What this ETF is trying to do

The Nuveen Municipal Income Fund (NMI) is an ETF that focuses on providing income to investors. It generally invests in municipal bonds, which are loans made to local or state governments.

What the numbers show

As of October 9, 2026, the share price of NMI is $9.23. To understand how the price has changed, we can look at the price return and the total return.

• Price Return: This measures only the change in the share price. The one-year price return is -7.98%, and the year-to-date (YTD) price return is -7.05%. Over three years, the price return was 7.45%.

• Total Return: This reflects the overall return, including distributions. The one-year total return is -3.82%, and the YTD total return is -3.95%. Over three years, the total return was 23.02%.

For a simple example, if you had invested $10,000 based on the estimated price from roughly one year ago ($10.03), the price-only decline of -7.98% would mean the value of those shares alone would be approximately $9,202.

Income and distribution explanation

NMI pays out cash to investors usually every month. Over the last 12 months, it made 12 payouts. The distribution yield is 4.94%.

It is important for beginners to know that a high distribution yield alone can be misleading. A yield tells you how much cash is being paid out relative to the price, but it does not guarantee that the total value of your investment is growing.

NAV erosion explanation

"NAV erosion" happens when the net asset value (the actual value of the fund's holdings) declines over time. While a falling share price can be a warning sign, it is not the same thing as NAV erosion.

StockValueFinder uses an erosion-risk score to measure this. NMI has an erosion score of 75, which is labeled as "mild price erosion." This means there is a mild risk associated with the price trend.

Pros

• Consistent Payouts: The fund has a history of monthly distributions.

• Long-term Total Return: The three-year total return is positive at 23.02%.

Cons

• Recent Price Decline: Both the YTD and one-year price returns are negative.

• Erosion Risk: The fund has a "mild" erosion-risk label.

Beginner takeaway

NMI provides regular monthly income, but its share price has declined over the past year. When looking at income ETFs, it is important to look at both the distribution yield and the total return to see if the cash payments are offsetting a drop in the share price.