Correspondence 0001999371-24-004955 from New York Life Investments Active ETF Trust (CIK 0001426439)
New York Life Investments Active ETF Trust (CIK 0001426439)
Date: April 19, 2024 · CIK: 0001426439 · Accession: 0001999371-24-004955
AI Filing Summary & Sentiment
File numbers found in text: 333-183489, 811-22739
Referenced dates: December 20, 2016
Letter
VIA EDGAR Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: IndexIQ Active ETF Trust (File No. 333-183489 and File No. 811-22739) (the “Registrant”)
Dear Ms. Dubey:
This letter responds to your additional comments made telephonically on April 16, 2024, regarding the Registrant’s filing on December 18, 2023, of Post-Effective Amendment No. 113 to its Registration Statement under the Securities Act of 1933 (the “1933 Act”) and Amendment No. 119 to its Registration Statement under the Investment Company Act of 1940 (the “1940 Act”) (the “Registration Statement”). The Registration Statement relates to the IQ MacKay Securitized Income ETF (the “Fund”), a series of the Registrant. References herein to the “Prior Correspondence Letter” refer to the correspondence filed by the Registrant with the Staff of the Securities and Exchange Commission (the “Staff”) on April 5, 2024. Unless otherwise defined, capitalized terms used herein shall have the meanings ascribed to them in the Registration Statement.
Comment 1: The Staff reiterates Comment 2 to the Registrant’s Prior Correspondence Letter. Please supplementally provide the Staff with information that takes into account relevant market, trading, and investment-specific considerations about the non-agency collateralized mortgage obligations (“CMOs”) and collateralized loan obligations (“CLOs”) in which the Fund will principally invest. Responses should include information concerning relevant factors referenced in Rule 22e-4 relief (see Adopting Release, Investment Company Liquidity Risk Management Programs, Release No. IC-32315 (2016) at pp. 154-155).
Response: The response to this comment will be provided under separate cover.
Comment 2: Please delete the disclosure in the section entitled “Performance Information” of the prospectus included in reliance on MassMutual Institutional Funds, SEC No-Action Letter, pub. avail. Sept. 28, 1995 (“MassMutual”), as only predecessor accounts that are excluded from the definition of “investment company” as defined in Section 3(c)(1), 3(c)(3) or 3(c)(11) of the 1940 Act may rely on the relief (see Staff comment no. 5 to The Glenmede Fund, Inc. dated December 20, 2016).
Response: The Predecessor Account may rely upon the exemption set forth in Section 3(c)(3) of the 1940 Act from the definition of “investment company” under the 1940 Act. The Predecessor Account is a private account used solely to manage assets for New York Life Insurance and Annuity Corporation (“NYLIAC”). NYLIAC is an “insurance company” as defined under Section 2(a)(17) of the 1940 Act. Because the securities and investments in the Predecessor Account are assets of NYLIAC, the Predecessor Account is properly excluded from the definition of “investment company” pursuant to Section 3(c)(3), one of the exemptions the Staff has deemed may be relied upon under MassMutual as reflected in the prior staff comments to The Glenmede Fund, Inc. to which the Staff has directed the Registrant.
As set forth in the Prior Correspondence Letter, the facts and circumstances surrounding the use of the Predecessor Account’s performance information align with the facts and circumstances set forth in MassMutual. Thus, the Fund may properly include the Predecessor Account’s performance information, consistent with the requirements and analysis set forth in MassMutual and subject to the required disclosures in MassMutual, in the Form N-1A Item 4 disclosure in the Fund’s prospectus.
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If you have any questions or comments in connection with the foregoing, please contact Richard Coyle of Chapman and Cutler LLP at (312) 845-3724 or rcoyle@chapman.com or Barry Pershkow of Chapman and Cutler LLP at (202) 478-6492 or pershkow@chapman.com.
Sincerely,
/s/ Matthew V. Curtin
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CORRESP
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filename1.htm
51 Madison Avenue
New York, New York 10010
April 19, 2024
VIA EDGAR
Anu Dubey
U.S. Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549
Re: IndexIQ Active ETF Trust (File No. 333-183489 and File No. 811-22739) (the “Registrant”)
Dear Ms. Dubey:
This letter responds to your additional comments
made telephonically on April 16, 2024, regarding the Registrant’s filing on December 18, 2023, of Post-Effective Amendment No. 113
to its Registration Statement under the Securities Act of 1933 (the “1933 Act”) and Amendment No. 119 to its Registration
Statement under the Investment Company Act of 1940 (the “1940 Act”) (the “Registration Statement”).
The Registration Statement relates to the IQ MacKay Securitized Income ETF (the “Fund”), a series of the Registrant.
References herein to the “Prior Correspondence Letter” refer to the correspondence filed by the Registrant with the Staff
of the Securities and Exchange Commission (the “Staff”) on April 5, 2024. Unless otherwise defined, capitalized terms
used herein shall have the meanings ascribed to them in the Registration Statement.
Comment 1: The Staff reiterates Comment
2 to the Registrant’s Prior Correspondence Letter. Please supplementally provide the Staff with information that takes into account
relevant market, trading, and investment-specific considerations about the non-agency collateralized mortgage obligations (“CMOs”)
and collateralized loan obligations (“CLOs”) in which the Fund will principally invest. Responses should include information
concerning relevant factors referenced in Rule 22e-4 relief (see Adopting Release, Investment Company Liquidity Risk Management
Programs, Release No. IC-32315 (2016) at pp. 154-155).
Response: The response to this comment will
be provided under separate cover.
Comment 2: Please delete the disclosure
in the section entitled “Performance Information” of the prospectus included in reliance on MassMutual Institutional Funds,
SEC No-Action Letter, pub. avail. Sept. 28, 1995 (“MassMutual”), as only predecessor accounts that are excluded from
the definition of “investment company” as defined in Section 3(c)(1), 3(c)(3) or 3(c)(11) of the 1940 Act may rely on the
relief (see Staff comment no. 5 to The Glenmede Fund, Inc. dated December 20, 2016).
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Response: The Predecessor Account may rely
upon the exemption set forth in Section 3(c)(3) of the 1940 Act from the definition of “investment company” under the 1940
Act. The Predecessor Account is a private account used solely to manage assets for New York Life Insurance and Annuity Corporation (“NYLIAC”).
NYLIAC is an “insurance company” as defined under Section 2(a)(17) of the 1940 Act. Because the securities and investments
in the Predecessor Account are assets of NYLIAC, the Predecessor Account is properly excluded from the definition of “investment
company” pursuant to Section 3(c)(3), one of the exemptions the Staff has deemed may be relied upon under MassMutual as reflected
in the prior staff comments to The Glenmede Fund, Inc. to which the Staff has directed the Registrant.
As set forth in the Prior Correspondence Letter,
the facts and circumstances surrounding the use of the Predecessor Account’s performance information align with the facts and circumstances
set forth in MassMutual. Thus, the Fund may properly include the Predecessor Account’s performance information, consistent with
the requirements and analysis set forth in MassMutual and subject to the required disclosures in MassMutual, in the Form N-1A Item 4 disclosure
in the Fund’s prospectus.
********
If you have any questions or comments in connection
with the foregoing, please contact Richard Coyle of Chapman and Cutler LLP at (312) 845-3724 or rcoyle@chapman.com or Barry Pershkow of
Chapman and Cutler LLP at (202) 478-6492 or pershkow@chapman.com.
Sincerely,
/s/ Matthew V. Curtin
Matthew V. Curtin
Secretary
cc:
Jack Benintende, Chief Operating Officer
Adefolahan Oyefeso, Principal Financial Officer
Barry Pershkow, Esq., Chapman and Cutler LLP
Richard Coyle, Esq., Chapman and Cutler LLP
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