About MacKay Shields LLC

MacKay Shields is a fixed-income, private credit and equity investment management firm with $116 billion in assets under management as of March 30, 2019. We focus on managing assets for institutional clients, high-net-worth individuals and mutual funds. With over 40 years of experience, our 212 dedicated employees, including 83 investment professionals, are committed to partnering with our clients to deliver:

  • Tailored income and equity solutions based on their goals and objectives
  • The highest levels of client service and consistent investment performance

MacKay Shields LLC is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC.

Who makes this work?


Michael DePalma

Michael DePalma is a Managing Director at MacKay Shields and a Portfolio Manager of HYLD. Prior to joining MacKay Shields, Mr. DePalma was the CEO of PhaseCapital, a boutique asset manager, where he managed systematic macro and high yield credit strategies. Prior to joining PhaseCapital, Mr. DePalma was Chief Investment Officer for Quantitative Investment Strategies and Director of Fixed Income Absolute Return at AllianceBernstein. Prior to assuming this role, Mr. DePalma was Global Director of Fixed Income Quantitative Research and Risk Management. Mr. DePalma graduated with a B.S. from Northeastern University and a M.S. from New York University’s Courant Institute of Mathematical Sciences.


Michael Ning

Michael Ning is a Managing Director at MacKay Shields and a Portfolio Manager of HYLD. Prior to joining MacKay Shields, Mr. Ning was the Chief Investment Officer of PhaseCapital. Prior to working with Mr. DePalma at PhaseCapital, he was a portfolio manager of First Eagle’s Multi-Asset Absolute Return and Tail Hedge strategies. Prior to joining First Eagle, Dr. Ning was a portfolio manager and Director of Research for Absolute Return and Credit Strategies at AllianceBernstein. Before joining AllianceBernstein in 2004, Dr. Ning spent 7 years at Citigroup as a senior research analyst. He has expertise in the research, development and management of trading strategies across credit, equity, rates and currencies. Dr. Ning received his PhD from Oxford University. He holds the Chartered Financial Analyst (CFA) designation.

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and Summary Prospectus, which may be obtained by visiting https://hyldetf.com/documents. Read the prospectus and Summary Prospectus carefully before investing.

Foreside Fund Services, LLC, distributor.

An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Non-diversification exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers and/or sectors. High yield, lower rated bonds involve a greater degree of risk than investment grade bonds in return for higher yield potential. As such, securities rated below investment grade generally entail greater credit, market, issuer and liquidity risk than investment grade securities. Interest rate risk occurs when interest rates rise as bond prices usually fall This Fund may not be suitable for all investors.

Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.