NYLI MacKay Muni Intermediate ETF

Frequently Asked Questions About MMIT

What does MMIT invest in?

MMIT is actively managed to provide current income, exempt from federal income tax, via investing 80% of its assets in investment-grade municipal bonds. The funds subadvisor considers macroeconomic factors such as tax rates, treasury rates, regulatory, technical factors, and other global economic data. In addition, certain ESG criteria may also be considered for evaluation. Based on this assessment, the manager employs fundamental analysis among various sectors and states to select individual muni bonds with no single state making up 30% of the total investment. The fund aims to maintain a dollar-weighted average duration of 3 to 10 years. As an actively managed fund, MMIT may make certain investment decisions at its discretion to meet its objectives. Prior to Aug. 28, 2024, the fund name was branded under IndexIQ.

What is the expense ratio of MMIT?

NYLI MacKay Muni Intermediate ETF (MMIT) charges an expense ratio of 0.40%. This is the annual fee deducted from fund assets to cover management and operations.

What is MMIT's dividend yield?

MMIT's trailing-twelve-month yield is 3.72%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of MMIT?

Effective duration measures MMIT's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. MMIT's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of MMIT?

MMIT's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of MMIT?

Yield to maturity (YTM) is the total return you'd earn from MMIT if every bond in the portfolio is held to maturity at the current price. MMIT's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.