NYLI MacKay California Muni Intermediate ETF
$20.71−0.18 (−0.84%)
- Expense ratio
- 0.45%
- Fund size
- $89M
- 1Y return
- −0.9%
- Yield · Last 12 months
- 3.36%
- Holdings
- 119
- Volume · 30D
- 0M sh
- NAV per share
- $20.92
- 52W range
The ETF.net MMCA Grade
Score 42 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 0Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 93Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 43Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 52Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 28Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 40Category rank
Our read on MMCA
CA California-only muni fund, actively run by MacKay Shields' municipal team, built around income exempt from both federal and California income taxes. Intermediate maturities, roughly 120 bonds, monthly distributions.
The Fund seeks current income that is exempt from both federal and California income taxes.
Why people hold it
- Double tax-exempt by mandate: the fund seeks current income exempt from federal and California income taxes, not a national portfolio that happens to hold some California paper.
- Actively managed by MacKay Shields' municipal team rather than tracking an index, and it has hewed closely to the objective in its own filings.newyorklifeinvestments.com
- Pays monthly and spreads the risk across roughly 120 intermediate-maturity bonds, so no single issuer carries the portfolio.
- Part of NY Life's active muni ETF lineup alongside its national and insured muni funds, and it has been trading since 2021.newyorklifeinvestments.com
Worth knowing
- Active management costs: 0.45% a year against a 0.30% median for muni bond ETFs, while broad national trackers like VTEB (0.03%) and MUB (0.05%) sit far below that.
- One state, one budget. California issuers drive results, and the state-tax portion of the exemption is only worth something to California taxpayers.
- A smaller fund that trades lightly next to the big national muni ETFs, so spreads and limit orders matter more at the point of trade.
MMCA Holdings
- Bonds
- 119
- 26%
- DREYFUS GOVT CASH MAN INS
Geography
- United States100.00%
MMCA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MMCA |
|---|---|
| Year to date | −2.2% |
| 1 month | −2.4% |
| 3 months | −3.4% |
| 1 year | −0.9% |
| 3 years | +3.4% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MMCA |
|---|---|---|
| 2026 YTD | −2.2% | |
| 2025 | +5.8% | |
| 2024 | +1.7% | |
| 2023 | +5.7% | |
| 2022 | −12.1% | |
| 2021 | −0.0% |
MMCA in the news
ETF.net Research hasn’t filed on MMCA yet — coverage lands here as it’s written.
MMCA Dividends
- 3.36%
- $0.70
- $0.06 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 31, 2026 | Sep 2, 2026 | $0.06 |
| Jul 31, 2026 | Aug 4, 2026 | $0.06 |
| Jun 30, 2026 | Jul 2, 2026 | $0.06 |
| May 29, 2026 | Jun 2, 2026 | $0.06 |
| Apr 30, 2026 | May 4, 2026 | $0.06 |
| Mar 31, 2026 | Apr 2, 2026 | $0.06 |
| Feb 27, 2026 | Mar 3, 2026 | $0.05 |
| Jan 30, 2026 | Feb 3, 2026 | $0.06 |
| Dec 30, 2025 | Jan 5, 2026 | $0.06 |
| Dec 1, 2025 | Dec 5, 2025 | $0.06 |
| Nov 3, 2025 | Nov 7, 2025 | $0.06 |
| Oct 1, 2025 | Oct 6, 2025 | $0.06 |
MMCA Risk
- 4.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.16
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −16.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.77
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MMCA Cost
- The middle half of Intermediate Municipal Bonds funds
- Median 0.35%
Every other Intermediate Municipal Bonds fund charges less.