The NYLI Merger Arbitrage ETF (MNA) seeks investment results that track, before fees and expenses, the price and yield performance of the NYLI Merger Arbitrage Index. The Index seeks to achieve capital appreciation by investing in global companies for which there has been a public announcement of a takeover by an acquirer. This differentiated approach is based on a passive strategy of owning certain announced takeover targets, with the goal of generating returns that are representative of global merger arbitrage activity. In addition, for transactions that involve an exchange of stock, the Index includes short exposure to the stock expected to be received by shareholders of the target company.