Fund Evaluator:
NYLI Equity ETF Allocation Class A (MWFAX)
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Best Performing in Global Aggressive Allocation Over the Last Year
| 24.7% | TOPS® Aggressive ETF 2 () |
| 23.5% | Fidelity Advisor Asset Manager 85% Z (FIQCX) |
| 23.4% | Fidelity Asset Manager 85% (FAMRX) |
| 20.6% | Invesco Select Risk: High Growth Inv Y (OYAIX) |
| 19.3% | Goldman Sachs Growth Allocation Inv (GGSTX) |
Fund Details
NYLI Equity ETF Allocation Class A Overview
NYLI Equity ETF Allocation Class A (MWFAX) is an actively managed Allocation Global Aggressive Allocation fund. New York Life Investment Management LLC launched the fund in 2020.
The investment seeks long-term growth of capital. 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 substantially all of its assets in Underlying Equity ETFs (normally within a range of 90% to 100%). The fund may invest approximately 25% (within a range of 15% to 35%) of its assets in Underlying International Equity ETFs. It may invest up to 10% of its assets in Underlying Fixed-Income ETFs.
About NYLI Equity ETF Allocation Class A (MWFAX)
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 Equity ETF Allocation Class A has 11 securities in its portfolio. The top 10 holdings constitute 99.8% 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 Equity ETF Allocation Class A is part of the Allocation global asset class and is within the Allocation fund group. NYLI Equity ETF Allocation Class A has 24.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 73.9%. There is 24.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NYLI Equity ETF Allocation Class A has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $131 million in total assets, which is below the $328 million average for the Global Aggressive 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.
MWFAX 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 Equity ETF Allocation Class A expense ratio is high compared to funds in the Global Aggressive Allocation category. NYLI Equity ETF Allocation Class A has an expense ratio of 0.82%, which is 20% lower than its category average, making the fund expense ratio grade a B. 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 Equity ETF Allocation Class A has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 30% for the Global Aggressive Allocation category.
Recently, in the month of July 2026, NYLI Equity ETF Allocation Class A returned -1.4%, which earned it a grade of D, as the Global Aggressive Allocation category had an average return of -0.9%. 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 Equity ETF Allocation Class A has a trailing yield of 1.05%, which is below the 1.37% 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 Equity ETF Allocation Class A Grades
Year to date, the fund has returned 11.9%, 1.4 percentage points better than the category, which translates into a grade of A. The fund has returned 22.3% over the past year (grade of A), 15.8% over the past three years (grade of C) and 8.9% per year over the past five years (grade of B).
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MWFAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MWFAX Return (NAV) | -1.4% | 3.9% | 22.3% | 15.8% | 8.9% | na |
| MWFAX Grade | D | B | A | C | B | na |
| +/- Category | -0.5% | 0.7% | 2.7% | 0.2% | 0.7% | na |
| Global Aggressive Allocation Avg | -0.9% | 3.2% | 19.6% | 15.7% | 8.2% | 10.8% |
| MWFAX Tax Cost Ratio | na | na | 1.0% | 0.7% | 0.6% | na |
MWFAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MWFAX Return (NAV) | 11.9% | 17.9% | 14.3% | 19.1% | -18.1% | 18.5% | na | na | na | na | na |
| MWFAX Grade | A | C | C | B | B | B | na | na | na | na | na |
| +/- Category | 1.4% | -0.4% | -0.4% | 0.4% | 0.7% | 1.7% | na | na | na | na | na |
| Global Aggressive Allocation Avg | 10.5% | 18.4% | 14.7% | 18.6% | -18.8% | 16.8% | 18.0% | 25.5% | -10.3% | 23.3% | 7.2% |
| Risk Measures | |
| Standard Deviation: | 12.9% |
| Total Risk Index: | 1.05 - Above Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 1.30 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $166 Mil |
| Fund Total Assets: | $ 131 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.1 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): Soni Amit (2020), Swaney Jonathan (2020), Kim Migene (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 11 |
| % in Top 10 Holdings: | 99.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 24.7% |
Portfolio Allocation |
|
| Domestic Stock: | 73.9% |
| Foreign Stock: | 24.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | June 30, 2020 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.82% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.02% |
| Share Class: | NYLI Equity ETF Allocation Class I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
