| Investment Objective: |
NYLI MacKay ESG High Income ETF (IQHI) is an actively managed high yield strategy that seeks high current income and risk-adjusted returns while incorporating the Subadvisor's ESG investment criteria. The Fund seeks to achieve its investment objective through investments in debt instruments offering attractive levels of yield. This Fund expects to invest primarily in U.S. corporate debt securities, non-U.S. corporate debt securities, convertible corporate securities, loans and loan participation interests that are rated below investment grade by a nationally recognized statistical rating organization ("NRSRO") or that are unrated but are considered to be of comparable quality by MacKay Shields LLC (the "Subadvisor"). Securities that are rated below investment grade by NRSROs (such as securities rated lower than BBB- and Baa3) are commonly referred to as "high-yield securities" or "junk bonds." |
