Schedule of Investments ─ NYLIM MacKay Muni Allocation ETF (formerly, NYLI MacKay Muni Allocation ETF)
July 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Long-Term Bonds — 99.2% | ||||||||
| Corporate Bond — 1.4% | ||||||||
| Wildflower Improvement Association | ||||||||
| 6.625%, due 3/1/31 | ||||||||
| (Cost $415,482) | $ | 418,622 | $ | 408,212 | ||||
| Municipal Bonds — 97.8% | ||||||||
| Alabama — 5.1% | ||||||||
| Alabama Special Care Facilities Financing Authority-Birmingham AL, Revenue Bonds | ||||||||
| 5.750%, due 6/1/45 | 30,000 | 29,166 | ||||||
| Black Belt Energy Gas District, Revenue Bonds | ||||||||
| 2.510%, (Municipal Swap Index + 0.35%), due 10/1/52(a) | 375,000 | 374,834 | ||||||
| Series B | ||||||||
| 5.000%, due 12/1/34 | 1,000,000 | 1,049,932 | ||||||
| 1,453,932 | ||||||||
| Arizona — 3.5% | ||||||||
| Arizona Industrial Development Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.250%, due 11/1/53 | 1,000,000 | 1,014,343 | ||||||
| California — 8.0% | ||||||||
| Natomas Unified School District, General Obligation Bonds | ||||||||
| Insured: AG | ||||||||
| 0.050%, due 8/1/28 | 1,350,000 | 1,247,375 | ||||||
| Northern California Energy Authority, Revenue Bonds | ||||||||
| 5.000%, due 12/1/54(a)(b) | 1,000,000 | 1,044,932 | ||||||
| 2,292,307 | ||||||||
| Colorado — 11.0% | ||||||||
| City & County of Denver CO Airport System Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.500%, due 11/15/53 | 750,000 | 778,058 | ||||||
| Colorado Health Facilities Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 4.000%, due 8/1/49 | 1,000,000 | 861,260 | ||||||
| Denver City & County Housing Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 12/1/45 | 1,000,000 | 1,008,874 | ||||||
| Granary Metropolitan District No 9 Special Assessment District No 1, Special Assessment | ||||||||
| 5.450%, due 12/1/44 | 250,000 | 252,949 | ||||||
| Legacy Community Authority, Revenue Bonds | ||||||||
| Series A | ||||||||
| 6.750%, due 12/1/55 | 250,000 | 254,622 | ||||||
| 3,155,763 | ||||||||
| Connecticut — 4.6% | ||||||||
| Aquarion Water Authority, Revenue Bonds | ||||||||
| Series C | ||||||||
| 5.190%, due 8/1/50(c) | 2,750,000 | 804,310 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Connecticut (continued) | ||||||||
| Connecticut State Health & Educational Facilities Authority, Revenue Bonds | ||||||||
| Series A Insured: AG | ||||||||
| 5.500%, due 7/1/55 | $ | 475,000 | $ | 507,904 | ||||
| 1,312,214 | ||||||||
| Delaware — 1.7% | ||||||||
| Town of Bridgeville DE, Special Tax | ||||||||
| 5.625%, due 7/1/53 | 500,000 | 505,268 | ||||||
| Georgia — 1.8% | ||||||||
| Main Street Energy, Inc., Revenue Bonds | ||||||||
| Series D | ||||||||
| 5.000%, due 12/1/33 | 500,000 | 519,084 | ||||||
| Illinois — 16.2% | ||||||||
| Chicago Board of Education, General Obligation Bonds | ||||||||
| Series 1 Insured: NATL | ||||||||
| 3.610%, due 12/1/27(c) | 680,000 | 648,219 | ||||||
| Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | ||||||||
| 6.000%, due 4/1/46 | 1,000,000 | 1,011,036 | ||||||
| Chicago O’Hare International Airport, Revenue Bonds | ||||||||
| Series E | ||||||||
| 5.500%, due 1/1/48 | 1,000,000 | 1,048,401 | ||||||
| City of Chicago IL, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 1/1/43 | 500,000 | 481,986 | ||||||
| Illinois State Toll Highway Authority, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 1/1/37 | 1,040,000 | 1,041,123 | ||||||
| Metropolitan Pier & Exposition Authority, Revenue Bonds | ||||||||
| 4.000%, due 12/15/47 | 500,000 | 435,035 | ||||||
| 4,665,800 | ||||||||
| Kansas — 1.9% | ||||||||
| Wyandotte County-Kansas City Unified Government Utility System Revenue, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 9/1/44 | 550,000 | 550,324 | ||||||
| Louisiana — 3.7% | ||||||||
| City of New Orleans LA, General Obligation Bonds | ||||||||
| Series A | ||||||||
| 5.500%, due 12/1/46 | 1,000,000 | 1,056,057 | ||||||
| Maryland — 1.6% | ||||||||
| County of Frederick MD, Tax Allocation | ||||||||
| 3.250%, due 7/1/29 | 480,000 | 473,068 | ||||||
Schedule of Investments ─ NYLIM MacKay Muni Allocation ETF (formerly, NYLI MacKay Muni Allocation ETF) (continued)
July 31, 2026 (unaudited)
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Massachusetts — 0.3% | ||||||||
| Massachusetts Development Finance Agency, Revenue Bonds | ||||||||
| Series BB2 | ||||||||
| 3.250%, due 10/1/38 | $ | 95,000 | $ | 95,070 | ||||
| Minnesota — 2.7% | ||||||||
| Minnesota Municipal Gas Agency, Revenue Bonds | ||||||||
| Series A | ||||||||
| 5.000%, due 9/1/35 | 750,000 | 767,685 | ||||||
| New Hampshire — 3.3% | ||||||||
| New Hampshire Business Finance Authority | ||||||||
| Series 1 | ||||||||
| 4.089%, due 11/20/42(a)(b) | 990,155 | 938,814 | ||||||
| New Jersey — 1.2% | ||||||||
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | ||||||||
| Series AA | ||||||||
| 5.000%, due 6/15/45 | 350,000 | 350,091 | ||||||
| New York — 5.0% | ||||||||
| Metropolitan Transportation Authority, Revenue Bonds | ||||||||
| Series A1 | ||||||||
| 3.500%, due 11/15/41 | 1,075,000 | 889,444 | ||||||
| Triborough Bridge & Tunnel Authority, Revenue Bonds | ||||||||
| Series 1 | ||||||||
| 5.250%, due 11/15/47 | 500,000 | 536,116 | ||||||
| 1,425,560 | ||||||||
| North Carolina — 1.7% | ||||||||
| North Carolina Medical Care Commission, Revenue Bonds | ||||||||
| 3.450%, due 11/1/30 | 500,000 | 490,556 | ||||||
| Ohio — 2.5% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds | ||||||||
| Series 2 | ||||||||
| 3.000%, due 6/1/48 | 500,000 | 352,880 | ||||||
| Series B2 | ||||||||
| 5.000%, due 6/1/55 | 500,000 | 378,076 | ||||||
| 730,956 | ||||||||
| Puerto Rico — 6.1% | ||||||||
| Children’s Trust Fund, Revenue Bonds | ||||||||
| 5.500%, due 5/15/39 | 435,000 | 441,318 | ||||||
| Commonwealth of Puerto Rico, Notes | ||||||||
| 0.000%, due 11/1/51(c) | 41,798 | 30,513 | ||||||
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||||||||
| 7.500%, due 8/20/40 | 419,370 | 414,128 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds | ||||||||
| Series A1 | ||||||||
| 5.140%, due 7/1/46(c) | 2,000,000 | 727,762 | ||||||
| Principal Amount | Value | |||||||
| Municipal Bonds (continued) | ||||||||
| Puerto Rico (continued) | ||||||||
| 5.410%, due 7/1/51(c) | $ | 515,000 | $ | 136,163 | ||||
| 1,749,884 | ||||||||
| South Carolina — 4.0% | ||||||||
| South Carolina Public Service Authority, Revenue Bonds | ||||||||
| Series B | ||||||||
| 5.000%, due 12/1/46 | 1,095,000 | 1,138,614 | ||||||
| Texas — 8.6% | ||||||||
| City of Cedar Park TX, General Obligation Bonds | ||||||||
| 1.250%, due 2/15/33 | 700,000 | 575,184 | ||||||
| City of North Richland Hills TX, Special Assessment | ||||||||
| 5.250%, due 9/1/40 | 200,000 | 200,250 | ||||||
| Mesquite Independent School District, General Obligation Bonds | ||||||||
| Series B Insured: PSF-GTD | ||||||||
| 5.000%, due 8/15/42 | 750,000 | 751,024 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Revenue Bonds | ||||||||
| 4.000%, due 11/1/55 | 275,000 | 225,492 | ||||||
| Texas Transportation Commission State Highway 249 System, Revenue Bonds | ||||||||
| 5.320%, due 8/1/49(c) | 625,000 | 186,906 | ||||||
| West Williamson County Municipal Utility District No 2, General Obligation Bonds | ||||||||
| Insured: BAM | ||||||||
| 2.250%, due 9/1/39 | 735,000 | 525,893 | ||||||
| 2,464,749 | ||||||||
| Washington — 1.6% | ||||||||
| Washington Health Care Facilities Authority, Revenue Bonds | ||||||||
| 4.000%, due 7/1/42 | 500,000 | 451,197 | ||||||
| Wisconsin — 1.7% | ||||||||
| Public Finance Authority, Revenue Bonds | ||||||||
| RAN | ||||||||
| 5.500%, due 12/15/32 | 101,906 | 101,867 | ||||||
| Wisconsin Center District, Revenue Bonds | ||||||||
| Series C Insured: AG | ||||||||
| 4.950%, due 12/15/45(c) | 1,000,000 | 388,048 | ||||||
| 489,915 | ||||||||
| Total Municipal Bonds | ||||||||
| (Cost $28,285,258) | 28,091,251 | |||||||
Schedule of Investments ─ NYLIM MacKay Muni Allocation ETF (formerly, NYLI MacKay Muni Allocation ETF) (continued)
July 31, 2026 (unaudited)
| Shares | Value | |||||||
| Short-Term Investment — 0.3% | ||||||||
| Money Market Fund — 0.3% | ||||||||
| BNY Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%(d) | ||||||||
| (Cost $94,702) | 94,702 | $ | 94,702 | |||||
| Total Investments — 99.5% (Cost $28,795,442) | 28,594,165 | |||||||
| Other Assets and Liabilities, Net — 0.5% | 145,754 | |||||||
| Net Assets — 100.0% | $ | 28,739,919 | ||||||
| (a) | Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of July 31, 2026. |
| (b) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. |
| (c) | The security was issued on a discount basis with no stated coupon rate. Rate shown reflects the effective yield. |
| (d) | Reflects the 1-day yield at July 31, 2026. |
| Abbreviations | |
| AG | - Assured Guaranty Ltd. |
| BAM | - Build America Mutual Assurance Co. |
| GTD | - Guaranteed |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Permanent School Fund Guaranteed |
Schedule of Investments ─ NYLIM MacKay Muni Allocation ETF (formerly, NYLI MacKay Muni Allocation ETF) (continued)
July 31, 2026 (unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2026. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund’s most recent semi-annual or annual financial statements.
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Investments in Securities:(e) | ||||||||||||||||
| Corporate Bond | $ | — | $ | 408,212 | $ | — | $ | 408,212 | ||||||||
| Municipal Bonds | — | 28,091,251 | — | 28,091,251 | ||||||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Fund | 94,702 | — | — | 94,702 | ||||||||||||
| Total Investments in Securities | $ | 94,702 | $ | 28,499,463 | $ | — | $ | 28,594,165 | ||||||||
| (e) | For a complete listing of investments and their states, see the Schedule of Investments. |
For the period ended July 31, 2026, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.