NYLI MacKay California Muni Intermediate ETF
MMCA
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- NYLI MacKay California Muni Intermediate ETF (MMCA), an actively managed exchange-traded fund issued by New York Life Investments, seeks to provide current income exempt from federal and California income taxes by investing at least 80% of its assets in investment-grade California municipal bonds and related securities; the fund employs a relative value strategy emphasizing credit analysis, yield curve positioning, sector rotation, and active management to enhance total return potential. Core offerings include a diversified portfolio of municipal debt securities across sectors such as local government (26%), IDR/PCR (14%), special tax (13%), water/sewer (10%), transportation (8%), hospital (8%), and education (5%), with maturities primarily in the 5-10 year intermediate range (effective maturity of 7.98 years, modified duration to worst of 5.30 years); top holdings feature California Community Choice Financing Authority clean energy project revenue bonds and San Joaquin Valley Clean Energy Authority revenue bonds, alongside securities from Guam, Puerto Rico, and the Virgin Islands. The fund, subadvised by MacKay Shields LLC—a New York Life Investments affiliate with expertise in municipal bonds—targets California tax-exempt investors, high-net-worth individuals, and institutions seeking tax-efficient fixed income exposure, with shares listed on NYSE Arca and monthly distributions from net investment income. Launched on December 21, 2021, and headquartered in Jersey City, New Jersey, under New York Life Insurance Company, MMCA was formerly known as IQ MacKay California Municipal Intermediate ETF until its rebranding to NYLI MacKay California Muni Intermediate ETF effective August 28, 2024, aligning with New York Life Investments' expanded active ETF branding strategy. In December 2025, New York Life Investments, through its MacKay Shields subadvisor team led by Scott Sprauer, Michael Denlinger, and Frances Lewis, launched the complementary NYLI MacKay Muni Allocation ETF (MMMA), broadening its suite of active municipal bond ETFs that includes MMCA alongside MMSD, MMIN, and MMIT; this expansion underscores ongoing strategic growth in tax-exempt fixed income products amid attractive yield environments. The fund maintains total annual operating expenses of 0.36% after waivers (net of a 0.34% reimbursement), with approximately $64 million in net assets, 75 holdings, and a Morningstar 5-star rating among 53 Muni California Intermediate peers as of late 2025.