ETF Education Report: NYLI MACKAY MUNI ALLOCATION ETF (MMMA)

What this ETF is trying to do

The NYLI MACKAY MUNI ALLOCATION ETF (ticker: MMMA) is an exchange-traded fund listed on the NYSE. While specific investment goals are not detailed in the provided data, this type of fund generally focuses on municipal bond allocations.

What the numbers show

As of October 6, 2026, the current price of one share is $23.89. When looking at how the fund has performed so far this year (Year-to-Date), it is important to look at two different numbers:

• YTD Price Return: This shows the change in the share price alone. The price return for this year is approximately -4.71%.

• YTD Total Return: This shows the overall return, which includes both price changes and distributions. The total return for this year is approximately -1.58%.

Because the total return (-1.58%) is higher than the price return (-4.71%), it shows that the distributions helped offset some of the share-price decline.

Income and distribution explanation

Some investors look at ETFs for regular cash payments, known as distributions. This ETF has a distribution yield of approximately 3.57%. Over the last 12 months, it has made 10 distributions. These payments usually happen on a monthly basis, with Friday being the most common day for a payout.

It is important to remember that a distribution yield is not the same as a total return. A high yield tells you how much cash was paid out relative to the price, but it does not guarantee that your total investment grew.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases over time. While a falling share price can sometimes be related to this, they are not the same thing. In this report, there is no "severe erosion-risk flag" triggered for MMMA. The erosion score is currently withheld because there is not enough verified price history available to provide a measurement.

Pros

• The fund provides regular cash distributions (usually monthly).

• The total return is higher than the price return, meaning distributions are helping to cushion the share-price decline.

Cons

• The fund has experienced a negative price return and a negative total return so far this year.

• There is no data provided regarding the fund's top holdings or specific portfolio exposure.

Beginner takeaway

When looking at an ETF like MMMA, it is helpful to distinguish between the share price and the total return. The share price has gone down this year, but the cash distributions have helped make the "total return" look a little better. Always remember that receiving regular income does not mean the price of your shares will stay the same.