Before considering an investment in the Fund, you should understand that you could lose money.
Derivatives often involve a high degree of financial risk in that a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable as well as favorable, in the price of the derivative instrument. Investments in derivatives may increase the volatility of a fund’s net asset value and may result in a loss to the fund.
Unlike other funds, which generally seek to "beat" the market, Index Funds seek to match their respective indices. If the value of the Index declines, the NAV of shares of the Fund will also decline. The Fund's ability to mirror the Index may be affected by, among other things, transaction costs, changes in either the makeup of the Index or the number of shares outstanding for the components of the Index, and the timing and amount of contributions to, and redemptions from, the Fund by shareholders.
S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
An investment cannot be made directly into an index.
Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.
Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage.
Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's.
R-Squared measures the percentage of a fund's movements that result from movements in the index.
Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.
Annual Turnover Rate is as of the most recent annual shareholder report.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar ratings as of 1/31/20.
MainStay MacKay S&P 500 Index Fund Morningstar Risk-Adjusted Ratings: US Fund Large Blend Category - Class A Shares Overall Rating 4 stars out of 1230 funds, 3 Year 3 stars out of 1230 funds, 5 Year 4 stars out of 1066 funds, 10 Year 4 stars out of 809 funds. Class I Shares Overall Rating 4 stars out of 1230 funds, 3 Year 4 stars out of 1230 funds, 5 Year 4 stars out of 1066 funds, 10 Year 4 stars out of 809 funds. Class INV Shares Overall Rating 3 stars out of 1230 funds, 3 Year 3 stars out of 1230 funds, 5 Year 3 stars out of 1066 funds, 10 Year 3 stars out of 809 funds. Class SIMPLE Shares Overall Rating 3 stars out of 1230 funds, 3 Year 3 stars out of 1230 funds, 5 Year 3 stars out of 1066 funds, 10 Year 3 stars out of 809 funds.