ITM vs MMIT: Grades, Fees and Holdings Compared

VanEck Intermediate Muni ETF

ITMACboe

NYLI MacKay Muni Intermediate ETF

MMITANYSE Arca

Overlap

0.0%by weight

Expense ratio

ITM −0.12pt a year

ITM0.18%MMIT0.30%

Avg volume · 30D

MMIT 1.1×the volume

ITM648KMMIT689K

5Y return · a year

MMIT +0.6pt

ITM+0.4%MMIT+1.0%

ITM vs MMIT Performance

Oct 29, 2021 – Oct 30, 2026

+1.9%ITM+5.0%MMIT

Expense ratio: ITM 0.18%, better; MMIT 0.30%
Fund size: ITM $2.33B; MMIT $1.45B
1Y total return: ITM +0.1%; MMIT +0.7%, better
Yield (12M): ITM 3.08%; MMIT 4.02%, better
Holdings: ITM 1418; MMIT 963
Avg volume (30D): ITM 648K sh; MMIT 689K sh, better
NAV per share: ITM $45.60; MMIT $23.64
52W range

ETF.net Grade

Pillar letters and Scores for ITM, MMIT, with each pillar’s weight
Pillar	ITM	MMIT
Cost30% weight	A84Higher	C53
Mission25% weight	A100Higher	A99
Risk15% weight	D39	C52Higher
Tradability15% weight	B65	A85Higher
Holdings10% weight	B68	A79Higher
Durability5% weight	A91Higher	B66

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. ITM and MMIT 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 MMIT 4th 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 4AMMITNYLI MacKay Muni Intermediate ETFScore 72
Rank 5ATAXET. Rowe Price Intermediate Municipal Income ETFScore 71

Our read on each fund

ETF.net Research

ITMAVanEck Intermediate Muni ETF

MMITANYLI MacKay 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.

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

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.

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

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.

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.com stockanalysis.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

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.

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 ITM profile⁠

Full MMIT profile⁠

ITM vs MMIT Holdings

How ITM and MMIT differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile98.0%

Sector

No Sector split for ITM and MMIT.

Country, concentration and asset class

Country by domicile

Country weights in ITM and MMIT, widest gap first
Country	More in ITMMore in MMIT	ITM	MMIT
United States	ITM +2.0 points	99.9%	97.9%
Guam	MMIT +2.0 points	0.1%	2.1%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

ITM6.3%
MMIT8.4%

Securities held

ITM454
MMIT935

Asset class

ITM: Multi-Asset
MMIT: Fixed Income

Holdings

Only in ITM454
In both0
Only in MMIT935

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 MMIT

935 securities, 98.8% of MMIT by weight

New York N Y Var 01-feb-20550.91%
Puerto Rico Sales Tax Fing Corp Sales Tax Rev 4.329% 01-jul-20400.87%
Energy Southeast Ala Coop Dist Energy Supply Rev 5.0% 01-nov-20330.83%
Kentucky Inc Ky Pub Energy Auth Gas Supply Rev 5.5% 01-dec-20330.81%
Hudson Yds Infrastructure Corp N Y Second Indenture Rev 5.0% 15-feb-20420.80%
Alabama Toll Rd Brdg & Tunl Auth Rev 5.0% 01-oct-20320.80%
Minnesota Mun Gas Agy Gas Proj Rev 5.0% 01-sep-20350.80%
Pennsylvania Hsg Fin Agy Single Family Mtg Rev 3.0% 01-oct-20510.75%
Tennessee Energy Acquisition Corp Gas Rev 5.0% 01-dec-20350.69%
Los Angeles Calif Dept Wtr & Pwr Rev 5.0% 01-jul-20430.67%
Springfield Ill Elec Rev 5.0% 01-mar-20320.55%
Texas St Dept Hsg & Cmnty Affairs Residential Mtg Rev 6.0% 01-jan-20570.52%
Chicago Ill Brd Ed Dedicated Cap Impt 6.0% 01-apr-20460.52%
Southeast Energy Auth Coop Dist Ala Gas Supply Rev Var 01-nov-20550.50%
Black Belt Energy Gas Dist Ala Gas Proj Rev 5.0% 01-dec-20350.49%
Phoenix Ariz Indl Dev Auth Lease Rev 5.0% 31-oct-20440.49%
Delaware St Hsg Auth Rev 6.0% 01-jan-20560.47%
California Cmnty Choice Fing Auth Clean Energy Proj Rev 5.0% 01-nov-20330.47%
Kentucky Inc Ky Pub Energy Auth Gas Supply Rev Var 01-jan-20550.47%
Los Angeles Calif Dept Wtr & Pwr Rev 5.0% 01-jul-20420.45%
National Fin Auth N H Mun Ctfs Var 20-nov-20420.45%
Main Str Nat Gas Inc Ga Gas Supply Rev Var 01-dec-20520.42%
National Fin Auth N H Mun Ctfs Var 20-jul-20410.41%
Parker Cnty Tex 5.0% 15-feb-20420.40%
Utah Hsg Corp Single Family Mtg Rev 6.75% 01-jul-20550.40%
Tarrant Cnty Tex Cultural Ed Facs Fin Corp Rev Var 15-nov-20510.39%
Southeast Energy Auth Coop Dist Ala Energy Supply Rev Var 01-may-20550.38%
Patriots Energy Group Fing Agy S C Gas Supply Rev Var 01-feb-20540.38%
Illinois Hsg Dev Auth Rev 6.0% 01-oct-20550.37%
Energy Southeast Ala Coop Dist Energy Supply Rev 5.0% 01-sep-20330.37%
Brownsburg Ind 1999 Sch Bldg Corp 5.5% 15-jul-20410.36%
California Mun Fin Auth Mun Ctfs Var 20-nov-20400.36%
Mansfield Tex Indpt Sch Dist 5.0% 15-feb-20390.34%
Mansfield Tex Indpt Sch Dist 5.0% 15-feb-20400.34%
Connecticut St 5.0% 15-apr-20380.34%
North Carolina Hsg Fin Agy Homeownership Rev 6.5% 01-jul-20570.34%
California Cmnty Choice Fing Auth Clean Energy Proj Rev 5.5% 01-dec-20330.33%
Main Str Nat Gas Inc Ga Gas Supply Rev Var 01-may-20550.33%
Michigan St Hsg Dev Auth Single Family Mtg Rev 6.0% 01-dec-20560.33%
University Tex Univ Revs 5.0% 15-aug-20400.32%
New Jersey St Hsg & Mtg Fin Agy Rev 6.5% 01-apr-20560.32%
Los Angeles Calif Dept Wtr & Pwr Rev 5.0% 01-jul-20400.32%
Charlotte-mecklenburg Hosp Auth N C Health Caresys Rev Var 15-jan-20480.32%
Kentucky Inc Ky Pub Energy Auth Gas Supply Rev Var 01-jun-20550.31%
Main Str Nat Gas Inc Ga Gas Supply Rev Var 01-dec-20530.31%
Southern Calif Pub Pwr Auth Southn Transmissionsys Renewal Proj Rev Var 01-jul-20530.31%
Alexandria Va Indl Dev Auth Residential Care Facrev 5.0% 01-oct-20310.31%
Oregon St Dept Transn Hwy User Tax Rev 5.0% 15-nov-20420.31%
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev Var 15-jun-20500.30%
New York N Y City Transitional Fin Auth Rev Var 01-feb-20450.30%

Weight gaps

ITM and MMIT share no securities.

All 1,365 ITM holdings⁠All 872 MMIT 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 MMIT Cost

Overpaying MMIT vs ITM

$2,400

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

ITM 0.18%
$3,749
MMIT 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

ITM 0.18%
MMIT 0.30%
Overpaying

Year by year

Year	ITM	MMIT	Overpaying
10	$328	$545	$217
20	$1,281	$2,113	$832
30	$3,749	$6,149	$2,400

Expense ratio

0.18%ITM, cheaper
0.30%MMIT

ITM0.18%MMIT0.30%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

ITM 3rd cheapest of 19 funds

MMIT 8th cheapest of 19 funds

ITM vs MMIT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ITM 3.08%; MMIT 4.02%, better
Payout (12M): ITM $1.41; MMIT $0.95
Last payment: ITM $0.11; MMIT $0.07
Ex-dividend: ITM Oct 1, 2026; MMIT Oct 30, 2026
Paid on: ITM Oct 6, 2026; MMIT Pays Nov 3, 2026
Frequency: ITM Monthly; MMIT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ITMMonthly · 45 paymentsAll ITM payments⁠

MMITMonthly · 46 paymentsAll MMIT payments⁠

ITM vs MMIT Risk

Fall from peak · 5 years

ITM
MMIT

Risk facts

VolatilityStd dev, 3 years: ITM 6.2%MMIT 5.0%, better
Return per unit of riskSharpe ratio, 3 years: ITM 0.05, betterMMIT −0.01
Worst fallMax drawdown, 5 years: ITM −14.4%MMIT −12.1%, better
Market sensitivityBeta, 5 years: ITM 0.97MMIT 0.73; Market = 1

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