NYLI MacKay Muni Intermediate ETF (MMIT)
ARCA ARCA Primary Summary
MMIT Chart
ETF 360: John Lawlor Unpacks the State of Munis
On the latest ETF 360, Kirsten Chang spoke to John Lawlor, managing director, portfolio manager/trader from MacKay Shields about the state of munis. Additionally, they discussed the NYLI MacKay Muni Intermediate ETF (MMIT).
IndexIQ Launches 6th MacKay Shields ETF
On Friday, IndexIQ launched the actively managed IQ MacKay Securitized Income ETF (NYSE Arca:SECR), which invests in investment-grade mortgage-related and asset-backed securities. The new fund is sub-advised by members of the global fixed income team at New York Life Investment Management subsidiary MacKay Shields.
NYLI MacKay Muni Intermediate ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| TJD Thomas John Drogan PR Inc.IPAL SECURITIES Inc. | 10,704 | $258,020 | $259,732.56 | $1,712.56 | 0.66% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 15,773 | $380,287.03 | $382,660.87 | $2,373.84 | 0.62% |
| RR rosemary richard WCG Wealth Advisors LLC | 13,913 | $335,188.81 | $337,598.94 | $2,410.13 | 0.72% |
 Jeff Ameen Spire Wealth Management | 66,397 | $1.61M | $1.61M | -$2,013.49 | -0.12% |
 Kyle P. Smith NewEdge Wealth LLC | 43,712 | $1.05M | $1.06M | $6,338.24 | 0.6% |
NYLI MacKay Muni Intermediate ETF (MMIT) FAQ
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NYLI MacKay Muni Intermediate ETF Profile
| ARCA Exchange | US Country |
Overview
The fund is dedicated to investing primarily in municipal bonds that are exempt from federal income tax. With a strategy to allocate at least 80% of its resources, encompassing net assets and funds acquired through borrowing geared for investment purposes, toward debt securities, the fund seeks to offer investors an income stream that enjoys a tax advantage. The focus is firmly on selecting bonds believed, at the time of their issuance and based on the assessment of the bond counsel for the issuer, to be free from federal income tax liabilities. However, the fund is distinct in its approach to avoid investing in municipal bonds that might be subject to the alternative minimum tax imposed by federal tax regulations. This careful selection process underlines the fund's strategy to maximize tax-efficient returns for its investors.
Products and Services
The fund offers a tailored selection of investment opportunities specializing in tax-exempt municipal bonds for individuals and institutions seeking tax-advantaged income. Its products and services include:
- Municipal Bonds Investment: The primary offering entails investment in municipal bonds which, according to the legal opinion provided by the issuer's bond counsel at the time of issuance, are exempt from federal income tax. This ensures that investors can benefit from income that is generally not subject to federal taxes, aligning with the fund's objective to provide tax-efficient investment solutions.
- Tax-Exempt Income Stream: By focusing on municipal bonds that are not subject to the federal alternative minimum tax, the fund aims to deliver a consistent income stream that retains its tax-exempt status. This approach intends to safeguard investors from potential tax liabilities that can undermine the tax efficiency of their investments.
