The NYLI MacKay Muni Short Duration ETF (MMSD) seeks current income exempt from regular federal income tax by investing primarily in municipal debt securities. The Fund invests at least 80% of its assets in investment-grade municipal bonds or bonds judged to be of comparable quality by the subadvisor, MacKay Shields LLC. It typically maintains a dollar-weighted average duration of 1 to 3 years and may invest up to 20% in below investment-grade municipal bonds. The ETF is actively managed to provide tax-exempt income with a focus on short-duration municipal bonds.