| Investment Objective: |
The NYLI MacKay Municipal Insured ETF (MMIN) seeks current income exempt from federal income tax. The Fund principally invests in investment-grade municipal bonds covered by an insurance policy guaranteeing the payment of principal and interest, and will also seek to enhance total return potential through the subadvisor s active management approach. 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. 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. |
