APMU vs MMIT

APMUCActivePassive Intermediate Municipal Bond ETF

MMITANYLI MacKay Muni Intermediate ETF

In short

APMU The name is the strategy: an index-tracking muni core plus an active sleeve from GW&K, aimed at federally tax-free income with low volatility of principal in the 1-10 year slice of the curve.

MMIT Active muni bond-picking in an ETF wrapper. MacKay Shields' municipal desk has run MMIT since 2017, sifting roughly 900 investment-grade, AMT-free bonds for income exempt from federal tax, and paying it out monthly.

Stated mandate

APMU The Fund seeks current income exempt from federal income taxes while maintaining relatively low volatility.

MMIT The Fund seeks current income exempt from federal income tax.

Why people hold it

• APMU Literal name: the adviser runs an index-tracking sleeve against the Bloomberg Municipal 1-10 Year Blend Index while GW&K manages an active sleeve. Two jobs, one ticker.sec.govsec.gov 2
• Tight mandate: at least 80% of net assets in US municipal bonds exempt from federal income tax and rated investment grade or better.sec.gov
• Income arrives monthly, and the portfolio has hewed closely to the muni mandate its prospectus describes.

• MMIT Genuinely active, not an index in disguise: MacKay Shields' muni team picks bonds on credit and yield-curve analysis, targeting a 3 to 10 year duration band.nylim.comstockanalysis.com
• A billion-dollar-plus fund and one of the more actively traded in the intermediate muni group, with roughly 900 bonds spreading issuer risk.
• Trading since 2017, a long run for an active muni ETF, and one of the stronger implementations in its intermediate muni peer group.
• Does the one job it advertises: current income exempt from federal income tax, distributed monthly.

Worth knowing

• APMU Cost is the trade-off: 0.35% a year, near the category median, while index-based rivals run leaner (TAXI 0.05%, ITM 0.18%, EVIM 0.11% net of a waiver through February 1, 2027).
• It trades thinly next to the category's big index names, so spreads can be wider and size can be harder to move.
• The active sleeve can push results away from the 1-10 year benchmark in either direction, and muni prices still swing with rates and credit.sec.gov

• MMIT 0.30%, net of a fee waiver off 0.46% gross, sits near the category median but above index rivals: TAXI 0.05%, ITM 0.18%, EVIM 0.11% net of a waiver through February 1, 2027.
• Active management cuts both ways: holdings and results can drift from a plain muni index in either direction.nylim.com
• Income is exempt from federal income tax, not state tax, and the bonds still reprice when rates move.nylim.com

Full APMU profile⁠

Full MMIT profile⁠