Schedule of Investments ─ NYLI MacKay California Muni Intermediate ETF (formerly, IQ MacKay California Municipal Intermediate ETF)
July 31, 2024 (unaudited)
Principal Amount | Value | |||||||
Municipal Bonds — 81.7% | ||||||||
California — 65.2% | ||||||||
Alhambra Unified School District, General Obligation Bonds | ||||||||
Series B | ||||||||
5.250%, due 8/1/40 | $ | 500,000 | $ | 587,213 | ||||
California Community Choice Financing Authority, Revenue Bonds | ||||||||
5.500%, due 10/1/54(a)(b) | 1,000,000 | 1,101,094 | ||||||
Series B-1 | ||||||||
4.000%, due 2/1/52(a)(b) | 1,000,000 | 1,009,985 | ||||||
California Community College Financing Authority, Revenue Bonds | ||||||||
5.000%, due 5/1/38 | 400,000 | 411,250 | ||||||
California Infrastructure & Economic Development Bank, Revenue Bonds | ||||||||
3.950%, due 1/1/50(a)(b) | 750,000 | 750,017 | ||||||
California Municipal Finance Authority, Revenue Bonds | ||||||||
Series A | ||||||||
4.375%, due 9/1/53(a)(b) | 500,000 | 523,556 | ||||||
5.250%, due 8/15/53 | 500,000 | 520,988 | ||||||
California Public Finance Authority, Revenue Bonds | ||||||||
Series A | ||||||||
4.000%, due 7/15/36 | 500,000 | 523,495 | ||||||
California School Finance Authority, Revenue Bonds | ||||||||
5.000%, due 8/1/46 | 350,000 | 351,111 | ||||||
California Statewide Communities Development Authority, Revenue Bonds | ||||||||
Series A | ||||||||
5.000%, due 3/1/35 | 500,000 | 508,943 | ||||||
City of Long Beach CA Airport System Revenue, Revenue Bonds | ||||||||
Series A Insured: AGM | ||||||||
5.000%, due 6/1/32 | 200,000 | 231,949 | ||||||
5.000%, due 6/1/37 | 300,000 | 344,170 | ||||||
Series B Insured: AGM | ||||||||
5.000%, due 6/1/32 | 200,000 | 231,949 | ||||||
City of Los Angeles Department of Airports, Revenue Bonds | ||||||||
Series A | ||||||||
5.000%, due 5/15/34 | 1,000,000 | 1,009,143 | ||||||
City of Newport Beach CA, Special Assessment | ||||||||
Series A | ||||||||
4.125%, due 9/2/38 | 625,000 | 631,189 | ||||||
Compton Unified School District, General Obligation Bonds | ||||||||
Series B Insured: BAM | ||||||||
5.000%, due 6/1/29 | 750,000 | 796,499 | ||||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||||||||
Series A Insured: AGM | ||||||||
5.500%, due 1/15/31 | 500,000 | 571,835 | ||||||
Kern Community College District, General Obligation Bonds | ||||||||
Series D | ||||||||
5.000%, due 8/1/32 | 625,000 | 728,278 | ||||||
Los Angeles Unified School District, General Obligation Bonds | ||||||||
Series A | ||||||||
5.000%, due 7/1/26 | 500,000 | 520,898 | ||||||
Municipal Improvement Corp. of Los Angeles, Revenue Bonds | ||||||||
Series A | ||||||||
5.000%, due 5/1/42 | 500,000 | 567,352 |
Principal Amount | Value | |||||||
Municipal Bonds (continued) | ||||||||
California (continued) | ||||||||
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds | ||||||||
Series A Insured: BAM | ||||||||
4.000%, due 3/1/34 | $ | 500,000 | $ | 506,223 | ||||
Romoland School District, Special Tax | ||||||||
5.000%, due 9/1/46 | 370,000 | 383,862 | ||||||
San Diego County Regional Airport Authority, Revenue Bonds | ||||||||
Series B | ||||||||
5.250%, due 7/1/36 | 500,000 | 556,779 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | ||||||||
Series E | ||||||||
5.000%, due 5/1/36 | 500,000 | 525,158 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, Revenue Bonds | ||||||||
1.000%, due 10/1/25 | 500,000 | 483,607 | ||||||
San Mateo Union High School District, General Obligation Bonds | ||||||||
Series B | ||||||||
4.000%, due 9/1/34 | 455,000 | 478,245 | ||||||
State of California, General Obligation Bonds | ||||||||
Insured: AGM | ||||||||
5.250%, due 8/1/32 | 550,000 | 633,620 | ||||||
15,488,408 | ||||||||
Guam — 12.5% | ||||||||
Guam Power Authority, Revenue Bonds | ||||||||
Series A | ||||||||
5.000%, due 10/1/33 | 1,000,000 | 1,040,912 | ||||||
Territory of Guam, Revenue Bonds | ||||||||
Series D | ||||||||
5.000%, due 11/15/27 | 585,000 | 593,902 | ||||||
Series F | ||||||||
5.000%, due 1/1/30 | 1,250,000 | 1,330,106 | ||||||
2,964,920 | ||||||||
Puerto Rico — 4.0% | ||||||||
Commonwealth of Puerto Rico, General Obligation Bonds | ||||||||
Series A1 | ||||||||
4.000%, due 7/1/35 | 251,878 | 247,495 | ||||||
5.625%, due 7/1/29 | 500,000 | 536,567 | ||||||
Commonwealth of Puerto Rico, Notes | ||||||||
0.000%, due 11/1/51(a)(b) | 103,239 | 43,748 | ||||||
University of Puerto Rico, Revenue Bonds | ||||||||
Series P Insured: NATL-IBC | ||||||||
5.000%, due 6/1/25 | 120,000 | 120,138 | ||||||
947,948 | ||||||||
Total Municipal Bonds | ||||||||
(Cost $18,837,194) | 19,401,276 |
Schedule of Investments ─ NYLI MacKay California Muni Intermediate ETF (formerly, IQ MacKay California Municipal Intermediate ETF) (continued)
July 31, 2024 (unaudited)
Shares | Value | |||||||
Short-Term Investment — 17.5% | ||||||||
Money Market Fund — 17.5% | ||||||||
Dreyfus Tax Exempt Cash Management, Institutional Shares, 3.64%(c) | ||||||||
(Cost $4,143,940) | 4,144,380 | $ | 4,143,940 | |||||
Total Investments — 99.2% (Cost $22,981,134) | 23,545,216 | |||||||
Other Assets and Liabilities, Net — 0.8% | 190,434 | |||||||
Net Assets — 100% | $ | 23,735,650 |
(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, 2024. |
(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) | Reflects the 7-day yield at July 31, 2024. |
Abbreviations | |
AGM | - Assured Guaranty Municipal Corp. |
BAM | - Build America Mutual Assurance Co. |
IBC | - Insured Bond Certificate |
NATL | - National Public Finance Guarantee Corp. |
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2024. 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:(d) | ||||||||||||||||
Municipal Bonds | $ | — | $ | 19,401,276 | $ | — | $ | 19,401,276 | ||||||||
Short-Term Investment: | ||||||||||||||||
Money Market Fund | 4,143,940 | — | — | 4,143,940 | ||||||||||||
Total Investments in Securities | $ | 4,143,940 | $ | 19,401,276 | $ | — | $ | 23,545,216 |
(d) | For a complete listing of investments and their states, see the Schedule of Investments. |
For the period ended July 31, 2024, the fund did not have any transfers into or out of level 3 within the fair value hierarchy.