ETF Evaluator:
NYLIM MacKay Muni High Income ETF (MMHI)
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(as of )
Best Performing in High Yield Muni Over the Last Year
| -0.1% | iShares Short Duration HY Muni Act ETF (SHYM) |
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| -0.5% | Invesco Rochester HY Municipal ETF (IROC) |
| -0.7% | Capital Group Municipal High-Income ETF (CGHM) |
| -0.7% | VanEck Short High Yield Muni ETF (SHYD) |
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ETF Details
NYLIM MacKay Muni High Income ETF Overview
NYLIM MacKay Muni High Income ETF (MMHI) is an actively managed Municipal Bond High Yield Muni exchange-traded fund (ETF). New York Life Investments launched the ETF in 2026.
The investment seeks a high level of current income exempt from regular federal income tax.
The fund will, under normal circumstances, invest at least 80% of its assets in municipal debt securities issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes.
About NYLIM MacKay Muni High Income ETF (MMHI)
There are 3 members of the management team with an average tenure of 0.00 years: Michael Perilli (2026), John Lawlor (2026) and Michael Petty (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 0 primary benchmark: . NYLIM MacKay Muni High Income ETF has securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NYLIM MacKay Muni High Income ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. NYLIM MacKay Muni High Income ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NYLIM MacKay Muni High Income ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is below the $904 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MMHI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NYLIM MacKay Muni High Income ETF expense ratio is below average compared to funds in the High Yield Muni category. NYLIM MacKay Muni High Income ETF has an expense ratio of 0.34%, which is 47% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NYLIM MacKay Muni High Income ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 39% for the High Yield Muni category.
Recently, in the month of September 2026, NYLIM MacKay Muni High Income ETF returned 0.0%, which earned it a grade of NA, as the High Yield Muni category had an average return of -5.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
NYLIM MacKay Muni High Income ETF has a trailing yield of 0.00%, which is below the 4.91% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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MMHI Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MMHI Return (NAV) | na | na | na | na | na | na |
| MMHI Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| High Yield Muni Avg | -5.1% | -6.9% | -1.6% | 4.7% | -0.5% | 1.6% |
| MMHI Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| MMHI Tax-Cost Ratio | na | na | na | na | na | na |
MMHI Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMHI Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| MMHI Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| High Yield Muni Avg | -3.1% | 4.1% | 5.5% | 6.4% | -14.8% | 6.0% | 3.9% | 10.4% | 1.1% | 7.1% | 0.7% |
| MMHI Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 25 Mil |
| Share Class Assets: | $ 25 Mil |
| Turnover: | na |
| Expense Ratio: | 0.34% |
| Index Fund: | No |
| Index Tracked: | None |
| Index Weighting: | 0% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Perilli Michael (2026), Lawlor John (2026), Petty Michael (2026) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | New York Life Investments |
| Phone Number: | 888-474-7725 |
| Website: | www.indexiq.com |
| Inception Date: | September 30, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.64% |
