Rhea-AI Summary
New York Life Investment Management launched the NYLIM MacKay Muni High Income ETF (NYSE Arca: MMHI), an actively managed municipal-bond fund.
The fund seeks a high level of current income exempt from regular federal income tax. It is expected to invest at least 60% of its assets in municipal securities rated BBB+/Baa1 or below, and may hold both investment-grade and below-investment-grade debt. MacKay Municipal Managers manages the portfolio using issuer-level credit research and a relative value approach that weighs available compensation against risk. The strategy excludes distressed debt and debt that is not accruing interest.
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