MMCA vs MMIT: Grades, Fees and Holdings Compared

NYLI MacKay California Muni Intermediate ETF

MMCACNYSE Arca

NYLI MacKay Muni Intermediate ETF

MMITANYSE Arca

Overlap

No data

Expense ratio

MMIT −0.06pt a year

MMCA0.36%MMIT0.30%

Avg volume · 30D

MMIT 13.4×the volume

MMCA51.4KMMIT689K

3Y return · a year

MMCA +0.2pt

MMCA+4.6%MMIT+4.4%

MMCA vs MMIT Performance

Oct 31, 2025 – Oct 30, 2026

+0.1%MMCA+0.7%MMIT

Expense ratio: MMCA 0.36%; MMIT 0.30%, better
Fund size: MMCA $85M; MMIT $1.45B
1Y total return: MMCA +0.1%; MMIT +0.7%, better
Yield (12M): MMCA 3.61%; MMIT 4.02%, better
Holdings: MMCA 119; MMIT 963
Avg volume (30D): MMCA 51.4K sh; MMIT 689K sh, better
NAV per share: MMCA $21.11; MMIT $23.64
52W range

ETF.net Grade

Pillar letters and Scores for MMCA, MMIT, with each pillar’s weight
Pillar	MMCA	MMIT
Cost30% weight	F24	C53Higher
Mission25% weight	A97	A99Higher
Risk15% weight	C45	C52Higher
Tradability15% weight	C48	A85Higher
Holdings10% weight	D26	A79Higher
Durability5% weight	D37	B66Higher

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. MMCA 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 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 4AMMITNYLI MacKay Muni Intermediate ETFScore 72
Rank 5ATAXET. Rowe Price Intermediate Municipal Income ETFScore 71
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

MMCACNYLI MacKay California Muni Intermediate ETF

MMITANYLI MacKay Muni Intermediate ETF

In short

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.

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

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

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

Why people hold 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.

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

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.

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 MMCA profile⁠

Full MMIT profile⁠

MMCA vs MMIT Holdings

How MMCA and MMIT differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile96.0%
Asset classFixed Income100%

Sector

No Sector split for MMCA and MMIT.

Country, concentration and asset class

Country by domicile

Country weights in MMCA and MMIT, widest gap first
Country	More in MMCAMore in MMIT	MMCA	MMIT
Puerto Rico	MMCA +4.0 points	6.1%	2.1%
United States	MMIT +4.0 points	93.9%	97.9%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

MMCA23.0%
MMIT8.4%

Securities held

MMCA116
MMIT935

Asset class

MMCA: Fixed Income
MMIT: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MMCA holds 116 securities, MMIT 935.

All 123 MMCA 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.

MMCA vs MMIT Cost

Overpaying MMCA vs MMIT

$1,171

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

MMCA 0.36%
$7,320
MMIT 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

MMCA 0.36%
MMIT 0.30%
Overpaying

Year by year

Year	MMCA	MMIT	Overpaying
10	$652	$545	$107
20	$2,522	$2,113	$409
30	$7,320	$6,149	$1,171

Expense ratio

0.36%MMCA
0.30%MMIT, cheaper

MMIT0.30%MMCA0.36%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

MMIT 8th cheapest of 19 funds

MMCA 17th cheapest of 19 funds

MMCA vs MMIT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MMCA 3.61%; MMIT 4.02%, better
Payout (12M): MMCA $0.76; MMIT $0.95
Last payment: MMCA $0.06; MMIT $0.07
Ex-dividend: MMCA Oct 30, 2026; MMIT Oct 30, 2026
Paid on: MMCA Pays Nov 3, 2026; MMIT Pays Nov 3, 2026
Frequency: MMCA Monthly; MMIT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MMCAMonthly · 46 paymentsAll MMCA payments⁠

MMITMonthly · 46 paymentsAll MMIT payments⁠

MMCA vs MMIT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMCA 5.2%MMIT 5.0%, better
Return per unit of riskSharpe ratio, 3 years: MMCA 0.03, betterMMIT −0.01
Worst fallMax drawdown, 5 years: MMCA −16.0%since Dec 2021MMIT −12.1%
Market sensitivityBeta, 5 years: MMCA 0.80MMIT 0.73; Market = 1

MMCA and MMIT 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

Popular comparisons

MMCACvsTAXIA
NYLI MacKay California Muni Intermediate ETF · Northern Trust Intermediate Tax-Exempt Bond ETF
Expense ratio
0.36% · 0.05%
Category
MMITAvsTAXIA
NYLI MacKay Muni Intermediate ETF · Northern Trust Intermediate Tax-Exempt Bond ETF
Expense ratio
0.30% · 0.05%
Category
MMCACvsITMA
NYLI MacKay California Muni Intermediate ETF · VanEck Intermediate Muni ETF
Expense ratio
0.36% · 0.18%
Category
MMITAvsITMA
NYLI MacKay Muni Intermediate ETF · VanEck Intermediate Muni ETF
Expense ratio
0.30% · 0.18%
Category
MMCACvsEVIMA
NYLI MacKay California Muni Intermediate ETF · Eaton Vance Intermediate Municipal Income ETF
Expense ratio
0.36% · 0.11%
Category
MMITAvsEVIMA
NYLI MacKay Muni Intermediate ETF · Eaton Vance Intermediate Municipal Income ETF
Expense ratio
0.30% · 0.11%
Category

MMCA vs MMIT

In short

Stated mandate

Why people hold it

Worth knowing

How MMCA and MMIT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

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 MMCA and MMIT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings