Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
NYLI MacKay Muni Allocation ETF
$24.03+0.15 (+0.64%)
- 0.40%
- $28M
- 0M sh
- $23.84
- low $23.63high $25.74
The ETF.net MMMA Grade
C
Score 51 out of 100
- 49 of 63
Score 51 of 100 falls in the C 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.A97 out of 100Rank 11 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A70 out of 100Rank 3 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 44 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.F20 out of 100Rank 61 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D29 out of 100Rank 51 of 63
Our read on MMMA
CA muni fund built by pickers, not by an index. Roughly 40 positions chosen for income exempt from regular US federal income tax, in a category ruled by thousand-line benchmark trackers.
The Fund seeks current income that is exempt from regular U.S. federal income tax.
Why people hold it
- The mandate is narrow and legible: current income exempt from regular US federal income tax, from US issuers.
- About 40 positions and no declared index, so manager selection drives the portfolio instead of a benchmark's weighting rules.
- Standard 1940 Act fund structure, so holders get a 1099 at tax time rather than a K-1.
Worth knowing
- At 0.40% a year it runs above the muni ETF median of 0.30%, and far above index anchors like VTEB (0.03%) and MUB (0.05%).
- Launched December 2025, so there is little history to judge, and it remains a small, lightly traded fund, which typically means wider spreads than category giants.
- Distributions come on an irregular cadence rather than a set monthly rhythm, and the tax break is written against regular federal income tax, not state taxes.
MMMA Holdings
- Bonds
- 57
- 54%
- CASH
Geography
- United States100.00%
MMMA 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.Not enough history yet.Not enough history yet.Not enough history yet.
MMMA$9,837
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 | MMMA |
|---|---|
| Year to date | −1.6% |
| 1 month | −2.3% |
| 3 months | −5.0% |
| 1 year | — |
| 3 years | — |
| 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 | MMMA |
|---|---|---|
| 2026 YTD | −1.6% | |
| 2025 | +0.3% |
MMMA in the news
MMMA Dividends
- $0.09 per share
- Monthly
Distribution data unavailable.
Distribution history
MMMA Risk
- —
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.
- —
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.
- —
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.
- 0.15
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MMMA Cost
0.40%
MMMA0.40%
- 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
- CFTOHPutnam ETF Trust - Franklin Ohio Municipal Income ETFExpense ratio 0.36%1 year return —
- CRMOPRockefeller Opportunistic Municipal Bond ETFExpense ratio 0.80%1 year return −1.9%
- CSCNMSterling Capital National Municipal Bond ETFExpense ratio 0.35%1 year return —
- CRJMIRJ Eagle Municipal Income ETFExpense ratio 0.41%1 year return −2.0%
- CMINNMairs & Power Minnesota Municipal Bond ETFExpense ratio 0.25%1 year return −4.2%