ETF Evaluator:
NYLI MacKay California Muni Intmdt ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni California Intermediate Over the Last Year
| 5.8% | American Century California Muni Bd ETF (CATF) |
| 5.3% | Goldman Sachs Dynamic CA Muncpl Inc ETF (GCAL) |
| 4.9% | Vanguard California Tax-Exempt Bond ETF (VTEC) |
| 4.6% | Muni California Intermediate () |
| 4.1% | JPMorgan California Tax Free Bond ETF (JCAL) |
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Risk
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ETF Details
NYLI MacKay California Muni Intmdt ETF Overview
NYLI MacKay California Muni Intmdt ETF (MMCA) is an actively managed Municipal Bond Muni California Intermediate exchange-traded fund (ETF). New York Life Investment Management LLC launched the ETF in 2021.
The investment seeks current income exempt from federal and California income taxes.
The fund, under normal circumstances, invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes.
About NYLI MacKay California Muni Intmdt ETF (MMCA)
There are 3 members of the management team with an average tenure of 4.05 years: Frances Lewis (2023), Michael Denlinger (2021) and Scott Sprauer (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal MF CA Interm TR USD index with a weighting of 100%. NYLI MacKay California Muni Intmdt ETF has 126 securities in its portfolio. The top 10 holdings constitute 19.3% 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.
NYLI MacKay California Muni Intmdt ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. NYLI MacKay California Muni Intmdt ETF has 4.2% 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 93.2% (89.0% domestic bond, 4.2% foreign bond and 0.0% convertible bond). NYLI MacKay California Muni Intmdt ETF has 6.8% of the portfolio in cash.
Assets Under Management
The fund has $89 million in total assets, which is below the $772 million average for the Muni California Intermediate 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.
MMCA 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 NYLI MacKay California Muni Intmdt ETF expense ratio is below average compared to funds in the Muni California Intermediate category. NYLI MacKay California Muni Intmdt ETF has an expense ratio of 0.36%, which is 42% higher than its category average, making the fund expense ratio grade a F. 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. NYLI MacKay California Muni Intmdt ETF has a portfolio turnover rate of 89%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Muni California Intermediate category.
Recently, in the month of July 2026, NYLI MacKay California Muni Intmdt ETF returned -1.7%, which earned it a grade of F, as the Muni California Intermediate category had an average return of -1.5%. 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.
NYLI MacKay California Muni Intmdt ETF has a trailing yield of 3.59%, which is above the 3.27% category average.
The fund normally distributes its income monthly.
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.
NYLI MacKay California Muni Intmdt ETF Grades
Year to date, the ETF has returned -0.3%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.9% over the past year (grade of F) and 3.5% over the past three years (grade of A).
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MMCA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MMCA Return (NAV) | -1.7% | -0.8% | 3.9% | 3.5% | na | na |
| MMCA Return (Price) | -1.8% | -0.9% | 3.9% | 3.5% | na | na |
| NAV +/- Price Return | 0.094% | 0.060% | -0.035% | 0.005% | na | na |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.6% | 2.9% | 0.5% | 1.4% |
| MMCA Grade (NAV) | F | F | F | A | na | na |
| +/- Category (NAV) | -0.2% | -0.3% | -0.7% | 0.6% | na | na |
| MMCA Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
MMCA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMCA Return (NAV) | -0.3% | 5.5% | 1.7% | 5.8% | -12.2% | na | na | na | na | na | na |
| MMCA Return (Price) | -0.4% | 5.7% | 1.7% | 5.8% | -12.2% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.574% | 0.035% | 0.005% | -0.005% | 0.000% | na | na | na | na | na | na |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.6% | 5.4% | -9.3% | -0.1% | 4.1% | 5.7% | 1.2% | 3.6% | -0.6% |
| MMCA Grade (NAV) | F | A | A | A | F | na | na | na | na | na | na |
| +/- Category | -0.5% | 1.5% | 0.1% | 0.4% | -2.8% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.77 |
| R-Squared: | 96% |
| Standard Deviation: | 4.5% |
| Category Risk Index: | 1.11 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.37 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.6% |
| Total Assets: | $ 90 Mil |
| Share Class Assets: | $ 90 Mil |
| Turnover: | 89.0% |
| Expense Ratio: | 0.36% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Denlinger Michael (2021), Sprauer Scott (2021), Lewis Frances (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 126 |
| % in Top 10 Holdings: | 19.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 89.0% |
| Foreign Bond: | 4.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 888-474-7725 |
| Website: | www.indexiq.com |
| Inception Date: | December 21, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.36% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.25% |
