INMU vs MMIT

INMUBiShares Intermediate Muni Income Active ETF

MMITANYLI MacKay Muni Intermediate ETF

In short

INMU An actively run muni portfolio from BlackRock's municipal desk: roughly 600 bonds picked by hand, measured against the Bloomberg Municipal 3-10 Year Index rather than chained to it, with income paid monthly. Fee: 0.30% net of a waiver through June 30, 2027.

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

INMU The fund seeks tax-exempt income and total return through actively managed exposure to intermediate-term municipal bonds.

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

Why people hold it

• INMU Active by design: managers choose bonds across credit tiers, and the fund's secondary yardstick blends mostly investment grade munis with a 10% high yield slice.blackrock.com
• Income lands monthly, spread across roughly 600 municipal positions, so no single issuer or state carries the coupon load.
• 0.30% net of a waiver through June 30, 2027 (0.41% gross) sits near the category median, which is not where most actively managed muni funds land.
• Does what the label says: intermediate national munis, actively managed, and it sits in the upper half of its intermediate muni peer group.

• 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

• INMU You pay up for the manager. Index-tracking neighbors run cheaper: TAXI at 0.05%, EVIM at 0.11% net of a waiver through February 1, 2027, ITM at 0.18%.
• The waiver runs out June 30, 2027. Absent a renewal, the cost reverts toward the 0.41% gross fee.
• Tax-exempt is not tax-free for everyone: iShares notes some holders may still owe state income tax or AMT on the income.ishares.com

• 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 INMU profile⁠

Full MMIT profile⁠