ITM vs MMCA: Grades, Fees and Holdings Compared

VanEck Intermediate Muni ETF

ITMACboe

NYLI MacKay California Muni Intermediate ETF

MMCACNYSE Arca

Overlap

0.0%by weight

Expense ratio

ITM −0.18pt a year

ITM0.18%MMCA0.36%

Avg volume · 30D

ITM 12.6×the volume

ITM648KMMCA51.4K

3Y return · a year

ITM +0.1pt

ITM+4.7%MMCA+4.6%

ITM vs MMCA Performance

Oct 31, 2025 – Oct 30, 2026

+0.1%ITM+0.1%MMCA

Expense ratio: ITM 0.18%, better; MMCA 0.36%
Fund size: ITM $2.33B; MMCA $85M
1Y total return: ITM +0.1%; MMCA +0.1%
Yield (12M): ITM 3.08%; MMCA 3.61%, better
Holdings: ITM 1418; MMCA 119
Avg volume (30D): ITM 648K sh, better; MMCA 51.4K sh
NAV per share: ITM $45.60; MMCA $21.11
52W range

ETF.net Grade

Pillar letters and Scores for ITM, MMCA, with each pillar’s weight
Pillar	ITM	MMCA
Cost30% weight	A84Higher	F24
Mission25% weight	A100Higher	A97
Risk15% weight	D39	C45Higher
Tradability15% weight	B65Higher	C48
Holdings10% weight	B68Higher	D26
Durability5% weight	A91Higher	D37

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. ITM and MMCA are both graded against the same 19 Intermediate Municipal Bonds funds, so their Grades compare head to head.

Intermediate Municipal Bonds⁠

Category · 19 funds

See all 19 ›

ITM ranks 2nd and MMCA 14th of 19 funds in the Intermediate Municipal Bonds Category.

Rank 1ATAXINorthern Trust Intermediate Tax-Exempt Bond ETFScore 84
Rank 2AITMVanEck Intermediate Muni ETFScore 77
Rank 3AEVIMEaton Vance Intermediate Municipal Income ETFScore 76
Rank 13CAPMUActivePassive Intermediate Municipal Bond ETFScore 54
Rank 14CMMCANYLI MacKay California Muni Intermediate ETFScore 49
Rank 14CTXXIBondBloxx IR+M Tax-Aware Intermediate Duration ETFScore 49

Our read on each fund

ETF.net Research

ITMAVanEck Intermediate Muni ETF

MMCACNYLI MacKay California Muni Intermediate ETF

In short

ITM Most big muni ETFs buy the whole curve. ITM, running since 2007, sticks to the middle: a passive, AMT-free national index of roughly 1,400 bonds, paid out monthly, for 0.18% a year.

MMCA California's own corner of the muni market, picked by hand: MacKay's muni team runs roughly 120 intermediate bonds chasing income exempt from both federal and California tax. Active, not an index, and it pays monthly.

Stated mandate

ITM The fund seeks to track the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index before fees and expenses.

MMCA The Fund seeks current income that is exempt from both federal and California income taxes.

Why people hold it

ITM 0.18% a year against a 0.30% median for muni ETFs in its group. Modest for a fund that screens the maturity range instead of buying the entire market.
A straight index tracker of the ICE Intermediate AMT-Free Broad National Municipal Index, and it stays unusually close to that benchmark for its cohort.vaneck.com
Mid-curve by design: shorter maturities than long muni funds mean less price movement per shift in rates, with more coupon than the ultra-short end.vaneck.com
Roughly 1,400 bonds, income paid monthly, and a 2007 launch that puts several full rate cycles behind it.

MMCA Double tax-exempt by design: the fund seeks current income exempt from both federal and California income taxes, and it pays monthly.nylim.com
Human judgment, not a benchmark: MacKay Municipal Managers, the muni team at MacKay Shields, runs it actively, with at least 80% of assets in municipal bonds.nylim.com nylim.com 2
What it holds matches what it says: roughly 120 intermediate California munis, closely aligned with the mandate in its prospectus.

Worth knowing

ITM Broad national trackers like VTEB, SCMB and MUB run at a few basis points. ITM's fee buys the intermediate screen, not the lowest sticker in the aisle.
Intermediate maturities soften rate moves rather than cancel them, and municipal issuers carry credit risk.
National in scope and AMT-free, so there is no single-state tax focus of the kind state-targeted peers like NYF are built around.

MMCA Costs more than most of the category: 0.36% net of a fee waiver (0.64% gross), against 0.30% for national sibling MMIT and 0.18% for index-run ITM.
One state, one tax code: California-only issuers concentrate credit and tax-law risk, and the state exemption only helps California taxpayers.nylim.com
A smaller fund that trades moderately, so spreads can run wider than the category's heavyweights.

Full ITM profile⁠

Full MMCA profile⁠

ITM vs MMCA Holdings

How ITM and MMCA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ITM and 0.0% of MMCA.

Level by level

Holdings0 in both0.0%
Countryby domicile94.0%

Sector

No Sector split for ITM and MMCA.

Country, concentration and asset class

Country by domicile

Country weights in ITM and MMCA, widest gap first
Country	More in ITMMore in MMCA	ITM	MMCA
United States	ITM +6.0 points	99.9%	93.9%
Guam	MMCA +6.0 points	0.1%	6.1%

Concentration

Weight in the 10 largest Holdings

ITM6.3%
MMCA23.0%

Securities held

ITM454
MMCA116

Asset class

ITM: Multi-Asset
MMCA: Fixed Income

Holdings

Only in ITM454
In both0
Only in MMCA116

Only in ITM

454 securities, 98.2% of ITM by weight

New York City Transitional Finance Auth4.06%
State Of California3.63%
New York State Dormitory Authority3.21%
California Community Choice Financing A2.71%
City Of New York Ny1.80%
Commonwealth Of Massachusetts1.67%
State Of Illinois1.35%
Black Belt Energy Gas District1.27%
Los Angeles Department Of Water & Power1.26%
New Jersey Transportation Trust Fund Au1.26%
Texas Water Development Board1.24%
California State Public Works Board1.22%
Metropolitan Transportation Authority1.16%
Colorado Health Facilities Authority1.14%
University Of California1.12%
State Of Washington1.09%
District Of Columbia Income Tax Revenue1.02%
Pennsylvania Turnpike Commission0.96%
State Of Delaware0.95%
State Of Connecticut0.92%
New York City Municipal Water Finance A0.91%
California Health Facilities Financing0.89%
Indiana Finance Authority0.89%
Massachusetts Development Finance Agenc0.86%
New Hampshire Business Finance Authorit0.80%
Illinois Finance Authority0.79%
New Jersey Educational Facilities Autho0.78%
New York State Thruway Authority0.76%
State Of Minnesota0.75%
Southeast Energy Authority A Cooperativ0.73%
North Texas Tollway Authority0.72%
Triborough Bridge & Tunnel Authority0.72%
State Of Ohio0.71%
State Of Maryland0.70%
State Of Wisconsin0.70%
Los Angeles Unified School District/Ca0.67%
New York State Urban Development Corp0.66%
Board Of Regents Of The University Of T0.59%
Michigan State Hospital Finance Authori0.59%
Port Authority Of New York & New Jersey0.59%
State Of Connecticut Special Tax Revenu0.58%
State Of Maryland Department Of Transpo0.56%
Energy Northwest0.52%
Private Colleges & Universities Authori0.49%
State Of North Carolina0.49%
State Of Louisiana0.47%
Los Angeles County Metropolitan Transpo0.47%
Washington Metropolitan Area Transit Au0.47%
Kentucky Public Energy Authority0.45%
Salem-Keizer School District No 24j0.45%

Only in MMCA

116 securities, 99.9% of MMCA by weight

Puerto Rico Comwlth 4.0% 01-jul-20352.87%
California Cmnty Choice Fing Auth Clean Energy Proj Rev Var 01-feb-20552.72%
California Cmnty Choice Fing Auth Clean Energy Proj Rev 5.5% 01-dec-20332.67%
Cash2.51%
Los Angeles Calif Uni Sch Dist 5.0% 01-jul-20342.40%
California Cmnty Choice Fing Auth Clean Energy Proj Rev 5.0% 01-nov-20332.25%
California St 5.0% 01-aug-20352.20%
California Cmnty Choice Fing Auth Clean Energy Proj Rev Var 01-jan-20542.01%
California Cmnty Choice Fing Auth Clean Energy Proj Rev Var 01-dec-20551.99%
California Cmnty Choice Fing Auth Clean Energy Proj Rev Var 01-aug-20551.99%
San Jose Calif Arpt Rev 5.0% 01-mar-20371.82%
Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev 5.0% 01-jul-20331.82%
San Joaquin Vy Calif Clean Energy Auth Clean Energy Proj Rev Var 01-jan-20561.74%
California St Univ Rev 5.0% 01-nov-20361.67%
Eastern Calif Mun Wtr Dist Wtr & Wastewater Rev Var 01-jul-20461.66%
California St Pub Wks Brd Lease Rev 5.0% 01-oct-20371.64%
California Health Facs Fing Auth Rev Var 15-aug-20651.63%
Los Angeles Calif Dept Arpts Arpt Rev 5.25% 15-may-20381.60%
California Health Facs Fing Auth Rev 5.0% 15-nov-20361.59%
Mt Diablo Calif Uni Sch Dist 4.0% 01-aug-20361.57%
Central Vy Energy Auth Calif Commodity Supply Rev Var 01-dec-20551.53%
San Jose Calif Multifamily Hsg Rev Var 01-may-20661.44%
Foothill / Eastern Transn Corridor Agy Calif Toll Rd Rev 0.0% 15-jan-20351.40%
California Mun Fin Auth Rev 3.25% 31-dec-20321.38%
Irvine Calif Spl Tax 4.0% 01-sep-20411.33%
California Health Facs Fing Auth Rev 5.0% 01-dec-20351.31%
A B C Calif Uni Sch Dist 5.0% 01-aug-20431.28%
California Statewide Cmntys Dev Auth Rev 5.0% 01-mar-20281.17%
Los Angeles Calif Uni Sch Dist 5.0% 01-jul-20371.17%
California Mun Fin Auth Mun Ctfs Var 20-mar-20481.16%
Gilroy Calif Uni Sch Dist 4.0% 01-aug-20331.13%
University Calif Revs 5.0% 15-may-20381.06%
California Health Facs Fing Auth Rev 5.0% 01-dec-20361.03%
California Cmnty Choice Fing Auth Clean Energy Proj Rev 5.25% 01-feb-20361.03%
California Cmnty Choice Fing Auth Clean Energy Proj Rev Var 01-oct-20541.00%
Los Angeles Calif Dept Arpts Arpt Rev 5.5% 15-may-20561.00%
Matching Fd Spl Purp Securitization Corp Virginis 5.0% 01-oct-20390.98%
California Mun Fin Auth Spl Fac Rev 4.0% 15-jul-20290.97%
California Mun Fin Auth Multifamily Hsg Rev Var 01-jan-20560.97%
California Mun Fin Auth Multifamily Hsg Rev Var 01-jun-20560.97%
California Cmnty Choice Fing Auth Clean Energy Proj Rev Var 01-feb-20520.97%
California Mun Fin Auth Multifamily Hsg Rev Var 01-jun-20580.96%
California Mun Fin Auth Multifamily Hsg Rev Var 01-sep-20560.96%
Bakersfield Calif City Sch Dist 0.0% 01-may-20370.95%
Marina Jt Pwrs Fing Auth Calif Multifamily Hsg Rev 3.4% 01-mar-20360.95%
Foothill-de Anza Calif Cmnty College Dist 4.0% 01-aug-20400.94%
California Mun Fin Auth Arpt Rev 5.25% 01-jul-20370.87%
California Mun Fin Auth Rev 5.0% 01-apr-20320.87%
Los Angeles Cnty Calif Met Transn Auth Toll Rev 5.0% 01-jun-20360.86%
California St Pub Wks Brd Lease Rev 5.0% 01-nov-20370.81%

Weight gaps

ITM and MMCA share no securities.

All 1,365 ITM holdings⁠All 123 MMCA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ITM vs MMCA Cost

Overpaying MMCA vs ITM

$3,571

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ITM 0.18%
$3,749
MMCA 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

ITM 0.18%
MMCA 0.36%
Overpaying

Year by year

Year	ITM	MMCA	Overpaying
10	$328	$652	$324
20	$1,281	$2,522	$1,241
30	$3,749	$7,320	$3,571

Expense ratio

0.18%ITM, cheaper
0.36%MMCA

ITM0.18%MMCA0.36%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

ITM 3rd cheapest of 19 funds

MMCA 17th cheapest of 19 funds

ITM vs MMCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ITM 3.08%; MMCA 3.61%, better
Payout (12M): ITM $1.41; MMCA $0.76
Last payment: ITM $0.11; MMCA $0.06
Ex-dividend: ITM Oct 1, 2026; MMCA Oct 30, 2026
Paid on: ITM Oct 6, 2026; MMCA Pays Nov 3, 2026
Frequency: ITM Monthly; MMCA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ITMMonthly · 45 paymentsAll ITM payments⁠

MMCAMonthly · 46 paymentsAll MMCA payments⁠

ITM vs MMCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ITM 6.2%MMCA 5.2%, better
Return per unit of riskSharpe ratio, 3 years: ITM 0.05, betterMMCA 0.03
Worst fallMax drawdown, 5 years: ITM −14.4%MMCA −16.0%since Dec 2021
Market sensitivityBeta, 5 years: ITM 0.97MMCA 0.80; Market = 1

ITM and MMCA in the news

All news⁠

First-Year Review
AllianceBernstein's California muni ETF lost 0.5%, less than the fund most like it
Oct 5, 2026MMCA

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ITM vs MMCA

In short

Stated mandate

Why people hold it

Worth knowing

How ITM and MMCA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ITM

Only in MMCA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

AllianceBernstein's California muni ETF lost 0.5%, less than the fund most like it

How ITM and MMCA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ITM

Only in MMCA

Weight gaps