Understanding the Nuveen Minnesota Quality Municipal Income Fund (NMS)

What this ETF is trying to do

The Nuveen Minnesota Quality Municipal Income Fund, known by its ticker symbol NMS, is an Exchange Traded Fund (ETF). This type of fund focuses on municipal income. In simple terms, it aims to provide regular payments to investors through municipal bonds.

What the numbers show

As of July 10, 2026, the current price of one share is $12.225. Looking back at the past year, the price has grown. One year ago, the estimated price was about $11.39.

If you look at the "total return," which includes both price changes and the money paid out to investors, the fund has performed well over different timeframes:

• One-year total return: 14.84%

• Three-year total return: 30.95%

To see how price changes work, imagine you invested $10,000 into this ETF one year ago at the estimated price of $11.39. Before including any extra payments (distributions), your $10,000 would have grown to roughly $10,729 based on the one-year price return of 7.29%.

Income and distribution explanation

Some investors look for ETFs that pay them regular money. This is called a "distribution." The NMS fund has a distribution yield of 6.6135%. This means the amount of money paid out relative to the share price is quite high. These payments usually happen every month, and over the last 12 months, there were 12 payments made.

It is important to remember that a high yield alone can be misleading. A very high percentage might look good, but you must always check if the actual price of the ETF is staying steady or falling.

NAV erosion explanation

"NAV erosion" is a term used when the value of the fund's underlying assets drops over time. Think of it like a bucket with a small hole in the bottom; even if you keep pouring water (income) in, the level of the water (the share price) keeps getting lower. If an ETF has severe erosion, the share price can collapse from a high price to a much lower price, which destroys your original investment (your principal).

However, for NMS, no price erosion was detected. The data shows a "good" erosion score, meaning the price has been stable or growing rather than shrinking.

Pros

• The fund has shown positive total returns over one and three years.

• It provides regular monthly income.

• There is no sign of the price being destroyed by erosion.

Cons

• The share price is lower than many other types of stocks, which can sometimes mean more volatility.

• Investors must always monitor if high yields are coming at the expense of the share price.

Beginner takeaway

Income investors usually prefer ETFs that go sideways (stay at the same price) or move slightly up. This is because they want to collect their monthly payments without losing the original money they put in. NMS has shown a history of growing its total value, but always remember to look at both the yield and the price movement together.