NEW YORK LIFE INSURANCE CO

2. Key Holdings

The portfolio is dominated by large-scale positions in liquid ETFs and a significant new equity stake.

• SPDR S&P 500 ETF Trust (SPY): This is the largest holding, valued at $94.95 million, representing 53.31% of the total portfolio. With 143,000 shares, this position provides the portfolio with direct beta to the broad U.S. equity market. It serves as a liquid core asset, allowing for quick entry or exit.
• Netskope Inc: This is the second-largest holding and the only pure-play equity stock in the top four, valued at $31.24 million (17.54% allocation). The position consists of 1.37 million shares. This represents a substantial conviction bet on a specific company, likely within the cybersecurity or cloud networking sector, distinct from the passive exposure offered by the other holdings.
• NYLI MacKay ETFs: The remaining two holdings are proprietary New York Life Investment Management ETFs.
  • NYLI MacKay Securitized Income ETF: Valued at $26.52 million (14.89% allocation), this holding focuses on fixed income.
  • NYLI MacKay Muni Shrt Durat: Valued at $25.39 million (14.26% allocation), this focuses on short-duration municipal bonds. Collectively, these two NYLI-branded ETFs represent roughly 29% of the portfolio, signaling a strong preference for internal management and income-focused, potentially lower-volatility fixed income strategies.