New York Life Investments Active ETF Trust NYLI MacKay Muni Short Duration ETF

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.