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Name

As of 11/05/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

NYLI MacKay Muni Intermediate ETF

MMIT | Active ETF

$24.24

$651 M

3.94%

$0.95

0.47%

Vitals

YTD Return

1.9%

1 yr return

7.1%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

1.5%

Net Assets

$651 M

Holdings in Top 10

8.2%

52 WEEK LOW AND HIGH

$24.2
$23.70
$24.67

Expenses

OPERATING FEES

Expense Ratio 0.47%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/05/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

NYLI MacKay Muni Intermediate ETF

MMIT | Active ETF

$24.24

$651 M

3.94%

$0.95

0.47%

MMIT - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.78%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    NYLI MacKay Muni Intermediate ETF
  • Fund Family Name
    IndexIQ
  • Inception Date
    Oct 18, 2017
  • Shares Outstanding
    10950000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Sprauer

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). The Fund typically invests at least 80% of its net assets in Municipal Bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of comparable quality by the Subadvisor. If independent rating agencies assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund generally will maintain a dollar-weighted average duration of 3 to 10 years.

Municipal Bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax.

The Fund may invest more than 25% of its total assets in Municipal Bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. However, the Fund’s investments will be diversified among a minimum of ten different sectors of the Municipal Bond market, such as education, transportation and local general obligation. The Fund’s investments will be diversified among at least 15 different states, with no more than 30% of the Fund’s securities invested in municipal securities from a single state. Some of the Fund’s earnings may be subject to federal tax and most may be subject to state and local taxes.

MacKay Shields LLC’s (the “Subadvisor”) investment process begins with an assessment of macro factors that may impact the Municipal Bond market, including tax rates, U.S. Treasury rates, and global economic data, as well as other regulatory, tax, governmental, and technical factors that may impact the Municipal Bond market. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund. Following the assessment of these factors, the Subadvisor develops an investment strategy to position the Fund among various sectors of the Municipal Bond market and different states. The Subadvisor then employs a fundamental, “bottom-up” credit research analysis to select individual Municipal Bonds.

The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition.

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MMIT - Performance

Return Ranking - Trailing

Period MMIT Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.7% 25.9% 56.26%
1 Yr 7.1% 0.7% 37.2% 69.57%
3 Yr -0.1%* -10.8% 3.2% 25.61%
5 Yr 1.5%* -7.0% 1103.1% 9.76%
10 Yr N/A* -0.9% 248.6% 14.74%

* Annualized

Return Ranking - Calendar

Period MMIT Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -1.4% 41.0% 79.71%
2022 -9.5% -39.7% 0.3% 30.40%
2021 -0.3% -5.6% 6.9% 40.56%
2020 3.4% -2.6% 310.0% 4.72%
2019 3.2% 0.0% 26.0% 75.02%

Total Return Ranking - Trailing

Period MMIT Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.7% 25.9% 56.26%
1 Yr 7.1% 0.7% 37.2% 69.57%
3 Yr -0.1%* -10.8% 3.2% 25.61%
5 Yr 1.5%* -7.0% 1103.1% 9.76%
10 Yr N/A* -0.9% 248.6% N/A

* Annualized

Total Return Ranking - Calendar

Period MMIT Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -1.3% 41.0% 56.81%
2022 -7.4% -39.7% 1.1% 30.13%
2021 1.6% -4.8% 23761504.0% 50.72%
2020 6.2% -1.5% 17057.9% 5.63%
2019 7.5% 0.2% 3514.6% 22.70%

MMIT - Holdings

Concentration Analysis

MMIT Category Low Category High MMIT % Rank
Net Assets 651 M 3.22 M 71.9 B 41.24%
Number of Holdings 554 4 13418 23.37%
Net Assets in Top 10 56.5 M -317 M 3.09 B 61.45%
Weighting of Top 10 8.15% 1.8% 100.3% 87.14%

Top 10 Holdings

  1. County of Parker TX 0.99%
  2. Brownsburg 1999 School Building Corp 0.92%
  3. Patriots Energy Group Financing Agency 0.90%
  4. Louisiana Housing Corp 0.88%
  5. Main Street Natural Gas Inc 0.85%
  6. State of Connecticut 0.84%
  7. Main Street Natural Gas Inc 0.74%
  8. City of Chicago IL 0.73%
  9. California Community Choice Financing Authority 0.66%
  10. University of California 0.65%

Asset Allocation

Weighting Return Low Return High MMIT % Rank
Bonds 		100.50% 0.00% 150.86% 16.50%
Cash 		0.49% -50.86% 44.62% 68.18%
Stocks 		0.00% 0.00% 99.78% 88.22%
Preferred Stocks 		0.00% 0.00% 0.07% 86.28%
Other 		0.00% -3.69% 51.88% 82.36%
Convertible Bonds 		0.00% 0.00% 0.93% 86.30%

Bond Sector Breakdown

Weighting Return Low Return High MMIT % Rank
Municipal 		83.86% 44.39% 100.00% 98.06%
Cash & Equivalents 		0.49% 0.00% 44.41% 39.48%
Derivative 		0.00% -3.69% 51.88% 80.89%
Securitized 		0.00% 0.00% 5.93% 85.36%
Corporate 		0.00% 0.00% 9.41% 87.43%
Government 		0.00% 0.00% 52.02% 86.56%

Bond Geographic Breakdown

Weighting Return Low Return High MMIT % Rank
US 		100.50% 0.00% 142.23% 15.91%
Non US 		0.00% 0.00% 23.89% 87.15%

MMIT - Expenses

Operational Fees

MMIT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.47% 0.01% 8.02% 85.68%
Management Fee 0.40% 0.00% 1.20% 43.31%
12b-1 Fee 0.00% 0.00% 1.00% 13.18%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MMIT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

MMIT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MMIT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 95.64%

MMIT - Distributions

Dividend Yield Analysis

MMIT Category Low Category High MMIT % Rank
Dividend Yield 3.94% 0.00% 14.51% 7.78%

Dividend Distribution Analysis

MMIT Category Low Category High Category Mod
Dividend Distribution Frequency Annual Quarterly Monthly Monthly

Net Income Ratio Analysis

MMIT Category Low Category High MMIT % Rank
Net Income Ratio 1.78% -0.53% 5.33% 60.51%

Capital Gain Distribution Analysis

MMIT Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

MMIT - Fund Manager Analysis

Managers

Scott Sprauer

Start Date

Tenure

Tenure Rank

Oct 17, 2017

4.62

4.6%

Mr. Sprauer is a Senior Managing Director. He joined MacKay Shields in 2009 as a Portfolio Manager in the Municipal Bond Division. He has managed the MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2012, MainStay MacKay California Tax Free Opportunities Fund since 2013, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay Tax Free Bond Fund since 2014 and MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Before joining the firm, he was Head Trader, Fixed Income at Financial Guaranty Insurance Company. Mr. Sprauer was previously with Dreyfus Corporation and Merrill Lynch Investment Managers as a Municipal Bond Portfolio Manager/Trader. He has a BSBA from Villanova University, and has been in the investment management industry since 1991.

David Dowden

Start Date

Tenure

Tenure Rank

Oct 17, 2017

4.62

4.6%

Mr. Dowden is a Managing Director and Portfolio Manager at MacKay Shields. He joined MacKay Shields in 2009 as a Portfolio Manager in the Municipal Bond Division. He has managed the MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2012, MainStay MacKay California Tax Free Opportunities Fund since 2013, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay Tax Free Bond Fund since 2014 and MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Before joining the firm, he was Chief Investment Officer at Financial Guaranty Insurance Company. He was previously with Alliance Capital Management as a Senior Portfolio Manager and at Merrill Lynch & Co. as a Municipal Strategist. He has an AB from Brown University and an MBA from Columbia University. He has been in the investment management industry since 1989.

John Lawlor

Start Date

Tenure

Tenure Rank

Oct 17, 2017

4.62

4.6%

John Lawlor joined MacKay Shields as a Director in 2016. Before joining the firm, he was a senior trader on the floor of the New York Stock Exchange. Mr. Lawlor has a broad and diverse set of skills in sales, trading and electronic trading platforms. He earned a Bachelor's degree in Finance from Lehigh University and has been in the financial services industry since 1997.

Michael Petty

Start Date

Tenure

Tenure Rank

Oct 17, 2017

4.62

4.6%

Mike joined MacKay Shields in July 2009. Before joining the firm he was a Portfolio Manager for Mariner Municipal Managers. He has been a municipal bond portfolio manager since 1992, and has worked in the municipal products market since 1985. Mike has a broad array of trading, portfolio management, and sales experience. Prior to joining Mariner Municipal Managers, he was a Senior Portfolio Manager at Dreyfus Corporation from 1997 to 2009. From 1992 to 1997, he served as a Portfolio Manager for Merrill Lynch Investment Managers. He is a member of the firm’s Management Committee. Mike graduated from Hobart College with a B.S. in Mathematics and Economics.

Frances Lewis

Start Date

Tenure

Tenure Rank

Aug 29, 2018

3.76

3.8%

Frances Lewis joined MacKay Shields in July 2009 and is currently a Senior Managing Director. Ms. Lewis was the Director of Research for Mariner Municipal Managers and was previously at Merrill Lynch. Ms. Lewis began her municipal analyst career in 1991 as an Analyst for Merrill Lynch Investment Managers where she was a Senior Fund Analyst covering various sectors of the municipal market and becoming a Director in the Municipal Research Group in 1997. Ms. Lewis earned an MBA from Boston University and a BA from the University of Michigan.

Peter Bartlett

Start Date

Tenure

Tenure Rank

Aug 28, 2020

1.76

1.8%

Peter joined MacKay Shields in November 2019. He has been in the municipal bond industry for over four decades managing Citibank’s topranked Municipal bond department. His specific responsibilities included the management of trading, sales, research, derivatives and the bank’s municipal portfolio. Peter successfully ran the largest high yield position on Wall Street and was directly involved with banking and underwriting efforts of the firm. Peter is a graduate of Princeton University and resides in Los Angeles.

Michael Denlinger

Start Date

Tenure

Tenure Rank

Aug 28, 2020

1.76

1.8%

Mr. Denlinger joined MacKay Shields in 2019 and is currently a Director. Prior to joining MacKay Shields, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Mr. Denlinger earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014. Mr. Denlinger is a CFA Charterholder and has been in the financial services industry since 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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