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Name

As of 05/06/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

IQ MacKay California Municipal Intermediate ETF

MMCA | Active ETF

$21.47

$25 M

3.67%

$0.79

0.70%

Vitals

YTD Return

-0.2%

1 yr return

3.0%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$25 M

Holdings in Top 10

48.4%

52 WEEK LOW AND HIGH

$21.5
$20.53
$21.85

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 05/06/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

IQ MacKay California Municipal Intermediate ETF

MMCA | Active ETF

$21.47

$25 M

3.67%

$0.79

0.70%

MMCA - Profile

Distributions

  • YTD Total Return -0.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.7%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    IQ MacKay California Municipal Intermediate ETF
  • Fund Family Name
    IndexIQ
  • Inception Date
    Dec 21, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Lawlor

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local
income taxes. If the interest on a particular municipal bond is exempt from federal and California income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of California.
Although the Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds, MacKay Shields LLC (the “Subadvisor”) intends to invest primarily in investment grade quality bonds as rated by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest up to 20% of its net assets in municipal bonds that are rated below investment grade as rated by an NRSRO, (such securities rated lower than BBB- and Baa3), or, if unrated, judged to be of comparable quality by the Subadvisor. Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund generally will maintain a portfolio modified duration to worst of 3 to 8 years. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in municipal bonds subject to the federal alternative minimum tax and municipal bonds that pay interest that is subject to federal and/or California income taxes. The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities.
If the supply of California state tax-exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes but may not be exempt from California income taxes.
In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.
The Subadvisor uses active management in an effort to identify municipal bonds it believes to be mispriced and to build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process, which includes fundamental, “bottom-up” credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technical in the municipal market, tax policies and analyzes individual municipal securities and sectors. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and therefore does not mean that any sectors, industries or individual securities are explicitly excluded from the Fund.
The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer’s financial condition.
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MMCA - Performance

Return Ranking - Trailing

Period MMCA Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -86.8% 7.5% 88.95%
1 Yr 3.0% -48.9% 15.3% N/A
3 Yr N/A* -21.5% 51.9% N/A
5 Yr N/A* -5.9% 29.0% N/A
10 Yr N/A* -3.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period MMCA Return Category Return Low Category Return High Rank in Category (%)
2023 2.0% -91.1% 101.7% N/A
2022 -14.6% -79.2% 102.5% N/A
2021 N/A -66.1% 60.0% N/A
2020 N/A -57.4% 7.6% N/A
2019 N/A -35.9% 3.2% N/A

Total Return Ranking - Trailing

Period MMCA Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -86.8% 7.5% 94.55%
1 Yr 3.0% -48.9% 15.4% N/A
3 Yr N/A* -21.5% 51.9% N/A
5 Yr N/A* -5.9% 29.0% N/A
10 Yr N/A* -3.6% 13.3% N/A

* Annualized

Total Return Ranking - Calendar

Period MMCA Return Category Return Low Category Return High Rank in Category (%)
2023 5.8% -91.1% 101.7% N/A
2022 -12.2% -79.2% 102.5% N/A
2021 N/A -66.1% 60.0% N/A
2020 N/A -57.4% 7.6% N/A
2019 N/A -35.9% 3.2% N/A

MMCA - Holdings

Concentration Analysis

MMCA Category Low Category High MMCA % Rank
Net Assets 25 M 2.87 M 73.9 B 94.44%
Number of Holdings 37 1 14000 71.69%
Net Assets in Top 10 11.6 M -317 M 8.64 B 69.27%
Weighting of Top 10 48.40% 2.4% 100.0% 36.99%

Top 10 Holdings

  1. Dreyfus Tax Exempt Cash Management 9.90%
  2. Territory of Guam 5.61%
  3. City of Victorville CA Electric Revenue 4.67%
  4. California Community Choice Financing Authority 4.59%
  5. Guam Power Authority 4.37%
  6. Modesto Irrigation District 4.29%
  7. City of Los Angeles Department of Airports 4.23%
  8. California Community Choice Financing Authority 4.20%
  9. Compton Unified School District/CA 3.39%
  10. Kern Community College District 3.15%

Asset Allocation

Weighting Return Low Return High MMCA % Rank
Bonds 		89.37% 0.00% 150.86% 92.75%
Cash 		10.63% -50.86% 100.00% 6.94%
Stocks 		0.00% -0.03% 4.63% 69.11%
Preferred Stocks 		0.00% -1.79% 0.04% 67.12%
Other 		0.00% -13.03% 30.01% 67.40%
Convertible Bonds 		0.00% 0.00% 0.93% 67.49%

Bond Sector Breakdown

Weighting Return Low Return High MMCA % Rank
Cash & Equivalents 		9.90% 0.00% 100.00% 7.31%
Derivative 		0.00% 0.00% 21.68% 67.31%
Securitized 		0.00% 0.00% 5.93% 68.04%
Corporate 		0.00% 0.00% 9.99% 74.34%
Municipal 		0.00% 0.00% 100.00% 91.28%
Government 		0.00% 0.00% 52.02% 70.41%

Bond Geographic Breakdown

Weighting Return Low Return High MMCA % Rank
US 		89.37% 0.00% 142.23% 96.44%
Non US 		0.00% 0.00% 62.14% 3.61%

MMCA - Expenses

Operational Fees

MMCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.02% 3.60% 70.59%
Management Fee 0.45% 0.00% 1.10% 57.84%
12b-1 Fee N/A 0.00% 1.00% 11.66%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MMCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

MMCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MMCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% N/A

MMCA - Distributions

Dividend Yield Analysis

MMCA Category Low Category High MMCA % Rank
Dividend Yield 3.67% 0.00% 35.27% 53.01%

Dividend Distribution Analysis

MMCA Category Low Category High Category Mod
Dividend Distribution Frequency Annual Quarterly Monthly Monthly

Net Income Ratio Analysis

MMCA Category Low Category High MMCA % Rank
Net Income Ratio N/A -0.53% 24.00% N/A

Capital Gain Distribution Analysis

MMCA Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

MMCA - Fund Manager Analysis

Managers

John Lawlor

Start Date

Tenure

Tenure Rank

Dec 21, 2021

0.44

0.4%

John Lawlor joined MacKay Shields as a Director in 2016. Before joining the firm, he was a senior trader on the floor of the New York Stock Exchange. Mr. Lawlor has a broad and diverse set of skills in sales, trading and electronic trading platforms. He earned a Bachelor's degree in Finance from Lehigh University and has been in the financial services industry since 1997.

Michael Denlinger

Start Date

Tenure

Tenure Rank

Dec 21, 2021

0.44

0.4%

Mr. Denlinger joined MacKay Shields in 2019 and is currently a Director. Prior to joining MacKay Shields, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Mr. Denlinger earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014. Mr. Denlinger is a CFA Charterholder and has been in the financial services industry since 2014.

Scott Sprauer

Start Date

Tenure

Tenure Rank

Dec 21, 2021

0.44

0.4%

Mr. Sprauer is a Senior Managing Director. He joined MacKay Shields in 2009 as a Portfolio Manager in the Municipal Bond Division. He has managed the MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2012, MainStay MacKay California Tax Free Opportunities Fund since 2013, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay Tax Free Bond Fund since 2014 and MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Before joining the firm, he was Head Trader, Fixed Income at Financial Guaranty Insurance Company. Mr. Sprauer was previously with Dreyfus Corporation and Merrill Lynch Investment Managers as a Municipal Bond Portfolio Manager/Trader. He has a BSBA from Villanova University, and has been in the investment management industry since 1991.

Michael Petty

Start Date

Tenure

Tenure Rank

Dec 21, 2021

0.44

0.4%

Mike joined MacKay Shields in July 2009. Before joining the firm he was a Portfolio Manager for Mariner Municipal Managers. He has been a municipal bond portfolio manager since 1992, and has worked in the municipal products market since 1985. Mike has a broad array of trading, portfolio management, and sales experience. Prior to joining Mariner Municipal Managers, he was a Senior Portfolio Manager at Dreyfus Corporation from 1997 to 2009. From 1992 to 1997, he served as a Portfolio Manager for Merrill Lynch Investment Managers. He is a member of the firm’s Management Committee. Mike graduated from Hobart College with a B.S. in Mathematics and Economics.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.21 1.58

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