ETF Evaluator:
NYLI MacKay Muni Allocation ETF ()
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(as of Aug 19)
Best Performing in Muni National Long Over the Last Year
| 8.5% | Rareview Tax Advantaged Income ETF (RTAI) |
| 8.4% | First Trust Flexible Muncpl Hgh Inc ETF (MFLX) |
| 8.1% | VanEck Long Muni ETF (MLN) |
| 7.9% | Overlay Shares Municipal Bond ETF (OVM) |
| 7.6% | iShares Long-Term National Muni Bd ETF (LMUB) |
Risk
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Risk
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ETF Details
NYLI MacKay Muni Allocation ETF Overview
NYLI MacKay Muni Allocation ETF (MMMA) is an actively managed Municipal Bond Muni National Long exchange-traded fund (ETF). New York Life Investment Management LLC launched the ETF in 2025.
The investment seeks current income exempt from regular 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 municipal debt securities, which include debt obligations 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 NYLI MacKay Muni Allocation ETF (MMMA)
There are 3 members of the management team with an average tenure of 0.62 years: Michael Perilli (2025), Michael Denlinger (2025) and Matthew Hage (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
NYLI MacKay Muni Allocation ETF has 50 securities in its portfolio. The top 10 holdings constitute 37.3% 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 Muni Allocation ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. NYLI MacKay Muni Allocation ETF has 6.1% 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 99.7% (93.6% domestic bond, 6.1% foreign bond and 0.0% convertible bond). NYLI MacKay Muni Allocation ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $744 million average for the Muni National Long 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.
MMMA 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 Allocation ETF expense ratio is below average compared to funds in the Muni National Long category. NYLI MacKay Muni Allocation ETF has an expense ratio of 0.35%, which is 33% lower than its category average, making the fund expense ratio grade a D. 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 Allocation 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 22% for the Muni National Long category.
Recently, in the month of July 2026, NYLI MacKay Muni Allocation ETF returned -1.5%, which earned it a grade of A, as the Muni National Long category had an average return of -2.0%. 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 Allocation ETF has a trailing yield of 0.00%, which is below the 4.12% category average.
The fund normally distributes its income monthly 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.
NYLI MacKay Muni Allocation ETF Grades
Year to date, the ETF has returned 2.2%, 1.3 percentage points better than the category, which translates into a grade of A.
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MMMA 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 |
|
| MMMA Return (NAV) | -1.5% | 0.1% | na | na | na | na |
| MMMA Return (Price) | -1.3% | 0.6% | na | na | na | na |
| NAV +/- Price Return | -0.193% | -0.448% | na | na | na | na |
| Muni National Long Avg | -2.0% | -0.4% | 7.0% | 3.6% | -0.4% | 1.6% |
| MMMA Grade (NAV) | A | A | na | na | na | na |
| +/- Category (NAV) | 0.5% | 0.5% | na | na | na | na |
| MMMA Tax-Cost Ratio | na | na | na | na | na | na |
MMMA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MMMA Return (NAV) | 2.2% | na | na | na | na | na | na | na | na | na | na |
| MMMA Return (Price) | 2.9% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.287% | na | na | na | na | na | na | na | na | na | na |
| Muni National Long Avg | 1.0% | 3.9% | 2.5% | 7.4% | -14.7% | 3.3% | 6.6% | 10.0% | -0.2% | 6.9% | 1.3% |
| MMMA Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.3% | 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: | $ 29 Mil |
| Share Class Assets: | $ 29 Mil |
| Turnover: | na |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Perilli Michael (2025), Denlinger Michael (2025), Hage Matthew (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 50 |
| % in Top 10 Holdings: | 37.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.6% |
| Foreign Bond: | 6.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
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 15, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.52% |
