NYLI MacKay Muni Intermediate ETF

NYLI MacKay Muni Intermediate ETF (MMIT) is an actively managed New York Life fund. It holds about 850 municipal bonds, mostly investment grade, whose interest is generally free from federal income tax. Its subadvisor, MacKay Shields, researches bonds one by one rather than tracking an index. That approach costs 0.30% a year after a fee waiver, against 0.03% for Vanguard's VTEB. MMIT paid a 3.6% trailing yield, monthly, as of October 27, 2026.

• Over the year to Oct 27, 2026, MMIT returned +0.2%, 3rd of 8 among similar funds.
• Its 5-year annualized return was +0.9%.
• In the 2020 COVID crash it fell 10.6% and regained its old high 3.9 months after the low.
• Its worst full calendar year was 2022 (-7.4%); its best was 2019 (+7.5%).
• The deepest fall in its price history was 12.3% (Jul 19, 2021 to Oct 25, 2022), recovered by Sep 27, 2024.

As of Jul 31, 2026, the fund held 854 securities; the ten largest made up 8.04% of assets.

The bonds mature in 16.2 years on average (weighted by size), with an average coupon of 4.57%.

• Over the three months to Jul 31, 2026, investors withdrew a net $92.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.43%, +0.57%, -1.53%.

MMIT is actively managed: MacKay Shields picks the bonds rather than tracking an index. At least 80% of assets go into municipal bonds, issued by states, cities and US territories, whose interest is free of federal income tax. At least 80% of net assets typically sit in investment-grade bonds, which rating agencies see as relatively unlikely to default, or unrated bonds of similar quality. The fund aims to avoid bonds subject to the alternative minimum tax, a separate federal tax calculation, but most income may face state and local tax.

MacKay Shields first weighs tax rates, Treasury yields, economic data and regulation, then splits money across sectors and states. It picks individual bonds through its own credit research. Rules require at least 10 sectors and 15 states, with no more than 30% in one state. Average duration, a gauge of how much prices move when rates change, generally stays between 3 and 10 years.

As of July 31, 2026, the fund held 854 bonds, and the 10 largest made up about 8% of assets. The biggest were a New York City bond and a Puerto Rico sales-tax bond, at about 1% each. The fund creates and redeems shares mainly for cash, which may force bond sales that realize taxable capital gains.

• MMIT charges 0.3% a year, versus an average of 0.25% 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).

MMIT pays monthly income that is mostly free of federal income tax, which matters most to investors in higher brackets holding it in a taxable account.

MMIT could add steady, federally tax-exempt monthly income: its trailing yield was 3.6% as of October 27, 2026. The tax benefit is lost in an IRA or 401(k). The fund launched in 2017, so it missed 2008. In the 2020 COVID crash it fell 10.6% in two weeks but recovered by July 2020. Rising interest rates hurt more. It lost 7.45% in 2022, its worst calendar year. Its deepest drop, 12.3% from July 2021 to October 2022, took about 23 months to recover. Anyone who had to sell during that stretch would have locked in losses. It costs 0.30% a year, above the 0.25% average of similar funds. In the SEC's standard example, that comes to about $31 in the first year and $381 over ten years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).