MMIT — NYLI MacKay Muni Intermediate ETF

MMIT Price Performance — Growth of $10,000

Value of a $10,000 investment in MMIT over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

MMIT Drawdown

The "underwater" chart: MMIT's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The NYLI MacKay Muni Intermediate ETF is a municipal bond fund issued by New York Life Investment Management LLC with $1.44 billion in assets. It holds a D grade and ranks 9 of 10 within its category, placing it near the bottom of the 10 funds tracked in this segment. The fund’s 0.3% expense ratio exceeds the category median of 0.19%, while its 3.74% dividend yield sits above the median of 3.40%. Top holdings represent only 8.4% of assets, with the largest single position being the City of New York at 1.0%. This low concentration suggests a broadly diversified portfolio rather than reliance on a few key issuers.

The fund’s rating was upgraded from C to D on 2026-09-25, reflecting a change in its overall assessment. Price history is available for 3.0 years, during which the share price has settled at 38.0% of its 52-week range. Short-term returns show a divergence, with one-month gains of 2.01% contrasting with a three-month decline of -1.07%. Over the longer term, the three-year return stands at +12.79%, while the one-year return of +0.01% slightly outperforms the category median of -0.34%. The year-to-date performance remains negative at -0.63%, indicating recent headwinds.

With a beta of 0.76, the fund has historically moved less than the broader market, contributing to its very low annualized volatility of 3.09%. Despite this stability, the Sharpe ratio of -1.62 indicates that risk-adjusted returns have been negative relative to the risk-free rate. The maximum drawdown of -5.96% highlights the extent of peak-to-trough losses experienced during the tracking period. Liquidity appears adequate, supported by an average daily volume of 776,509 shares. These metrics collectively describe a fund that has preserved capital value relatively well but failed to generate sufficient excess return for the risk taken.

AI-generated summary based on the data on this page.

MMIT Top Holdings

Holdings as of 2026-07-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 8.4% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how MMIT's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

MMIT Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 777K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $1.44B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: MMIT is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

MMIT Performance History

How MMIT Compares to Other Municipal Bonds ETFs