Fund is designed to provide exposure to longer duration investment grade municipal bonds with a strategic allocation to high-yield munis

New York Life Investments today announced the launch of the NYLI MacKay Muni Allocation ETF (NYSE: MMMA), an actively-managed municipal bond ETF designed to deliver attractive, tax-exempt income through a combination of predominately long-duration investment grade municipal securities with a strategic allocation to high yield municipals.

The Fund is managed by MacKay Shields’ MacKay Municipal Managers™ team, led by Michael Denlinger, Matthew Hage, and Michael Perilli, with decades of combined experience investing across the full range of municipal bond exposures. Leveraging deep credit expertise and robust market insights, the team employs a disciplined, research-driven process to identify attractive opportunities and capture market inefficiencies while seeking to deliver consistent, tax-exempt income. This disciplined approach focuses on strong credit underwriting and research, supported by long-standing dealer relationships that help uncover value and drive strong performance.

Michael Denlinger, Managing Director and Portfolio Manager, noted:

“With yields at some of the most attractive levels in over a decade, we believe now is an opportune time to offer investors a dedicated, active long duration municipal solution. This approach allows investors to capture higher tax-exempt income and the potential for increased returns as interest rates begin to moderate. In an environment where duration and security selection matter more than ever, MMMA is designed to provide both.”

The Fund expands the New York Life Investments suite of active muni-focused ETFs, which includes the NYLI MacKay Muni Short Duration ETF (MMSD), the NYLI MacKay Muni Insured ETF (MMIN), the NYLI MacKay Muni Intermediate ETF (MMIT), and the NYLI MacKay California Muni Intermediate ETF (MMCA).

For more information on the fund and on New York Life Investments’ full suite of ETF offerings, as well as insights and commentary on inflation and the current market environment, please visit our website here. To read our most recent MacKay Municipal Managers Outlook, visit our insights here.

About New York Life Investments

With over $799.4 billion in assets under management as of September 30, 2025, New York Life Investments, a Pensions & Investments’ Top 30 Largest Money Manager*, is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company, and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.

*New York Life Investment Management was ranked the 26^th largest institutional investment manager in Pensions & Investments' Largest Money Managers 2024 published June 2024, based on worldwide institutional AUM as of 12/31/23. No direct or indirect compensation was paid for the creation and distribution of this ranking.

About MacKay Municipal Managers™

MacKay Municipal Managers™ is a recognized leader in active municipal bond investing and is entrusted with $81.6 billion in assets under management, as of September 30, 2025. The team manages a suite of highly rated municipal bond solutions available in multiple vehicles. MacKay Municipal Managers™ is a fundamental relative-value bond manager that combines a top-down approach with bottom-up, credit research. Our investment philosophy is centered on the belief that strong long-term performance can be achieved with a relative value, research driven approach in a highly fragmented, inefficient municipal bond market.

About MacKay Shields LLC

MacKay Shields LLC (together with its subsidiaries, "MacKay")*, a New York Life Investments company, is a global asset management firm with $158.3 billion in assets under management** as of September 30, 2025. MacKay manages fixed income strategies for high-net worth individuals and institutional clients through separately managed accounts and collective investment vehicles including private funds, collective investment trusts, UCITS, ETFs, closed end funds and mutual funds. MacKay provides investors with specialty fixed income expertise across global fixed income markets including municipal bonds, high yield bonds, investment grade bonds, structured credit, and emerging markets debt. The MacKay Shields client experience provides investors direct access to senior investment professionals. For more information, please visit www.mackayshields.com or follow us on Twitter or LinkedIn.

* MacKay Shields is a wholly owned subsidiary of New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company. "New York Life Investments" is both a service mark, and the common trade name of certain investment advisers affiliated with New York Life Insurance Company.

** Assets under management (AUM) as of September 30, 2025 represents assets managed by MacKay Shields LLC and its subsidiaries but excludes certain accounts and other assets over which MacKay Shields continues to exercise discretionary authority to liquidate but which are no longer actively managed.

For more insights from MacKay Municipal Managers™ and our New York Life Investments affiliates click here.

DISCLOSURES

About Risk: The Fund is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size, in which case it could ultimately liquidate. Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated securities. The Fund is not a money market fund and does not attempt to maintain a stable NAV. The Fund's net asset value per share will fluctuate. There can be no guarantee that the Fund will achieve or maintain any particular level of yield. Bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

Consider the Funds' investment objectives, risks, charges and expenses carefully before investing. The prospectus and the statement of additional information include this and other relevant information about the Funds and are available by visiting newyorklifeinvestments.com or calling (888) 474-7725. Read the prospectus carefully before investing.

Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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“In an environment where duration and security selection matter more than ever, MMMA is designed to provide both." - Michael Denlinger, Managing Director and Portfolio Manager