Complement or replace passive municipal bond solutions with MMIT, an actively managed municipal bond strategy with the potential for higher tax-exempt income and total return. Credit analysis, yield curve positioning, and sector rotation are utilized to identify compelling opportunities.
Hypothetical Portfolio Example: Replacing Part of a Passively Managed Investment Grade Muni Portfolio Could Enhance Performance
Click on Explore MMIT, which includes the prospectus, investment objectives, performance, risk, and other essential information. Returns represent past performance, which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Source: Morningstar, as of 6/30/24. Performance shown is for period: 10/19/17-6/30/24. Passively Managed Fund Category Avg is represented by the Morningstar Passive Muni National Intermediate Category. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.
Consider NYLI MacKay Muni Intermediate ETF
Active management
Gain access to experienced active managers, in a low-cost, transparent, and liquid ETF structure.
Relative value strategy
The team relies on credit analysis, yield curve positioning, and sector rotation to uncover compelling opportunities.
Tenured team
The co-heads have worked together since 1993 and leverage their long-term relationships with municipal dealers to help drive success.
About Risk
Municipal bond risks include the ability of the issuerto repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipalsecurities. Investing in below investment grade securitiesmay carry a greater risk of nonpayment of interest or principal than higher-rated securities.
Liquidity risk is the risk that certain securitiesmay be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Income Risk: The Fund’s income may decline when interestrates fall or if there are defaultsin its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securitiesin its portfolio mature or the Fund otherwise needs to purchase additional securities.