NYLI Winslow Focused Large Cap Growth ETF

NYLI Winslow Focused Large Cap Growth ETF (IWFG) is an actively managed New York Life fund. Its subadvisor, Winslow Capital, picks a concentrated portfolio of about 25 to 35 large US growth stocks. As of July 31, 2026, it held 27 stocks, led by NVIDIA at 14.1% and Alphabet at 11.8%. After a fee waiver, its 0.46% expense ratio is slightly above the 0.40% average of similar funds.

• Over the year to Oct 27, 2026, IWFG returned -2.6%, 9th of 9 among similar funds.
• Its worst full calendar year was 2025 (+14.3%); its best was 2023 (+38.4%).
• The deepest fall in its price history was 22% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.

As of Jul 31, 2026, the fund held 27 securities; the ten largest made up 63.61% of assets, and 3.14% sat in cash and money-market holdings.

By sector

• Over the three months to Jul 31, 2026, investors added a net $2.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.56%, -1.66%, -2.02%.

IWFG does not track an index. Winslow Capital, the subadvisor, chooses the stocks. At least 80% of assets go into large growth companies. That means firms worth more than $10 billion when bought that Winslow judges to be growth companies. Signs of growth include being in a growth index, or sales, earnings or free cash flow growth above the market median. Up to 20% may go into foreign stocks, including American Depositary Receipts (US-traded shares of foreign companies). As of July 31, 2026, about 87.6% of the fund was in US companies and 7.2% in Irish-domiciled companies such as Seagate.

The manager works "bottom-up," which means it studies individual companies rather than the economy. It looks for firms that are gaining market share, have lasting competitive advantages and earn high, ideally rising, returns on invested capital. Environmental, social and governance (ESG) factors are part of the research. They do not rule out stocks on their own. Winslow may sell a stock when it looks fully valued, when the business outlook worsens or when the position grows past its limits. Portfolio turnover was 54%.

The fund is "non-diversified," so it can put large amounts into a few stocks. As of July 31, 2026, its top 10 holdings made up 63.6% of assets. Technology made up 40.3% of the portion with sector data. The fund held no derivatives.

• IWFG charges 0.46% a year, versus an average of 0.4% for the similar funds below (4th of 9, cheapest first).
• Of that, 0.75% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.48% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $47 in the first year and $792 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed bet on about 25 to 35 large growth stocks, it pays no income, and it has moved more than the market.

IWFG could add concentrated exposure to large US growth companies next to a broad core fund. It does not provide income. It made no distributions in the year to October 27, 2026, so any cash taken from it would come from selling shares. Its record is short. The fund launched in June 2022, so it was not around for the 2008 or 2020 crashes, and its record does not cover the 2022 bear market. Its deepest drop was 22%, from January 23 to April 8, 2025, and it recovered by June 6, 2025. Every full calendar year has been positive, and 2025's 14.15% was the weakest. Its one-year beta of 1.37 means it has swung more than the market, which hurts anyone forced to sell in a slump. The SEC's $10,000 example puts costs at $792 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.