NYM

The Fund is an actively-managed ETF. The Fund, under normal circumstances, invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of New York or its political subdivisions, or otherwise exempt from New York state income tax. The municipal securities in which the Fund may invest are issued to raise money for a variety of public or private purposes, including general financing for state and local governments, the District of Columbia or possessions and territories of the United States, or financing for specific projects or public facilities. The interest paid on these securities is generally exempt from federal and New York state and local personal income tax, although in certain instances, it may be includable in income subject to alternative minimum tax. The Fund invests at least 80% of its total assets in municipal securities rated A. The Fund may invest up to 20% of its total assets in below investment grade fixed-income securities (commonly known as "junk bonds"). The Fund may also use derivatives, such as options, futures contracts, forward contracts and swaps.