AllianceBernstein's New York municipal ETF did not grow in its first year

A year after AllianceBernstein converted New York Municipal Portfolio into the AB New York Intermediate Municipal ETF, NYM, the fund has not grown.

On Nov. 7, 2025, the mutual fund's assets and shareholders became the ETF. Shareholders received ETF shares equal in value to the mutual fund shares they held.

The fund's shareholder report put net assets at $1.288 billion immediately after the conversion. Trading began on Nov. 10, 2025.

The fund is built for New York residents. AllianceBernstein says it seeks to maximize total return after federal and state taxes.

AllianceBernstein reported $1.273 billion of assets as of Sept. 30, 2026, a little under the $1.288 billion at conversion.

Municipal bond ETFs took in a net $55 billion through that same date, the Municipal Securities Rulemaking Board said in its October report, citing the Investment Company Institute. That was more than the $46 billion they took in during all of 2025, until then the record year.

The fee fell to 0.27%

NYM charges 0.27% a year, down from 0.55% on the mutual fund's largest share class.

The lower fee is still not the cheap way into New York municipal bonds. iShares New York Muni Bond ETF, NYF, charges 0.09%, and iShares reported $1.8 billion of assets on Nov. 6, 2026.

The five-year yield rose 97 basis points

The five-year Treasury yield rose from 3.67% on Nov. 7, 2025, to 4.64% on Nov. 6, 2026, 97 basis points.

Bond prices fall when yields rise, and a fund with more exposure to rates falls further.

NYM aims to keep that exposure between 3.5 and 7 years. Intermediate, in the name, means that range.

AllianceBernstein measured it at 5.26 years as of Sept. 30, 2026. iShares measured NYF at 7.13 years on Nov. 6, 2026.

From a first close of $25.02 on Nov. 10, 2025, the shares closed at $24.72 on Nov. 6, 2026, down 1.2%. Over those same dates, NYF's share price fell 2.1%.