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, identified by the ticker MMIT, is a municipal bond fund managed by New York Life Investment Management LLC. With assets under management totaling $1.47 billion, the fund trades at a price of $23.96 per share. It currently holds an overall rank of #353 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 53.6 out of 100. The fund carries an expense ratio of 0.3% and offers a dividend yield of 3.86%. Within the municipal bonds category, which contains 10 ETFs tracked by ETFValuer, the fund's size and yield profile suggest a moderate level of investor adoption relative to its peers. The combination of its AUM and price point positions it as a mid-sized option within its specific sector classification.

Over the most recent trading day, the fund posted a return of +0.08%, followed by a weekly decline of -0.99%. The one-month performance shows a further decrease of -1.36%, while the three-month return stands at -0.72%. A slight recovery is evident in the six-month period with a return of -0.26%, and year-to-date gains have reached +0.24%. The one-year return has improved to +4.73%, and the three-year annualized return is recorded at +9.91%. This pattern indicates a divergence where short-term results have been negative, contrasting with positive long-term performance over the one and three-year horizons.

The fund is assigned a volatility label of Very Low, supported by a beta of 0.73 which suggests lower sensitivity to market movements compared to the broader benchmark. Despite this lower volatility, the Sharpe ratio is negative at -0.11, indicating that the risk-adjusted returns have been unfavorable over the measured period. The maximum drawdown recorded for the fund is -3.88%, reflecting the largest peak-to-trough decline experienced. This combination of a low beta and negative Sharpe ratio implies that while the fund may not experience extreme swings, it has failed to generate sufficient excess return to compensate for the risks taken. The modest maximum drawdown aligns with the low volatility classification, suggesting limited downside severity during market stress.

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

MMIT Top Holdings

Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 9.2% 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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

MMIT Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 24.91% and average daily volume is 361K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.47B 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