ETF Report: NYLI MACKAY MUNI INTERMEDIATE ETF (MMIT)

What this ETF is trying to do

The NYLI MACKAY MUNI INTERMEDIATE ETF, known by its ticker symbol MMIT, is an exchange-traded fund. This type of investment is designed to hold municipal bonds. These are often loans made to local governments.

What the numbers show

As of July 10, 2026, the current price of one share is $24.27. Looking back at the past year, the price has grown by about 1.93%. When you include the money paid out to investors, the "total return" for the last year was 5.68%.

If we look at a longer period, like three years, the total return was 11.84%. This shows how much value an investor gained over that time including all payments received.

Income and distribution explanation

Some investors look for "income," which is cash paid out to them regularly. This ETF has a distribution yield of 3.61%. Over the last 12 months, it made 12 payments. These payments usually happen once every month. It is important to remember that a high yield alone can be misleading. A high percentage might look good, but you must also look at whether the share price is staying steady or falling.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in an ETF drops over time. Think of it like a bucket with a small hole in the bottom; even if you pour water (income) into it, the level of the water (the share price) keeps dropping.

When an ETF has severe erosion, the share price falls from a high number to a much lower number. This can destroy your "principal," which is the original money you put in. For example, if you invested $10,000 and the price dropped significantly, you might end up with much less than $10,000, even after receiving cash payments.

In this case, MMIT has an erosion score of 94, which is labeled as "Stable / sideways." This means it does not show signs of severe price collapse.

Pros

• The ETF shows a history of total returns over one year and three years.

• It provides regular monthly income.

• The price movement is considered stable or "sideways" rather than crashing.

Cons

• The year-to-date price return is slightly negative at -0.25%.

• Investors must watch the share price to ensure the income isn't coming at the cost of losing their original investment.

Beginner takeaway

Income investors usually prefer ETFs that go sideways or move slightly up. They want the share price to stay steady so their original money stays safe while they collect the monthly payments. Because MMIT is labeled as stable, it avoids the danger of a collapsing price. Always remember that looking at the yield is only one part of the story; you must also look at how the share price behaves over time.