Fund Evaluator:

NYLI Moderate ETF Allocation SIMPLE Cl Overview

NYLI Moderate ETF Allocation SIMPLE Cl (MDAVX) is an actively managed Allocation Global Moderate Allocation fund. New York Life Investment Management LLC launched the fund in 2020.

The investment seeks long-term growth of capital and, secondarily, current income. The fund is a "fund of funds" that seeks to achieve its investment objective by investing in unaffiliated passively-managed exchange-traded funds (the "Underlying ETFs"). It seeks to achieve its investment objective by normally investing approximately 60% (within a range of 50% to 70%) of its assets in Underlying Equity ETFs and approximately 40% (within a range of 30% to 50%) of its assets in Underlying Fixed-Income ETFs. The fund may invest approximately 15% (within a range of 5% to 25%) of its assets in Underlying International Equity ETFs.

About NYLI Moderate ETF Allocation SIMPLE Cl (MDAVX)

There are 3 members of the management team with an average tenure of 4.49 years: Migene Kim (2025), Amit Soni (2020), Jonathan Swaney (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. NYLI Moderate ETF Allocation SIMPLE Cl has 16 securities in its portfolio. The top 10 holdings constitute 91.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

NYLI Moderate ETF Allocation SIMPLE Cl is part of the Allocation global asset class and is within the Allocation fund group. NYLI Moderate ETF Allocation SIMPLE Cl has 19.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 46.0%. There is 16.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 34.5% (31.2% domestic bond, 3.3% foreign bond and 0.0% convertible bond). NYLI Moderate ETF Allocation SIMPLE Cl has 3.4% of the portfolio in cash.

Assets Under Management

The fund has $34 million in total assets, which is below the $947 million average for the Global Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

MDAVX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NYLI Moderate ETF Allocation SIMPLE Cl expense ratio is high compared to funds in the Global Moderate Allocation category. NYLI Moderate ETF Allocation SIMPLE Cl has an expense ratio of 1.06%, which is 2% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. NYLI Moderate ETF Allocation SIMPLE Cl has a portfolio turnover rate of 51%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.

Recently, in the month of July 2026, NYLI Moderate ETF Allocation SIMPLE Cl returned -1.0%, which earned it a grade of F, as the Global Moderate Allocation category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

NYLI Moderate ETF Allocation SIMPLE Cl has a trailing yield of 2.35%, which is below the 2.61% category average. The fund normally distributes its income annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

NYLI Moderate ETF Allocation SIMPLE Cl Grades

Year to date, the fund has returned 6.9%, 1.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 14.1% over the past year (grade of D), 11.0% over the past three years (grade of D) and 5.8% per year over the past five years (grade of C).

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