What this ETF is trying to do

The NYLI Mackay Muni Short Duration ETF (MMSD) is an exchange-traded fund. While the provided data does not list specific holdings, its name suggests it focuses on "muni" (municipal) bonds with "short duration," which generally means it invests in shorter-term debt issued by local or state governments.

What the numbers show

As of October 5, 2026, the share price of MMSD was $24.70.

To understand how the price has changed, we can look at two different types of returns:

• Price Return: This measures only the change in the share price. The one-year price return was -2.95%, and the year-to-date (YTD) price return was -2.68%.

• Total Return: This measures the overall return, including the cash distributions paid to investors. The one-year total return was 0.54%, and the YTD total return was -0.09%.

For example, if you had invested $10,000 based on the estimated price from roughly one year ago ($25.45), the price-only decline of -2.95% would mean your shares were worth approximately $9,705 before considering any cash distributions.

Income and distribution explanation

MMSD pays out cash to investors, usually on a monthly basis. Over the last 12 months, it made 12 payouts. The distribution yield is approximately 3.62%.

It is important for beginners to know that a high distribution yield alone can be misleading. A fund can pay out a high percentage in cash even if the share price is falling. In this case, the total return (which includes distributions) was higher than the price return over the last year.

NAV erosion explanation

"NAV erosion" happens when the underlying value of a fund's assets steadily declines. StockValueFinder uses an erosion-risk score to measure this.

MMSD has an erosion score of 94, which is labeled as "Stable / sideways" with "good" severity. Additionally, the severe erosion-risk flag is false, meaning the fund did not trigger a warning for substantial price deterioration.

Pros

• Stability: The erosion-risk score suggests the fund's price trend is stable or sideways.

• Regular Income: The fund provides frequent distributions, usually every month.

• Positive Total Return: Despite a drop in share price, the one-year total return remained slightly positive (0.54%).

Cons

• Price Decline: The share price has decreased both year-to-date and over the last 12 months.

• Average Income Grade: The fund has an income rating grade of "C."

Beginner takeaway

MMSD is a fund where the share price has dipped slightly, but the cash distributions have helped offset those losses for the past year. While the price return was negative, the total return was slightly positive. The erosion-risk measurements suggest the fund is currently stable.