NYLI MacKay California Muni Intermediate ETF
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.3%
1 yr return
9.3%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$25.7 M
Holdings in Top 10
52.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.85%
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 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MMCA - Profile
Distributions
- YTD Total Return 2.3%
- 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
- Dividend Yield 3.5%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameNYLI MacKay California Muni Intermediate ETF
-
Fund Family NameIndexIQ
-
Inception DateDec 21, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn 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.
MMCA - Performance
Return Ranking - Trailing
Period | MMCA Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.3% | -86.8% | 7.5% | 88.95% |
1 Yr | 9.3% | -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 | 2.3% | -86.8% | 7.5% | 94.55% |
1 Yr | 9.3% | -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 | 25.7 M | 2.87 M | 73.9 B | 94.44% |
Number of Holdings | 35 | 1 | 14000 | 71.69% |
Net Assets in Top 10 | 12.5 M | -317 M | 8.64 B | 69.27% |
Weighting of Top 10 | 52.85% | 2.4% | 100.0% | 36.99% |
Top 10 Holdings
- Dreyfus Tax Exempt Cash Management 17.46%
- Territory of Guam 5.60%
- California Community Choice Financing Authority 4.64%
- Guam Power Authority 4.39%
- California Community Choice Financing Authority 4.26%
- City of Los Angeles Department of Airports 4.25%
- Compton Unified School District/CA 3.36%
- California Infrastructure Economic Development Bank 3.16%
- Kern Community College District 3.07%
- State of California 2.67%
Asset Allocation
Weighting | Return Low | Return High | MMCA % Rank | |
---|---|---|---|---|
Bonds | 81.74% | 0.00% | 150.86% | 92.75% |
Cash | 18.26% | -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 | 17.46% | 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 | 81.74% | 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 | 0.85% | 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 | 3.48% | 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
Date | Amount | Type |
---|---|---|
Oct 01, 2024 | $0.063 | OrdinaryDividend |
Sep 03, 2024 | $0.065 | OrdinaryDividend |
Aug 01, 2024 | $0.070 | OrdinaryDividend |
Jul 01, 2024 | $0.068 | OrdinaryDividend |
Jun 03, 2024 | $0.072 | OrdinaryDividend |
May 01, 2024 | $0.066 | OrdinaryDividend |
Apr 01, 2024 | $0.069 | OrdinaryDividend |
Mar 01, 2024 | $0.063 | OrdinaryDividend |
Feb 01, 2024 | $0.068 | OrdinaryDividend |
Dec 28, 2023 | $0.080 | OrdinaryDividend |
Dec 01, 2023 | $0.063 | OrdinaryDividend |
Nov 01, 2023 | $0.062 | OrdinaryDividend |
Oct 02, 2023 | $0.064 | OrdinaryDividend |
Sep 01, 2023 | $0.063 | OrdinaryDividend |
Aug 01, 2023 | $0.070 | OrdinaryDividend |
Jul 03, 2023 | $0.070 | OrdinaryDividend |
Jun 01, 2023 | $0.062 | OrdinaryDividend |
May 01, 2023 | $0.061 | OrdinaryDividend |
Apr 03, 2023 | $0.063 | OrdinaryDividend |
Mar 01, 2023 | $0.057 | OrdinaryDividend |
Feb 01, 2023 | $0.064 | OrdinaryDividend |
Dec 29, 2022 | $0.060 | OrdinaryDividend |
Dec 01, 2022 | $0.063 | OrdinaryDividend |
Nov 01, 2022 | $0.061 | OrdinaryDividend |
Oct 03, 2022 | $0.052 | OrdinaryDividend |
Sep 01, 2022 | $0.055 | OrdinaryDividend |
Aug 01, 2022 | $0.053 | OrdinaryDividend |
Jul 01, 2022 | $0.025 | OrdinaryDividend |
Jun 01, 2022 | $0.046 | OrdinaryDividend |
May 02, 2022 | $0.047 | OrdinaryDividend |
Apr 01, 2022 | $0.063 | OrdinaryDividend |
Mar 01, 2022 | $0.046 | OrdinaryDividend |
Feb 01, 2022 | $0.049 | OrdinaryDividend |
Dec 29, 2021 | $0.012 | OrdinaryDividend |
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 |