ETF Evaluator:
NYLI MacKay Muni Intermediate ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
Index
Risk
Index
ETF Details
NYLI MacKay Muni Intermediate ETF Overview
NYLI MacKay Muni Intermediate ETF (MMIT) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). New York Life Investment Management LLC launched the ETF in 2017.
The investment seeks current income exempt from federal income tax.
The fund, under normal circumstances, invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”).
About NYLI MacKay Muni Intermediate ETF (MMIT)
There are 4 members of the management team with an average tenure of 6.14 years: Frances Lewis (2018), Michael Denlinger (2020), Matthew Hage (2024) and David Dowden (2017). 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 Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. NYLI MacKay Muni Intermediate ETF has 856 securities in its portfolio. The top 10 holdings constitute 8.0% 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.
NYLI MacKay Muni Intermediate ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. NYLI MacKay Muni Intermediate ETF has 2.3% 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 98.9% (96.6% domestic bond, 2.3% foreign bond and 0.0% convertible bond). NYLI MacKay Muni Intermediate ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $2 billion average for the Muni National Interm 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.
MMIT 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 Muni Intermediate ETF expense ratio is below average compared to funds in the Muni National Interm category. NYLI MacKay Muni Intermediate ETF has an expense ratio of 0.30%, which is 6% higher than its category average, making the fund expense ratio grade a C. 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 Muni Intermediate ETF has a portfolio turnover rate of 42%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, NYLI MacKay Muni Intermediate ETF returned -1.5%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. 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 Muni Intermediate ETF has a trailing yield of 3.98%, which is above the 3.53% 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 Muni Intermediate ETF Grades
Year to date, the ETF has returned 0.3%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.4% over the past year (grade of D), 3.2% over the past three years (grade of C) and 0.8% per year over the past five years (grade of B).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about NYLI MacKay Muni Intermediate ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MMIT 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 |
|
| MMIT Return (NAV) | -1.5% | -0.5% | 4.4% | 3.2% | 0.8% | na |
| MMIT Return (Price) | -1.5% | -0.5% | 4.6% | 3.2% | 0.8% | na |
| NAV +/- Price Return | -0.072% | -0.030% | -0.180% | -0.025% | -0.025% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| MMIT Grade (NAV) | B | C | D | C | B | na |
| +/- Category (NAV) | 0.1% | -0.1% | -0.5% | -0.1% | 0.2% | na |
| MMIT Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
MMIT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMIT Return (NAV) | 0.3% | 4.8% | 1.8% | 5.3% | -7.4% | 1.7% | 5.9% | 8.0% | 2.1% | na | na |
| MMIT Return (Price) | 0.4% | 5.0% | 1.5% | 5.4% | -7.4% | 1.6% | 6.2% | 7.5% | 2.4% | na | na |
| NAV +/- Price Ret | 0.204% | 0.055% | -0.196% | 0.022% | -0.006% | -0.087% | 0.051% | -6.1% | 16.8% | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| MMIT Grade (NAV) | C | C | C | F | B | B | A | B | A | na | na |
| +/- Category | -0.0% | 0.1% | -0.1% | -0.8% | 0.7% | 0.1% | 0.9% | 0.3% | 0.8% | na | na |
| Risk Measures | |
| Beta: | 0.74 |
| R-Squared: | 98% |
| Standard Deviation: | 4.2% |
| Category Risk Index: | 0.85 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.35 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.0% |
| Total Assets: | $ 1,456 Mil |
| Share Class Assets: | $ 1,456 Mil |
| Turnover: | 42.0% |
| Expense Ratio: | 0.30% |
| 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: 4 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): Dowden David (2017), Lewis Frances (2018), Denlinger Michael (2020), Hage Matthew (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 856 |
| % in Top 10 Holdings: | 8.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.6% |
| Foreign Bond: | 2.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
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: | October 18, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.30% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
