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NYLI MacKay Muni Insured ETF
Active ETF
MMIN
Payout Change
Pending
Price as of:
$24.24
-0.01
-0.04%
primary theme
Municipal Bond
MMIN (ETF)
NYLI MacKay Muni Insured ETF
Payout Change
Pending
Price as of:
$24.24
-0.01
-0.04%
primary theme
Municipal Bond
MMIN (ETF)
NYLI MacKay Muni Insured ETF
Payout Change
Pending
Price as of:
$24.24
-0.01
-0.04%
primary theme
Municipal Bond
Name
As of 11/20/2024Price
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
Vitals
YTD Return
2.0%
1 yr return
7.2%
3 Yr Avg Return
-0.7%
5 Yr Avg Return
1.3%
Net Assets
$460 M
Holdings in Top 10
9.8%
52 WEEK LOW AND HIGH
$24.3
$23.65
$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 11/20/2024Price
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
MMIN - Profile
Distributions
- YTD Total Return 2.0%
- 3 Yr Annualized Total Return -0.7%
- 5 Yr Annualized Total Return 1.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.40%
- Dividend Yield 4.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameNYLI MacKay Muni Insured ETF
-
Fund Family NameIndexIQ
-
Inception DateOct 18, 2017
-
Shares Outstanding15500000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn Lawlor
Fund Description
The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in: (i) 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”); and (ii) debt securities covered by an insurance policy guaranteeing the payment of principal and interest. 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, or (“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 15 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 may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax.
Insured Municipal Bonds are covered by insurance policies that guarantee the timely payment of principal and interest. The Fund generally purchases Municipal Bonds that have insurance in place so the Fund does not pay insurance premiums directly. The premium costs, however, are reflected in a lower yield and/or higher price for the insured Municipal Bonds. When beneficial, the Fund may purchase insurance for an uninsured bond directly from a qualified Municipal Bond insurer, in which case the Fund pays the insurance premium directly to the insurance company. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund’s share price or distributions, and shares of the Fund are not insured.
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 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.
MMIN - Performance
Return Ranking - Trailing
| Period | MMIN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -4.6% | 33.0% | 65.02% |
| 1 Yr | 7.2% | -0.1% | 38.0% | 29.18% |
| 3 Yr | -0.7%* | -10.8% | 3.4% | 61.90% |
| 5 Yr | 1.3%* | -6.7% | 1104.0% | 18.56% |
| 10 Yr | N/A* | -0.9% | 248.8% | 13.86% |
* Annualized
Return Ranking - Calendar
| Period | MMIN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.4% | -1.4% | 41.0% | 24.25% |
| 2022 | -13.7% | -39.7% | 0.3% | 79.81% |
| 2021 | -0.4% | -5.6% | 6.9% | 45.43% |
| 2020 | 5.1% | -2.6% | 310.0% | 2.29% |
| 2019 | 5.1% | 0.0% | 26.0% | 11.43% |
Total Return Ranking - Trailing
| Period | MMIN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -4.6% | 33.0% | 65.02% |
| 1 Yr | 7.2% | -0.1% | 38.0% | 29.18% |
| 3 Yr | -0.7%* | -10.8% | 3.4% | 61.90% |
| 5 Yr | 1.3%* | -6.7% | 1104.0% | 18.56% |
| 10 Yr | N/A* | -0.9% | 248.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MMIN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.4% | -1.3% | 41.0% | 11.22% |
| 2022 | -11.2% | -39.7% | 1.1% | 76.56% |
| 2021 | 1.3% | -4.8% | 23761504.0% | 56.14% |
| 2020 | 7.5% | -1.5% | 17057.9% | 3.13% |
| 2019 | 8.1% | 0.2% | 3514.6% | 13.86% |
MMIN - Holdings
Concentration Analysis
| MMIN | Category Low | Category High | MMIN % Rank | |
|---|---|---|---|---|
| Net Assets | 460 M | 3.22 M | 71.9 B | 50.80% |
| Number of Holdings | 308 | 4 | 13418 | 38.97% |
| Net Assets in Top 10 | 45.9 M | -317 M | 3.09 B | 68.29% |
| Weighting of Top 10 | 9.79% | 1.8% | 100.3% | 81.27% |
Top 10 Holdings
- Anaheim Public Financing Authority 1.14%
- Burbank-Glendale-Pasadena Airport Authority Brick Campaign 1.08%
- City of San Mateo CA 1.07%
- Chicago O'Hare International Airport 1.05%
- Texas State Technical College 0.97%
- Chicago Transit Authority Sales Tax Receipts Fund 0.96%
- City of Joliet IL 0.89%
- Will County School District No 114 Manhattan 0.89%
- City of Grand Junction CO Joint Sewer System Revenue 0.88%
- Metropolitan Transportation Authority 0.87%
Asset Allocation
| Weighting | Return Low | Return High | MMIN % Rank | |
|---|---|---|---|---|
| Bonds | 98.42% | 0.00% | 150.86% | 61.98% |
| Cash | 1.58% | -50.86% | 44.62% | 37.11% |
| Stocks | 0.00% | 0.00% | 99.78% | 43.41% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 33.71% |
| Other | 0.00% | -3.69% | 51.88% | 42.90% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 32.44% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MMIN % Rank | |
|---|---|---|---|---|
| Municipal | 88.96% | 44.39% | 100.00% | 95.32% |
| Cash & Equivalents | 0.56% | 0.00% | 44.41% | 37.04% |
| Derivative | 0.00% | -3.69% | 51.88% | 18.32% |
| Securitized | 0.00% | 0.00% | 5.93% | 9.43% |
| Corporate | 0.00% | 0.00% | 9.41% | 24.68% |
| Government | 0.00% | 0.00% | 52.02% | 38.46% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MMIN % Rank | |
|---|---|---|---|---|
| US | 98.42% | 0.00% | 142.23% | 59.63% |
| Non US | 0.00% | 0.00% | 23.89% | 38.37% |
MMIN - Expenses
Operational Fees
| MMIN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.47% | 0.01% | 8.02% | 85.47% |
| Management Fee | 0.40% | 0.00% | 1.20% | 40.01% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 5.70% |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| MMIN 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
| MMIN 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.
| MMIN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 283.00% | 95.21% |
MMIN - Distributions
Dividend Yield Analysis
| MMIN | Category Low | Category High | MMIN % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.01% | 0.00% | 14.51% | 3.33% |
Dividend Distribution Analysis
| MMIN | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MMIN | Category Low | Category High | MMIN % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.40% | -0.53% | 5.33% | 75.79% |
Capital Gain Distribution Analysis
| MMIN | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 01, 2024 | $0.081 | OrdinaryDividend |
| Oct 01, 2024 | $0.078 | OrdinaryDividend |
| Sep 03, 2024 | $0.078 | OrdinaryDividend |
| Aug 01, 2024 | $0.081 | OrdinaryDividend |
| Jul 01, 2024 | $0.079 | OrdinaryDividend |
| Jun 03, 2024 | $0.081 | OrdinaryDividend |
| May 01, 2024 | $0.078 | OrdinaryDividend |
| Apr 01, 2024 | $0.081 | OrdinaryDividend |
| Mar 01, 2024 | $0.076 | OrdinaryDividend |
| Feb 01, 2024 | $0.082 | OrdinaryDividend |
| Dec 28, 2023 | $0.082 | OrdinaryDividend |
| Dec 01, 2023 | $0.075 | OrdinaryDividend |
| Nov 01, 2023 | $0.080 | OrdinaryDividend |
| Oct 02, 2023 | $0.076 | OrdinaryDividend |
| Sep 01, 2023 | $0.078 | OrdinaryDividend |
| Aug 01, 2023 | $0.078 | OrdinaryDividend |
| Jul 03, 2023 | $0.075 | OrdinaryDividend |
| Jun 01, 2023 | $0.070 | OrdinaryDividend |
| May 01, 2023 | $0.076 | OrdinaryDividend |
| Apr 03, 2023 | $0.079 | OrdinaryDividend |
| Mar 01, 2023 | $0.069 | OrdinaryDividend |
| Feb 01, 2023 | $0.079 | OrdinaryDividend |
| Dec 29, 2022 | $0.072 | OrdinaryDividend |
| Dec 01, 2022 | $0.078 | OrdinaryDividend |
| Nov 01, 2022 | $0.071 | OrdinaryDividend |
| Oct 03, 2022 | $0.068 | OrdinaryDividend |
| Sep 01, 2022 | $0.061 | OrdinaryDividend |
| Aug 01, 2022 | $0.056 | OrdinaryDividend |
| Jul 01, 2022 | $0.053 | OrdinaryDividend |
| Jun 01, 2022 | $0.056 | OrdinaryDividend |
| May 02, 2022 | $0.050 | OrdinaryDividend |
| Apr 01, 2022 | $0.047 | OrdinaryDividend |
| Mar 01, 2022 | $0.040 | OrdinaryDividend |
| Feb 01, 2022 | $0.043 | OrdinaryDividend |
| Dec 29, 2021 | $0.049 | OrdinaryDividend |
| Dec 01, 2021 | $0.040 | OrdinaryDividend |
| Nov 01, 2021 | $0.044 | OrdinaryDividend |
| Oct 01, 2021 | $0.040 | OrdinaryDividend |
| Sep 01, 2021 | $0.040 | OrdinaryDividend |
| Aug 02, 2021 | $0.039 | OrdinaryDividend |
| Jul 01, 2021 | $0.037 | OrdinaryDividend |
| Jun 01, 2021 | $0.039 | OrdinaryDividend |
| May 03, 2021 | $0.038 | OrdinaryDividend |
| Apr 01, 2021 | $0.040 | OrdinaryDividend |
| Mar 01, 2021 | $0.033 | OrdinaryDividend |
| Feb 01, 2021 | $0.034 | OrdinaryDividend |
| Dec 30, 2020 | $0.037 | OrdinaryDividend |
| Dec 01, 2020 | $0.037 | OrdinaryDividend |
| Nov 02, 2020 | $0.042 | OrdinaryDividend |
| Oct 01, 2020 | $0.042 | OrdinaryDividend |
| Sep 01, 2020 | $0.048 | OrdinaryDividend |
| Aug 03, 2020 | $0.048 | OrdinaryDividend |
| Jul 01, 2020 | $0.047 | OrdinaryDividend |
| Jun 01, 2020 | $0.055 | OrdinaryDividend |
| May 01, 2020 | $0.053 | OrdinaryDividend |
| Apr 01, 2020 | $0.063 | OrdinaryDividend |
| Mar 02, 2020 | $0.048 | OrdinaryDividend |
| Feb 03, 2020 | $0.091 | OrdinaryDividend |
| Dec 30, 2019 | $0.014 | OrdinaryDividend |
| Dec 30, 2019 | $0.047 | CapitalGainShortTerm |
| Dec 30, 2019 | $0.065 | CapitalGainLongTerm |
| Dec 02, 2019 | $0.050 | OrdinaryDividend |
| Nov 01, 2019 | $0.047 | OrdinaryDividend |
| Oct 01, 2019 | $0.052 | OrdinaryDividend |
| Sep 03, 2019 | $0.055 | OrdinaryDividend |
| Aug 01, 2019 | $0.058 | OrdinaryDividend |
| Jul 01, 2019 | $0.057 | OrdinaryDividend |
| Jun 03, 2019 | $0.051 | OrdinaryDividend |
| May 01, 2019 | $0.059 | OrdinaryDividend |
| Apr 01, 2019 | $0.059 | OrdinaryDividend |
| Mar 01, 2019 | $0.040 | OrdinaryDividend |
| Feb 01, 2019 | $0.069 | OrdinaryDividend |
| Dec 27, 2018 | $0.003 | CapitalGainShortTerm |
| Dec 27, 2018 | $0.024 | OrdinaryDividend |
| Dec 03, 2018 | $0.061 | OrdinaryDividend |
| Nov 01, 2018 | $0.063 | OrdinaryDividend |
| Oct 01, 2018 | $0.064 | OrdinaryDividend |
| Sep 04, 2018 | $0.065 | OrdinaryDividend |
| Aug 01, 2018 | $0.055 | OrdinaryDividend |
| Jul 02, 2018 | $0.063 | OrdinaryDividend |
| Jun 01, 2018 | $0.057 | OrdinaryDividend |
| May 01, 2018 | $0.060 | OrdinaryDividend |
| Apr 02, 2018 | $0.062 | OrdinaryDividend |
| Mar 01, 2018 | $0.056 | OrdinaryDividend |
| Feb 01, 2018 | $0.062 | OrdinaryDividend |
| Dec 28, 2017 | $0.058 | OrdinaryDividend |
| Dec 01, 2017 | $0.061 | OrdinaryDividend |
MMIN - Fund Manager Analysis
Managers
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.
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.
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.
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.
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.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.35 | 1.58 |
