Schedule of Investments ─ NYLI MacKay Muni Short Duration ETF
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Long-Term Bonds — 101.6% | ||||||||
| Corporate Bonds — 3.4% | ||||||||
| Lifespan Corp. | ||||||||
| Series 2025 | ||||||||
| 5.050%, due 2/15/30 | $ | 500,000 | $ | 506,997 | ||||
| Toledo Hospital (The) | ||||||||
| Series B | ||||||||
| 5.325%, due 11/15/28 | 750,000 | 761,637 | ||||||
| Toll Road Investors Partnership II LP | ||||||||
| 6.220%, due 2/15/29(a) | 500,000 | 416,182 | ||||||
| 6.670%, due 2/15/32(a) | 400,000 | 270,805 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $1,952,212) | 1,955,621 | |||||||
| Municipal Bonds — 98.2% | ||||||||
| Alabama — 4.1% | ||||||||
| Black Belt Energy Gas District, Revenue Bonds | ||||||||
| 4.000%, due 10/1/52(b)(c) | 100,000 | 101,096 | ||||||
| Series B | ||||||||
| 5.000%, due 12/1/30 | 100,000 | 107,029 | ||||||
| Southeast Energy Authority A Cooperative District, Revenue Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 11/1/51(b)(c) | 400,000 | 407,592 | ||||||
| Series C | ||||||||
| 5.000%, due 5/1/55(b)(c) | 405,000 | 433,042 | ||||||
| Series E | ||||||||
| 5.000%, due 10/1/30 | 500,000 | 542,853 | ||||||
| State of Alabama Docks Department, Revenue Bonds | ||||||||
| Series A Insured: AGM | ||||||||
| 5.000%, due 10/1/27 | 750,000 | 774,415 | ||||||
| 2,366,027 | ||||||||
| Alaska — 0.6% | ||||||||
| Alaska Municipal Bond Bank Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.500%, due 10/1/42 | 350,000 | 361,867 | ||||||
| Arizona — 2.6% | ||||||||
| Maricopa County Industrial Development Authority, Revenue Bonds | ||||||||
| 4.375%, due 5/1/33 | 500,000 | 498,138 | ||||||
| Tempe Industrial Development Authority, Revenue Bonds | ||||||||
| Series 2 | ||||||||
| 3.500%, due 12/1/30 | 1,000,000 | 1,003,948 | ||||||
| 1,502,086 | ||||||||
| California — 4.0% | ||||||||
| California Community Choice Financing Authority, Revenue Bonds | ||||||||
| 5.000%, due 7/1/53(b)(c) | 420,000 | 444,194 | ||||||
| Series B | ||||||||
| 5.000%, due 1/1/55(b)(c) | 475,000 | 501,255 | ||||||
| California Municipal Finance Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 2.950%, due 1/1/56(b)(c) | 500,000 | 502,818 | ||||||
| 5.000%, due 12/1/27 | 100,000 | 102,970 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| California (continued) | ||||||||
| Los Angeles Department of Water & Power, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 7/1/30 | $ | 200,000 | $ | 222,204 | ||||
| State of California, General Obligation Bonds | ||||||||
| 4.875%, due 9/1/30 | 500,000 | 519,716 | ||||||
| 2,293,157 | ||||||||
| Colorado — 1.8% | ||||||||
| Adams & Arapahoe Counties Joint School District 28J Aurora, General Obligation Bonds | ||||||||
| Insured: ST AID WITHHLDG | ||||||||
| 5.500%, due 12/1/26 | 300,000 | 308,186 | ||||||
| Southglenn Metropolitan District, General Obligation Bonds | ||||||||
| 5.000%, due 12/1/30 | 755,000 | 755,789 | ||||||
| 1,063,975 | ||||||||
| Connecticut — 0.9% | ||||||||
| Connecticut State Higher Education Supplement Loan Authority, Revenue Bonds | ||||||||
| Series 2 | ||||||||
| 5.000%, due 11/15/45(b)(c) | 500,000 | 501,762 | ||||||
| Florida — 3.3% | ||||||||
| County of Miami-Dade Seaport Department, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 10/1/30 | 450,000 | 489,247 | ||||||
| Currents Community Development District, Special Assessment | ||||||||
| Series A | ||||||||
| 3.500%, due 5/1/30 | 290,000 | 287,782 | ||||||
| Epperson North Community Development District, Special Assessment | ||||||||
| Series A | ||||||||
| 3.100%, due 11/1/31 | 250,000 | 240,872 | ||||||
| Florida Housing Finance Corp., Revenue Bonds | ||||||||
| Series D | ||||||||
| 3.000%, due 3/1/43(b)(c) | 250,000 | 250,621 | ||||||
| Village Community Development District No 13, Special Assessment | ||||||||
| 2.550%, due 5/1/31 | 250,000 | 242,433 | ||||||
| Village Community Development District No 15, Special Assessment | ||||||||
| 4.250%, due 5/1/28 | 385,000 | 390,278 | ||||||
| 1,901,233 | ||||||||
| Georgia — 7.1% | ||||||||
| Atlanta Development Authority (The), Revenue Bonds | ||||||||
| Series B | ||||||||
| 8.125%, due 7/1/30 | 1,000,000 | 981,786 | ||||||
| Atlanta Urban Residential Finance Authority, Revenue Bonds | ||||||||
| 3.200%, due 5/1/29(b)(c) | 1,000,000 | 1,004,410 | ||||||
| Fulton County Residential Care Facilities for the Elderly Authority, Revenue Bonds | ||||||||
| 5.000%, due 7/1/31 | 1,000,000 | 1,006,225 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Short Duration ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Georgia (continued) | ||||||||
| Main Street Energy, Inc., Revenue Bonds | ||||||||
| Series D | ||||||||
| 5.000%, due 12/1/33 | $ | 500,000 | $ | 539,625 | ||||
| Main Street Natural Gas, Inc., Revenue Bonds | ||||||||
| Series C | ||||||||
| 4.000%, due 5/1/52(b)(c) | 150,000 | 152,835 | ||||||
| Series E | ||||||||
| 5.000%, due 5/1/55(b)(c) | 400,000 | 430,814 | ||||||
| 4,115,695 | ||||||||
| Guam — 0.6% | ||||||||
| Territory of Guam, Revenue Bonds | ||||||||
| Series F | ||||||||
| 5.000%, due 1/1/29 | 315,000 | 333,893 | ||||||
| Hawaii — 0.8% | ||||||||
| Kauai County Community Facilities District, Special Tax | ||||||||
| 4.000%, due 5/15/30 | 470,000 | 482,706 | ||||||
| Illinois — 5.0% | ||||||||
| Sales Tax Securitization Corp., Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 1/1/28 | 465,000 | 484,727 | ||||||
| State of Illinois, General Obligation Bonds | ||||||||
| Series D | ||||||||
| 5.000%, due 11/1/27 | 500,000 | 520,785 | ||||||
| Village of Pingree Grove IL, Special Tax | ||||||||
| Insured: BAM | ||||||||
| 3.500%, due 3/1/31 | 1,250,000 | 1,260,735 | ||||||
| Village of Rantoul IL, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 5.000%, due 1/1/29 | 580,000 | 616,107 | ||||||
| 2,882,354 | ||||||||
| Indiana — 6.0% | ||||||||
| Center Grove Community School Corp., General Obligation Bonds | ||||||||
| Insured: ST AID INTERCEPT | ||||||||
| 5.000%, due 1/1/27 | 250,000 | 254,472 | ||||||
| Indiana Finance Authority, Revenue Bonds | ||||||||
| Series 1 | ||||||||
| 5.000%, due 10/1/64(b)(c) | 250,000 | 268,846 | ||||||
| Series C | ||||||||
| 3.000%, due 11/1/30 | 250,000 | 246,557 | ||||||
| Indiana Housing & Community Development Authority, Revenue Bonds | ||||||||
| Series 3 Insured: GNMA/FNMA/FHLMC | ||||||||
| 6.500%, due 7/1/54 | 390,000 | 411,597 | ||||||
| Series B Insured: GNMA/FNMA/FHLMC | ||||||||
| 1.800%, due 7/1/32 | 200,000 | 177,572 | ||||||
| Series B2 Insured: GNMA/FNMA/FHLMC | ||||||||
| 4.000%, due 1/1/28 | 100,000 | 101,371 | ||||||
| Indiana Secondary Market for Education Loans, Inc., Revenue Bonds | ||||||||
| Series 1A | ||||||||
| 5.000%, due 6/1/28 | 400,000 | 414,171 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Indiana (continued) | ||||||||
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | ||||||||
| Series B2 | ||||||||
| 5.000%, due 1/1/28 | $ | 450,000 | $ | 469,348 | ||||
| New Palestine Community Schools, General Obligation Bonds | ||||||||
| Insured: ST AID INTERCEPT | ||||||||
| 5.000%, due 1/15/27 | 350,000 | 357,926 | ||||||
| Seymour Elementary School Building Corp., Revenue Bonds | ||||||||
| Insured: ST AID INTERCEPT | ||||||||
| 5.000%, due 7/15/27 | 750,000 | 775,014 | ||||||
| 3,476,874 | ||||||||
| Iowa — 0.9% | ||||||||
| Kirkwood Community College, General Obligation Bonds | ||||||||
| 3.000%, due 6/1/32 | 500,000 | 500,170 | ||||||
| Kansas — 0.8% | ||||||||
| County of Johnson KS, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 2.000%, due 9/1/31 | 500,000 | 466,827 | ||||||
| Kentucky — 2.4% | ||||||||
| Kentucky Higher Education Student Loan Corp., Revenue Bonds | ||||||||
| Series 2 | ||||||||
| 5.255%, due 6/1/28 | 500,000 | 511,891 | ||||||
| Kentucky Housing Corp., Revenue Bonds | ||||||||
| Series D Insured: GNMA/FNMA/FHLMC | ||||||||
| 6.500%, due 7/1/55 | 450,000 | 479,364 | ||||||
| Kentucky Public Energy Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.250%, due 6/1/55(b)(c) | 400,000 | 425,625 | ||||||
| 1,416,880 | ||||||||
| Louisiana — 0.9% | ||||||||
| Louisiana Public Facilities Authority, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 5/15/30 | 450,000 | 490,846 | ||||||
| Maryland — 1.4% | ||||||||
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds | ||||||||
| 5.000%, due 7/1/26 | 800,000 | 808,296 | ||||||
| Michigan — 2.5% | ||||||||
| City of Muskegon Heights MI Water Supply System Revenue, Revenue Bonds | ||||||||
| Insured: NATL | ||||||||
| 4.500%, due 11/1/30 | 285,000 | 285,367 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Short Duration ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Michigan (continued) | ||||||||
| Michigan Finance Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 3.267%, due 6/1/39 | $ | 170,000 | $ | 161,802 | ||||
| Series MI | ||||||||
| 3.130%, due 12/1/39(b)(c) | 1,000,000 | 1,000,119 | ||||||
| 1,447,288 | ||||||||
| Minnesota — 2.6% | ||||||||
| City of Mankato MN, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 2.125%, due 2/1/27 | 500,000 | 497,284 | ||||||
| County of Washington MN, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 2.100%, due 2/1/27 | 500,000 | 496,363 | ||||||
| Minnesota Housing Finance Agency, Revenue Bonds | ||||||||
| Series U Insured: GNMA/FNMA/FHLMC | ||||||||
| 6.500%, due 7/1/54 | 495,000 | 522,393 | ||||||
| 1,516,040 | ||||||||
| Missouri — 0.5% | ||||||||
| Kansas City Land Clearance Redevelopment Authority, Tax Allocation | ||||||||
| Series B | ||||||||
| 4.375%, due 2/1/31 | 275,000 | 275,452 | ||||||
| Montana — 0.2% | ||||||||
| City of Forsyth MT, Revenue Bonds | ||||||||
| Series A | ||||||||
| 3.875%, due 10/1/32 | 100,000 | 104,302 | ||||||
| Nebraska — 0.5% | ||||||||
| Nebraska Investment Finance Authority, Revenue Bonds | ||||||||
| Series H Insured: GNMA/FNMA/FHLMC | ||||||||
| 6.500%, due 9/1/53 | 250,000 | 263,473 | ||||||
| Nevada — 0.5% | ||||||||
| Sparks Tourism Improvement District No 1, Revenue Bonds | ||||||||
| 3.875%, due 6/15/28 | 275,000 | 276,413 | ||||||
| New Hampshire — 3.6% | ||||||||
| New Hampshire Business Finance Authority, Revenue Bonds | ||||||||
| 4.000%, due 1/1/30 | 280,000 | 284,410 | ||||||
| Series A | ||||||||
| 4.000%, due 12/1/28 | 1,000,000 | 1,021,241 | ||||||
| New Hampshire Housing Finance Authority, Revenue Bonds | ||||||||
| Series C Insured: GNMA/FNMA/FHLMC | ||||||||
| 6.500%, due 7/1/56 | 445,000 | 513,278 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| New Hampshire (continued) | ||||||||
| State of New Hampshire, General Obligation Bonds | ||||||||
| Series B | ||||||||
| 3.000%, due 11/1/29 | $ | 250,000 | $ | 250,033 | ||||
| 2,068,962 | ||||||||
| New Jersey — 2.6% | ||||||||
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds | ||||||||
| Series 1B | ||||||||
| 5.000%, due 12/1/27 | 500,000 | 517,765 | ||||||
| Township of Piscataway NJ, General Obligation Bonds | ||||||||
| 3.000%, due 10/15/27 | 1,000,000 | 1,005,063 | ||||||
| 1,522,828 | ||||||||
| New Mexico — 1.1% | ||||||||
| New Mexico Mortgage Finance Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.750%, due 3/1/57 | 500,000 | 556,762 | ||||||
| Series C Insured: GNMA/FNMA/FHLMC | ||||||||
| 3.450%, due 9/1/32 | 100,000 | 101,587 | ||||||
| 658,349 | ||||||||
| New York — 9.3% | ||||||||
| City of New York NY, General Obligation Bonds | ||||||||
| Series 2 | ||||||||
| 1.950%, due 2/1/55(b)(c) | 1,000,000 | 1,000,000 | ||||||
| Fallsburg Central School District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 2.000%, due 6/15/32 | 400,000 | 360,814 | ||||||
| New York City Housing Development Corp., Revenue Bonds | ||||||||
| Series 2024-8SPR A | ||||||||
| 5.458%, due 12/15/43 | 1,000,000 | 1,022,810 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | ||||||||
| Series 2 | ||||||||
| 1.950%, due 5/1/55(b)(c) | 800,000 | 800,000 | ||||||
| New York Power Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.749%, due 11/15/33 | 250,000 | 268,384 | ||||||
| New York State Energy Research & Development Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.822%, due 4/1/28 | 500,000 | 503,618 | ||||||
| West Athens Lime Street Fire District, G.O. Unltd Notes | ||||||||
| 4.250%, due 9/3/26 | 250,000 | 251,679 | ||||||
| Westchester Tobacco Asset Securitization Corp., Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 6/1/26 | 1,200,000 | 1,207,951 | ||||||
| 5,415,256 | ||||||||
Schedule of Investments ─ NYLI MacKay Muni Short Duration ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| North Carolina — 3.8% | ||||||||
| Cumberland County Industrial Facilities & Pollution Control Financing Authority, Revenue Bonds | ||||||||
| 3.125%, due 12/1/27(b)(c) | $ | 1,000,000 | $ | 1,000,816 | ||||
| North Carolina Housing Finance Agency, Revenue Bonds | ||||||||
| Insured: GNMA/FNMA/FHLMC | ||||||||
| 6.500%, due 1/1/56 | 450,000 | 519,881 | ||||||
| North Carolina Medical Care Commission, Revenue Bonds | ||||||||
| 3.450%, due 11/1/30 | 500,000 | 501,874 | ||||||
| Series 1 | ||||||||
| 3.750%, due 10/1/30 | 200,000 | 201,051 | ||||||
| 2,223,622 | ||||||||
| North Dakota — 0.5% | ||||||||
| City of Grand Forks ND, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 2.250%, due 12/1/28 | 215,000 | 211,707 | ||||||
| Series B | ||||||||
| 2.500%, due 12/1/28 | 100,000 | 99,514 | ||||||
| 311,221 | ||||||||
| Ohio — 1.7% | ||||||||
| County of Fayette OH, Revenue Bonds | ||||||||
| Insured: AG | ||||||||
| 5.250%, due 12/1/28 | 500,000 | 533,391 | ||||||
| Ohio Air Quality Development Authority, Revenue Bonds | ||||||||
| 3.250%, due 9/1/29 | 465,000 | 465,565 | ||||||
| 998,956 | ||||||||
| Oregon — 0.8% | ||||||||
| City of Redmond OR, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 6/1/30 | 450,000 | 489,172 | ||||||
| Pennsylvania — 3.6% | ||||||||
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds | ||||||||
| Series 1A | ||||||||
| 5.000%, due 6/1/30 | 450,000 | 478,799 | ||||||
| Pennsylvania Turnpike Commission, Revenue Bonds | ||||||||
| 5.000%, due 12/1/29 | 1,250,000 | 1,367,462 | ||||||
| Philadelphia Housing Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 3/1/28 | 250,000 | 260,867 | ||||||
| 2,107,128 | ||||||||
| Rhode Island — 1.2% | ||||||||
| Rhode Island Health and Educational Building Corp., Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.000%, due 7/1/29 | 75,000 | 80,007 | ||||||
| 5.000%, due 7/1/30 | 100,000 | 108,373 | ||||||
| 5.000%, due 7/1/31 | 200,000 | 218,872 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Rhode Island (continued) | ||||||||
| Rhode Island Student Loan Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 12/1/29 | $ | 250,000 | $ | 267,658 | ||||
| 674,910 | ||||||||
| Tennessee — 2.1% | ||||||||
| County of Campbell TN, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 2.000%, due 6/1/31 | 400,000 | 374,896 | ||||||
| Metropolitan Nashville Airport Authority (The), Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 7/1/31 | 310,000 | 344,162 | ||||||
| New Memphis Arena Public Building Authority, Revenue Bonds | ||||||||
| 1.090%, due 4/1/27(a) | 475,000 | 474,078 | ||||||
| 1,193,136 | ||||||||
| Texas — 12.5% | ||||||||
| Andrews County Hospital District, General Obligation Bonds | ||||||||
| 5.000%, due 3/15/29 | 355,000 | 375,585 | ||||||
| City of San Antonio TX Airport System, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 7/1/26 | 400,000 | 403,981 | ||||||
| Harris County Municipal Utility District No 490, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.500%, due 3/1/28 | 790,000 | 851,154 | ||||||
| Las Varas Public Facility Corp., Revenue Bonds | ||||||||
| Series A | ||||||||
| 3.350%, due 11/1/44(b)(c) | 600,000 | 600,443 | ||||||
| Leander Independent School District, General Obligation Bonds | ||||||||
| Series A Insured: PSF-GTD | ||||||||
| 2.620%, due 8/15/28(a) | 450,000 | 421,175 | ||||||
| Matagorda County Navigation District No 1, Revenue Bonds | ||||||||
| 2.600%, due 11/1/29 | 430,000 | 419,098 | ||||||
| Mckinney Municipal Utility District No 2, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.500%, due 9/1/31 | 750,000 | 838,597 | ||||||
| Midland County Fresh Water Supply District No 1, Revenue Bonds | ||||||||
| Series A | ||||||||
| 4.200%, due 9/15/32(a) | 500,000 | 379,822 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | ||||||||
| 5.000%, due 1/1/30 | 895,000 | 949,511 | ||||||
| Texas Department of Housing & Community Affairs, Revenue Bonds | ||||||||
| Series B Insured: GNMA COLL | ||||||||
| 3.650%, due 1/1/28 | 500,000 | 506,698 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI, Revenue Bonds | ||||||||
| 5.000%, due 1/1/27 | 700,000 | 712,624 | ||||||
Schedule of Investments ─ NYLI MacKay Muni Short Duration ETF (continued)
January 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Texas (continued) | ||||||||
| University of Houston, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 2/15/28 | $ | 175,000 | $ | 175,391 | ||||
| Viridian Municipal Management District, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 6.250%, due 12/1/26 | 620,000 | 637,653 | ||||||
| 7,271,732 | ||||||||
| Virginia — 1.3% | ||||||||
| Virginia Housing Development Authority, Revenue Bonds | ||||||||
| Series 1 | ||||||||
| 3.550%, due 1/1/27 | 500,000 | 502,942 | ||||||
| Series G | ||||||||
| 3.125%, due 7/1/56(b)(c) | 250,000 | 250,030 | ||||||
| 752,972 | ||||||||
| West Virginia — 0.6% | ||||||||
| West Virginia Economic Development Authority, Revenue Bonds | ||||||||
| Series RE | ||||||||
| 3.300%, due 1/1/41(b)(c) | 350,000 | 353,508 | ||||||
| Wisconsin — 3.5% | ||||||||
| PMA Levy & Aid Anticipation Notes Program, Revenue Notes | ||||||||
| Series B | ||||||||
| 5.000%, due 4/2/26 | 1,490,000 | 1,495,961 | ||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds | ||||||||
| Series A Insured: GNMA/FNMA/FHLMC | ||||||||
| 5.750%, due 9/1/56 | 500,000 | 557,037 | ||||||
| 2,052,998 | ||||||||
| Total Municipal Bonds | ||||||||
| (Cost $56,370,928) | 56,942,366 | |||||||
| Shares | Value | |||||||
| Short-Term Investment — 0.6% | ||||||||
| Money Market Fund — 0.6% | ||||||||
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.58%(d) | ||||||||
| (Cost $359,970) | 359,970 | 359,970 | ||||||
| Total Investments — 102.2% (Cost $58,683,110) | 59,257,957 | |||||||
| Other Assets and Liabilities, Net — (2.2)% | (1,274,223 | ) | ||||||
| Net Assets — 100.0% | $ | 57,983,734 | ||||||
| (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 | |
| AGM | - Assured Guaranty Municipal Corp. |
| BAM | - Build America Mutual Assurance Co. |
| GTD | - Guaranteed |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
| ST AID WITHHLDG | - State Aid Withholding |
Schedule of Investments ─ NYLI MacKay Muni Short Duration 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) | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 1,955,621 | $ | — | $ | 1,955,621 | ||||||||
| Municipal Bonds | — | 56,942,366 | — | 56,942,366 | ||||||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 359,970 | — | — | 359,970 | ||||||||||||
| Total Investments in Securities | $ | 359,970 | $ | 58,897,987 | $ | — | $ | 59,257,957 | ||||||||
| (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.