NYLI MacKay High Income ETF
IQHI
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- NYLI MacKay High Income ETF (IQHI) is an actively managed exchange-traded fund that seeks high current income and risk-adjusted returns through investments primarily in high-yield corporate debt securities rated below investment grade, including U.S. and non-U.S. corporate bonds, convertible securities, loans, and loan participation interests; the fund employs a top-down macro overlay combined with bottom-up credit analysis to select securities with improving prospects at attractive valuations, emphasizing rigorous security selection and disciplined risk controls. The fund benchmarks against the Bloomberg Very Liquid High Yield Index and features an effective duration of approximately 3.01 years, weighted average maturity of 5.92 years, and a portfolio of around 335 holdings diversified across sectors such as basic industry, energy, media, financial services, and telecommunications, with credit quality primarily in BB (42%), B (43%), and CCC/below (9%) categories. It distributes income monthly, with a recent 30-day SEC yield of 6.40% after expense waivers, and maintains total net assets of approximately $76 million. Launched on October 25, 2022, by New York Life Investment Management LLC, with subadvisory from MacKay Shields LLC (an affiliate), the ETF is part of the New York Life Investments Active ETF Trust and trades on the NYSE Arca exchange; it is domiciled in the United States and targets investors seeking exposure to global high-yield fixed income markets with a focus on non-investment grade securities offering higher yields amid interest rate and credit risks. In a significant recent development effective February 14, 2025, the fund underwent a name change from NYLI MacKay ESG High Income ETF to NYLI MacKay High Income ETF, reflecting a strategic shift away from explicit ESG criteria integration while retaining its core high-yield active management approach powered by MacKay Shields' credit expertise; this rebranding aligns with broader organizational changes at New York Life Investments, including the appointment of Alison Micucci as CEO of MacKay Shields in January 2025 and the July 2024 acquisition and reorganization of six municipal funds from Aquila Investment Management under MacKay Municipal Managers.