The MainStay Conservative ETF Allocation Fund Class R3 (MNERX) is a mutual fund that focuses on providing a conservative investment strategy through a diversified portfolio of exchange-traded funds (ETFs). This fund is designed for investors seeking a lower level of risk and volatility in their investments, with a focus on preserving capital and generating steady income. The R3 class designation indicates that this fund is intended for retirement accounts and may have lower fees and expenses compared to other classes. Overall, MNERX offers a balanced approach to investing, with a mix of fixed income and equity ETFs to provide stability and potential for growth.