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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_zpdpdmDcmG73"></div> <table id="xdx_A58_dU_zA5aTifcsiQ" style="table-layout: fixed; width: 596.25pt; margin-top: 0pt; margin-bottom: 9pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 536.25pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 60pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_980_eoef--ShareholderFeesCaption_c20260921__20260921__dei--LegalEntityAxis__custom--S000108511Member_zWaRF57U2Klk" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt 0 11.25pt; text-transform: none; color: #000000; text-indent: -11.25pt; text-align: left">Shareholder Fees (fees paid directly from your investment): </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98A_eoef--ShareholderFeeOther_dn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_zFE55WVulRN6" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">None </td> </tr> </table> Shareholder Fees (fees paid directly from your investment): 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zmQfiNQQEnY2"></div> <table id="xdx_A5B_dU_zbguhltMhfab" style="table-layout: fixed; width: 596.5pt; margin-top: 0pt; margin-bottom: 0pt; 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: 564pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 22.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 10pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 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; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Management Fee </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98D_eoef--ManagementFeesOverAssets_dpn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_zMmoV80Ryib9" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">0.40 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Distribution and/or Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_zs1y3BVSH36d" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">0.00 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Other Expenses(a) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98F_eoef--OtherExpensesOverAssets_dpn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_fKGEp_zNucoOXw6SL8" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">0.29 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expenses </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_z4FM6759uU1" style="font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">0.69 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Expense Waiver/Reimbursement(b)(c) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98C_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_fKGIpKGMp_zh3PRXxprdvd" style="border-bottom: #000000 1pt solid; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">0.35 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> % </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_eoef--NetExpensesOverAssets_dpn_c20260921__20260921__oef--ClassAxis__custom--C000279506Member_zJmojlwjS54c" style="border-bottom: #000000 2.5pt double; font: 9pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right">0.34 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> % </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal 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: justify">(a)</td><td style="text-align: justify">The Fund has not yet commenced operations, and Other Expenses are based on estimated amounts for the current fiscal year.</td> </tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/normal Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; text-transform: none; color: #000000"> <tr style="vertical-align: top"> <td style="width: 15pt; 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 0.40% 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/normal Arial, sans-serif;width: 100%; margin-top: 0pt; margin-bottom: 9pt; text-transform: none; color: #000000"> <tr style="vertical-align: top"> <td style="width: 15pt; text-align: justify">(c)</td> <td 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 0.34% 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 percentage of the value of your investment): 0.0040 0.0000 0.0029 0.0069 0.0035 0.0034 The Fund has not yet commenced operations, and Other Expenses are based on estimated amounts for the current fiscal year. August 28, 2027 Example. <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zTOX6Sv5LDs6" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">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_zE733freknpg"></div> <table id="xdx_A53_dU_zMfM9qQQwi4f" style="margin: 0pt auto 9pt;table-layout: fixed; width: 300pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 150pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 150pt"> </td> </tr> <tr style="min-height: 3pt"> <td id="xdx_481_eoef--ExpenseExampleYear01_zKEU6aPsnVdg" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zybn8GCa7oRb" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 3 Years </td> </tr> <tr id="xdx_41F_20260921__20260921__oef--ClassAxis__custom--C000279506Member_zMONSgYN3HFi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $35 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $122 </td> </tr> </table> 35 122 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. This rate excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Shares. The Fund is newly organized, and as of the date of this Prospectus, has not yet commenced operations. Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_gRBSNTB-ISIFR_zYLhnfvQAQR5" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90F_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260921__20260921__dei--LegalEntityAxis__custom--S000108511Member_zznDULv3Zrwl">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 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 may invest in Municipal Bonds in any rating category or in unrated Municipal Bonds.  Although the Fund may invest in Municipal Bonds in any rating category, the Fund typically invests at least 60% of its net assets in medium-to low-quality Municipal Bonds that are rated BBB+ or Baa1 or below 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 “Subadvisor”). If NRSROs assign different ratings to the same security, the Fund will use the lower rating for purposes of determining the security’s credit quality. Securities rated BB+ or Ba1 or below are commonly referred to as “high yield securities” or “junk bonds”. It is possible that the Fund could invest up to 100% of its net assets in these securities. However, the Fund reserves the right to invest less than 60% of its net assets in securities that are rated BBB+ or Baa1 or below if the Subadvisor determines that there is an insufficient supply of such obligations available that are appropriate for investment or for temporary defensive measures. The Fund will generally invest in Municipal Bonds that have a maturity of five years or longer at the time of purchase. The Municipal Bonds in which the Fund may invest include municipal debt securities 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. Such municipal debt securities may 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 invest in privately issued 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. Investment Process: 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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90F_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260921__20260921__dei--LegalEntityAxis__custom--S000108511Member_zznDULv3Zrwl">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 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 may invest in Municipal Bonds in any rating category or in unrated Municipal Bonds.  <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90F_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260921__20260921__dei--LegalEntityAxis__custom--S000108511Member_zznDULv3Zrwl">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 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 may invest in Municipal Bonds in any rating category or in unrated Municipal Bonds.  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 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’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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxRiskMember_zxGWWPROwOa8" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zGdYFGFe3hz4" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zKfwKuUk2sU3" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_z8NGkzEwUEk1" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zJftui2Uocg5" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_gRBRTB-SIYST_zyLPLa1Oinp9" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zPudnIxetdc1" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zEqVuUXtNgJb" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldMunicipalBondRiskMember_zVptGlxln8Q3" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_z5RVt3wlBYQ8" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zmuNCkl5rsUe" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zK7o2wKYAlV8" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zEK2t0JU9NOf" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zyOqfJHs8xx4" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5SyXAhC4Z9" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketshorttermSecuritiesRiskMember_zBJrvkHt5vQb" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalBondRiskMember_gRBRTB-KS_zmZ0UA7joa64" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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_zOsyx5XRCCaf" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 30pt; text-transform: none; color: #000000; text-indent: -15pt; 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; <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RevenueBondsincludingIndustrialDevelopmentBondsRiskMember_zD7rF39wsP6h" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 30pt; text-transform: none; color: #000000; text-indent: -15pt; 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; <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateActivityBondsRiskMember_zSOMPlLvARH5" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 30pt; text-transform: none; color: #000000; text-indent: -15pt; 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; <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoralObligationBondsRiskMember_z4qPJTsEautd" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 30pt; text-transform: none; color: #000000; text-indent: -15pt; 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; <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalNotesRiskMember_zlq94fIApbjc" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 30pt; text-transform: none; color: #000000; text-indent: -15pt; 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 <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalLeaseObligationsRiskMember_zgjIjOhBaQya" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt 30pt; text-transform: none; color: #000000; text-indent: -15pt; 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalBondMarketLiquidityRiskMember_z0Jz8g3iF4t1" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalInsuranceRiskMember_zDncPTvqEmq2" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zVzyUu7URlNd" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zNM1mOBpCJ2" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioManagementRiskMember_zMfbcW2D1sj7" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementAndRestrictedSecuritiesRiskMember_z5NXKYNZnM5g" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_zIundVHelUk1" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingPriceRiskMember_zSCYymPsjLv3" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_gRBRTB-EVIY_zTlpDpJtDrAj" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentsRiskMember_zBU26JPi4jp9" style="font: italic 9pt/normal Arial, sans-serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">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 <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zMJEmoKEBcMd" style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 9pt;text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">As of the date of this Prospectus, the Fund has not commenced 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 commenced operations and therefore does not report its performance information. 888-474-7725 nylim.com/etf The Fund has not yet commenced operations, and Other Expenses are based on estimated amounts for the current fiscal year. 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 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 0.34% of the average daily net assets of the Fund. The agreement will remain in effect until August 28, 2027.