Understanding the Nuveen Massachusetts Quality Municipal Income Fund (NMT)

What this ETF is trying to do

The Nuveen Massachusetts Quality Municipal Income Fund (NMT) is an ETF listed on the NYSE. While specific holdings are not listed in this report, funds of this type generally focus on providing income to investors.

What the numbers show

It is important to understand that "price return" and "total return" tell different stories. Price return only tracks how the share price changes. Total return includes both the price change and the cash distributions paid out to investors.

As of September 18, 2026, the current price is $11.17. Based on an estimated price from roughly one year ago of approximately $11.55, here is how the fund has performed:

• Year-to-Date (YTD): The price return is approximately -1.41%, but the total return is approximately 3.23%.

• One Year: The price return is approximately -3.29%, while the total return is approximately 2.96%.

• Three Year: The price return is approximately 12.60%, and the total return is approximately 35.70%.

• Five Year: The five-year total return is approximately -5.70%.

These numbers show that while the share price has gone down in some periods, the total return (which includes distributions) has been positive in several timeframes.

Income and distribution explanation

This ETF provides regular cash payments, known as distributions. The distribution yield is approximately 6.75%. This means the amount of cash paid out is quite high relative to the share price. These distributions usually happen monthly, often on a Friday. Over the last 12 months, there were 12 payouts.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value, or the actual value of the assets held by the fund. A falling share price does not always mean NAV erosion is happening, but investors often watch for it.

For this ETF, the erosion-risk score is 94, which is labeled as "Stable / sideways." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• The fund has a high distribution yield of approximately 6.75%.

• The income rating score is 80, which is an "A" grade.

• Over the last three years, the total return has been positive at approximately 35.70%.

Cons

• The one-year price return has been negative at approximately -3.29%.

• The five-year total return is currently negative at approximately -5.70%.

Beginner takeaway

When looking at NMT, it is helpful to distinguish between the share price and the total return. Even when the share price drops, the total return can be positive because of the monthly cash distributions. However, a high distribution yield does not guarantee that your original investment will stay at the same value. Always look at both price movement and total return to get the full picture.