NYLI Winslow Large Cap Growth ETF

NYLI Winslow Large Cap Growth ETF (IWLG) is an actively managed New York Life fund holding 40 large US growth stocks picked by subadvisor Winslow Capital. It is concentrated: Alphabet and Nvidia made up about 23% of assets as of July 31, 2026. Its 0.50% expense ratio, after a fee waiver, is below T. Rowe Price Blue Chip Growth ETF's 0.57% but well above Vanguard Russell 1000 Growth ETF's 0.07%.

• Over the year to Oct 27, 2026, IWLG returned +0.2%, 5th of 9 among similar funds.
• Its worst full calendar year was 2025 (+14.7%); its best was 2023 (+43.3%).
• The deepest fall in its price history was 23.2% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.

As of Jul 31, 2026, the fund held 40 securities; the ten largest made up 55.79% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $8.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.36%, -1.21%, -3.65%.

IWLG does not track an index. New York Life hires Winslow Capital Management as subadvisor, and Winslow picks stocks one company at a time. This is called a "bottom-up" approach, and it works from company details rather than economic forecasts. Under normal conditions, at least 80% of assets go to large growth companies. The fund defines these as companies worth more than $10 billion when bought that Winslow judges to be growth companies. Signs Winslow uses include being in a growth index, or having earnings or sales growth above the market median.

Winslow looks for companies in growing markets that are gaining market share. It also wants lasting competitive advantages, high returns on invested capital and sound governance. It weighs environmental, social and governance (ESG) factors it considers material, but it does not rule out a stock on ESG grounds alone. It sells when a stock looks fully valued, when the business weakens, or when a position grows past its limits. Turnover was 139%. That means the fund traded more than the full value of its portfolio over a year.

The fund is "non-diversified," so it can put more money into single stocks than a diversified fund. As of July 31, 2026, it held 40 stocks, and the top 10 made up about 56% of assets. Up to 20% may go to foreign stocks or ADRs (US-traded shares of foreign companies). About 91% was in US companies.

• IWLG charges 0.5% a year, versus an average of 0.36% for the similar funds below (5th of 9, cheapest first).
• Of that, 0.75% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.32% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $740 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed growth fund that has swung more than the market, so it fits better as a smaller holding than as a core position.

IWLG could add a manager-picked tilt toward fast-growing large companies, but it is not a cushion. It launched in June 2022, so its record does not cover the 2008 crisis, the 2020 COVID crash or the full 2022 bear market. Its deepest drop was 23.2%, from January 23 to April 8, 2025. It regained that peak by June 24, 2025, about 2.5 months later. Its worst quarter was a loss of 8.87%, in the third quarter of 2023. A one-year beta of 1.4 as of October 27, 2026, means it moved more than the market. Someone who had to sell during a slide like early 2025 would lock in losses.

It provides almost no income: the trailing yield was 0% as of October 27, 2026. The SEC's standard example puts costs at $51 for the first year on $10,000. 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.