The folks at a Gotham insurer's asset management arm are removing ESG from a two-year-old fund.

Today, the New York Life Investments [profile] team is rebranding the NYLI MacKay ESG High Income ETF (IQHI on the NYSE Arca) as the NYLI MacKay High Income ETF. From the fund's updated prospectus, it appears that the New York Life team has also updated the fund's investment strategy by dropping the ESG component.

New York Life Investment Management LLC serves as investment advisor to IQHI. New York Life's MacKay Shields LLC serves as subadvisor. The PM team includes three MacKay Shields executives: senior managing directors Michael DelPalma and Neil Moriarty, III, and director Cameron White.

IQHI has an expense ratio of 40 basis points, which bakes in a 17bps fee waiver. As of yesterday (February 13), the actively managed ETF had $63 million in AUM.

IQHI's inception date was October 25, 2022, when it debuted as the IQ MacKay ESG High Income ETF. It rebranded last year as the NYLI MacKay ESG High Income ETF as part of a broader consolidation of New York Life's old MainStay and IndexIQ brands. (50 open-end mutual funds and 23 ETFs were affected, among other products.)

IQHI is a series of the New York Life Investments Active ETF Trust. The ETF's other service providers include: SS&C's Alps Distributors, Inc. as distributor; Bank of New York Mellon as administrator, custodian, dividend paying agent, securities lending agent, and transfer agent; Chapman and Cutler LLP as counsel; and PricewaterhouseCoopers LLP as independent accounting firm. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE