Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
NYLI MacKay Muni Insured ETF
$22.55+0.16 (+0.71%)
- 0.40%
- $459M
- −2.4%
- 4.29%
- 0.1M sh
- $22.32
- low $22.11high $24.44
The ETF.net MMIN Grade
B
Score 55 out of 100
- 38 of 63
Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D26 out of 100Rank 44 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A88 out of 100Rank 32 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 51 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A70 out of 100Rank 13 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B69 out of 100Rank 22 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 39 of 63
Our read on MMIN
BMost muni ETFs just buy the market. MMIN buys munis wearing a seatbelt: bonds whose payments carry third-party insurance, picked by MacKay's muni desk, paying federally tax-exempt income every month.
The Fund seeks current income that is exempt from federal income tax.
Why people hold it
- The insurance wrapper is the whole point: bonds where an outside insurer stands behind interest and principal payments, wrapped around income exempt from federal income tax.
- Income arrives monthly and is federally tax-exempt by mandate, which is the shape most muni buyers are after.
- No index to hug. The managers assemble a couple hundred bonds themselves, so credit and structure calls are deliberate rather than index-weighted.
- On the tape since 2017, with a multi-year operating history behind the strategy instead of a fresh-launch story.
Worth knowing
- It charges 0.40% a year. Broad index munis go for a fraction of that (VTEB at 0.03%, MUB at 0.05%). The insured, hand-built portfolio is what the premium buys.
- Insurance addresses defaults, not prices. This is still a bond portfolio, so the share price moves when rates move.
- In a crowded muni ETF field it lands in the lower half overall, and cost is the main reason rather than how the portfolio is run.
MMIN Holdings
- Bonds
- 236
- 14%
- Dreyfus Govt Cash Man Ins
Sectors
- Financials100.0%
Geography
- United States100.00%
MMIN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
MMIN$9,762
Returns run to the Oct 12, 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 | MMIN |
|---|---|
| Year to date | −3.6% |
| 1 month | −2.3% |
| 3 months | −6.0% |
| 1 year | −2.4% |
| 3 years | +3.4% |
| 5 years | −0.4% |
| 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 | MMIN |
|---|---|---|
| 2026 YTD | −3.6% | |
| 2025 | +4.7% | |
| 2024 | +0.9% | |
| 2023 | +7.4% | |
| 2022 | −11.2% | |
| 2021 | +1.3% | |
| 2020 | +7.5% |
MMIN in the news
MMIN Dividends
- 4.29%
- $0.96
- $0.08 per share
- Monthly
Distribution history
MMIN Risk
- 7.0%
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.
- −0.15
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.
- −16.5%
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.
- 1.15
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MMIN Cost
0.40%
MMIN0.40%
- The middle half of Other Municipal Bond funds
- Median 0.30%
46 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BJHMUJohn Hancock Investments - Dynamic Municipal Bond ETFExpense ratio 0.39%1 year return −1.1%
- BNUMINuveen Municipal IncomeExpense ratio 0.30%1 year return −2.7%
- CBMOPBNY Mellon Municipal Opportunities ETFExpense ratio 0.54%1 year return —
- CFTPAFranklin Pennsylvania Municipal Income ETFExpense ratio 0.36%1 year return —
- CJMSIJPMorgan Sustainable Municipal Income ETFExpense ratio 0.46%1 year return −2.3%