||||
| Kentucky Municipal Energy Agency, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 1/1/55 | 2,000,000 | 2,031,566 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Kentucky (continued) | ||||||||
| Northern Kentucky University, Revenue Bonds | ||||||||
| Series A Insured: AG ST INTERCEPT | ||||||||
| 3.000%, due 9/1/37 | $ | 1,805,000 | $ | 1,649,439 | ||||
| 3,681,005 | ||||||||
| Louisiana — 1.8% | ||||||||
| City of Lafayette LA Utilities Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 11/1/43 | 1,500,000 | 1,588,999 | ||||||
| City of Shreveport LA, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 3/1/49 | 1,500,000 | 1,540,998 | ||||||
| New Orleans Aviation Board, Revenue Bonds | ||||||||
| Series AG Insured: AG-CR | ||||||||
| 5.250%, due 1/1/44 | 3,500,000 | 3,708,593 | ||||||
| 6,838,590 | ||||||||
| Maine — 0.4% | ||||||||
| Maine Health & Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| Series C Insured: AGM ST AID WITHHLDG | ||||||||
| 5.500%, due 7/1/40 | 1,180,000 | 1,315,295 | ||||||
| Massachusetts — 1.6% | ||||||||
| City of Worcester MA, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 2.000%, due 2/15/34 | 1,000,000 | 915,155 | ||||||
| Massachusetts Development Finance Agency, Revenue Bonds | ||||||||
| Series C Insured: AG | ||||||||
| 3.000%, due 10/1/45 | 1,945,000 | 1,529,095 | ||||||
| Series N Insured: AG | ||||||||
| 5.500%, due 7/1/55 | 3,460,000 | 3,675,948 | ||||||
| 6,120,198 | ||||||||
| Michigan — 3.9% | ||||||||
| City of Saginaw MI Water Supply System Revenue, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 7/1/26 | 1,070,000 | 1,077,731 | ||||||
| Grand Rapids Public Schools, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 5/1/28 | 2,100,000 | 2,113,783 | ||||||
| Great Lakes Water Authority Water Supply System Revenue, Revenue Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.000%, due 7/1/46 | 2,475,000 | 2,483,744 | ||||||
| Port Huron Area School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 5/1/39 | 1,500,000 | 1,501,507 | ||||||
| Wayne County Airport Authority, Revenue Bonds | ||||||||
| Series B Insured: AG | ||||||||
| 5.500%, due 12/1/48 | 7,000,000 | 7,411,165 | ||||||
| 14,587,930 | ||||||||
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Missouri — 1.0% | ||||||||
| Hickman Mills C-1 School District, General Obligation Bonds | ||||||||
| C-1 Insured: BAM | ||||||||
| 5.750%, due 3/1/41 | $ | 1,960,000 | $ | 2,144,132 | ||||
| Kansas City Municipal Assistance Corp., Revenue Bonds | ||||||||
| Series B1 Insured: AMBAC | ||||||||
| 3.030%, due 4/15/26(a) | 1,720,000 | 1,709,487 | ||||||
| 3,853,619 | ||||||||
| Nebraska — 0.3% | ||||||||
| Omaha Airport Authority, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.250%, due 12/15/54 | 1,250,000 | 1,293,362 | ||||||
| Nevada — 0.6% | ||||||||
| City of Reno NV, Revenue Bonds | ||||||||
| Series A1 Insured: AG | ||||||||
| 4.000%, due 6/1/46 | 1,050,000 | 997,668 | ||||||
| Clark County School District, General Obligation Bonds | ||||||||
| Series C | ||||||||
| 2.000%, due 6/15/28 | 1,425,000 | 1,387,352 | ||||||
| 2,385,020 | ||||||||
| New Jersey — 1.1% | ||||||||
| Jersey City Municipal Utilities Authority, Revenue Bonds | ||||||||
| Series E Insured: BAM MUN GOVT GTD | ||||||||
| 5.750%, due 10/15/51 | 1,000,000 | 1,111,866 | ||||||
| 5.750%, due 10/15/55 | 1,665,000 | 1,847,802 | ||||||
| Newark Parking Authority (The), Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.500%, due 2/1/51 | 1,000,000 | 1,026,533 | ||||||
| 3,986,201 | ||||||||
| New York — 5.5% | ||||||||
| City of Long Beach NY, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.250%, due 7/15/42 | 1,800,000 | 1,904,950 | ||||||
| New York City Industrial Development Agency, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 3.000%, due 3/1/49 | 1,265,000 | 933,534 | ||||||
| New York Convention Center Development Corp., Revenue Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 3.730%, due 11/15/36(a) | 4,400,000 | 2,952,306 | ||||||
| 5.070%, due 11/15/55(a) | 1,825,000 | 410,311 | ||||||
| New York Liberty Development Corp., Revenue Bonds | ||||||||
| Series 1WTC Insured: BAM | ||||||||
| 4.000%, due 2/15/43 | 1,480,000 | 1,452,891 | ||||||
| New York Power Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.250%, due 11/15/39 | 1,000,000 | 1,156,699 | ||||||
| 5.250%, due 11/15/41 | 1,000,000 | 1,139,029 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.250%, due 10/1/42 | $ | 1,650,000 | $ | 1,786,859 | ||||
| New York Transportation Development Corp., Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 6/30/49 | 3,450,000 | 3,452,467 | ||||||
| 5.500%, due 6/30/44 | 2,815,000 | 2,951,424 | ||||||
| Series A | ||||||||
| 5.250%, due 1/1/50 | 1,925,000 | 1,925,070 | ||||||
| Westchester County Local Development Corp., Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.750%, due 11/1/49 | 850,000 | 916,743 | ||||||
| 20,982,283 | ||||||||
| North Carolina — 2.1% | ||||||||
| Greater Asheville Regional Airport Authority, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.250%, due 7/1/41 | 1,405,000 | 1,523,866 | ||||||
| 5.250%, due 7/1/53 | 1,675,000 | 1,712,584 | ||||||
| Series A Insured: AG | ||||||||
| 5.250%, due 7/1/41 | 3,250,000 | 3,492,311 | ||||||
| North Carolina Turnpike Authority, Revenue Bonds | ||||||||
| Series B Insured: AG | ||||||||
| 4.940%, due 1/1/53(a) | 4,000,000 | 1,074,672 | ||||||
| 7,803,433 | ||||||||
| Ohio — 3.3% | ||||||||
| City of Toledo OH, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.500%, due 12/1/42 | 3,000,000 | 3,288,617 | ||||||
| County of Cuyahoga OH, Revenue Bonds | ||||||||
| 5.000%, due 2/15/28 | 500,000 | 508,069 | ||||||
| County of Fayette OH, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.250%, due 12/1/45 | 2,000,000 | 2,147,327 | ||||||
| Green Local School District/Summit County, Certificates of Participation | ||||||||
| Insured: AG | ||||||||
| 5.500%, due 11/1/47 | 3,000,000 | 3,129,530 | ||||||
| Port of Greater Cincinnati Development Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.000%, due 12/1/55 | 2,500,000 | 2,566,855 | ||||||
| State of Ohio, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 12/31/26 | 1,000,000 | 1,002,042 | ||||||
| 12,642,440 | ||||||||
| Oregon — 1.3% | ||||||||
| City of Newport OR, General Obligation Bonds | ||||||||
| Series B Insured: AG | ||||||||
| 2.690%, due 6/1/26(a) | 1,355,000 | 1,342,985 | ||||||
| Medford Hospital Facilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 2.500%, due 8/15/35 | 2,500,000 | 2,223,982 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Oregon (continued) | ||||||||
| Umatilla County School District No 6R Umatilla, General Obligation Bonds | ||||||||
| Series B Insured: SCH BD GTY | ||||||||
| 4.720%, due 6/15/43(a) | $ | 2,800,000 | $ | 1,246,085 | ||||
| 4,813,052 | ||||||||
| Pennsylvania — 5.2% | ||||||||
| Allegheny County Airport Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.250%, due 1/1/39 | 2,650,000 | 2,908,102 | ||||||
| Allentown City School District, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 5.000%, due 6/1/36 | 750,000 | 753,732 | ||||||
| City of Philadelphia PA Airport Revenue, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 7/1/39 | 1,335,000 | 1,338,699 | ||||||
| City of Philadelphia PA Water & Wastewater Revenue, Revenue Bonds | ||||||||
| Series C Insured: AG | ||||||||
| 5.000%, due 9/1/44 | 1,250,000 | 1,345,048 | ||||||
| County of Lehigh PA, Revenue Bonds | ||||||||
| Series AG Insured: AGM-CR | ||||||||
| 4.000%, due 7/1/49 | 1,500,000 | 1,315,209 | ||||||
| Montgomery County Higher Education and Health Authority, Revenue Bonds | ||||||||
| Insured: AGC-CR | ||||||||
| 4.000%, due 9/1/44 | 1,040,000 | 976,018 | ||||||
| Pennsylvania Economic Development Financing Authority, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.500%, due 6/30/42 | 3,625,000 | 3,909,640 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 3.228%, (3 Month SOFR + 0.60%), due 7/1/27(b) | 55,000 | 54,703 | ||||||
| Pittsburgh Water & Sewer Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.000%, due 9/1/37 | 1,350,000 | 1,516,811 | ||||||
| 5.000%, due 9/1/38 | 1,420,000 | 1,582,557 | ||||||
| Tulpehocken Area School District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.250%, due 10/1/49 | 3,755,000 | 3,881,593 | ||||||
| 19,582,112 | ||||||||
| Puerto Rico — 0.1% | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||||||||
| Series UU Insured: AG | ||||||||
| 3.148%, (3 Month SOFR + 0.52%), due 7/1/29(b) | 370,000 | 360,086 | ||||||
| Rhode Island — 0.6% | ||||||||
| Providence Public Building Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.250%, due 9/15/41 | 2,000,000 | 2,220,714 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| South Carolina — 1.5% | ||||||||
| Inman Campobello Water District, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 6/1/48 | $ | 2,845,000 | $ | 2,948,776 | ||||
| South Carolina Public Service Authority, Revenue Bonds | ||||||||
| Series E Insured: AG | ||||||||
| 5.250%, due 12/1/37 | 2,000,000 | 2,250,291 | ||||||
| 5.750%, due 12/1/52 | 600,000 | 642,671 | ||||||
| 5,841,738 | ||||||||
| South Dakota — 1.5% | ||||||||
| Baltic School District No 49-1, General Obligation Bonds | ||||||||
| Series 1 Insured: AG | ||||||||
| 5.500%, due 12/1/51 | 3,080,000 | 3,237,241 | ||||||
| City of Brandon SD Water Utility Revenue, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.250%, due 8/1/42 | 1,470,000 | 1,489,401 | ||||||
| 5.500%, due 8/1/47 | 1,000,000 | 1,073,160 | ||||||
| 5,799,802 | ||||||||
| Texas — 13.3% | ||||||||
| Arlington Higher Education Finance Corp., Revenue Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 5.000%, due 8/15/42 | 3,190,000 | 3,426,182 | ||||||
| Cinco Southwest Municipal Utility District No 1, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 3.000%, due 12/1/36 | 650,000 | 620,165 | ||||||
| City of Aubrey TX, General Obligation Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 3.000%, due 2/15/42 | 2,160,000 | 1,910,864 | ||||||
| City of Aubrey TX, Special Assessment | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 9/1/40 | 1,000,000 | 1,089,979 | ||||||
| Comal County Water Control & Improvement District No 6, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 9/1/46 | 1,880,000 | 1,732,598 | ||||||
| 4.000%, due 9/1/47 | 1,980,000 | 1,799,884 | ||||||
| Denton Independent School District, General Obligation Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 2.000%, due 8/15/39 | 3,000,000 | 2,364,380 | ||||||
| 2.000%, due 8/15/40 | 3,000,000 | 2,277,577 | ||||||
| Fort Bend County Municipal Utility District No 134B, General Obligation Bonds | ||||||||
| Series B Insured: BAM | ||||||||
| 3.000%, due 9/1/40 | 540,000 | 462,439 | ||||||
| 3.000%, due 9/1/42 | 540,000 | 441,900 | ||||||
| Fort Bend County Municipal Utility District No 182, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 2.500%, due 9/1/36 | 625,000 | 537,321 | ||||||
| Georgetown Independent School District, General Obligation Bonds | ||||||||
| Insured: PSF-GTD | ||||||||
| 2.500%, due 8/15/35 | 2,220,000 | 2,069,067 | ||||||
| 3.000%, due 8/15/41 | 2,670,000 | 2,395,209 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Texas (continued) | ||||||||
| Guadalupe-Blanco River Authority, Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.000%, due 8/15/42 | $ | 1,975,000 | $ | 2,217,451 | ||||
| Harris County Municipal Utility District No 171, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.125%, due 12/1/52 | 1,500,000 | 1,353,636 | ||||||
| Harris County Municipal Utility District No 390, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 2.125%, due 4/1/37 | 565,000 | 466,194 | ||||||
| Harris County Municipal Utility District No 423, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 4/1/44 | 1,800,000 | 1,815,236 | ||||||
| Harris County Municipal Utility District No 457, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.125%, due 3/1/47 | 1,670,000 | 1,558,456 | ||||||
| Harris County Municipal Utility District No 489, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 2.500%, due 9/1/40 | 575,000 | 453,630 | ||||||
| Harris County Municipal Utility District No 490, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 9/1/46 | 855,000 | 867,752 | ||||||
| Kaufman County Municipal Utility District No 3, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.125%, due 3/1/46 | 1,415,000 | 1,433,300 | ||||||
| Lazy Nine Municipal Utility District No 1B, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 4.125%, due 3/1/39 | 605,000 | 612,076 | ||||||
| Series 1B Insured: AG | ||||||||
| 3.000%, due 9/1/39 | 980,000 | 903,635 | ||||||
| Leander Municipal Utility District No 1, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 6.375%, due 8/15/30 | 1,455,000 | 1,590,847 | ||||||
| Love Field Airport Modernization Corp., Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 11/1/35 | 3,195,000 | 3,270,270 | ||||||
| Montgomery County Municipal Utility District No 99, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 6.750%, due 9/1/29 | 1,260,000 | 1,370,581 | ||||||
| Morningstar Ranch Municipal Utility District No 1 of Parker County, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 3.000%, due 9/1/43 | 545,000 | 438,115 | ||||||
| Mount Houston Road Municipal Utility District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 3.000%, due 3/1/40 | 540,000 | 466,480 | ||||||
| 3.000%, due 3/1/41 | 560,000 | 469,314 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Texas (continued) | ||||||||
| Sienna Municipal Utility District No 5, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 2.375%, due 11/1/43 | $ | 650,000 | $ | 458,786 | ||||
| Sonterra Municipal Utility District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 2.625%, due 8/15/40 | 1,055,000 | 869,292 | ||||||
| Texas Municipal Power Agency, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 3.000%, due 9/1/35 | 1,345,000 | 1,300,496 | ||||||
| Texas State Technical College, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.250%, due 8/1/36 | 1,015,000 | 1,150,695 | ||||||
| 5.500%, due 8/1/42 | 4,000,000 | 4,388,142 | ||||||
| Viridian Municipal Management District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 3.000%, due 12/1/39 | 895,000 | 781,461 | ||||||
| Williamson County Municipal Utility District No 25, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.500%, due 8/15/44 | 1,190,000 | 1,181,574 | ||||||
| 50,544,984 | ||||||||
| Utah — 0.8% | ||||||||
| City of Salt Lake City UT Airport Revenue, Revenue Bonds | ||||||||
| Series AG Insured: AGM-CR | ||||||||
| 4.000%, due 7/1/51 | 2,385,000 | 2,112,867 | ||||||
| Heber Light & Power Co., Revenue Bonds | ||||||||
| Insured: BAM | ||||||||
| 5.000%, due 12/15/47 | 1,000,000 | 1,029,578 | ||||||
| 3,142,445 | ||||||||
| Virginia — 0.5% | ||||||||
| City of Suffolk VA, General Obligation Bonds | ||||||||
| Series A Insured: ST AID WITHHLDG | ||||||||
| 1.875%, due 2/1/38 | 1,330,000 | 1,046,964 | ||||||
| Isle Wight County Industrial Development Authority, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 4.750%, due 7/1/53 | 825,000 | 818,468 | ||||||
| 1,865,432 | ||||||||
| Washington — 3.0% | ||||||||
| State of Washington, General Obligation Bonds | ||||||||
| Series F Insured: NATL | ||||||||
| 2.380%, due 12/1/26(a) | 3,000,000 | 2,941,547 | ||||||
| Washington Health Care Facilities Authority, Revenue Bonds | ||||||||
| Series C Insured: AG | ||||||||
| 5.000%, due 8/15/55(b)(c) | 3,000,000 | 3,338,626 | ||||||
| Washington State Housing Finance Commission, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.000%, due 7/1/45 | 3,500,000 | 3,519,325 | ||||||
| 5.250%, due 7/1/55 | 1,640,000 | 1,641,370 | ||||||
| 11,440,868 | ||||||||
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| West Virginia — 0.9% | ||||||||
| County of Ohio WV Special District Excise Tax Revenue, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.500%, due 6/1/54 | $ | 2,250,000 | $ | 2,374,147 | ||||
| West Virginia Economic Development Authority, Revenue Bonds | ||||||||
| Series RE | ||||||||
| 4.700%, due 4/1/36(b)(c) | 890,000 | 893,321 | ||||||
| 3,267,468 | ||||||||
| Wisconsin — 2.6% | ||||||||
| City of Shawano WI Electric System Revenue, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 4.500%, due 5/1/48 | 750,000 | 739,058 | ||||||
| 4.550%, due 5/1/43 | 1,015,000 | 1,032,711 | ||||||
| 5.000%, due 5/1/31 | 1,655,000 | 1,807,354 | ||||||
| Monroe School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 3/1/43 | 2,000,000 | 1,979,862 | ||||||
| Viroqua Area School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 4.000%, due 3/1/41 | 1,455,000 | 1,470,730 | ||||||
| Wisconsin Center District, Revenue Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 3.810%, due 12/15/37(a) | 1,150,000 | 734,907 | ||||||
| Series C Insured: AG | ||||||||
| 4.710%, due 12/15/45(a) | 5,265,000 | 2,087,262 | ||||||
| 9,851,884 | ||||||||
| Wyoming — 0.8% | ||||||||
| Snake River Sporting Club Improvement & Service District, General Obligation Bonds | ||||||||
| Series A Insured: BAM | ||||||||
| 5.500%, due 7/15/48 | 1,100,000 | 1,158,864 | ||||||
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | ||||||||
| Series AG Insured: AGM-CR | ||||||||
| 5.000%, due 6/15/28 | 1,790,000 | 1,891,633 | ||||||
| 3,050,497 | ||||||||
| Total Municipal Bonds | ||||||||
| (Cost $361,835,439) | 370,189,335 | |||||||
| Shares | Value | |||||||
| Short-Term Investment — 5.2% | ||||||||
| Money Market Fund — 5.2% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.58%(d) | ||||||||
| (Cost $19,558,180) | 19,558,180 | 19,558,180 | ||||||
| Total Investments — 102.9% (Cost $381,393,619) | 389,747,515 | |||||||
| Other Assets and Liabilities, Net — (2.9)% | (11,011,971 | ) | ||||||
| Net Assets — 100.0% | $ | 378,735,544 | ||||||
| (a) | The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield. |
| (b) | Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of January 31, 2026. |
| (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) | Reflects the 1-day yield at January 31, 2026. |
| Abbreviations | |
| AG | - Assured Guaranty Ltd. |
| AMBAC | - Ambac Assurance Corp. |
| BAM | - Build America Mutual Assurance Co. |
| CR | - Custodial Receipts |
| FGIC | - Financial Guaranty Insurance Co. |
| GTD | - Guaranteed |
| IBC | - Insured Bond Certificate |
| ICC | - Insured Custody Certificate |
| MUN GOVT GTD | - Municipal Government Guaranteed |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
| SCH BD GTY | - School Bond Guaranty Program |
| SOFR | - Secured Overnight Financing Rate |
| ST AID WITHHLDG | - State Aid Withholding |
| ST INTERCEPT | - State Tax Intercept |
| TCRS | - Transferable Custodial Receipts |
Schedule of Investments ─ NYLI MacKay Muni Insured ETF (continued)
January 31, 2026 (unaudited)
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:(e) | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 370,189,335 | $ | — | $ | 370,189,335 | ||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 19,558,180 | — | — | 19,558,180 | ||||||||||||
| Total Investments in Securities | $ | 19,558,180 | $ | 370,189,335 | $ | — | $ | 389,747,515 | ||||||||
| (e) | For a complete listing of investments and their states, see the Schedule of Investments. |
For the period ended January 31, 2026, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.