At a glance
MMIN charges 0.3% a year, above the 0.29% average of the 7 funds most like it (the 5th cheapest of 8). It has $462.5M in assets, the 8th largest of that group; it paid 4.12% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.6% with distributions reinvested, 6th of those 8 funds; over three years it returned +5.0% a year. At its worst it fell 13.9% in the 2020 crash (S&P 500: 33.7%) and 15.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 37 months after the lows. Its ten largest positions make up 11.4% of the fund, out of 223 in all.
The short version
NYLI MacKay Muni Insured ETF (MMIN) is an actively managed New York Life fund. It buys municipal bonds and leans toward bonds covered by insurance that guarantees timely interest and principal, with the aim of paying income free of federal income tax. Its subadvisor, MacKay Shields, picks each bond itself instead of tracking an index. After a fee waiver, its 0.30% expense ratio is close to the 0.29% peer average but far above Vanguard Tax-Exempt Bond ETF's 0.03%.
Price history
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MMIN -0.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MMIN official prospectus, to Dec 31, 2025 | — | +4.27% | — | +0.47% | — | +2.52% |
| MMIN price data to Oct 27, 2026 | -0.8% | -0.6% | +5.0% | +0.3% | — | +2.2% |
- Over the year to Oct 27, 2026, MMIN returned -0.6%, 6th of 8 among similar funds.
- Its 5-year annualized return was +0.3%.
- In the 2020 COVID crash it fell 13.9% and regained its old high 3.8 months after the low.
- Its worst full calendar year was 2022 (-11.2%); its best was 2019 (+8.1%).
- The deepest fall in its price history was 16.9% (Jul 27, 2021 to Oct 28, 2022), recovered by Oct 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.8% | — |
| 2025 | +4.7% | +4.27% |
| 2024 | +0.9% | +1.51% |
| 2023 | +7.5% | +6.98% |
| 2022 | -11.2% | -11.10% |
| 2021 | +1.3% | +1.71% |
| 2020 | +7.5% | +7.45% |
| 2019 | +8.1% | +8.06% |
| 2018 | +2.0% | +1.68% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 10.5% over that stretch · deepest drop along the way 13.9%, back to its old high 3.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.6% over that stretch · deepest drop along the way 15.3%, back to its old high 36.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $0.9800 | +3.2% |
| 2024 | $0.9500 | +2.2% |
| 2023 | $0.9300 | +32.9% |
| 2022 | $0.7000 | +48.9% |
| 2021 | $0.4700 | -24.2% |
| 2020 | $0.6200 | -15.1% |
| 2019 | $0.7300 | +5.8% |
| 2018 | $0.6900 |
What's inside
As of Jul 31, 2026, the fund held 223 securities; the ten largest made up 11.4% of assets, and 2.83% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| WAYNE COUNTY AIRPORT AUTHORITY (MI) Bonds and notes | 1.58% | |
| COOK CNTY ILL HIGH SCH DIST NO 205 THORNTON TWP Bonds and notes | 1.23% | |
| SANGAMON COUNTY SCHOOL DISTRICT N.186 (IL) Bonds and notes | 1.17% | |
| LOS ANGELES CALIF DEPT WTR & PWR Bonds and notes | 1.15% | |
| CHICAGO ILL Bonds and notes | 1.12% | |
| SAN MATEO CALIF Bonds and notes | 1.05% | |
| COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL) Bonds and notes | 1.05% | |
| ALLEGHENY COUNTY AIRPORT AUTHORITY (PA) Bonds and notes | 1.03% | |
| PASCO CNTY FLA Bonds and notes | 1.02% | |
| CHICAGO (IL), CITY OF Bonds and notes | 1.00% | |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD Bonds and notes | 0.99% | |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA) Bonds and notes | 0.96% | |
| CEDAR RAPIDS IOWA CMNTY SCH DIST Bonds and notes | 0.95% | |
| MADISON COUNTY COMMUNITY UNIT SCHOOL DISTRICT N.7 (IL) Bonds and notes | 0.94% | |
| TEXAS STATE TECHNICAL COLLEGE SYSTEM (TX) Bonds and notes | 0.94% |
By country
United States 96.25%By issuer
Municipalities 96.25%The bonds mature in 20 years on average (weighted by size), with an average coupon of 4.73%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $45.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.52%, +1.03%, -2.03%.
How it works
MMIN does not follow an index. In normal conditions, at least 80% of its assets go into municipal bonds, whose interest is exempt from federal income tax, and into debt covered by insurance that guarantees principal and interest. It typically keeps at least 80% of net assets in municipal bonds rated investment grade by at least one rating agency. Investment grade means the agency sees a fairly low risk of default. If agencies disagree, the fund uses the higher rating. The fund keeps its average duration between 3 and 15 years. Duration measures how much a bond's price reacts to changes in interest rates.
The rules require it to spread money across at least 10 sectors, such as education and transportation, and at least 15 states, with no more than 30% in any one state. Up to 20% may go into bonds subject to the alternative minimum tax. MacKay Shields first weighs big-picture factors such as tax rates and Treasury rates, then divides money among sectors and states, then studies each issuer's finances to choose bonds. Portfolio turnover was 59%.
Most of the insured bonds it buys already have insurance in place. The cost of that insurance shows up as a lower yield or a higher price. Insurance does not protect a bond's market value or the fund's share price. The fund also plans to handle creations and redemptions mainly in cash, so it may have to sell bonds and realize taxable capital gains.
What it really costs
- MMIN charges 0.3% a year, versus an average of 0.29% for the similar funds below (5th of 8, cheapest first).
- Of that, 0.4% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.16% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MMIN | $31 | $97 | $169 | $381 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
MMIN pays monthly income that is mostly exempt from federal income tax, but its long average maturity makes its price sensitive to interest rates.
MMIN could add monthly income that is largely free of federal income tax. As of October 27, 2026, its trailing 12-month yield was 4.12%, or $0.95 per share. On the SEC's standard $10,000 example, costs total $31 after one year and $381 after ten years. Interest rates are the main risk to watch. The bonds' average maturity is 20 years. The fund fell 15.3% between January and September 2022 and did not recover until October 2025, about 37 months later. Its worst calendar year was 2022, at -11.1%. In the 2020 COVID sell-off it dropped 13.9% in under two weeks, then recovered in about four months. Anyone who had to sell shares during those stretches would have locked in losses. The fund launched in 2017, so it has no record from 2008. Past results don't predict future ones, and a plan should look at the whole portfolio, not just one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors in higher federal tax brackets looking for monthly income that is mostly exempt from federal income tax. The trailing yield was 4.12% as of October 27, 2026.
- Investors who want a manager-chosen, investment-grade municipal portfolio with bond insurance, spread across at least 15 states and 10 sectors.
- Long-term holders who can sit through rate-driven declines like the 15.3% drop in 2022, which took about three years to recover.
Look elsewhere if
- Investors focused on cost. Vanguard Tax-Exempt Bond ETF charges 0.03% and JPMorgan Municipal ETF charges 0.18%, compared with MMIN's 0.30%.
- Investors holding bonds in IRAs or other tax-deferred accounts, where tax-exempt interest brings no extra benefit.
- Anyone who needs a steady share price. Insurance covers bond payments, not market value, and the fund lost 16.9% at its deepest point.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MMIN this fund | 20 yrs | 0.3% | $462.5M | -0.6% | +5.0% |
| HYMB SPDR Nuveen Bloomberg High Yield Municipal … | 20.5 yrs | 0.35% | $3.09B | -0.5% | +5.6% |
| HYD VanEck High Yield Muni ETF | 19.2 yrs | 0.32% | $4.43B | +0.9% | +5.5% |
| PZA Invesco National AMT-Free Municipal Bond ETF | 22.5 yrs | 0.28% | $4.24B | -2.7% | +3.8% |
| JMUB JPMorgan Municipal ETF | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
Questions investors ask
Is MMIN tax-free?
Mostly at the federal level, but not completely. The fund aims for income exempt from federal income tax. However, it may put up to 20% of net assets into bonds subject to the alternative minimum tax. The prospectus warns that some earnings may be federally taxable and most may be subject to state and local taxes. Because it mainly redeems shares for cash, it may also sell bonds and pass taxable capital gains on to shareholders.
Does MMIN pay monthly dividends?
Yes. MMIN pays income every month. Over the 12 months through October 27, 2026, it paid $0.95 per share, a trailing yield of 4.12%. Payments can change. The prospectus notes that income may drop when interest rates fall, because maturing bonds get replaced with lower-yielding ones, or if bonds in the portfolio default.
What's the difference between MMIN and PZA?
Both hold investment-grade national municipal bonds with long maturities, but they are run differently. Invesco National AMT-Free Municipal Bond ETF (PZA) charges 0.28%, has an average maturity of 22.5 years and held about $4.2 billion. MMIN charges 0.30%, is actively managed with a focus on insured bonds, and held about $462 million. As of October 27, 2026, MMIN returned 5% a year over three years, compared with 3.8% for PZA. High-yield muni funds such as HYD match MMIN's maturity profile but take more credit risk.
Does bond insurance protect MMIN from losses?
No. The insurance guarantees that the bond's interest and principal will be paid on time. It does not protect the bond's market value, the fund's share price or its distributions, and the fund's shares are not insured. Rising interest rates still pushed MMIN down 11.1% in 2022, and its deepest drop was 16.9%, from July 2021 to October 2022. It took until October 2025 to recover.
Is MMIN's expense ratio high?
It is about average for its group, but high next to the cheapest muni funds. The expense ratio is 0.30% after a 0.16% fee waiver on a 0.40% management fee. The peer average is 0.29%, and MMIN ranks 5th of 8 on cost. Vanguard Tax-Exempt Bond ETF charges 0.03%. On the SEC's standard $10,000 example, MMIN's costs total $31 after one year, $169 after five years and $381 after ten.