MFSM vs MMIT: Grades, Fees and Holdings Compared

MFS Active Intermediate Muni Bond ETF

MFSMBNYSE

NYLI MacKay Muni Intermediate ETF

MMITANYSE Arca

Overlap

0.0%by weight

Expense ratio

MMIT −0.04pt a year

MFSM0.34%MMIT0.30%

Avg volume · 30D

MMIT 8.4×the volume

MFSM81.6KMMIT689K

MFSM vs MMIT Performance

Oct 31, 2025 – Nov 2, 2026

+0.6%MFSM+0.7%MMIT

Expense ratio: MFSM 0.34%; MMIT 0.30%, better
Fund size: MFSM $125M; MMIT $1.45B
1Y total return: MFSM +0.6%; MMIT +0.7%, better
Yield (12M): MFSM 3.62%; MMIT 4.02%, better
Holdings: MFSM 460; MMIT 963
Avg volume (30D): MFSM 81.6K sh; MMIT 689K sh, better
NAV per share: MFSM $24.32; MMIT $23.64
52W range

ETF.net Grade

Pillar letters and Scores for MFSM, MMIT, with each pillar’s weight
Pillar	MFSM	MMIT
Cost30% weight	C42	C53Higher
Mission25% weight	A99	A99
Risk15% weight	B57Higher	C54
Tradability15% weight	D37	A85Higher
Holdings10% weight	D35	A78Higher
Durability5% weight	D28	B66Higher

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. MFSM 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 ›

MMIT ranks 4th and MFSM 11th 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
Rank 11BBKMIBNY Mellon Municipal Intermediate ETFScore 56
Rank 11BMFSMMFS Active Intermediate Muni Bond ETFScore 56
Rank 13CAPMUActivePassive Intermediate Municipal Bond ETFScore 52

Our read on each fund

ETF.net Research

MFSMBMFS Active Intermediate Muni Bond ETF

MMITANYLI MacKay Muni Intermediate ETF

In short

MFSM No data

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

MFSM No data

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

Why people hold it

MFSM No data

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

MFSM No data

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 MFSM profile⁠

Full MMIT profile⁠

MFSM vs MMIT Holdings

How MFSM and MMIT differ

Overlap by weight

0.0%

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

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile98.9%

Sector

No Sector split for MFSM and MMIT.

Country, concentration and asset class

Country by domicile

Country weights in MFSM and MMIT, widest gap first
Country	More in MFSMMore in MMIT	MFSM	MMIT
United States	MFSM +1.1 points	99.0%	97.9%
Puerto Rico	MMIT +1.1 points	1.0%	2.1%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

MFSM13.8%
MMIT8.4%

Securities held

MFSM340
MMIT935

Asset class

MFSM: Equity
MMIT: Fixed Income

Holdings

Only in MFSM340
In both0
Only in MMIT935

Only in MFSM

340 securities, 93.0% of MFSM by weight

Black Beltenergy Gas Dist Al4.06%
Arizona Stindl Dev Auth Mf Hs1.76%
Massachusetts St Dev Fin Agy R1.76%
Colorado St Hlth Facs Auth Rev1.38%
Californiacmnty Choice Fing A1.24%
Illinois St Fin Auth Revenue0.96%
Corpus Christi Tx Utility Sysr0.92%
Pennsylvania St Econ Dev Fing0.88%
New York St Transprtn Dev Corp0.88%
Minnesotast Hsg Fin Agy0.87%
North Carolina St Med Care Com0.86%
Sales Taxsecuritization Corp0.83%
New York St Dorm Auth Revenues0.82%
San Francisco Ca City Cnty Ar0.82%
Ann Arbormi Hsg Commission Mf0.82%
North Carolina Hsg Fin Agy Hom0.78%
Pasco Cntyfl Sol Wst Disp R0.78%
Clark Cntywa Sch Dist 37 Van0.65%
South Carolina St Jobs Econ De0.64%
Main Street Natural Gas Inc Ga0.62%
Westfieldwashington In Multi0.61%
Kentucky St Public Energy Auth0.61%
Ishares National Muni Bond Etf0.61%
Plum Boropa Sch Dist0.60%
Chicago Ilo Hare Internationa0.59%
Tennesseest Energy Acquisitio0.55%
Connecticut St Hlth Eductnl0.55%
Richland Wayne Jasper Clay L0.55%
Vanguard Tax Exempt Bond Index0.54%
Jacksonville Fl Hsg Auth Reven0.54%
Texas St Muni Gas Acquisition0.53%
W Cornwalltwp Pa Muni Auth0.52%
Arizona Indl Dev Auth Student0.51%
Virginia St Small Business Fin0.51%
Winnebagoboone Cntys Il Sch0.47%
Denver City Cnty Co Arpt Rev0.47%
Rhode Island St Student Loan A0.46%
Public Finauth Wi Revenue0.45%
Iowa St Student Loan Liquidity0.44%
Brazos Txhgr Edu Auth Student0.44%
Lee Cnty Fl Arpt Revenue0.43%
Brevard Cnty Fl Hlth Facs Auth0.43%
New Hope Cultural Ed Facs Fin0.43%
Elmore Cnty Al Public Bldg Aut0.42%
Mccurtaincnty Ok Eductnl Facs0.42%
Rensselaerco Ny Capital Resou0.42%
Schenectady Cnty Ny Capital Re0.42%
Ruston Lasales Tax Revenue0.42%
Gonzales Cnty Tx0.42%
National Fin Auth Nh Affordabl0.42%

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 Transitional Fin Auth Rev Var 01-feb-20450.30%
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev Var 15-jun-20500.30%

Weight gaps

MFSM and MMIT share no securities.

All MFSM 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.

MFSM vs MMIT Cost

Overpaying MFSM vs MMIT

$783

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

MFSM 0.34%
$6,932
MMIT 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

MFSM 0.34%
MMIT 0.30%
Overpaying

Year by year

Year	MFSM	MMIT	Overpaying
10	$616	$545	$71
20	$2,386	$2,113	$273
30	$6,932	$6,149	$783

Expense ratio

0.34%MFSM
0.30%MMIT, cheaper

MMIT0.30%MFSM0.34%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

MMIT 8th cheapest of 19 funds

MFSM 11th cheapest of 19 funds

MFSM vs MMIT Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MFSM 3.62%; MMIT 4.02%, better
Payout (12M): MFSM $0.88; MMIT $0.95
Last payment: MFSM $0.07; MMIT $0.07
Ex-dividend: MFSM Oct 30, 2026; MMIT Oct 30, 2026
Paid on: MFSM Nov 2, 2026; MMIT Pays Nov 3, 2026
Frequency: MFSM Monthly; MMIT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MFSMMonthly · 23 paymentsAll MFSM payments⁠

MMITMonthly · 46 paymentsAll MMIT payments⁠

MFSM vs MMIT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MFSM 5.4%since Jan 2025MMIT 5.0%
Return per unit of riskSharpe ratio, 3 years: MFSM −0.19since Jan 2025MMIT −0.01
Worst fallMax drawdown, 5 years: MFSM −6.7%since Dec 2024MMIT −12.1%
Market sensitivityBeta, 5 years: MFSM 0.13MMIT 0.73; Market = 1

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