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income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zda2OW9tWD03"></div> <table style="width: 524.69pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 471.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 52.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000079855Member_z948c5ynA8D7" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_zF239h57kbg3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zqARz2VCO4e"></div> <table id="xdx_A5D_dU_zVslsQJy58Kf" style="width: 524.69pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.09pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 20pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000079855Member_zvMtkS3JtZtb" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_z3OrZhr0Jwt2" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.65 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_zWtRs0BIE8y3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_zbTbTglqaTZa" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">1.19 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_z7VU783xikKi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">1.84 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(a)(b)(c) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_fKGEpKGIpKGMp_zTSPgxTVrEvj" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">1.39 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000241259Member_zL3gwYqt3wnf" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.45 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F0F_zOR1VDbJSMek" style="text-align: justify">(a)</td> <td id="xdx_F1E_zk07SJ7f7AG" style="text-align: justify">The expense information in the table has been restated to reflect the current expense waiver/reimbursement agreement.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F07_zqBcTEhuyIe3" style="display: none; text-align: justify">(b)</td> <td id="xdx_F13_zvjO7bfsozgg" style="display: none; text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.65% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(b)</td> <td style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.65% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F0D_zDubr4eXG8Bi" style="text-align: justify">(c)</td> <td id="xdx_F11_zVhhVu1dGCo5" style="text-align: justify">The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.45% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0065 0.0000 0.0119 0.0184 -0.0139 0.0045 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztEfFdHVb23f"></div> <table id="xdx_A52_dU_zG6xbXlolhv4" style="margin: 0pt auto 9pt;width: 528pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_489_eoef--ExpenseExampleYear01_zaxqBoynld83" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_484_eoef--ExpenseExampleYear03_zNIjurxLJmv4" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zI9VhtTC2Dze" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_480_eoef--ExpenseExampleYear10_z7Tx8nIS9jPb" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_412_20260826__20260826__oef--ClassAxis__custom--C000241259Member_zmafMgdOMW7k" style="min-height: 14.4pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $46 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $188 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $342 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $791 </td> </tr> </table> 46 188 342 791 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 108% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 5 </div> </div> 1.08 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities issued by real estate companies and infrastructure companies. The Fund’s subadvisor, CBRE Investment Management Listed Real Assets LLC (“CBRE” or the “Subadvisor”), defines a real estate company as a company that derives at least 50% of its total revenue or earnings from owning, operating, leasing, developing, managing, brokering and/or selling real estate, or has at least 50% of its assets invested in real estate. Companies principally engaged in the real estate industry may include real estate investment trusts (“REITs”), real estate owners, real estate managers, real estate brokers, real estate dealers, and companies with substantial real estate holdings. The Subadvisor defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, operation of infrastructure assets or the provision of services to companies engaged in such activities. Examples of infrastructure assets include transportation assets (such as toll roads, bridges, railroads, airports, and seaports), utility assets (such as electric transmission and distribution lines, gas distribution pipelines, water pipelines and treatment facilities, and sewer facilities), energy assets (such as oil and gas pipelines, storage facilities, and other facilities used for gathering, processing, or transporting hydrocarbon products as well as contracted renewable power assets), and communications assets (such as communications towers, data centers, fiber networks, and satellites). To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. Under normal circumstances, the Fund invests primarily in common stock, but may also invest in other equity securities including preferred stock, convertible securities, rights or warrants to buy common stocks, master limited partnerships (“MLPs”), and depositary receipts with characteristics similar to common stock. The Fund may invest up to 10% of its total assets in exchange-traded funds or exchange-traded investment products. The Fund may invest in initial public offerings and Rule 144A securities. The Subadvisor may invest in companies with any market capitalization. However, the Subadvisor will generally not invest in companies with a market capitalization of less than $100 million at the time of purchase. Under normal market conditions, the Fund will invest more than 25% of its total assets in securities of issuers conducting their business activities in the infrastructure group of industries and more than 25% of its total assets in securities issued by companies principally engaged in the real estate industry. The Fund may invest in companies located throughout the world and there is no limit on the Fund’s investments in international securities. The Fund may invest up to 30% of its assets in securities of issuers in emerging markets countries. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund’s investments may be denominated in U.S. dollars, non-U.S. currencies, or multinational currency units. The Fund may hedge its currency exposure to securities denominated in non-U.S. currencies. Investment Process: The Subadvisor focuses on investments that generally provide the potential for attractive income growth, protection against inflation, and long-term capital appreciation. The Subadvisor uses systematic, top-down research to evaluate macroeconomic conditions, private market, and capital market trends to identify the relative value of different sectors within infrastructure companies and real estate companies and judge which market sectors offer potentially attractive returns. The Subadvisor uses proprietary analytical techniques to conduct fundamental company analysis, which provides a framework for bottom-up security selection. This approach incorporates several quantitative and qualitative factors, as well as portfolio risk management tools, that aid in evaluating performance characteristics of individual securities independently and relative to each other. The Subadvisor’s in-house valuation process examines several factors, including the company’s management and strategy, the stability and growth potential of cash flows and dividends, the location of the company’s assets, the company’s capital structure, and risk factors including regulatory environment and sustainability considerations. The Subadvisor includes sustainability considerations in its analysis to help assess the risk profile of companies. Sustainability factors are assessed based on internal research and information from an independent global provider of sustainability and corporate governance research. Sustainability considerations evaluated by the manager include environmental, social and governance considerations. Environmental items such as carbon emissions reduction pathways, renewable energy procurement, climate risk approach, and green building certifications are considered. Social considerations include engagement with key stakeholders such as regulators, customers, and legislators, as well as employee turnover, company culture, health and safety, and development of human capital. Governance factors include board independence and structure, ownership and shareholder alignment, proxy access, takeover defenses and executive compensation. The Subadvisor may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities issued by real estate companies and infrastructure companies. The Fund’s Shares will change in value and you could lose money by investing in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zmlQbriUDwea" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Convertible Securities Risk A convertible security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. Convertible securities are typically subordinate to an issuer’s other debt obligations. Issuers of convertible securities may be more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment. Currency Risk Investments directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Depositary Receipts Risk Sponsored depositary receipts involve risk not experienced when investing directly in the equity securities of an issuer. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_gRBRTB-KGKV_z2G1mWiizl9k" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Emerging Markets Securities Risk Securities of issuers based in countries with developing economies (emerging market countries) may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed market countries and are generally considered speculative in nature. Emerging market countries are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets, rapid inflation, possible repatriation of investment income and capital, currency convertibility issues, less uniform accounting standards and more governmental limitations on foreign investment than more developed markets. Laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Equity Securities Risk Investments in common stocks and other equity securities are particularly subject to the risk of changes in investors’ perceptions of the financial condition of an issuer, conditions affecting equity markets generally and political and/or economic events. Equity prices may also be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Holders of an issuer’s common stock may be subject to greater risks than holders of its preferred stock and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of an issuer. Exchange Traded Products Risk Unlike an investment in a mutual fund, the value of the Fund’s investment in other exchange-traded funds or exchange-traded investment products (“ETPs”) is based on its market price (rather than NAV) and the Fund could lose money due to premiums/discounts of the ETP (which could cause the Fund to buy shares at market prices that are higher than their value or sell shares at market prices that are lower than their value); the failure of an active trading market to develop; or exchange trading halts or delistings. An investment in the Fund will entail more costs and expenses than a direct investment in any Underlying ETP. As the Fund’s allocations to Underlying ETPs changes, or the expense ratio of Underlying ETPs change, the operating expenses borne by the Fund from such investments may increase or decrease. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, group of countries, region, industry, group of industries or sector, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Different asset classes, countries, groups of countries, regions, industries, groups of industries or sectors tend to go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. Foreign Securities Risk Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore not all material information will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. The less developed a country’s securities market is, the greater the likelihood of clearing, custody and trade settlement problems. Foreign Securities Valuation Risk The foreign exchanges on which securities held by the Fund trade may be closed at the time when the Fund prices its Shares and the Fund’s value may be impacted by events that cause the fair value of foreign securities to materially change between the close of the foreign exchange and the time at which the Fund prices its Shares. Additionally, because foreign exchanges on which securities held by the Fund trade may be open on days when the Fund does not price its Shares, the potential exists for the value of the securities in the Fund’s portfolio to change on days when shareholders will not be able to purchase or sell the Fund’s Shares. Industry/Sector Concentration Risk The Fund’s investment of a large percentage of its assets in the securities of issuers within the same industry or sector means that an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A concentration makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is not so concentrated. The Fund will concentrate in the securities of issuers in the resources-related industries or sectors so identified. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 8 </div> </div> Infrastructure Companies Risk The Fund’s investments in infrastructure companies expose the Fund to potential adverse economic, regulatory, political, legal, and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high degrees of leverage; economic slowdowns; surplus capacity; difficulty in raising capital; costs associated with changes in government regulations or policies; adverse changes in tax laws; increased competition from other service providers; evolving technological developments; environmental problems; labor relations tensions; and possible corruption in publicly funded projects. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies/issuers. Initial Public Offering (“IPO”) Risk The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. Shares issued by companies that have recently conducted an IPO may be subject to price volatility and speculative trading due to various factors, including the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer’s business model, quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Additionally, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders. Lastly, index providers may change or override existing index methodology rules relating to seasoning requirements and “fast track” the inclusion of IPO shares as index constituents. The inclusion of IPO shares in one or more large indices may exacerbate the inherent risks of trading in IPO shares described above, especially volatility. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Larger Companies Risk Large-capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies, especially during periods of economic expansion. Large capitalization companies may go in and out of favor based on market and economic conditions. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Master Limited Partnerships (“MLPs”) Risk MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in a MLP. Limited partners may also have more limited control and limited rights to vote on matters affecting the MLP. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 9 </div> </div> Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund, Advisor and Subadvisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of sustainability criteria (including social, governance, and environmental factors) may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account sustainability criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). Portfolio Turnover Risk The Fund’s strategy may frequently involve buying and selling portfolio securities to rebalance the Fund’s investment exposures. High portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than expected. Preferred Securities Risk Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementAndRestrictedSecuritiesRiskMember_zCAAjO1pStql" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Private Placement and Restricted Securities Risk The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. Real Estate Companies Risk An investment in companies that invest in real estate (including REITs) exposes the Fund to the risks of the real estate market and the risks associated with the ownership of real estate. These risks can include fluctuations in the value of or destruction of underlying properties; realignment in tenant living and work habits (for example, movements to and from different parts of a nation, a region, a state or a city); tenant or borrower default; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in vacancies; competition; property taxes; capital expenditures or operating expenses; other economic or political events affecting the real estate industry including interest rates and government regulation; concentration in a limited number of properties, geographic regions or property types; and low quality and/or conflicted management. Real estate is generally a less liquid asset class and companies that hold real estate may not be able to liquidate or modify their holdings quickly in response to changes in economic or other market conditions. Additionally, such companies may utilize leverage, which increases investment risk and the potential for more volatility in the Fund’s returns. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_gRBRTB-IVOTB_zIlZvzXTs8I3" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Smaller Companies Risk Small- and/or mid-capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The MSCI World Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets. The CBRE Real Estate and Infrastructure Blended Index consists of the FTSE EPRA Nareit Developed Index and the FTSE Global Core Infrastructure 50/50 Index weighted 50%/50%, respectively. The FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. The FTSE Global Core Infrastructure 50/50 Index captures the performance of listed infrastructure securities in both developed and emerging markets. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 11 </div> </div> All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A84_eoef--BarChartTableTextBlock_zKmfduJy2Gf2" style="font: 8pt Arial, sans-serif; margin: 0pt 0pt 9pt 16.5pt; color: #000000; text-indent: -16.5pt; text-align: center"> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000241259Member_zVnHcdFfvn4a" style="display: none; width: 50%">5.61%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000241259Member_z0Ggovada4Rk" style="display: none">12.29%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 305.92pt; height: 156.81pt; text-align: left"> <img alt="" src="activeimg002.jpg" style="vertical-align: top; margin-left: 0pt; width: 305.8pt; margin-top: 0pt; height: 156.2pt"/> </div> </div> 0.0561 0.1229 The Fund’s year-to-date total return as of June 30, 2026 was 8.96%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-align: justify"> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 14.60% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 3Q/2024 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -6.95% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2024 </td> </tr> </table> </div> year-to-date total return 2026-06-30 0.0896 Highest Return 0.1460 Lowest Return -0.0695 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zE0TCN6S1i34"></div> <table id="xdx_A5E_dU_zn25UTikJnTj" style="width: 474.1pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 26.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 24.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 12.29% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.99% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000241259Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zo24tXzv0Vwe" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">11.31% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20230510__20251231__oef--ClassAxis__custom--C000241259Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_ziVjLW3xjil3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">6.94% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sale of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000241259Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zIJpJLT121u3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">7.58% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20230510__20251231__oef--ClassAxis__custom--C000241259Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zKuC3f2SAM37" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">5.89% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> MSCI World® Index (Net) (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldindexNetMember_zKM9z2oyLOih" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">21.09% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20230510__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldindexNetMember_fKDEp_zu8ePxA7j1x5" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">20.41% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> CBRE Real Estate & Infrastructure Blended Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--CBRERealEstateandInfrastructureBlendedIndexMember_zydrtGLoUb6e" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">11.99% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20230510__20251231__oef--PerformanceMeasureAxis__custom--CBRERealEstateandInfrastructureBlendedIndexMember_fKDEp_z7QQS8hldO0l" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">7.83% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F09_zWxXyymcdVdj" style="text-align: justify">(1)</td> <td id="xdx_F18_zPB4xSqf13yg" style="text-align: justify">The Fund commenced operations on May 10, 2023.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F03_zY5trIZtMI3c" style="text-align: justify">(2)</td> <td id="xdx_F14_z5gEsHOlVIek" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(1)</td> <td style="text-align: justify">The Fund commenced operations on May 10, 2023.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(2)</td> <td style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> 0.1229 0.0799 0.1131 0.0694 0.0758 0.0589 (reflects no deduction for fees, expenses or taxes) 0.2109 0.2041 0.1199 0.0783 2023-05-10 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM MacKay Core Plus Bond ETF(prior to August 28, 2026, named NYLI MacKay Core Plus Bond ETF) Investment Objective The NYLIM MacKay Core Plus Bond ETF (the “Fund”) seeks total return. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zMBbQyE0K2e8"></div> <table style="width: 524.69pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 471.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 52.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000071156Member_zIz3WPT76OL3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_zdDCMng8giTc" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zc2LesyiuhDb"></div> <table id="xdx_A5E_dU_zZcQz5WoQajh" style="width: 524.69pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.09pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 19.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000071156Member_z3zKUE12g02h" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_zhKxsTljdf56" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.35 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_zL5aEfuDCBJe" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_ziWQBLymbb56" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.09 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_zFKPnnsDfGTk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.44 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(a)(b) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_fKGEpKGIp_zmhO5cHbBpYc" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.14 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000225893Member_z6bGrUzDIOQ6" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.30 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(a)New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.35% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(b)The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.30% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F06_zCGbu7XBUIne" style="text-align: justify">(a)</td> <td id="xdx_F1F_zZyvZTFdVbu1" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.35% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F00_z19XGJD6C3e8" style="text-align: justify">(b)</td> <td id="xdx_F1A_z7bClGBw8sCe" style="text-align: justify">The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.30% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0035 0.0000 0.0009 0.0044 -0.0014 0.0030 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAaZcdDbEUhh"></div> <table id="xdx_A54_dU_zAbC72Zi40r8" style="width: 528pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_483_eoef--ExpenseExampleYear01_zMmGkWZGI6ya" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zQfZoeYBeOKb" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zw4GmQbfrS2d" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zMLr8TIkpgA" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_411_20260826__20260826__oef--ClassAxis__custom--C000225893Member_zqPmEZj88OKc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $31 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $107 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $191 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $438 </td> </tr> </table> 31 107 191 438 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 106% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 1.06 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds, which include all types of debt securities, such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; and loan participation interests. To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. The Fund’s bond investments may have fixed or floating rates of interest. The Fund generally seeks to invest in a broad portfolio of corporate, government, and mortgage-related and asset-backed securities. The Fund may invest up to 30% of its total assets in securities rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality. The Fund may invest up to 20% of its net assets in securities of foreign issuers, including up to 10% of its net assets in securities of emerging market issuers. The Fund may invest up to 20% of its net assets in securities denominated in a currency other than the U.S. dollar. The Fund’s investments may also include convertible corporate securities, loans and loan participation interests. The Fund may invest up to 5% of its net assets in common stocks and other equity-related securities. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. The Fund may also invest in derivatives such as futures, forwards, options, forward commitments and swap agreements, including interest rate, total return and credit default swap agreements, to seek to enhance returns or reduce the risk of loss by hedging certain of its holdings or manage duration. Commercial paper must be, when purchased, rated in the highest rating category by a NRSRO or if unrated, determined by the Subadvisor to be of comparable quality. The Fund will generally seek to maintain a portfolio modified duration to worst within 2.5 years (plus or minus) of the duration of the Core Plus Bond Blended Index, which is a blended index consisting of 80% Bloomberg U.S. Aggregate Bond Index and 20% ICE BofA U.S. High Yield Constrained Index. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. The Fund may invest in mortgage dollar rolls, to-be-announced (“TBA”) securities transactions, variable rate notes and floating rate notes. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). Investment Process: The Subadvisor utilizes an investment process that combines a top-down analytical framework with a rigorous bottom-up process. Fundamental economic cycle analysis, credit quality and interest rate trends are the principal factors considered by the Subadvisor in managing the Fund and determining whether to increase or decrease the emphasis placed upon a particular type of security or industry sector within the Fund’s investment portfolio. The Subadvisor’s target duration for the Fund is based on a set of investment decisions that take into account a broad range of economic, fundamental and technical indicators. When assessing high yield corporate bonds, the Subadvisor seeks to identify investment opportunities by analyzing individual companies and evaluating each company’s competitive position, financial condition, and business prospects. The Fund invests in companies in which the Subadvisor has judged that there is sufficient asset coverage—that is, the Subadvisor’s subjective appraisal of a company’s value compared to the value of its debt, with the intent of maximizing risk-adjusted income and returns. The Subadvisor may sell a security if it no longer believes that the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy, meaningful changes in the issuer’s financial condition and competitiveness, and changes in the condition and outlook in the issuer’s industry. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds The Fund’s Shares will change in value and you could lose money by investing in the Fund. Asset-Backed Securities Risk Asset-backed securities are securities that represent interests in, and whose values and payments are based on, a “pool” of underlying assets, which may include, among others, lower-rated debt securities and corporate loans, consumer loans or mortgages and leases of property. Asset-backed securities include collateralized debt obligations, collateralized bond obligations, and collateralized loan obligations and other similarly structured vehicles. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund. Investments in mortgage-related securities make an investor more susceptible to adverse economic, interest rate, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce a mortgage-related security’s value. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_ztWsbhHxhoDi" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Covenant Lite Loan Risk Certain underlying loans in which the Fund may invest may be issued or offered as covenant lite loans, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in this type of loan may potentially hinder the ability to reprice credit risk associated with such investments. As a result of this risk, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund’s net income and NAV. Convertible Securities Risk A convertible security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. Convertible securities are typically subordinate to an issuer’s other debt obligations. Issuers of convertible securities may be more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 16 </div> </div> Currency Risk Investments directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Derivatives Risk Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index and involve risks different from, and possibly greater than, the risks associated with other investments. These risks include: (i) the risk that the counterparty to a derivatives transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. A counterparty to a derivatives transaction with the Fund may be unable or unwilling to make timely principal, interest, settlement or margin payments, fulfill the delivery conditions of the contract or transaction, or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations the Fund will have contractual remedies pursuant to the agreements related to the transaction, but the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving a counterparty (including recovery of any collateral posted by it) and may obtain limited or no recovery in such circumstances. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships, government programs and policies, national and international political and economic events, changes in interest rates, inflation and deflation, and changes in supply and demand relationships. Unlike other investments, derivative contracts often have leverage inherent in their terms. The effects of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. In general, the use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s Share price. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_gRBRTB-CNX_zhbCFWRDOKwb" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Emerging Markets Securities Risk Securities of issuers based in countries with developing economies (emerging market countries) may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed market countries and are generally considered speculative in nature. Emerging market countries are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets, rapid inflation, possible repatriation of investment income and capital, currency convertibility issues, less uniform accounting standards and more governmental limitations on foreign investment than more developed markets. Laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Equity Securities Risk Investments in common stocks and other equity securities are particularly subject to the risk of changes in investors’ perceptions of the financial condition of an issuer, conditions affecting equity markets generally and political and/or economic events. Equity prices may also be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Holders of an issuer’s common stock may be subject to greater risks than holders of its preferred stock and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of an issuer. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyForwardContractsRiskMember_z8MDINsHkT42" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Foreign Currency Forward Contracts Risk When trading in foreign currency forward contracts, the Fund will contract with a foreign or domestic bank, or a foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. Governmental imposition of credit controls might limit any such forward contract trading. Foreign currency forward contracts involve certain risks, including the risk of failure of the counterparty to perform its obligations under the contract and the risk that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged. Foreign Securities Risk Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore not all material information will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. The less developed a country’s securities market is, the greater the likelihood of clearing, custody and trade settlement problems. Foreign Securities Valuation Risk The foreign exchanges on which securities held by the Fund trade may be closed at the time when the Fund prices its Shares and the Fund’s value may be impacted by events that cause the fair value of foreign securities to materially change between the close of the foreign exchange and the time at which the Fund prices its Shares. Additionally, because foreign exchanges on which securities held by the Fund trade may be open on days when the Fund does not price its Shares, the potential exists for the value of the securities in the Fund’s portfolio to change on days when shareholders will not be able to purchase or sell the Fund’s Shares. Futures Contracts Risk Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund, thus limiting the ability of the Fund to implement its investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. The value of an investment in the Fund may change quickly and without warning. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 18 </div> </div> High Yield Securities Risk Investments in high yield or below investment grade securities (commonly referred to as “junk bonds”) are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 19 </div> </div> Mortgage Dollar Roll Transaction Risk A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty. Municipal Bond Risk Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of Municipal Bonds that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of Municipal Bonds held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in Municipal Bonds issued pursuant to similar projects or whose interest is paid solely from revenues of similar projects. In addition, income from Municipal Bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of Municipal Bonds, each with its own unique risk profile. Some of these risks include: <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralObligationBondsRiskMember_zQCWIHjDED0f" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•General Obligation Bonds Risk — timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base; <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsIncludingIndustrialDevelopmentBondsRiskMember_z7T6lXcAx0e9" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Revenue Bonds (including Industrial Development Bonds) Risk — timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility; <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_zhoq2abYENAh" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Private Activity Bonds Risk — municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bonds, and payment under these bonds depends on the private enterprise’s ability to do so; <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_zSgBi2o9Vgm5" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Moral Obligation Bonds Risk — moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zKWABQgnwXO3" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Notes Risk — municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_zDcwg7P9k6S1" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Lease Obligations Risk — in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal Bond Market Liquidity Risk Inventories of Municipal Bonds held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market-making capacity has the potential to decrease the Fund’s ability to buy or sell Municipal Bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a Municipal Bond, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. There can be no guarantee that the Fund will meet its investment objective(s). Portfolio Turnover Risk The Fund’s strategy may frequently involve buying and selling portfolio securities to rebalance the Fund’s investment exposures. High portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than expected. Risks of Investing in Loans Investments in loans are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes in market or economic conditions. Default in the payment of interest or principal on a loan will result in a reduction in the value of the loan and consequently a reduction in the value of an investment in that loan. If an investor holds a loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the investor, and that the investor’s rights to collateral may be limited by bankruptcy or insolvency laws. Additionally, there is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. Consequently, the secondary market for loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days), which may cause an investor to be unable to realize the full value of its investment. In addition, loans are generally not registered with the SEC under the Securities Act of 1933, as amended, and may not be considered “securities,” and an investor may not be entitled to rely on the anti-fraud protections of the federal securities laws. An investment in loans made to non-U.S. borrowers may be affected by political and social instability, changes in economic or taxation policies, difficulties in enforcing obligations, decreased liquidity and increased volatility. Foreign borrowers may be subject to less regulation, resulting in less publicly available information about the borrowers. The loan market has evolved and currently consists primarily of loans with weaker lender protections including, but not limited to, limited financial maintenance covenants. There has been a general weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder an investor’s ability to reprice credit risk associated with a particular borrower and reduce the investor’s ability to restructure a problematic loan and mitigate potential loss. As a result, an investor’s exposure to losses on investments in loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfLoanAssignmentsAndParticipationsMember_gRBRTB-DTIS_ziS3Da5sOofa" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Risks of Loan Assignments and Participations The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser of an assignment may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the purchaser of an assignment could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. To the extent an investor sells a loan by way of assignment, the investor may be required to pass along a portion of any fees to which the investor was entitled under the loan. In connection with purchasing participations, such purchaser generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the purchaser may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the purchaser will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the purchaser may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Swap Agreements Risk Swap agreements are two-party contracts entered into for a set period of time in which the parties agree to exchange payments based on some underlying reference or asset (such as interest rates). Swap agreements may involve greater risks than direct investment in securities as they may be leveraged and are subject to credit risk, counterparty risk, liquidity risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. TBA Securities Risk In a TBA securities transaction, the Fund commits to purchase certain securities for a fixed price at a future date. The principal risks of a TBA securities transaction are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zJIpkRqreys" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Variable and Floating Rate Instruments Risk Variable and floating rate instruments include debt securities issued by corporate and governmental entities, bank loans, mortgage-backed securities and asset-backed securities, preferred equity securities and derivative variable rate securities, such as inverse floaters. Variable and floating rate instruments are structured so that the instrument’s coupon rate fluctuates based upon the level of a reference rate. A variable or floating rate instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, variable and floating rate instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Zero Coupon Securities Risk Zero coupon securities do not pay interest on a current basis. The interest earned on zero coupon securities is, implicitly, automatically compounded and paid out at maturity. Zero coupon securities are subject to substantially greater market price fluctuations during periods of changing prevailing interest rates than are comparable securities that make current distributions of interest. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The Core Plus Bond Blended Index is a blended index consisting of 80% Bloomberg U.S. Aggregate Bond Index and 20% ICE BofA U.S. High Yield Constrained Index. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A88_eoef--BarChartTableTextBlock_zFLCXPIdhrok" style="font: 8pt Arial, sans-serif; margin: 0pt 0pt 9pt 16.5pt; color: #000000; text-indent: -16.5pt; text-align: center"> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000225893Member_z1cVW95eAywa" style="display: none; width: 50%">-14.31%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000225893Member_zU4ILlIXDTUi" style="display: none">7.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000225893Member_zCJe19LY5xQk" style="display: none">4.30%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000225893Member_zwn7gTOfr1cj" style="display: none">7.38%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 308.84pt; height: 155.71pt; text-align: left"> <img alt="" src="activeimg003.jpg" style="vertical-align: top; margin-left: 0pt; width: 308pt; margin-top: 0pt; height: 155.1pt"/> </div> </div> -0.1431 0.0722 0.0430 0.0738 The Fund’s year-to-date total return as of June 30, 2026 was 1.25%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.27% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -6.02% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2Q/2022 </td> </tr> </table></div> year-to-date total return 2026-06-30 0.0125 Highest Return 0.0727 Lowest Return -0.0602 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zSjZubJOSpI6"></div> <table id="xdx_A52_dU_z5tFUmsF7Tii" style="width: 474.1pt; margin-top: 0pt; margin-bottom: 6pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 365.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 27.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 26.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 30.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 24.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.38% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210629__20251231__oef--ClassAxis__custom--C000225893Member_fKDEp_zRFcF7tC5c63" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.68% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000225893Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zIJA3s7kkvPh" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">5.02% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210629__20251231__oef--ClassAxis__custom--C000225893Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_zy1rqDIkS9Hl" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">-1.09% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sale of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000225893Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zwX0ULwb0C8e" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">4.33% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210629__20251231__oef--ClassAxis__custom--C000225893Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zkrAWN5AtaZ1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">-0.26% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zlpmv0CvsnW" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">7.30% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20210629__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zjprpi9Xjhi3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">-0.01% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Core Plus Bond Blended Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.55% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210629__20251231__oef--PerformanceMeasureAxis__custom--CorePlusBondBlendedIndexMember_fKDEp_zObeYiSnBv0h" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.84% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F0F_zu6rofHIcLeh" style="text-align: justify">(1)</td> <td id="xdx_F16_zhqPedzBOoZd" style="text-align: justify">The Fund commenced operations on June 29, 2021.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 6pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F09_zAQA7oHuuMv1" style="text-align: justify">(2)</td> <td id="xdx_F10_zirur4MyQMw" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(1)</td> <td style="text-align: justify">The Fund commenced operations on June 29, 2021.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 6pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(2)</td> <td style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> 0.0738 0.0068 0.0502 -0.0109 0.0433 -0.0026 (reflects no deduction for fees, expenses or taxes) 0.0730 -0.0001 0.0755 0.0084 2021-06-29 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM MacKay High Income ETF(prior to August 28, 2026, named NYLI MacKay High Income ETF) Investment Objective The NYLIM MacKay High Income ETF (the “Fund”) seeks to maximize current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zVDjfenlQKY7"></div> <table style="width: 524.69pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 471.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 52.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000077600Member_zdCXnGqRb14a" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_zJAuLiDrCxAj" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zgQeUO5ZHvSh"></div> <table id="xdx_A58_dU_zWFdMBZLLYW6" style="width: 524.69pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.09pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 19.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000077600Member_zOCGIfGv1Vfd" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_z31LX71FuSRg" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.40 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_zamvTfHLRgt5" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_zvt0rTGaNFF1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.17 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Acquired Fund Fees and Expenses(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_fKGEp_zkBlVTk4Xlgg" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.01 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_zEwuGPTJKZue" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.58 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(b) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_fKGIp_zgRm5qkCNSIc" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.17 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000238088Member_zNdxftHVS8xe" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.41 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(a)The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Acquired Fund Fees & Expenses represent the Fund’s pro rata share of fees and expenses incurred indirectly as a result of investing in other funds, including ETFs and money market funds.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(b)New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.40% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F0F_zPaYVyi3Ap02" style="text-align: justify">(a)</td> <td id="xdx_F1C_ziZLcrKl2ibc" style="text-align: justify">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Acquired Fund Fees & Expenses represent the Fund’s pro rata share of fees and expenses incurred indirectly as a result of investing in other funds, including ETFs and money market funds.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F0B_zNm2fLRO0pKa" style="text-align: justify">(b)</td> <td id="xdx_F11_zgw6myfslz41" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.40% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0040 0.0000 0.0017 0.0001 0.0058 -0.0017 0.0041 The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Acquired Fund Fees & Expenses represent the Fund’s pro rata share of fees and expenses incurred indirectly as a result of investing in other funds, including ETFs and money market funds. Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvGnqmlpQmPl"></div> <table id="xdx_A5D_dU_zkYfhx3HHs7c" style="width: 528pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_48C_eoef--ExpenseExampleYear01_z3xAxNhNANL" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zNlEjyoKUYxj" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zRTR2TQ7NmPi" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zf3b7bK71nW7" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_415_20260826__20260826__oef--ClassAxis__custom--C000238088Member_zHdHCTqnpB73" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $42 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $132 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $230 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $518 </td> </tr> </table> 42 132 230 518 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.55 Principal Investment Strategies The Fund seeks to achieve its investment objective through investments in debt instruments offering attractive levels of yield. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in high-yield corporate debt instruments, including all types of high-yield domestic and foreign corporate debt securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by the Fund’s Subadvisor. To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. This Fund expects to invest primarily in U.S. corporate debt securities, non-U.S. corporate debt securities, convertible corporate securities, collateralized debt obligations and other asset-backed securities, loans and loan participation interests that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings to the same instrument for purposes of determining the security’s credit quality, the Fund will use the middle rating when three NRSROs rate the security. For securities where only two NRSROs rate the security, the Fund will use the lower rating. If only one rating is available for a security, the Fund will use that rating. The Fund may invest without limitation in below investment grade securities. The Fund may hold cash or invest in short-term instruments during times when the Subadvisor is unable to identify attractive high income securities. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. The Fund may also invest in derivatives, such as futures, forwards, options, forward commitments and swap agreements, including interest rate, total return and credit default swap agreements, to seek to enhance returns or to reduce the risk of loss by hedging certain of its holdings or manage duration. In times of unusual or adverse market, economic or political conditions, the Fund may invest without limit in investment grade securities and may invest in U.S. government securities or other high-quality money market instruments. To the extent the Fund is invested in cash, investment grade debt or other high-quality instruments, the yield on these investments tends to be lower than the yield on other investments normally purchased by the Fund. Although investing heavily in these investments may help to preserve the Fund’s assets, it may not be consistent with the Fund’s primary investment objective and may limit the Fund’s ability to achieve a high level of income. The Fund has adopted a non-fundamental policy that it may invest up to 20% of its net assets in common stocks and other equity-related securities, including in connection with bankruptcies or other corporate restructurings. The Fund may invest up to 10% of its net assets in underlying funds, including exchange-traded funds (ETFs), mutual funds and closed-end funds. The Fund may invest in mortgage dollar rolls, to-be-announced (“TBA”) securities transactions, variable rate notes and floating rate notes. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). Investment Process: The Subadvisor utilizes a top-down and bottom-up approach in its investment decision-making process. The top-down element of the investment process incorporates an analysis of the important economic underpinnings of the market’s risk cycle, including monetary policy, credit market conditions, economic indicators, market structure metrics, and issuer-specific metrics. The investment team believes that monetary policy, as dictated by central bank actions, is a significant contributor to credit creation and an important driver of the inflection points in the market cycle. The bottom-up component of the investment team’s investment process feeds into its macro analysis to help identify significant changes in financial market conditions, real economic developments, including business growth, employment and consumer spending, and areas of credit excess, including high borrowing and leverage. Credits are run through a multi-factor analysis of financial and non-financial risk characteristics seeking to gain a complete picture of the credit profile of an issuer prior to investment. This multi-factor analysis combined with in-depth fundamental analysis leads the investment team to select credits of companies with improving business prospects while avoiding those with excess leverage and subordination. The Subadvisor may sell a security if it no longer believes that the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy, meaningful changes in the issuer’s financial condition, changes in the condition and outlook. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in high-yield corporate debt instruments, including alltypes of high-yield domestic and foreign corporate debt securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by the Fund’s Subadvisor. The Fund’s Shares will change in value and you could lose money by investing in the Fund. Asset-Backed Securities Risk Asset-backed securities are securities that represent interests in, and whose values and payments are based on, a “pool” of underlying assets, which may include, among others, lower-rated debt securities and corporate loans, consumer loans or mortgages and leases of property. Asset-backed securities include collateralized debt obligations, collateralized bond obligations, and collateralized loan obligations and other similarly structured vehicles. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zaZiqzVGE1pj" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Covenant Lite Loan Risk Certain underlying loans in which the Fund may invest may be issued or offered as covenant lite loans, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in this type of loan may potentially hinder the ability to reprice credit risk associated with such investments. As a result of this risk, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund’s net income and NAV. Convertible Securities Risk A convertible security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. Convertible securities are typically subordinate to an issuer’s other debt obligations. Issuers of convertible securities may be more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment. Corporate Bonds Risk Corporate bonds are debt obligations issued by corporations. Corporate bonds are generally used by corporations to borrow money from investors. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the issuer, the issuer’s performance and perceptions of the issuer in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 27 </div> </div> Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Derivatives Risk Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index and involve risks different from, and possibly greater than, the risks associated with other investments. These risks include: (i) the risk that the counterparty to a derivatives transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. A counterparty to a derivatives transaction with the Fund may be unable or unwilling to make timely principal, interest, settlement or margin payments, fulfill the delivery conditions of the contract or transaction, or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations the Fund will have contractual remedies pursuant to the agreements related to the transaction, but the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving a counterparty (including recovery of any collateral posted by it) and may obtain limited or no recovery in such circumstances. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships, government programs and policies, national and international political and economic events, changes in interest rates, inflation and deflation, and changes in supply and demand relationships. Unlike other investments, derivative contracts often have leverage inherent in their terms. The effects of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. In general, the use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s Share price. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 28 </div> </div> Equity Securities Risk Investments in common stocks and other equity securities are particularly subject to the risk of changes in investors’ perceptions of the financial condition of an issuer, conditions affecting equity markets generally and political and/or economic events. Equity prices may also be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Holders of an issuer’s common stock may be subject to greater risks than holders of its preferred stock and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of an issuer. Exchange Traded Products Risk Unlike an investment in a mutual fund, the value of the Fund’s investment in other exchange-traded funds or exchange-traded investment products (“ETPs”) is based on its market price (rather than NAV) and the Fund could lose money due to premiums/discounts of the ETP (which could cause the Fund to buy shares at market prices that are higher than their value or sell shares at market prices that are lower than their value); the failure of an active trading market to develop; or exchange trading halts or delistings. An investment in the Fund will entail more costs and expenses than a direct investment in any underlying ETP. As the Fund’s allocations to underlying ETPs changes, or the expense ratio of underlying ETPs change, the operating expenses borne by the Fund from such investments may increase or decrease. Federal law prohibits the Fund from acquiring investment company shares, including shares of other registered investment companies (including ETFs), in excess of specific thresholds unless exempted by rule, regulation or exemptive order. These prohibitions may prevent the Fund from allocating its investment in an optimal manner. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, group of countries, region, industry, group of industries or sector, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Different asset classes, countries, groups of countries, regions, industries, groups of industries or sectors tend to go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyForwardContractsRiskMember_zKS6bwWaCWu5" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Foreign Currency Forward Contracts Risk When trading in foreign currency forward contracts, the Fund will contract with a foreign or domestic bank, or a foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. Governmental imposition of credit controls might limit any such forward contract trading. Foreign currency forward contracts involve certain risks, including the risk of failure of the counterparty to perform its obligations under the contract and the risk that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged. Foreign Securities Risk Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore not all material information will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. The less developed a country’s securities market is, the greater the likelihood of clearing, custody and trade settlement problems. Foreign Securities Valuation Risk The foreign exchanges on which securities held by the Fund trade may be closed at the time when the Fund prices its Shares and the Fund’s value may be impacted by events that cause the fair value of foreign securities to materially change between the close of the foreign exchange and the time at which the Fund prices its Shares. Additionally, because foreign exchanges on which securities held by the Fund trade may be open on days when the Fund does not price its Shares, the potential exists for the value of the securities in the Fund’s portfolio to change on days when shareholders will not be able to purchase or sell the Fund’s Shares. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 29 </div> </div> Futures Contracts Risk Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund, thus limiting the ability of the Fund to implement its investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. The value of an investment in the Fund may change quickly and without warning. High Yield Securities Risk Investments in high yield or below investment grade securities (commonly referred to as “junk bonds”) are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Mortgage Dollar Roll Transaction Risk A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Option Contracts Risk The use of option contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of option contracts are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option contracts and the reference asset, and there may at times not be a liquid secondary market for certain option contracts. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. There can be no guarantee that the Fund will meet its investment objective(s). <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInLoansMember_gRBRTB-QDOM_zNbpkOF4mwe9" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Risks of Investing in Loans Investments in loans are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk that may be heightened because of the limited public information available regarding loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes in market or economic conditions. Default in the payment of interest or principal on a loan will result in a reduction in the value of the loan and consequently a reduction in the value of an investment in that loan. If an investor holds a loan through another financial institution or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the investor, and that the investor’s rights to collateral may be limited by bankruptcy or insolvency laws. Additionally, there is no central clearinghouse for loan trades and the loan market has not established enforceable settlement standards or remedies for failure to settle. Consequently, the secondary market for loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods (in some cases longer than 7 days), which may cause an investor to be unable to realize the full value of its investment. In addition, loans are generally not registered with the SEC under the Securities Act of 1933, as amended, and may not be considered “securities,” and an investor may not be entitled to rely on the anti-fraud protections of the federal securities laws. An investment in loans made to non-U.S. borrowers may be affected by political and social instability, changes in economic or taxation policies, difficulties in enforcing obligations, decreased liquidity and increased volatility. Foreign borrowers may be subject to less regulation, resulting in less publicly available information about the borrowers. The loan market has evolved and currently consists primarily of loans with weaker lender protections including, but not limited to, limited financial maintenance covenants. There has also been a general weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder an investor’s ability to reprice credit risk associated with a particular borrower and reduce the investor’s ability to restructure a problematic loan and mitigate potential loss. As a result, an investor’s exposure to losses on investments in loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfLoanAssignmentsAndParticipationsMember_zli2ts1ZVAn7" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Risks of Loan Assignments and Participations The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser of an assignment may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the purchaser of an assignment could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. To the extent an investor sells a loan by way of assignment, the investor may be required to pass along a portion of any fees to which the investor was entitled under the loan. In connection with purchasing participations, such purchaser generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the purchaser may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the purchaser will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the purchaser may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Swap Agreements Risk Swap agreements are two-party contracts entered into for a set period of time in which the parties agree to exchange payments based on some underlying reference or asset (such as interest rates). Swap agreements may involve greater risks than direct investment in securities as they may be leveraged and are subject to credit risk, counterparty risk, liquidity risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. TBA Securities Risk In a TBA securities transaction, the Fund commits to purchase certain securities for a fixed price at a future date. The principal risks of a TBA securities transaction are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 32 </div> </div> Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_z5aLhMNJlWL" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Variable and Floating Rate Instruments Risk Variable and floating rate instruments include debt securities issued by corporate and governmental entities, bank loans, mortgage-backed securities and asset-backed securities, preferred equity securities and derivative variable rate securities, such as inverse floaters. Variable and floating rate instruments are structured so that the instrument’s coupon rate fluctuates based upon the level of a reference rate. A variable or floating rate instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, variable and floating rate instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The Bloomberg Very Liquid High Yield Index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment grade and are commonly referred to as “junk bonds.” All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 33 </div> </div> The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A80_eoef--BarChartTableTextBlock_z25RGUBs9L4k" style="font: 8pt Arial, sans-serif; margin: 0pt 0pt 9pt 16.5pt; color: #000000; text-indent: -16.5pt; text-align: center"> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000238088Member_zcEB4hFU7VY6" style="display: none; width: 50%">12.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000238088Member_zeQGICLoaWGb" style="display: none">7.04%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000238088Member_z8cQiQBX7hhg" style="display: none">8.55%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 305.92pt; height: 156.81pt; text-align: left"> <img alt="" src="activeimg004.jpg" style="vertical-align: top; margin-left: 0pt; width: 305.8pt; margin-top: 0pt; height: 156.2pt"/> </div> </div> 0.1295 0.0704 0.0855 The Fund’s year-to-date total return as of June 30, 2026 was 2.21%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.14% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 0.01% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2024 </td> </tr> </table> </div> year-to-date total return 2026-06-30 0.0221 Highest Return 0.0714 Lowest Return 0.0001 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zQdjRPwTWen9"></div> <table id="xdx_A5C_dU_z7372bwqWlH4" style="width: 474.1pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 363pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 27.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 26.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 24.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 8.55% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 9.67% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000238088Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zOJiErqEJiki" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">5.27% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20221025__20251231__oef--ClassAxis__custom--C000238088Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_zOILT0KiyBa3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">6.29% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sale of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000238088Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zF0Vredne0Na" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">5.13% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20221025__20251231__oef--ClassAxis__custom--C000238088Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zPoHv2AGZ2Bk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">5.99% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zhp5O79SyEUi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">7.30% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20221025__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zdumykfDWpsa" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">5.86% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg Very Liquid High Yield Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergVeryLiquidHighYieldIndexMember_zG3l03zGOBSi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">8.79% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20221025__20251231__oef--PerformanceMeasureAxis__custom--BloombergVeryLiquidHighYieldIndexMember_fKDEp_z7RWpG8ol2O6" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">10.52% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F08_zRFzjjQpMHm1" style="text-align: justify">(1)</td> <td id="xdx_F12_zDCBj6EA7Wf9" style="text-align: justify">The Fund commenced operations on October 25, 2022.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F09_zFYQOluawMXi" style="text-align: justify">(2)</td> <td id="xdx_F10_z3t4HXy0efxj" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(1)</td> <td style="text-align: justify">The Fund commenced operations on October 25, 2022.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(2)</td> <td style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> 0.0855 0.0967 0.0527 0.0629 0.0513 0.0599 (reflects no deduction for fees, expenses or taxes) 0.0730 0.0586 0.0879 0.1052 2022-10-25 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM MacKay Securitized Income ETF(prior to August 28, 2026, named NYLI MacKay Securitized Income ETF) Investment Objective The NYLIM MacKay Securitized Income ETF (the “Fund”) seeks total return with an emphasis on current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zApkWRXc1GR"></div> <table style="width: 524.69pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 471.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 52.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000084196Member_zgo8aai5NKi6" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_zRvZuC7mtS7h" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zt1g5mN3fF7e"></div> <table id="xdx_A56_dU_ztwUKjtle2El" style="width: 524.69pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.09pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 19.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000084196Member_znJxJtsadgR4" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_z6SZUOfkY3Jf" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.40 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_zz0M5JEmZufe" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_zFxB8iCyedIb" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.09 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_zFuhzgAHLh0a" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.49 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(a)(b) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_fKGEpKGIp_zPIdZkmFEE81" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.21 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000248469Member_zMnmQHsR5ouh" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.28 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zoFBip6g2dn8" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F1D_zOdLR1Az0lwh" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.40% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F08_zdd2mSMosdh4" style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td id="xdx_F1B_zIYiXlWLYvP6" style="text-align: justify">The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.28% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0040 0.0000 0.0009 0.0049 -0.0021 0.0028 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhdenfQPJxG1"></div> <table id="xdx_A51_dU_zdEOk2mXQDLg" style="width: 528pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_481_eoef--ExpenseExampleYear01_zdUlNtLTaDPe" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_480_eoef--ExpenseExampleYear03_zKMpuBKmARhl" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_486_eoef--ExpenseExampleYear05_zT6ywLU3Xls7" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_482_eoef--ExpenseExampleYear10_zeRBtjsKEUZ" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_418_20260826__20260826__oef--ClassAxis__custom--C000248469Member_zSnCDekaIqOl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $29 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $116 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $212 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $493 </td> </tr> </table> 29 116 212 493 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.70 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securitized assets, which include commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), agency and non-agency residential mortgage-backed securities (RMBS), collateralized mortgage obligations (CMOs), and collateralized loan obligations (CLOs). To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. The Fund’s securitized credit securities may be fixed-rate or adjustable-rate securities. The Fund may invest in agency mortgaged-backed securities (MBS), which include mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by government-sponsored enterprises such as Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), or the Federal Home Loan Mortgage Corporation (FHLMC). The Fund may also invest in other fixed-income instruments, which include bonds, debt instruments, and money market and short-term securities issued by various U.S. and non-U.S. public or private sector entities. The Fund may invest in interest-only (IO), principal-only (PO), or inverse floating rate debt securities. The Fund may hold long or short positions in mortgage dollar rolls, to-be-announced (“TBA”) securities transactions, variable rate notes and floating rate notes. The Fund will generally seek to maintain a weighted average duration within 1.5 years (plus or minus) of the duration of the Bloomberg U.S. Securitized Index. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The Fund may invest in debt securities of any maturity or duration and securities that may have fixed, floating, or variable rates. The Fund may invest up to 20% of its total assets in securities rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3) or, if unrated, judged to be of comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality. The Fund may also invest in derivatives, such as futures, forwards, options, forward commitments and swap agreements, including interest rate, total return and credit default swap agreements, to seek to enhance returns or to reduce the risk of loss by hedging certain of its holdings or manage duration. Investment Process: The Subadvisor utilizes a top-down and bottom-up approach in its investment decision-making process. The top-down element of the investment process incorporates an analysis of the important economic underpinnings of the market’s risk cycle, including taking into consideration monetary policy and its impact on the capital markets. The bottom-up component of the investment process feeds into the Subadvisor’s macro analysis to help identify significant changes in financial market conditions, real economic developments and areas of credit excess. Investment selection is based on a rigorous analysis in order to gauge the security’s potential for total return, as well as its sensitivities to changes in interest rates, volatility, the shape of the Treasury yield curve (i.e., differences in yield between securities of different maturities), and prepayment variations. The quality of the collateral and that of the issuer or servicer is also taken into consideration. The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the domestic and foreign economies, and meaningful changes in the issuer’s financial condition, including changes in the issuer’s credit risk and competitiveness. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securitized assets, which include commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), agency and non-agency residential mortgage-backedsecurities (RMBS), collateralized mortgage obligations (CMOs), and collateralized loan obligations (CLOs). The Fund’s Shares will change in value and you could lose money by investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_gRBRTB-VH_zruELILSPg6b" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Asset-Backed Securities Risk Asset-backed securities are securities that represent interests in, and whose values and payments are based on, a “pool” of underlying assets, which may include, among others, lower-rated debt securities and corporate loans, consumer loans or mortgages and leases of property. Asset-backed securities include collateralized debt obligations, collateralized bond obligations, and collateralized loan obligations and other similarly structured vehicles. As with other debt securities, asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk and valuation risk. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of underlying assets, may result in a reduction in the value of such asset-backed securities and losses to the Fund. Investments in mortgage-related securities make an investor more susceptible to adverse economic, interest rate, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce a mortgage-related security’s value. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zVo52pFo2vxf" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions (an “Authorized Participant”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Corporate Bonds Risk Corporate bonds are debt obligations issued by corporations. Corporate bonds are generally used by corporations to borrow money from investors. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the issuer, the issuer’s performance and perceptions of the issuer in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Derivatives Risk Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index and involve risks different from, and possibly greater than, the risks associated with other investments. These risks include: (i) the risk that the counterparty to a derivatives transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. A counterparty to a derivatives transaction with the Fund may be unable or unwilling to make timely principal, interest, settlement or margin payments, fulfill the delivery conditions of the contract or transaction, or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations the Fund will have contractual remedies pursuant to the agreements related to the transaction, but the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving a counterparty (including recovery of any collateral posted by it) and may obtain limited or no recovery in such circumstances. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships, government programs and policies, national and international political and economic events, changes in interest rates, inflation and deflation, and changes in supply and demand relationships. Unlike other investments, derivative contracts often have leverage inherent in their terms. The effects of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. In general, the use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s Share price. Futures Contracts Risk Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund, thus limiting the ability of the Fund to implement its investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. The value of an investment in the Fund may change quickly and without warning. High Yield Securities Risk Investments in high yield or below investment grade securities (commonly referred to as “junk bonds”) are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Mortgage Dollar Roll Transaction Risk A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund, Advisor and Subadvisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Option Contract Risk The use of option contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of option contracts are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option contracts and the reference asset, and there may at times not be a liquid secondary market for certain option contracts. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. There can be no guarantee that the Fund will meet its investment objective(s). <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementAndRestrictedSecuritiesRiskMember_ziNIlVxoKgT8" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Private Placement and Restricted Securities Risk The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for a fund that fails to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Short Sales Risk Short sales are transactions in which the Fund sells a security it does not own, or uses derivatives, such as futures or swaps, to effect short exposure to a particular reference asset. Such a position subjects the Fund to the risk that instead of declining, the price of the security or reference asset to which the Fund has short exposure will rise. If the price of the security or reference asset increases between the date of the short sale and the date on which the Fund replaces the security or otherwise closes out its short position, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase. Swap Agreements Risk Swap agreements are two-party contracts entered into for a set period of time in which the parties agree to exchange payments based on some underlying reference or asset (such as interest rates). Swap agreements may involve greater risks than direct investment in securities as they may be leveraged and are subject to credit risk, counterparty risk, liquidity risk and valuation risk. A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. TBA Securities Risk In a TBA securities transaction, the Fund commits to purchase certain securities for a fixed price at a future date. The principal risks of a TBA securities transaction are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zTDmMuNGZW5g" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Variable and Floating Rate Instruments Risk Variable and floating rate instruments include debt securities issued by corporate and governmental entities, bank loans, mortgage-backed securities and asset-backed securities, preferred equity securities and derivative variable rate securities, such as inverse floaters. Variable and floating rate instruments are structured so that the instrument’s coupon rate fluctuates based upon the level of a reference rate. A variable or floating rate instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, variable and floating rate instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Performance Information The Fund commenced operations on May 31, 2024, after the conversion of a separately managed account (the “Predecessor Account”) into shares of the Fund. The Fund has adopted the performance history of the Predecessor Account. Pursuant to the conversion, the Predecessor Account transferred substantially all of its assets to the Fund. MacKay Shields, the Fund’s Subadvisor, managed the Predecessor Account for the entire performance period shown. The Predecessor Account commenced operations on October 1, 2019. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. However, the Predecessor Account was not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The Bloomberg U.S. Securitized Bond Index is an unmanaged index that includes the MBS, ABS, and CMBS sectors of the Bloomberg U.S. Aggregate Bond universe. As described above, the Fund has adopted the performance history of the Predecessor Account and thus the performance shown for the periods prior to May 31, 2024, is that of the Predecessor Account. The Predecessor Account’s performance shown below has been adjusted for the Fund’s anticipated operating expenses as reflected in the table entitled “Annual Fund Operating Expenses” not including the Fund’s expense waiver/reimbursement. All returns assume reinvestment of dividends and distributions. The Predecessor Account’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. The Fund’s performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Predecessor Account’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A8C_eoef--BarChartTableTextBlock_z1NkuA7uGiWb" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000; text-indent: 0pt; text-align: center"> <table cellpadding="0" cellspacing="0" style="font: 9pt Arial, sans-serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">YEars</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000248469Member_zf5zz1pMHHB5" style="display: none; width: 50%">6.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000248469Member_zzDybxWDvwMb" style="display: none">0.72%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000248469Member_zppxybTeNzoc" style="display: none">-11.87%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000248469Member_z3TfkeK0hS66" style="display: none">6.36%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000248469Member_zgRcPR4bZgKj" style="display: none">4.46%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000248469Member_zqtqXEzIMBYl" style="display: none">7.86%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 308.84pt; height: 156.81pt; text-align: left"> <img alt="" src="activeimg005.jpg" style="vertical-align: top; margin-left: 0pt; width: 308pt; margin-top: 0pt; height: 156.2pt"/> </div> </div> 0.0641 0.0072 -0.1187 0.0636 0.0446 0.0786 The Fund’s year-to-date total return as of June 30, 2026 was 1.03%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 6.41% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -4.72% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 3Q/2022 </td> </tr> </table> </div> year-to-date total return 2026-06-30 0.0103 Highest Return 0.0641 Lowest Return -0.0472 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zGVoIyrCrwdf"></div> <table id="xdx_A55_dU_zfmUVZTFwfu8" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 326.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1 Year </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5 Years </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.86% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1.24% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2.04% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5.08% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> n/a </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> n/a </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sales of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4.70% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> n/a </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> n/a </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 7.30% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -0.36% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 0.90% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg U.S. Securitized Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 8.49% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 0.22% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 0.94% </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F0D_zSTHqliWrm3d" style="text-align: justify">(1)</td> <td id="xdx_F1C_zXxBXyd9jc7h" style="text-align: justify">The Predecessor Account commenced operations on October 1, 2019.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td id="xdx_F07_zR1qKY3p5mo4" style="text-align: justify">(2)</td> <td id="xdx_F13_zFKJrvdq20Dg" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(1)</td> <td style="text-align: justify">The Predecessor Account commenced operations on October 1, 2019.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; width: 100%; margin-top: 0pt; margin-bottom: 9pt; color: #000000"> <tr style="vertical-align: top"> <td style="text-align: justify">(2)</td> <td style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td></tr> </table> 0.0786 0.0124 0.0204 0.0508 0.0470 (reflects no deduction for fees, expenses or taxes) 0.0730 -0.0036 0.0090 0.0849 0.0022 0.0094 2019-10-01 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM MacKay Muni Allocation ETF(prior to August 28, 2026, named NYLI MacKay Muni Allocation ETF) Investment Objective The NYLIM MacKay Muni Allocation ETF (the “Fund”) seeks current income exempt from regular federal income tax. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zV8pLkv9PHcl"></div> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 471.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 52.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000097580Member_zfIXWYOGtVb8" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_zkIU9CH85cZh" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zvf2S2Cghwg"></div> <table id="xdx_A57_dU_zQ64b0HChTaa" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 482.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 13.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 19.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000097580Member_zRKjUzPE0rdc" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_zY3obFJteKlf" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.40 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_zbq0wJ2DPCu4" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses(a) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_fKGEp_z8O6twRUReJh" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.32 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_zSeMXNoaLXR9" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.72 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(b) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_fKGIp_zqBgVPBuNvy6" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.37 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000267030Member_zBMC5suX44pc" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.35 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0A_zVj6C5rhr0V3" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F1F_zMRV6a6ctC8a" style="text-align: justify">The Fund commenced operations on December 16, 2025, and Other Expenses are based on estimated amounts for the current fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F08_zpYEszKYaGC2" style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td id="xdx_F1C_zhHskKnk1MDi" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.35% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment): 0.0040 0.0000 0.0032 0.0072 -0.0037 0.0035 Other Expenses are based on estimated amounts for the current fiscal year. Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzqJYikKrYFc"></div> <table id="xdx_A53_dU_z4vpkcOCafL9" style="margin: 0pt auto 9pt;width: 264pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> </tr> <tr style="min-height: 3pt"> <td id="xdx_488_eoef--ExpenseExampleYear01_zDkuhsiyysM5" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_482_eoef--ExpenseExampleYear03_z3YWvdDWhAF1" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> </tr> <tr id="xdx_418_20260826__20260826__oef--ClassAxis__custom--C000267030Member_z5YE4X8ZzOdh" style="min-height: 14.4pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $36 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $113 </td> </tr> </table> 36 113 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.40 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) (“Municipal Bonds”). To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. The Fund typically invests at least 60% of its net assets in Municipal Bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). If independent rating agencies assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. While the Fund will primarily invest in securities rated investment grade or higher, the Fund may invest up to 40% of its net assets in Municipal Bonds that are rated below investment grade (commonly referred to as “high yield securities” or “junk bonds”) as rated by at least one NRSRO (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by the Subadvisor. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund will generally invest in Municipal Bonds that have a maturity of five years or longer at the time of purchase. The Fund may invest in debt securities that may have fixed, floating, or variable rates. Municipal debt securities include bonds issued by, or on behalf of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies, authorities and instrumentalities. Municipal debt securities also include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax. The Fund may invest more than 25% of its total assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. The Fund may also invest up to 20% of its net assets in taxable municipal debt securities. The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Subadvisor’s investment process begins with an assessment of macro factors that may impact the Municipal Bond market, including tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market, including the supply and demand of municipal instruments, and factors that may impact the future supply and demand of municipal bonds. The Subadvisor’s investment process also includes a risk analysis that gives consideration to a variety of security-specific risks with respect to municipal bonds, including environmental, social and governance (“ESG”) risks. “ESG risks” are defined as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the investment. Certain ESG factors may be more relevant for certain sectors or issuers than others. Factors considered by the Subadvisor may include an issuer’s exposure to or management of climate risk, energy resources, community and/or employee relations, demographic shifts, cybersecurity, regulation and financial management of policies and procedures. In addition to proprietary research, the Subadvisor may use screening tools such as those provided by third-party providers and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors, industries or individual issuers are explicitly excluded from the Fund. Following the assessment of these factors, the Subadvisor develops an investment strategy to position the Fund among various sectors of the Municipal Bond market and different states. The Subadvisor then employs a fundamental, “bottom-up” credit research analysis to select individual Municipal Bonds. On an ongoing basis, the Subadvisor meets to discuss and, where necessary, make changes to the Fund’s portfolio allocations. Typically, the Subadvisor considers a number of factors including overall market conditions, and the economic, technical, fundamental and regulatory factors that influence the relative value of municipal securities. In addition to setting target guidelines with respect to yield curve positioning, quality distribution, sector weights and individual security exposures, the Subadvisor will establish the Fund’starget allocation between investment grade municipal securities and high yield municipal securities. The asset allocation decision is based on the Subadvisor’s subjective assessment of the risk-adjusted expected returns of investment grade securities and high yield municipal securities over the next twelve to eighteen months. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax)(“Municipal Bonds”). The Fund’s Shares will change in value and you could lose money by investing in the Fund. Alternative Minimum Tax Risk Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Fund could cause shareholders to be subject to the federal alternative minimum tax. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zEGgyCtMhYaa" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Derivatives Risk Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index and involve risks different from, and possibly greater than, the risks associated with other investments. These risks include: (i) the risk that the counterparty to a derivatives transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. A counterparty to a derivatives transaction with the Fund may be unable or unwilling to make timely principal, interest, settlement or margin payments, fulfill the delivery conditions of the contract or transaction, or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations the Fund will have contractual remedies pursuant to the agreements related to the transaction, but the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving a counterparty (including recovery of any collateral posted by it) and may obtain limited or no recovery in such circumstances. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships, government programs and policies, national and international political and economic events, changes in interest rates, inflation and deflation, and changes in supply and demand relationships. Unlike other investments, derivative contracts often have leverage inherent in their terms. The effects of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. In general, the use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s Share price. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in the securities of issuers within the same or group of states, territories, commonwealths and possessions of the United States or sectors, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Securities of issuers within the same or group of states, territories, commonwealths and possessions of the United States or sectors, may go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. High Yield Municipal Bond Risk Investments in high yield or below investment grade municipal bonds (commonly referred to as “junk bonds”) may be subject to increased liquidity risk as compared to other high yield debt securities. There may be little or no active trading market for certain high yield municipal bonds, which may make it difficult for the Fund to sell such bonds at or near their perceived value. In such cases, the value of a high yield municipal bond may decline dramatically, even during periods of declining interest rates. The high yield municipal bonds in which the Fund intends to invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds. High Yield Securities Risk Investments in high yield or below investment grade securities (commonly referred to as “junk bonds”) are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 48 </div> </div> Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates and fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Municipal Bond Risk Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of Municipal Bonds that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of Municipal Bonds held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in Municipal Bonds issued pursuant to similar projects or whose interest is paid solely from revenues of similar projects. In addition, income from Municipal Bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of Municipal Bonds, each with its own unique risk profile. Some of these risks include: <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralObligationBondsRiskMember_zceH7fW1lTvi" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt;color: #000000; text-indent: -13.2pt; text-align: justify">•General Obligation Bonds Risk — timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base; <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsIncludingIndustrialDevelopmentBondsRiskMember_zMn1nHQbviv3" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt;color: #000000; text-indent: -13.2pt; text-align: justify">•Revenue Bonds (including Industrial Development Bonds) Risk — timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility; <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_zqWE0FWhxud3" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt;color: #000000; text-indent: -13.2pt; text-align: justify">•Private Activity Bonds Risk — municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bonds, and payment under these bonds depends on the private enterprise’s ability to do so; <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_z8PQSdDO2Wy7" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt;color: #000000; text-indent: -13.2pt; text-align: justify">•Moral Obligation Bonds Risk — moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zsjKDHQlltzg" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt;color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Notes Risk — municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_zzSaJFtJ1nOf" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt;color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Lease Obligations Risk — in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal Bond Market Liquidity Risk Inventories of Municipal Bonds held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market-making capacity has the potential to decrease the Fund’s ability to buy or sell Municipal Bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a Municipal Bond, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Municipal Insurance Risk The Fund’s investments may include investments in insured Municipal Bonds. Municipal security insurance does not guarantee the value either of individual municipal securities or of Shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) non-payment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Market conditions or changes to ratings criteria could adversely impact the ratings of Municipal Bond insurance companies. Downgrades and withdrawal of ratings from Municipal Bond insurers have substantially limited the availability of insurance sought by Municipal Bond issuers, thereby reducing the supply of insured Municipal Bonds that meet the Fund’s investment guidelines or the ability of the Fund to purchase insurance on Municipal Bonds held by the Fund. A rating downgrade of a Municipal Bond insurer could negatively impact the market value of insured Municipal Bonds held by the Fund. If the insurer of a defaulted Municipal Bond were to become unable or unwilling to pay the principal or interest on the defaulted Municipal Bond, the Fund would incur losses. New Fund Risk As a new fund, there can be no assurance that the Fund will grow to or maintain an economically viable size. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementAndRestrictedSecuritiesRiskMember_z291EnMzozo7" style="font: italic 9pt Arial, sans-serif; margin: 0pt;color: #000000; text-indent: 0pt">Private Placement and Restricted Securities Risk The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 51 </div> </div> Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zCzSuaKb3fy3" style="font: italic 9pt Arial, sans-serif; margin: 0pt;color: #000000; text-indent: 0pt">Variable and Floating Rate Instruments Risk Variable and floating rate instruments include debt securities issued by corporate and governmental entities, bank loans, mortgage-backed securities and asset-backed securities, preferred equity securities and derivative variable rate securities, such as inverse floaters. Variable and floating rate instruments are structured so that the instrument’s coupon rate fluctuates based upon the level of a reference rate. A variable or floating rate instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, variable and floating rate instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Performance Information As of the date of this Prospectus, the Fund has not completed a full calendar year of operations and therefore does not report its performance information. The Fund’s performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. As of the date of this Prospectus, the Fund has not completed a full calendar year of operations and therefore does not report its performance information. 888-474-7725 nylim.com/etf NYLIM MacKay Muni Insured ETF(prior to August 28, 2026, named NYLI MacKay Muni Insured ETF) Investment Objective The NYLIM MacKay Muni Insured ETF (the “Fund”) seeks current income exempt from federal income tax. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zLyMrrLCfB8b"></div> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 471.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 52.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000057660Member_zzbjLsc5nbdi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_zmAg1aCoQT1e" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zZnyK2da5uwc"></div> <table id="xdx_A51_dU_zEQvauP5jY3g" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 482.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 13.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 19.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000057660Member_zr3zxauqDc55" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_zG97mxj7U457" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.40 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_z48Yl7yCoI76" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_zIFuxNVBqbVh" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.06 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_z86EDlJHxuld" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.46 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(a) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_fKGEp_zdjZCXImk80k" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.16 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184310Member_zqUEouo5jNP8" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.30 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif;color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zFz69eRWDqec" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F1F_zzonL9Q2iyej" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.30% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment): 0.0040 0.0000 0.0006 0.0046 -0.0016 0.0030 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNWOyMGvO3r5"></div> <table id="xdx_A50_dU_zaI3raN6Qwo8" style="width: 528pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 132pt"> </td> </tr> <tr style="min-height: 3pt"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zd8FI5aquoD2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_481_eoef--ExpenseExampleYear03_zuQ878bZWoh1" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_483_eoef--ExpenseExampleYear05_zWrQSwp58TM3" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_483_eoef--ExpenseExampleYear10_z1kQdxFslYTf" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_416_20260826__20260826__oef--ClassAxis__custom--C000184310Member_zzpmqZciHpai" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $31 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $97 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $169 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $381 </td> </tr> </table> 31 97 169 381 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.59 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in: (i) debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”); and (ii) debt securities covered by an insurance policy guaranteeing the payment of principal and interest. To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. The Fund typically invests at least 80% of its net assets in Municipal Bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 54 </div> </div> comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund generally will maintain a dollar-weighted average duration of 3 to 15 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Municipal Bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities. The Fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax. Insured Municipal Bonds are covered by insurance policies that guarantee the timely payment of principal and interest. The Fund generally purchases Municipal Bonds that have insurance in place so the Fund does not pay insurance premiums directly. The premium costs, however, are reflected in a lower yield and/or higher price for the insured Municipal Bonds. When beneficial, the Fund may purchase insurance for an uninsured bond directly from a qualified Municipal Bond insurer, in which case the Fund pays the insurance premium directly to the insurance company. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund’s share price or distributions, and shares of the Fund are not insured. The Fund may invest more than 25% of its total assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. However, the Fund’s investments will be diversified among a minimum of ten different sectors of the Municipal Bond market, such as education, transportation and local general obligation. The Fund’s investments will be diversified among at least 15 different states, with no more than 30% of the Fund’s securities invested in municipal securities from a single state. Some of the Fund’s earnings may be subject to federal tax and most may be subject to state and local taxes. The Subadvisor’s investment process begins with an assessment of macro factors that may impact the Municipal Bond market, including, tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund. Following the assessment of these factors, the Subadvisor develops an investment strategy to position the Fund among various sectors of the Municipal Bond market and different states. The Subadvisor then employs a fundamental, “bottom-up” credit research analysis to select individual Municipal Bonds. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in: (i) debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”); and (ii) debt securities covered by an insurance policy guaranteeing the payment of principal and interest. The Fund’s Shares will change in value and you could lose money by investing in the Fund. Alternative Minimum Tax Risk Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Fund could cause shareholders to be subject to the federal alternative minimum tax. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_gRBRTB-SBSUSRJW_zD9gIVOg0m81" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, group of countries, region, industry, group of industries or sector, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Different asset classes, countries, groups of countries, regions, industries, groups of industries or sectors tend to go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 56 </div> </div> Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Municipal Bond Risk Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of Municipal Bonds that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of Municipal Bonds held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in Municipal Bonds issued pursuant to similar projects or whose interest is paid solely from revenues of similar projects. In addition, income from Municipal Bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of Municipal Bonds, each with its own unique risk profile. Some of these risks include: <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 57 </div> </div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralObligationBondsRiskMember_zK31WI2ZIRVl" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•General Obligation Bonds Risk — timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base; <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsIncludingIndustrialDevelopmentBondsRiskMember_zIAHPHDSYOG9" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Revenue Bonds (including Industrial Development Bonds) Risk — timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility; <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_zPyxsY95G6fa" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Private Activity Bonds Risk — municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bonds, and payment under these bonds depends on the private enterprise’s ability to do so; <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_z9XZMXX10dIg" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Moral Obligation Bonds Risk — moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zZZnHX9bK37g" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Notes Risk — municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_z5LHaaYqUDyi" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Lease Obligations Risk — in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal Bond Market Liquidity Risk Inventories of Municipal Bonds held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market-making capacity has the potential to decrease the Fund’s ability to buy or sell Municipal Bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a Municipal Bond, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Municipal Insurance Risk The Fund’s investments may include investments in insured Municipal Bonds. Municipal security insurance does not guarantee the value either of individual municipal securities or of Shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) non-payment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Market conditions or changes to ratings criteria could adversely impact the ratings of Municipal Bond insurance companies. Downgrades and withdrawal of ratings from Municipal Bond insurers have substantially limited the availability of insurance sought by Municipal Bond issuers, thereby reducing the supply of insured Municipal Bonds that meet the Fund’s investment guidelines or the ability of the Fund to purchase insurance on Municipal Bonds held by the Fund. A rating downgrade of a Municipal Bond insurer could negatively impact the market value of insured Municipal Bonds held by the Fund. If the insurer of a defaulted Municipal Bond were to become unable or unwilling to pay the principal or interest on the defaulted Municipal Bond, the Fund would incur losses. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 58 </div> </div> Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 59 </div> </div> Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. The Bloomberg Municipal All Insured Bond Index is a total return performance benchmark for municipal bonds that are backed by insurers with Aaa/AAA ratings and have maturities of at least one year. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A83_eoef--BarChartTableTextBlock_zwv3jab9UEee" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000; text-indent: 0pt; text-align: center"> <table cellpadding="0" cellspacing="0" style="font: 9pt Arial, sans-serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">YEars</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2018</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000184310Member_z5lfCdzU0tYf" style="display: none; width: 50%">1.68%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000184310Member_zQ62wfY9D07g" style="display: none">8.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000184310Member_zG8NRS6zGKrc" style="display: none">7.45%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000184310Member_znqqbmY8uKEc" style="display: none">1.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000184310Member_zhFTPXhVuft3" style="display: none">-11.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000184310Member_zN8UNNHo2Pwj" style="display: none">6.98%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000184310Member_zrsm9y0WTB4k" style="display: none">1.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000184310Member_zgKf9cMIgdWb" style="display: none">4.27%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 308.84pt; height: 156.81pt; text-align: left"> <img alt="" src="activeimg006.jpg" style="vertical-align: top; margin-left: 0pt; width: 308pt; margin-top: 0pt; height: 156.2pt"/> </div> </div> 0.0168 0.0806 0.0745 0.0171 -0.1110 0.0698 0.0151 0.0427 The Fund’s year-to-date total returns as of June 30, 2026 was 2.99%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 508.2pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 16.49pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 8.70% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -6.66% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1Q/2022 </td> </tr> </table> </div> year-to-date total returns 2026-06-30 0.0299 Highest Return 0.0870 Lowest Return -0.0666 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zyb75WXYtMR"></div> <table id="xdx_A5B_dU_zUThPIf1Ro2d" style="width: 524.69pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 320.1pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 74.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1 Year </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5 Years </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4.27% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 0.47% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2.52% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000184310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_z5jUfV3dpyt6" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">4.17% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000184310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zjNnDxWLq9W8" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">0.44% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20171018__20251231__oef--ClassAxis__custom--C000184310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_z0KRY0j0qvlf" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">2.48% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sales of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000184310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zIpduMgK9QL3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">4.12% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000184310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_z8scwZ0zyuyc" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">1.06% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20171018__20251231__oef--ClassAxis__custom--C000184310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zqJZXWwM393e" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">2.60% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_zdBmlPwdRaS" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">4.25% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_zNSONKRrMzub" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">0.80% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20171018__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_fKDEp_zUmHcXfKCEwd" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">2.18% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg Municipal All Insured Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4.42% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 0.74% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2.55% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zmVqrzO22O9" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1F_z2B5PU4TdXIi" style="text-align: justify">The Fund commenced operations on October 18, 2017.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_ztTPMciqHmn" style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F1B_zYqopHHv02td" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">The Fund commenced operations on October 18, 2017.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"></td><td style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td> </tr></table> 0.0427 0.0047 0.0252 0.0417 0.0044 0.0248 0.0412 0.0106 0.0260 (reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0218 0.0442 0.0074 0.0255 2017-10-18 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM MacKay Muni Short Duration ETF(prior to August 28, 2026, named NYLI MacKay Muni Short Duration ETF) Investment Objective The NYLIM MacKay Muni Short Duration ETF (the “Fund”) seeks current income exempt from regular federal income tax. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div></div> <p id="xdx_980_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000090646Member_zo6XG9Rm9UD" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): None Shareholder Fees (fees paid directly from your investment): 0 <table style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 496.1pt"> <p id="xdx_98B_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000090646Member_zh72EgnQQiE7" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; width: 20pt"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000257922Member_z7XyLsZOebB1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.25 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000257922Member_zRHhdWA8jewd" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000257922Member_zc5Y8U8qHue" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.17 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000257922Member_z5P6oAMrUhIk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.42 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000257922Member_fKGEp_zhfhPhQovsa4" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.17 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 13.8pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000257922Member_zQjckQo8kMXb" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.25 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> (a)New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.25% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund. <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; display: none; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_z8vSbpAAfTHi" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F11_zedFO61ujVAh" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.25% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0025 0.0000 0.0017 0.0042 -0.0017 0.0025 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4omN8TWeyOi"></div> <table id="xdx_A51_dU_zaiS41nzoYQf" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_482_eoef--ExpenseExampleYear01_zumcmmA6Znte" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zUW9HSPHNmd2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zZoY81L1Iu34" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_489_eoef--ExpenseExampleYear10_ztHtu4yzOh0g" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_411_20260826__20260826__oef--ClassAxis__custom--C000257922Member_zIKeRw5mpteb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $26 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $80 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $141 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $318 </td> </tr> </table> 26 80 141 318 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 158% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 1.58 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax)(“Municipal Bonds”). To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 62 </div> </div> towards the Fund’s 80% investment policy. The Fund typically invests at least 80% of its net assets in Municipal Bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). If independent rating agencies assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. While the Fund will primarily invest in securities rated investment grade or higher, the Fund may invest up to 20% of its net assets in Municipal Bonds that are rated below investment grade (commonly referred to as “high yield securities” or “junk bonds”) as rated by at least one NRSRO, or, if unrated, judged to be of comparable quality by the Subadvisor. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund generally will maintain a dollar-weighted average duration of 1 to 3 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Municipal debt securities include bonds issued by, or on behalf of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies, authorities and instrumentalities. Municipal debt securities also include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax. The Fund may invest more than 25% of its total assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. The Fund may also invest up to 20% of its net assets in taxable municipal debt securities. The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Subadvisor’s investment process begins with an assessment of macro factors that may impact the Municipal Bond market, including tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market, including the supply and demand of municipal instruments, and factors that may impact the future supply and demand of municipal bonds. The Subadvisor’s investment process also includes a risk analysis that gives consideration to a variety of security-specific risks with respect to municipal bonds, including environmental, social and governance (“ESG”) risks. “ESG risks” are defined as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the investment. Certain ESG factors may be more relevant for certain sectors or issuers than others. Factors considered by the Subadvisor may include an issuer’s exposure to or management of climate risk, energy resources, community and/or employee relations, demographic shifts, cybersecurity, regulation and financial management of policies and procedures. In addition to proprietary research, the Subadvisor may use screening tools such as those provided by third-party providers and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors, industries or individual issuers are explicitly excluded from the Fund. Following the assessment of these factors, the Subadvisor develops an investment strategy to position the Fund among various sectors of the Municipal Bond market and different states. The Subadvisor then employs a fundamental, “bottom-up” credit research analysis to select individual Municipal Bonds. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax)(“Municipal Bonds”). The Fund’s Shares will change in value and you could lose money by investing in the Fund. Alternative Minimum Tax Risk Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Fund could cause shareholders to be subject to the federal alternative minimum tax. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zFGXblYqQ9Ji" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Derivatives Risk Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index and involve risks different from, and possibly greater than, the risks associated with other investments. These risks include: (i) the risk that the counterparty to a derivatives transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. A counterparty to a derivatives transaction with the Fund may be unable or unwilling to make timely principal, interest, settlement or margin payments, fulfill the delivery conditions of the contract or transaction, or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations the Fund will have contractual remedies pursuant to the agreements related to the transaction, but the Fund may be unable to terminate or realize any gain on the investment or transaction, resulting in a loss to the Fund. The Fund may experience significant delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganization proceeding involving a counterparty (including recovery of any collateral posted by it) and may obtain limited or no recovery in such circumstances. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships, government programs and policies, national and international political and economic events, changes in interest rates, inflation and deflation, and changes in supply and demand relationships. Unlike other investments, derivative contracts often have leverage inherent in their terms. The effects of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. In general, the use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s Share price. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in the securities of issuers within the same or group of states, territories, commonwealths and possessions of the United States or sectors, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Securities of issuers within the same or group of states, territories, commonwealths and possessions of the United States or sectors, may go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. High Yield Municipal Bond Risk Investments in high yield or below investment grade municipal bonds (commonly referred to as “junk bonds”) may be subject to increased liquidity risk as compared to other high yield debt securities. There may be little or no active trading market for certain high yield municipal bonds, which may make it difficult for the Fund to sell such bonds at or near their perceived value. In such cases, the value of a high yield municipal bond may decline dramatically, even during periods of declining interest rates. The high yield municipal bonds in which the Fund intends to invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds. High Yield Securities Risk Investments in high yield or below investment grade securities (commonly referred to as “junk bonds”) are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Municipal Bond Risk Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of Municipal Bonds that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of Municipal Bonds held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in Municipal Bonds issued pursuant to similar projects or whose interest is paid solely from revenues of similar projects. In addition, income from Municipal Bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of Municipal Bonds, each with its own unique risk profile. Some of these risks include: <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralObligationBondsRiskMember_zhNZkkqEygrf" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•General Obligation Bonds Risk — timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base; <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsIncludingIndustrialDevelopmentBondsRiskMember_zuQ9M7KXEuX4" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Revenue Bonds (including Industrial Development Bonds) Risk — timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility; <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_gRBRTB-LVRMG_zZneoFwzjhgj" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Private Activity Bonds Risk — municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bonds, and payment under these bonds depends on the private enterprise’s ability to do so; <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_zXNomB5FoYq9" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Moral Obligation Bonds Risk — moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zorGNLjeeXNa" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Notes Risk — municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_zq378OLOsita" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Lease Obligations Risk — in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal Bond Market Liquidity Risk Inventories of Municipal Bonds held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market-making capacity has the potential to decrease the Fund’s ability to buy or sell Municipal Bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a Municipal Bond, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). Portfolio Turnover Risk The Fund’s strategy may frequently involve buying and selling portfolio securities to rebalance the Fund’s investment exposures. High portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than expected. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementAndRestrictedSecuritiesRiskMember_zlVM5DH0QUK7" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Private Placement and Restricted Securities Risk The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_gRBRTB-XX_zWSUbBnJ9ePe" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zcQkiPwPMLtl" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Variable and Floating Rate Instruments Risk Variable and floating rate instruments include debt securities issued by corporate and governmental entities, bank loans, mortgage-backed securities and asset-backed securities, preferred equity securities and derivative variable rate securities, such as inverse floaters. Variable and floating rate instruments are structured so that the instrument’s coupon rate fluctuates based upon the level of a reference rate. A variable or floating rate instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, variable and floating rate instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Performance Information As of the date of this Prospectus, the Fund has not completed a full calendar year of operations and therefore does not report its performance information. The Fund’s performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. As of the date of this Prospectus, the Fund has not completed a full calendar year of operations and therefore does not report its performance information. 888-474-7725 nylim.com/etf NYLIM MacKay Muni Intermediate ETF(prior to August 28, 2026, named NYLI MacKay Muni Intermediate ETF) Investment Objective The NYLIM MacKay Muni Intermediate ETF (the “Fund”) seeks current income exempt from federal income tax. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zZ6zbcDK8bX1"></div> <table style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.1pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 20pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000057661Member_zgSMz2kb831k" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--ShareholderFeeOther_dn_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_zrdEuvKhZs27" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">None </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 0.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zN4TADk1cTW"></div> <table id="xdx_A54_zL5zONn0Dqcb" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 496.1pt"> <p id="xdx_987_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000057661Member_zp9JikWnJjcb" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 20pt"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_zEGH5t6XPAIj" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.40 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_zP3FWRHzFDo1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_zATkPm0EAfz9" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.06 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_zR477E86CTMi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.46 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_fKGEp_zig8JgGdjKF9" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.16 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000184311Member_zRb8CYHWTz0j" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.30 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zjYmvbSaOuIe" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F1A_zzW8dBIMxWe5" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.30% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0040 0.0000 0.0006 0.0046 -0.0016 0.0030 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSQBESPqfYF9"></div> <table id="xdx_A56_dU_zNIfoKYRnzR4" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zuM7bWM5Ssa4" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zk5JXEl7bx07" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_484_eoef--ExpenseExampleYear05_zG1W1DRKRAQ6" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_485_eoef--ExpenseExampleYear10_z7qeFx4nH0ef" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_41D_20260826__20260826__oef--ClassAxis__custom--C000184311Member_zBzF7HftnMg9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $31 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $97 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $169 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $381 </td> </tr> </table> 31 97 169 381 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.32 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. The Fund typically invests at least 80% of its net assets in Municipal Bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of comparable quality by MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”). If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund generally will maintain a dollar-weighted average duration of 3 to 10 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Municipal Bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may invest more than 25% of its total assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. However, the Fund’s investments will be diversified among a minimum of ten different sectors of the Municipal Bond market, such as education, transportation and local general obligation. The Fund’s investments will be diversified among at least 15 different states, with no more than 30% of the Fund’s securities invested in municipal securities from a single state. Some of the Fund’s earnings may be subject to federal tax and most may be subject to state and local taxes. The Subadvisor’s investment process begins with an assessment of macro factors that may impact the Municipal Bond market, including tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund. Following the assessment of these factors, the Subadvisor develops an investment strategy to position the Fund among various sectors of the Municipal Bond market and different states. The Subadvisor then employs a fundamental, “bottom-up” credit research analysis to select individual Municipal Bonds. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). The Fund’s Shares will change in value and you could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, the Advisor or any of its affiliates. Alternative Minimum Tax Risk Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Fund could cause shareholders to be subject to the federal alternative minimum tax. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zXE5L43UfhSi" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, group of countries, region, industry, group of industries or sector, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Different asset classes, countries, groups of countries, regions, industries, groups of industries or sectors tend to go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Municipal Bond Risk Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of Municipal Bonds that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of Municipal Bonds held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in Municipal Bonds issued pursuant to similar projects or whose interest is paid solely from revenues of similar projects. In addition, income from Municipal Bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of Municipal Bonds, each with its own unique risk profile. Some of these risks include: <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralObligationBondsRiskMember_zxzs4knbLyZi" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•General Obligation Bonds Risk — timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base; <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsIincludingIndustrialDevelopmentBondsRiskMember_z01zJxxBWuJ6" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Revenue Bonds (including Industrial Development Bonds) Risk — timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility; <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_zchDlH0vP393" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Private Activity Bonds Risk — municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bonds, and payment under these bonds depends on the private enterprise’s ability to do so; <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_zmuxbuM9Iuc8" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Moral Obligation Bonds Risk — moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zvlPveNN5Io8" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Notes Risk — municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_zbPrbkWqtihj" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Lease Obligations Risk — in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal Bond Market Liquidity Risk Inventories of Municipal Bonds held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market-making capacity has the potential to decrease the Fund’s ability to buy or sell Municipal Bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a Municipal Bond, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. The Bloomberg Municipal Bond 1-15 Year Blend Index covers the U.S. dollar-denominate long-term tax-exempt bond market. The index has four main sectors state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A8E_eoef--BarChartTableTextBlock_zX4vwKjO4N09"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zZBmWWdl5fvi" style="font: 9pt Arial, sans-serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000184311Member_zjJ200eZ1eD2" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41F_20180101__20181231_z5s4R7BREqyd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">2.06%</td></tr> <tr id="xdx_415_20190101__20191231_ztakf2AEr792" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">7.98%</td></tr> <tr id="xdx_413_20200101__20201231_zwT7qYagwCbf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">5.87%</td></tr> <tr id="xdx_416_20210101__20211231_zeFGrFdqpQr4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">1.70%</td></tr> <tr id="xdx_412_20220101__20221231_zGwDc73SBXF2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-7.45%</td></tr> <tr id="xdx_416_20230101__20231231_zizigdXZtRFk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">5.30%</td></tr> <tr id="xdx_41D_20240101__20241231_zeHn8IG0DAK" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">1.82%</td></tr> <tr id="xdx_41C_20250101__20251231_z8R8E0R8UtF5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">4.77%</td></tr> </table> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 303.97pt; height: 156.85pt; text-align: left"> <img alt="" src="activeimg007.jpg" style="vertical-align: top; margin-left: 0pt; width: 303.6pt; margin-top: 0pt; height: 156.2pt"/> </div> 0.0206 0.0798 0.0587 0.0170 -0.0745 0.0530 0.0182 0.0477 The Fund’s year-to-date total returns as of June 30, 2026 was 1.91%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 508.2pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 16.49pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5.73% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -5.62% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1Q/2022 </td> </tr> </table></div> year-to-date total returns 2026-06-30 0.0191 Highest Return 0.0573 Lowest Return -0.0562 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zt4h0xGrFSBc"></div> <table id="xdx_A5D_dU_zc0yYKX9601g" style="width: 524.69pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 320.1pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.89pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 74.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1 Year </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5 Years </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4.77% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1.12% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2.68% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000184311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zwzoGX4Vnmga" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">4.72% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000184311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zRL0J5C7Is7e" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">1.08% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20171018__20251231__oef--ClassAxis__custom--C000184311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_zF2lu0wRW4Il" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">2.58% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sales of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000184311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zds7nQebBbnf" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">4.26% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000184311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_z2Hb6ipGj9fa" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">1.48% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20171018__20251231__oef--ClassAxis__custom--C000184311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_z55HagMDXplj" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">2.66% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_zFRT6FH8KZNg" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">4.25% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_zSUI4npuiy6l" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.80% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20171018__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_fKDEp_zH2W5VDNeYSj" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">2.18% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg Municipal Bond 1-15 Year Blend Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5.18% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1.16% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2.21% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zX9EFHQ10Bp7" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F17_zzqatsaqrdM4" style="text-align: justify">The Fund commenced operations on October 18, 2017.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_z8K7gC3nGbCf" style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F1A_zRtruHvp6qtl" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td> </tr></table> 0.0477 0.0112 0.0268 0.0472 0.0108 0.0258 0.0426 0.0148 0.0266 (reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0218 0.0518 0.0116 0.0221 2017-10-18 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM MacKay California Muni Intermediate ETF(prior to August 28, 2026, named NYLI MacKay California Muni Intermediate ETF) Investment Objective The NYLIM MacKay California Muni Intermediate ETF (the “Fund”) seeks current income exempt from federal and California income taxes. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zUrPODwlItQh"></div> <table id="xdx_A5B_dU_zQpGTP400mf7" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.1pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 20pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000069622Member_zERgKvF1YJR1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> None </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 0.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zO4gusRg0Grf"></div> <table id="xdx_A57_dU_z4QNcws7w2Hk" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 496.1pt"> <p id="xdx_980_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000069622Member_zqWqJf47Tqe" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; width: 20pt"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_zvBkABTzOSBl" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.45 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_z4CT2sBj13n2" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_zcsRcwyPX3Qi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.18 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Acquired Fund Fees and Expense(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_fKGEp_z5dp66vLwW9f" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.01 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_zJUbHUmesxb8" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.64 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(b) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_fKGIp_znRteY98gOa8" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.28 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 13.8pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000222073Member_z6g7QKmdVK2" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.36 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F02_zv92kuBrREPe" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F14_zgnJANsEubFa" style="text-align: justify">The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Acquired Fund Fees & Expenses represent the Fund’s pro rata share of fees and expenses incurred indirectly as a result of investing in other funds, including ETFs and money market funds.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zu0jedpKTvki" style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td id="xdx_F18_z2Pca3Tv9Die" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.35% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0045 0.0000 0.0018 0.0001 0.0064 -0.0028 0.0036 The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGeZ1N5VYX63"></div> <table id="xdx_A58_dU_zXutIrOPGWsf" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_482_eoef--ExpenseExampleYear01_zKEW50e1tETe" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_481_eoef--ExpenseExampleYear03_zXPwxjZluJw5" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zlFUf6RWS5rj" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_482_eoef--ExpenseExampleYear10_zYprl0IxcVVj" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_417_20260826__20260826__oef--ClassAxis__custom--C000222073Member_zCe4CBasSuSj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $37 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $116 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $202 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $456 </td> </tr> </table> 37 116 202 456 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 81% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.81 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. To the extent that the Fund utilizes derivatives that provide exposure to these investments or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and California income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of California. Although the Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds, MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”) intends to invest primarily in investment grade quality bonds as rated by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest up to 20% of its net assets in municipal bonds that are rated below investment grade as rated by an NRSRO (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by the Subadvisor. Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund generally will maintain a portfolio modified duration to worst of 3 to 8 years. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in municipal bonds subject to the federal alternative minimum tax and municipal bonds that pay interest that is subject to federal and/or California income taxes. The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. If the supply of California state tax-exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes but may not be exempt from California income taxes. In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities. The Subadvisor uses active management in an effort to identify municipal bonds it believes to be mispriced and to build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process, which includes fundamental, “bottom-up” credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal market, tax policies and analyzes individual municipal securities and sectors. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and therefore does not mean that any sectors, industries or individual securities are explicitly excluded from the Fund. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. The Fund’s Shares will change in value and you could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, the Advisor or any of its affiliates. Alternative Minimum Tax Risk Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Fund could cause shareholders to be subject to the federal alternative minimum tax. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zfD6atbwlY6h" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. California State Specific Risk Because the Fund invests principally in municipal bonds issued by, or on behalf of, the State of California, and its political subdivisions, agencies and instrumentalities, events in California may affect the value of the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of California’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in California. Cash Transactions Risk The Fund currently intends to effect creations and redemptions principally for cash, rather than for in-kind securities. For this reason, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. The Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process. Credit Risk Credit risk is the risk that the issuer or guarantor of a debt instrument or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities will be unable or unwilling to make its timely interest and/or principal payments when due or otherwise honor its obligations. Changes in an issuer’s or counterparty’s credit rating or the market’s perception of an issuer’s or counterparty’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Debt Securities Risk The risks of investing in debt securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, e.g., debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates; and (v) extension risk, e.g., if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots, the odd lot size positions may have more price volatility than institutional round lot size positions. The Fund uses a third-party pricing service to value bond holdings and the pricing service values bonds assuming orderly transactions of an institutional round lot size. Focused Investment Risk To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, group of countries, region, industry, group of industries or sector, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Different asset classes, countries, groups of countries, regions, industries, groups of industries or sectors tend to go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. High-Yield Municipal Bond Risk High-yield or non-investment grade municipal bonds (commonly referred to as “junk bonds”) may be subject to increased liquidity risk as compared to other high-yield debt securities. There may be little or no active trading market for certain high-yield municipal bonds, which may make it difficult for the Fund to sell such bonds at or near their perceived value. In such cases, the value of a high-yield municipal bond may decline dramatically, even during periods of declining interest rates. The high-yield municipal bonds in which the Fund intends to invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds. Income Risk The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. Interest Rate Risk An increase in interest rates may cause the value of securities held by the Fund to decline. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than securities with shorter durations or floating or adjustable interest rates. The negative impact on the Fund from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. When interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these securities to fall. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. The value of securities with longer maturities generally changes more in response to changes in interest rates than does the value of securities with shorter maturities. During periods of falling interest rates, an issuer of a callable security held by the Fund may “call” or repay the security before its stated maturity, which may result in the Fund having to reinvest the proceeds in securities with lower yields, resulting in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell. Certain investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Money Market/Short-Term Securities Risk To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Municipal Bond Risk Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal bonds that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. The values of municipal bonds held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. This risk would be heightened to the extent that the Fund invests a substantial portion of its assets in municipal bonds issued pursuant to similar projects or whose interest is paid solely from revenues of similar projects. In addition, income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities. There are various different types of municipal bonds, each with its own unique risk profile. Some of these risks include: <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralObligationBondsRiskMember_zQY15lHxzT6g" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•General Obligation Bonds Risk — timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base; <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsIncludingIndustrialDevelopmentBondsRiskMember_z8f2BHLb07h7" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Revenue Bonds (including Industrial Development Bonds) Risk — timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility; <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_zHrihFAtibJ1" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Private Activity Bonds Risk — municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bonds, and payment under these bonds depends on the private enterprise’s ability to do so; <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_zS5c1KrxFweb" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Moral Obligation Bonds Risk — moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zpEThFBK2dGi" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Notes Risk — municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel for the issuer at the time of issuance, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_zFydLWbJb7O" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Municipal Lease Obligations Risk — in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal Bond Market Liquidity Risk Inventories of municipal bonds held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market-making capacity has the potential to decrease the Fund’s ability to buy or sell municipal bonds and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a municipal bond, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Municipal Insurance Risk The Fund’s investments may include investments in insured municipal bonds. Municipal security insurance does not guarantee the value either of individual municipal securities or of Shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) non-payment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers, thereby reducing the supply of insured municipal bonds that meet the Fund’s investment guidelines or the ability of the Fund to purchase insurance on municipal bonds held by the Fund. A rating downgrade of a municipal bond insurer could negatively impact the market value of insured municipal bonds held by the Fund. If the insurer of a defaulted municipal bond were to become unable or unwilling to pay the principal or interest on the defaulted municipal bond, the Fund would incur losses. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementAndRestrictedSecuritiesRiskMember_zyP0IHkNLJK5" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Private Placement and Restricted Securities Risk The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_gRBRTB-VHIATRDA_zZshy8lXnexg" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Valuation Risk When valuing the Fund’s portfolio investments, if a market quotation is readily available for a portfolio investment, that investment will generally be valued at the market value. However, unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities and thus readily available market quotations are unavailable. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, and variations in lot sizes of certain debt securities, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Debt securities are commonly valued by third-party pricing service providers that utilize a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such securities, cash flows and transactions for comparable instruments. However, because the available information is less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities. Additionally, pricing service providers generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Valuing the Fund’s investments using fair value pricing provided by pricing service providers will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zThvFzSUKHWf" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Variable and Floating Rate Instruments Risk Variable and floating rate instruments include debt securities issued by corporate and governmental entities, bank loans, mortgage-backed securities and asset-backed securities, preferred equity securities and derivative variable rate securities, such as inverse floaters. Variable and floating rate instruments are structured so that the instrument’s coupon rate fluctuates based upon the level of a reference rate. A variable or floating rate instrument’s coupon rate resets periodically according to its terms. Consequently, in a rising interest rate environment, variable and floating rate instruments with coupon rates that reset infrequently may lag behind the changes in market interest rates. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year and bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. The Bloomberg California Intermediate Municipal Bond Index is a market value-weighted index of California investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A84_eoef--BarChartTableTextBlock_zhOslgHT7kM4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zXB6XHxlgpji" style="font: 9pt Arial, sans-serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000222073Member_zkYy6MN1X0Pg" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_412_20220101__20221231_zP8OWaGPYtUd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-12.16%</td></tr> <tr id="xdx_41F_20230101__20231231_zf6IvNvm9Fzd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">5.80%</td></tr> <tr id="xdx_410_20240101__20241231_zjHgTbq86n6g" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">1.69%</td></tr> <tr id="xdx_41E_20250101__20251231_zlpRAqRfQ5ec" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">5.55%</td></tr> </table> <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000; text-indent: 0pt; text-align: center"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 308.84pt; height: 153.08pt; text-align: left"> <img alt="" src="activeimg008.jpg" style="vertical-align: top; margin-left: 0pt; width: 308pt; margin-top: 0pt; height: 152.9pt"/> </div> </div> -0.1216 0.0580 0.0169 0.0555 The Fund’s year-to-date total return as of June 30, 2026 was 1.48%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 508.2pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 16.49pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 6.21% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4Q/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -7.79% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1Q/2022 </td> </tr> </table> </div> year-to-date total return 2026-06-30 0.0148 Highest Return 0.0621 Lowest Return -0.0779 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zCTXKiNs9nIi"></div> <table id="xdx_A5F_dU_zKPESmXKeryd" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 385pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 74.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1 Year </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5.55% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20211221__20251231__oef--ClassAxis__custom--C000222073Member_fKDEp_zwObdoClq4Kk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">-0.05% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000222073Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zPNHSyOWDGd3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">5.44% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20211221__20251231__oef--ClassAxis__custom--C000222073Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_zB91c4PjqjVf" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">-0.09% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sale of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000222073Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zHaGwjdDBgP" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">4.61% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20211221__20251231__oef--ClassAxis__custom--C000222073Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zBQ1mOJMdTU3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">0.65% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_zoJsTnHy7c49" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">4.25% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20211221__20251231__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexMember_fKDEp_zwC03HMjH749" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">0.63% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Bloomberg California Intermediate Municipal Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5.73% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20211221__20251231__oef--PerformanceMeasureAxis__custom--BloombergCaliforniaIntermediateMunicipalBondIndexMember_fKDEp_z2QtYz7yRXS8" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">1.13% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zVh6iYoe9WL4" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1C_zKMIYK6h0pjl" style="text-align: justify">The Fund commenced operations on December 21, 2021.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_z40Rldwl66Q8" style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F11_zUeNp8dVCnb7" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td> </tr></table> 0.0555 -0.0005 0.0544 -0.0009 0.0461 0.0065 (reflects no deduction for fees, expenses or taxes) 0.0425 0.0063 0.0573 0.0113 2021-12-21 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM Winslow Large Cap Growth ETF(prior to August 28, 2026, named NYLI Winslow Large Cap Growth ETF) Investment Objective The NYLIM Winslow Large Cap Growth ETF (the “Fund”) seeks long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zuHuYLfR8PV7"></div> <table id="xdx_A52_dU_zL6RjhjL5w5d" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.1pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 20pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000075560Member_z1LGFTAwlaZg" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> None </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 0.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zj2OHjAAzVNd"></div> <table id="xdx_A54_dU_zHCN8Zq9OUt7" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 496.1pt"> <p id="xdx_98F_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000075560Member_zI4QIT7lbFT1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 20pt"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234758Member_fKGEp_zgzHGr7Kfk51" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.75 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234758Member_zkvWa5aiHKb" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234758Member_zzyjHak51pAb" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.07 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234758Member_z7sRDx29Rtbc" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.82 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(b)(c) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000234758Member_fKGIpKGMp_zVYk60RyS1u5" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.32 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234758Member_zonst28loPcl" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.50 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zSaQ3mCweFl3" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F11_zH1LYjTEpWh5" style="text-align: justify">The management fee is as follows: 0.75% on assets up to $500 million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1 billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion; 0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575% on assets over $9 billion.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_z5l2aN34klhf" style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td id="xdx_F10_z4uei3EN4OMk" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.60% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zdK5LclSKqmd" style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td id="xdx_F11_z3nebTslxdPd" style="text-align: justify">The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.50% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0075 0.0000 0.0007 0.0082 -0.0032 0.0050 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzuO00CviEAc"></div> <table id="xdx_A58_dU_zIQBYjWrsWi3" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_484_eoef--ExpenseExampleYear01_zjUbeHyvO3Fh" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_488_eoef--ExpenseExampleYear03_zg2d9FBM7B0g" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zvJKgfFIzukl" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_486_eoef--ExpenseExampleYear10_zRdxvCxYgugk" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_411_20260826__20260826__oef--ClassAxis__custom--C000234758Member_zFaJ9W7EkO43" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $51 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $182 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $325 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $740 </td> </tr> </table> 51 182 325 740 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 139% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 1.39 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in large-capitalization growth companies. The Fund considers a company to be a large-capitalization growth company if it (i) has a market capitalization in excess of $10 billion at the time of purchase and (ii) is determined to be a growth company by Winslow Capital Management, LLC (“Winslow Capital” or the “Subadvisor”). The Subadvisor may consider a number of factors in determining whether a company is a growth company, including whether the company is included within at least one independent growth index, is classified as a growth company by a third-party vendor, or the company’s projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company’s research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company’s growth potential can be determined under any of these factors. Typically, the Subadvisor invests substantially all of the Fund’s investable assets in domestic securities. However, the Fund is permitted to invest up to 20% of its net assets in depositary receipts issued by a trust (including American Depositary Receipts (“ADRs”)) of foreign securities and in common stocks listed on a foreign exchange that trade on such exchange contemporaneously with the Shares. Generally, an issuer of a security is considered to be U.S. or foreign-based on the issuer’s “country of risk,” as determined by a third-party service provider such as Bloomberg. The Fund is actively managed and does not intend to track an index. The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”) As a result of its investment strategy, the Fund may have significant exposure to companies in a single industry or sector. Investment Process: The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock ETF or mutual fund, which the Subadvisor defines as the median ETF or mutual fund based on performance taking into account the entire U.S. equity ETF and mutual fund universe) over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average future earnings and cash flow growth with management focused on shareholder value. When purchasing stocks for the Fund, the Subadvisor looks for companies typically having some or all of the following attributes: addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable competitive advantages; managed by a team that can perpetuate the firm’s competitive advantages; high, and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return; and demonstrates sound corporate governance. As part of its qualitative assessment of each potential investment, the Subadvisor evaluates the company’s non-financial performance among certain environmental, social and governance (“ESG”) factors. The Subadvisor then determines which ESG factors may be material to a company’s future financial performance. This involves an evaluation of how the company integrates particular ESG risks and opportunities into its corporate strategy through, for example, improving governance practices, aligning management team incentives and increasing transparency into its ESG practices. The Subadvisor may give consideration to ESG factors including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy. ESG factors are evaluated by the Subadvisor based on data provided by independent ESG research vendors. The evaluation of ESG factors is integrated as one of several aspects of the Subadvisor’s investment process and the Subadvisor does not forgo potential investments strictly based on the evaluation of ESG factors. The Subadvisor takes a “bottom-up” investment approach when selecting investments. This means it bases investment decisions on company specific factors, not general economic conditions. Under normal market conditions, the Subadvisor employs a sell discipline pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued, the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in large-capitalization growth companies. The Fund’s Shares will change in value and you could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, the Advisor or any of its affiliates. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zahc7CY8ehzd" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Depositary Receipts Risk Sponsored and unsponsored depositary receipts involve risk not experienced when investing directly in the equity securities of an issuer. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts. Equity Securities Risk Investments in common stocks and other equity securities are particularly subject to the risk of changes in investors’ perceptions of the financial condition of an issuer, conditions affecting equity markets generally and political and/or economic events. Equity prices may also be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Holders of an issuer’s common stock may be subject to greater risks than holders of its preferred stock and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of an issuer. Foreign Securities Risk Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. To the extent the Fund invests in securities issued by companies that receive revenues in foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore not all material information will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. The less developed a country’s securities market is, the greater the likelihood of clearing, custody and trade settlement problems. Foreign Securities Valuation Risk The foreign exchanges on which securities held by the Fund trade may be closed at the time when the Fund prices its Shares and the Fund’s value may be impacted by events that cause the fair value of foreign securities to materially change between the close of the foreign exchange and the time at which the Fund prices its Shares. Additionally, because foreign exchanges on which securities held by the Fund trade may be open on days when the Fund does not price its Shares, the potential exists for the value of the securities in the Fund’s portfolio to change on days when shareholders will not be able to purchase or sell the Fund’s Shares. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 89 </div> </div> Investment Style Risk The Fund seeks to allocate investment exposure based upon a particular style of investing. Different investment styles tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. As a consequence, the Fund may underperform as compared to the market generally or to other funds that invest in similar asset classes but employ different investment styles. Further, there is no guarantee that the Fund will accurately or optimally utilize the investment style or that it will successfully provide the desired investment exposure. The degree to which the Fund accurately or optimally utilizes the investment style is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ESGInvestingStyleRiskMember_zLaKu1qxo2ml" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•ESG Investing Style Risk. The Fund seeks to provide exposure to the equity securities of companies meeting environmental, social and corporate governance investing criteria. The Fund excludes or limits exposure to securities of certain issuers for non-financial reasons, and the Fund may forgo some market opportunities available to funds that do not use these criteria. The application of environmental, social and corporate governance investing criteria may affect the Fund’s exposure to certain sectors or types of investments and may impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingStyleRiskMember_zEVzt43tQVvk" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Growth Investing Style Risk. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value securities that can cushion stock prices in a falling market. The prices of growth securities are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth securities may be volatile and may also be more expensive, relative to their earnings or assets, compared to value or other stocks. Growth securities may go in and out of favor over time. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Larger Companies Risk Large-capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies, especially during periods of economic expansion. Large capitalization companies may go in and out of favor based on market and economic conditions. Market Capitalization Deviation Risk There can be no assurance that the securities held by the Fund will stay within the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not be given the opportunity to invest fully in a certain market capitalization range. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. Non-Diversified Risk The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 90 </div> </div> Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). Portfolio Turnover Risk The Fund’s strategy may frequently involve buying and selling portfolio securities to rebalance the Fund’s investment exposures. High portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than expected. Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Technology Stock Risk The technology sector has been among the most volatile sectors of the stock market. Because the Fund may have a significant portion of its assets invested in the technology sector, including semiconductor and software companies, its performance may be significantly affected by developments in that sector. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated. Investor perception may play a greater role in determining the day-to-day value of tech stocks than it does in other sectors. Investments made in anticipation of future products and services may decline dramatically in value if the anticipated products or services are delayed or cancelled. Technology companies also may be heavily dependent on intellectual property rights and adversely affected by the loss or impairment of those rights and may face increased government scrutiny and regulatory action. Semiconductor companies are subject to the additional risks of a highly cyclical industry and significant dependence on third-party suppliers and specialized materials, while software companies face particularly intense competitive pressures and rely heavily on patent protections. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on timing reasons and market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by the exchange specialist, market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Because of the costs inherent in buying or selling Shares, frequent trading may detract significantly from investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments through a brokerage account. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 1000 Growth® Index measures the performance of the large-cap growth segment of the U.S. equity universe and includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A8D_eoef--BarChartTableTextBlock_zXtrYEPD2zoe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zAMxZugXL56i" style="font: 9pt Arial, sans-serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000234758Member_zmZnJI1wxsC9" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_410_20230101__20231231_zVuoAjOSYHn4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">43.20%</td></tr> <tr id="xdx_416_20240101__20241231_z5TpCeLu3Vza" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">31.50%</td></tr> <tr id="xdx_415_20250101__20251231_zDAEDJPlEQxk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.62%</td></tr> </table> <img alt="" src="activeimg009.jpg" style="vertical-align: top; margin-left: 0pt; width: 305.8pt; margin-top: 0pt; height: 156.2pt"/> 0.4320 0.3150 0.1462 The Fund’s year-to-date total return as of June 30, 2026 was 4.47%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 508.2pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 0pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 33pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 16.49pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 20.07% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2Q/2025 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -8.87% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1Q/2025 </td> </tr> </table> </div> year-to-date total return 2026-06-30 0.0447 Highest Return 0.2007 Lowest Return -0.0887 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_z8aJwo9HYLL9"></div> <table id="xdx_A58_dU_zEhS0Wnl32bb" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 385pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 74.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 14.62% </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--ClassAxis__custom--C000234758Member_fKDEp_zunMGZ7fbYdk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">25.04% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000234758Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zyvC5kqBUu5f" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">14.62% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--ClassAxis__custom--C000234758Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_z3Qk88PiGHMk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">24.91% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sale of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000234758Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zg5vQTFV3Age" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">8.66% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--ClassAxis__custom--C000234758Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zUESs3JfLWC5" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">20.18% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Russell 3000® Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zy9dFurDeeD3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">17.15% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_fKDEp_z2egn2mlL9L4" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">19.70% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Russell 1000 Growth® Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 18.56% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexMember_fKDEp_zOVauJZhyCGl" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">25.73% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zUrmFmGbbZb7" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F19_zcWtqXFP7OU6" style="text-align: justify">The Fund commenced operations on June 23, 2022.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0A_zUHIg2UxO94k" style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F11_znygnOEa3E0h" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td> </tr></table> 0.1462 0.2504 0.1462 0.2491 0.0866 0.2018 (reflects no deduction for fees, expenses or taxes) 0.1715 0.1970 0.1856 0.2573 2022-06-23 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. NYLIM Winslow Focused Large Cap Growth ETF(prior to August 28, 2026, named NYLI Winslow Focused Large Cap Growth ETF) Investment Objective The NYLIM Winslow Focused Large Cap Growth ETF (the “Fund”) seeks long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example set forth below. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z9tjK97eJAu3"></div> <table id="xdx_A5E_dU_zdEn3zhEXR04" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 496.1pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 20pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--ShareholderFeesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000075561Member_zTDjznEzb9rl" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> None </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 0.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z5J4ASDIQDQd"></div> <table id="xdx_A54_dU_zeGAnjaOeS27" style="width: 504.9pt; margin-top: 0pt; margin-bottom: 0pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 496.1pt"> <p id="xdx_980_eoef--OperatingExpensesCaption_c20260826__20260826__dei--LegalEntityAxis__custom--S000075561Member_zlpKzJ7gSlT7" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; width: 20pt"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; width: 8.79pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Management Fee(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--ManagementFeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234759Member_fKGEp_zWhULll9FKN6" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.75 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234759Member_zUJCVe24VTH4" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Other Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--OtherExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234759Member_zQNaeDeazNQd" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.19 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_984_eoef--ExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234759Member_zEgOSelXfz19" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.94 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Expense Waiver/Reimbursement(b)(c) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_c20260826__20260826__oef--ClassAxis__custom--C000234759Member_fKGIpKGMp_zl6p7Rttftr1" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.48 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 2.25pt; vertical-align: bottom"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--NetExpensesOverAssets_dpn_c20260826__20260826__oef--ClassAxis__custom--C000234759Member_zFZjP9ru3hJg" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right">0.46 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt 4.5pt; vertical-align: bottom"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zOfEWtVIuHuh" style="width: 15pt; text-align: right">(a)</td><td style="width: 5pt"></td><td id="xdx_F1F_zUQH0cXIXCu4" style="text-align: justify"> The management fee is as follows: 0.75% on assets up to $500 million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1 billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion; 0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575% on assets over $9 billion.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zzuJS9AtTsH4" style="width: 15pt; text-align: right">(b)</td><td style="width: 5pt"></td><td id="xdx_F1A_zfoMJZCxaVwd" style="text-align: justify">New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.65% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_znWfLbkn1vv7" style="width: 15pt; text-align: right">(c)</td><td style="width: 5pt"></td><td id="xdx_F1E_zNFTA9LJ50ng" style="text-align: justify">The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.46% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentageof the value of your investment): 0.0075 0.0000 0.0019 0.0094 -0.0048 0.0046 Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. The return of 5% and estimated expenses are for illustration purposes only, and should not be considered indicators of expected Fund expenses or performance, which may be greater or less than the estimates. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z9SZsS8KwS2a"></div> <table id="xdx_A5B_dU_zK1g2vs4IIM9" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 131.17pt"> </td> </tr> <tr style="min-height: 14.4pt"> <td id="xdx_480_eoef--ExpenseExampleYear01_zK6vfgsRFx1h" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td id="xdx_487_eoef--ExpenseExampleYear03_zMWnH7JaWp6" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 3 Years </td> <td id="xdx_488_eoef--ExpenseExampleYear05_ztfftGArAnw2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 5 Years </td> <td id="xdx_482_eoef--ExpenseExampleYear10_zkZ03eZJAhZ7" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 10 Years </td> </tr> <tr id="xdx_416_20260826__20260826__oef--ClassAxis__custom--C000234759Member_zgkrfRS0oBUi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $47 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $189 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $343 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $792 </td> </tr> </table> 47 189 343 792 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54% of the average value of its portfolio. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. 0.54 Principal Investment Strategies The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in large-capitalization growth companies. The Fund considers a company to be a large-capitalization growth company if it (i) has a market capitalization in excess of $10 billion at the time of purchase and (ii) is determined to be a growth company by Winslow Capital Management, LLC (“Winslow Capital” or the “Subadvisor”). The Subadvisor may consider a number of factors in determining whether a company is a growth company, including whether the company is included within at least one independent growth index, is classified as a growth company by a third-party vendor, or the company’s projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company’s research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company’s growth potential can be determined under any of these factors. Typically, the Subadvisor invests substantially all of the Fund’s investable assets in domestic securities. However, the Fund is permitted to invest up to 20% of its net assets in depositary receipts issued by a trust (including American Depositary Receipts (“ADRs”)) of foreign securities and in common stocks listed on a foreign exchange that trade on such exchange contemporaneously with the Shares. Generally, an issuer of a security is considered to be U.S. or foreign based on the issuer’s “country of risk,” as determined by a third-party service provider such as Bloomberg. The Fund will normally invest in a limited number of issuers and hold a core position of between 25 and 35 securities, although the number of securities held by the Fund may occasionally exceed this range at times. The Fund is actively managed and does not intend to track an index. The Fund is classified as “non-diversified” under the 1940 Act. As a result of its investment strategy, the Fund may have significant exposure to companies in a single industry or sector. Investment Process: The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock ETF or mutual fund, which the Subadvisor defines as the median ETF or mutual fund based on performance taking into account the entire U.S. equity ETF and mutual fund universe) over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average future earnings and cash flow growth with management focused on shareholder value. When purchasing stocks for the Fund, the Subadvisor looks for companies typically having some or all of the following attributes: addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable competitive advantages; managed by a team that can perpetuate the firm’s competitive advantages; high, and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return; and demonstrates sound corporate governance. As part of its qualitative assessment of each potential investment, the Subadvisor evaluates the company’s non-financial performance among certain environmental, social and governance (“ESG”) factors. The Subadvisor then determines which ESG factors may be material to a company’s future financial performance. This involves an evaluation of how the company integrates particular ESG risks and opportunities into its corporate strategy through, for example, improving governance practices, aligning management team incentives and increasing transparency into its ESG practices. The Subadvisor may give consideration to ESG factors including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy. ESG factors are evaluated by the Subadvisor based on data provided by independent ESG research vendors. The evaluation of ESG factors is integrated as one of several aspects of the Subadvisor’s investment process and the Subadvisor does not forgo potential investments strictly based on the evaluation of ESG factors. The Subadvisor takes a “bottom-up” investment approach when selecting investments. This means it bases investment decisions on company specific factors, not general economic conditions. Under normal market conditions, the Subadvisor employs a sell discipline pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued, the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor. The Fund will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in large-capitalization growth companies. The Fund’s Shares will change in value and you could lose money by investing in the Fund. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, the Advisor or any of its affiliates. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zZaeYhSgo4Cc" style="font: italic 9pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt">Authorized Participant Concentration Risk Only certain large institutions may engage in creation or redemption transactions directly with the Fund (each, an “Authorized Participant”). The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that those Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with the Fund and no other Authorized Participant is able to step forward to engage in creation and redemption transactions with the Fund, Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cyber Security Risk The Fund is susceptible to operational risks through breaches in cyber security. Such events may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity and could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed. Depositary Receipts Risk Sponsored and unsponsored depositary receipts involve risk not experienced when investing directly in the equity securities of an issuer. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts. Equity Securities Risk Investments in common stocks and other equity securities are particularly subject to the risk of changes in investors’ perceptions of the financial condition of an issuer, conditions affecting equity markets generally and political and/or economic events. Equity prices may also be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Holders of an issuer’s common stock may be subject to greater risks than holders of its preferred stock and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of an issuer. Focused Investment Risk Because performance is dependent on a smaller number of holdings, the Fund may be more adversely impacted by price volatility than funds with a greater number of holdings. To the extent that the Fund invests a large percentage of its assets in securities of issuers within the same industry, group of industries, sector, country or region, an adverse economic, market, political or regulatory development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. Different industries, sectors, countries or regions tend to go through cycles of outperformance and underperformance in comparison to each other and to the general financial markets. Foreign Securities Risk Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. To the extent the Fund invests in securities issued by companies that receive revenues in foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar. Some countries and regions have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore not all material information will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. The less developed a country’s securities market is, the greater the likelihood of clearing, custody and trade settlement problems. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 96 </div> </div> Foreign Securities Valuation Risk The foreign exchanges on which securities held by the Fund trade may be closed at the time when the Fund prices its Shares and the Fund’s value may be impacted by events that cause the fair value of foreign securities to materially change between the close of the foreign exchange and the time at which the Fund prices its Shares. Additionally, because foreign exchanges on which securities held by the Fund trade may be open on days when the Fund does not price its Shares, the potential exists for the value of the securities in the Fund’s portfolio to change on days when shareholders will not be able to purchase or sell the Fund’s Shares. Investment Style Risk The Fund seeks to allocate investment exposure based upon a particular style of investing. Different investment styles tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. As a consequence, the Fund may underperform as compared to the market generally or to other funds that invest in similar asset classes but employ different investment styles. Further, there is no guarantee that the Fund will accurately or optimally utilize the investment style or that it will successfully provide the desired investment exposure. The degree to which the Fund accurately or optimally utilizes the investment style is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ESGInvestingStyleRiskMember_z0gUpstZllAd" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•ESG Investing Style Risk. The Fund seeks to provide exposure to the equity securities of companies meeting environmental, social and corporate governance investing criteria. The Fund excludes or limits exposure to securities of certain issuers for non-financial reasons, and the Fund may forgo some market opportunities available to funds that do not use these criteria. The application of environmental, social and corporate governance investing criteria may affect the Fund’s exposure to certain sectors or types of investments and may impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingStyleRiskMember_zcAWlIwOHJAf" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: -13.2pt; text-align: justify">•Growth Investing Style Risk. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value securities that can cushion stock prices in a falling market. The prices of growth securities are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth securities may be volatile and may also be more expensive, relative to their earnings or assets, compared to value or other stocks. Growth securities may go in and out of favor over time. Issuer Risk The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Larger Companies Risk Large-capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies, especially during periods of economic expansion. Large capitalization companies may go in and out of favor based on market and economic conditions. Market Capitalization Deviation Risk There can be no assurance that the securities held by the Fund will stay within the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not be given the opportunity to invest fully in a certain market capitalization range. Market Risk Market risks include political, regulatory, market and economic developments, including developments that impact specific economic sectors, industries or segments of the market, which may affect the Fund’s value. Turbulence in financial markets, tariffs and other protectionist measures, political developments and uncertainty, central bank policy, and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Fund. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 97 </div> </div> Non-Diversified Risk The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund. Operational Risk The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Portfolio Management Risk The Fund is subject to portfolio management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result or, while it may be the desired result, may underperform other types of investment strategies. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly different than the composition of the Fund’s benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund’s benchmark. There can be no guarantee that the Fund will meet its investment objective(s). Secondary Market Trading Risk Although the Fund’s Shares are listed for trading on one or more securities exchanges, there can be no assurance that an active trading market for such Shares will develop or be maintained by market makers or Authorized Participants. The trading of Shares on securities exchanges is subject to the risk of irregular trading activity. Securities exchanges have requirements that must be met in order for Shares to be listed. There can be no assurance that the requirements of an exchange necessary to maintain the listing of Shares will continue to be met. This risk is particularly acute for funds that fail to attract a large number of shareholders. Pursuant to an exchange’s “circuit breaker” rules, trading in the Fund’s Shares may be halted due to extraordinary market volatility. Additionally, market makers are under no obligation to make a market in the Fund’s Shares and Authorized Participants are not obligated to submit purchase or redemption orders for creation units. In the event market makers cease making a market in the Fund’s Shares or Authorized Participants stop submitting purchase or redemption orders for creation units, the Fund’s Shares may trade at a larger premium or discount to its NAV. Technology Stock Risk The technology sector has been among the most volatile sectors of the stock market. Because the Fund may have a significant portion of its assets invested in the technology sector, including semiconductor and software companies, its performance may be significantly affected by developments in that sector. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated. Investor perception may play a greater role in determining the day-to-day value of tech stocks than it does in other sectors. Investments made in anticipation of future products and services may decline dramatically in value if the anticipated products or services are delayed or cancelled. Technology companies also may be heavily dependent on intellectual property rights and adversely affected by the loss or impairment of those rights and may face increased government scrutiny and regulatory action. Semiconductor companies are subject to the additional risks of a highly cyclical industry and significant dependence on third-party suppliers and specialized materials, while software companies face particularly intense competitive pressures and rely heavily on patent protections. Trading Price Risk Although it is generally expected that the market price of the Fund’s Shares will approximate the Fund’s NAV, there may be times when the market price and the NAV vary significantly. Shares of the Fund trade on securities exchanges at prices at, above or below the Fund’s most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Fund’s Shares fluctuates continuously throughout trading hours based on timing reasons and market supply of and demand for Shares and the Fund’s NAV, among other reasons. As a result, the trading prices of the Fund’s Shares may deviate significantly from NAV during periods of market volatility. The market price of the Fund’s Shares during the trading day, like the price of any exchange-traded security, includes a “bid/ask” spread charged by the exchange specialist, market makers or other participants that trade the Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that an investor most wants to sell their Shares. The risk of wide bid and ask spreads may be especially pronounced for smaller funds. In addition, increased market volatility may cause wider spreads. Because of the costs inherent in buying or selling Shares, frequent trading may detract significantly from investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments through a brokerage account. Performance Information The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with its benchmark over time. The table that follows the bar chart shows the Fund’s average annual total return, both before and after taxes. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 1000 Growth® Index measures the performance of the large-cap growth segment of the U.S. equity universe and includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense reimbursement in effect, if such waivers or reimbursements were not in place, the Fund’s performance would be reduced. Fund performance current to the most recent month-end is available by calling 888-474-7725 or by visiting nylim.com/etf. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 888-474-7725 nylim.com/etf <div id="xdx_A81_eoef--BarChartTableTextBlock_z7ETHLI8EwJ"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zRlT6quttOt4" style="font: 9pt Arial, sans-serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000234759Member_z1AXlhpc5iwj" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_413_20230101__20231231_zecjOkRjTbsa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">38.34%</td></tr> <tr id="xdx_41E_20240101__20241231_zPfvFAUm3SXk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">37.53%</td></tr> <tr id="xdx_410_20250101__20251231_zZkdjGSF0a9l" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.15%</td></tr> </table> <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000; text-indent: 0pt; text-align: center"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 305.92pt; height: 155.41pt; text-align: left"> <img alt="" src="activeimg010.jpg" style="vertical-align: top; margin-left: 0pt; width: 305.8pt; margin-top: 0pt; height: 155.1pt"/> </div> </div> 0.3834 0.3753 0.1415 The Fund’s year-to-date total return as of June 30, 2026 was 1.45%. Best and Worst Quarter Returns (for the period reflected in the bar chart above) <div style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; color: #000000"> <table style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 392.7pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 66pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Return </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Quarter/Year </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Highest Return </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 21.64% </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 2Q/2025 </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Lowest Return </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> -8.81% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 1Q/2025 </td> </tr> </table> </div> year-to-date total return 2026-06-30 0.0145 Highest Return 0.2164 Lowest Return -0.0881 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A85_eoef--PerformanceTableTextBlock_ztcgn60phB79"></div> <table id="xdx_A51_dU_z2AGS2G70ap8" style="width: 524.7pt; margin-top: 0pt; margin-bottom: 9pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 385pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 64.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 74.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1 Year </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Since Inception(1) </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns before taxes </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 14.15% </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--ClassAxis__custom--C000234759Member_fKDEp_zWmUKbjdYdhi" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">26.39% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000234759Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDIp_zBTjcggcJLi3" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">14.15% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--ClassAxis__custom--C000234759Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEpKDIp_z99mnKEf1ffa" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">25.77% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Returns after taxes on distributions and sale of Fund Shares(2) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000234759Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDIp_zSs0Ry5pHQnl" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">8.38% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--ClassAxis__custom--C000234759Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEpKDIp_zCuCJBTPPjC6" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">21.18% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Russell 3000® Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zRovQR3PtKGh" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">17.15% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_fKDEp_zvyLOZ4pEFze" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">19.70% </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Russell 1000 Growth® Index (reflects no deduction for fees, expenses or taxes) </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 18.56% </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20220623__20251231__oef--PerformanceMeasureAxis__custom--Russell1000GrowthIndexMember_fKDEp_z8KdUqno9jLa" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center">25.73% </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0F_zVFEZYNqYwhc" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1E_zWlMWf8Vkh27" style="text-align: justify">The Fund commenced operations on June 23, 2022.</td> </tr></table> <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 59.4pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 99 </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_zcTDzw7oreCl" style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F1F_zsHn6tzGW1j4" style="text-align: justify">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.</td> </tr></table> 0.1415 0.2639 0.1415 0.2577 0.0838 0.2118 (reflects no deduction for fees, expenses or taxes) 0.1715 0.1970 0.1856 0.2573 2022-06-23 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. In accordance with Rule 35d-1 under the 1940 Act, certain Funds have each adopted a policy that each will, under normal circumstances, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in investments of the type suggested by the Fund’s name. A Fund may count investments in any derivatives or underlying funds toward various guideline tests (such as the 80% test required under Rule 35d-1 under the 1940 Act). In addition, to the extent that a Fund utilizes derivatives that provide exposure to an investment that counts toward a Fund’s compliance with a Rule 35d-1 investment policy or to one or more market risk factors associated with these investments, such derivatives will be counted towards the Fund’s 80% investment policy. <p id="xdx_80F_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000057661Member_dU_zBwtNKnI7XT5" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM MacKay Muni Insured ETF and NYLIM MacKay Muni Intermediate ETF have each adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax. <p id="xdx_808_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000090646Member_dU_zG77qJs0vDl9" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM MacKay Muni Short Duration ETF and NYLIM MacKay Muni Allocation ETF have each adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax). <p id="xdx_80A_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000069622Member_dU_zEjdJNyXWY33" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM MacKay California Muni Intermediate ETF has adopted a policy that it will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal bonds whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. In accordance with Rule 35d-1 under the 1940 Act, the following Funds have adopted a “non-fundamental” policy which means that it may be changed without the vote of a majority of a Fund’s outstanding shares as defined in the 1940 Act. A Fund that has adopted such a policy will provide the Fund’s shareholders with at least 60 days’ prior notice of any changes in the Fund’s non-fundamental investment policy with respect to investments of the type suggested by its name: <p id="xdx_807_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000079855Member_dU_zzgnPUZ632z1" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM CBRE Real Estate & Infrastructure ETF has adopted a policy that it will, under normal circumstances, invest 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities issued by real estate companies and infrastructure companies. For purposes of compliance with the Fund’s policy, the Fund’s Subadvisor defines a real estate company as a company that derives at least 50% of its total revenue or earnings from owning, operating, leasing, developing, managing, brokering and/or selling real estate, or has at least 50% of its assets invested in real estate and defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, operation of infrastructure assets or the provision of services to companies engaged in such activities. <p id="xdx_807_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000071156Member_dU_zpWGSzq4Iuj" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM MacKay Core Plus Bond ETF has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds, which include all types of debt securities, such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; and loan participation interests. <p id="xdx_805_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000077600Member_dU_zRy9aJrYACt2" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM MacKay High Income ETF has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in high-yield corporate debt instruments, including all types of high-yield domestic and foreign corporate debt securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by the Fund’s Subadvisor. <p id="xdx_802_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000084196Member_dU_zYUXx5xOGYcd" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM MacKay Securitized Income ETF has adopted a policy that it will, under normal circumstances, invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securitized assets, which include commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), agency and non-agency residential mortgage-backed securities (RMBS), collateralized mortgage obligations (CMOs), and collateralized loan obligations (CLOs). The NYLIM MacKay Muni Insured ETF has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in insured Municipal Bonds. <div style="page-break-before: always"> </div> <div style="border-width: 0pt; padding: 0pt; top: 792pt; left: 69.3pt; width: 526.02pt; position: absolute; height: 23.1pt"> <div style="vertical-align: bottom; width: 526.02pt; display: table-cell; height: 23.1pt"> 102 </div> </div> The NYLIM MacKay Muni Insured ETF has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in insured Municipal Bonds. <p id="xdx_803_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000075560Member_dU_zXdJ0KkzCTJb" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM Winslow Large Cap Growth ETF has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in large-capitalization growth companies. <p id="xdx_80B_efnd--NmRule35d1TermSlctnCritTextBlock_hdei--LegalEntityAxis__custom--S000075561Member_dU_zx2pvPrjF2kk" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 26.4pt; color: #000000; text-indent: 0pt; text-align: justify">The NYLIM Winslow Focused Large Cap Growth ETF has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in large-capitalization growth companies. The expense information in the table has been restated to reflect the current expense waiver/reimbursement agreement. New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.65% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund. The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.45% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027. The Fund commenced operations on May 10, 2023. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.35% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund. The Advisor has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund by an additional amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.30% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027. The Fund commenced operations on June 29, 2021. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Acquired Fund Fees & Expenses represent the Fund’s pro rata share of fees and expenses incurred indirectly as a result of investing in other funds, including ETFs and money market funds. New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.40% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund. The Fund commenced operations on October 25, 2022. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. The Predecessor Account commenced operations on October 1, 2019. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. Other Expenses are based on estimated amounts for the current fiscal year. The Fund commenced operations on October 18, 2017. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. New York Life Investment Management LLC (“New York Life Investment Management” or “Advisor”) has contractually agreed to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage commissions, dividend payments on short sales, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to not more than 0.25% of the average daily net assets of the Fund. The agreement will remain in effect permanently unless terminated by the Board of Trustees of the Fund. October 18, 2017. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees & Expenses. Acquired Fund Fees & Expenses represent the Fund’s pro rata share of fees and expenses incurred indirectly as a result of investing in other funds, including ETFs and money market funds. December 21, 2021. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. June 23, 2022. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period. June 23, 2022. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund Shares at the end of the measurement period.