New York Life Investment Management Launches NYLIM MacKay Muni High Income ETF
New York Life Investment Management launched the NYLIM MacKay Muni High Income ETF (NYSE Arca: MMHI), an actively managed municipal-bond fund.
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Actively managed ETF seeks to deliver high levels of tax-exempt income through MacKay Municipal Managers’ relative value approach and rigorous municipal credit research
MMHI provides investors with access to an actively managed portfolio focused primarily on higher-yielding municipal bonds. MMHI draws on MacKay’s dedicated municipal investment platform, which oversees nearly
“We believe MMHI brings together several important attributes for income-oriented investors: the potential for high tax-exempt income, rigorous credit underwriting and an active approach that can respond as opportunities emerge across the municipal market,” said Michael Petty, Senior Managing Director and Portfolio Manager at MacKay.
An Active Approach to High-Income Municipal Investing
MMHI is expected to invest at least
The strategy emphasizes municipal bonds capable of generating current income while excluding distressed and non-accruing debt. Through active security selection and ongoing credit surveillance, the team seeks to capitalize on pricing inefficiencies while managing the credit risks inherent in higher-yielding municipal securities.
The Investment Case for High-Yield Municipals
For investors seeking income, municipal bonds can offer an important source of federally tax-exempt income potential. Higher-yielding segments of the municipal market can potentially provide additional income and return opportunities relative to investment-grade municipal debt, though they also carry greater credit and other investment risks.
In the current market environment, higher starting yields, increased municipal issuance and greater differentiation among issuers have expanded the opportunity set for income-oriented investors. The team believes this environment may favor an active approach capable of distinguishing between securities offering attractive compensation and those where incremental yield does not adequately compensate investors for the underlying credit risk.
MMHI is managed by Michael Petty, Senior Managing Director; John Lawlor, Managing Director; and Michael Perilli, CFA, Managing Director, members of the MacKay Municipal Managers team at MacKay Shields.
For more information about MacKay Municipal Managers, visit our website here.
Before You Invest:
Before considering an investment in the Fund, you should understand that you could lose money.
The Fund is a new fund and there can be no assurance that it will grow to or maintain an economically viable size, in which case it could ultimately liquidate. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk which is the possibility that the bond issuer may fail to pay interest and principal in a timely manner. High yield securities (“junk bonds”) generally offer a higher current yield than the yield available from higher grade issues, but are subject to greater market fluctuations, are less liquid and provide a greater risk of loss than investment grade securities. The fund may invest in derivatives which may amplify the effects of market volatility on the Fund’s Share price. Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities.
Before investing, investors should carefully consider the investment objectives, risks, charges, and expenses of the investment company. This and other important information are contained in the prospectus and, if available, the summary prospectus, which may be obtained by visiting https://dfinview.com/NYLIM or by contacting your financial professional. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street,
About MacKay Municipal Managers™
MacKay Municipal Managers™ is a recognized leader in active municipal bond investing and is entrusted with
About MacKay Shields LLC
MacKay Shields LLC (together with its subsidiaries, "MacKay Shields")*, a New York Life Investment Management company, is a global asset management firm with
*MacKay Shields is a wholly owned subsidiary of New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company.
** Assets under management (AUM) as of June 30, 2026 represents assets managed by MacKay Shields but excludes certain accounts and other assets over which MacKay Shields continues to exercise discretionary authority to liquidate but which are no longer actively managed.
About New York Life Investment Management
With approximately
“New York Life Investment Management” is the brand name and service mark used to represent a group of affiliated investment advisers of New York Life Insurance Company: Andera Partners, Apogem Capital LLC, Ausbil Investment Management Limited, Bow River Asset Management, LLC, Candriam S.C.A., Kartesia Management S.à r.l., MacKay Shields LLC, New York Life Investment Management LLC, NYL Investors LLC, and Tristan Capital Partners LLP.
*Assets under management (AUM) includes assets of the investment advisers that make up “New York Life Investment Management” as of 6/30/2026. AUM includes certain assets, such as nondiscretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfolio delivery services, that are not necessarily considered Regulatory Assets Under Management according to the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 6/30/2026.
The total AUM figure for “New York Life Investment Management,” as a brand, is less than the sum of the AUM of each affiliated investment adviser in the group because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser. In addition, AUM includes assets of certain, but not all, investment advisers affiliated with New York Life Insurance Company and excludes assets managed by Andera Partners and Bow River Asset Management, LLC. AUM is based on estimates and is subject to change.
**New York Life Investment Management ranked 26th largest institutional investment manager in Pensions & Investments' Largest Money Managers 2026 published June 2026, based on worldwide institutional AUM as of Dec. 31, 2025. No direct or indirect compensation was paid for the creation and distribution of this ranking.
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Media Contact
Sara Guenoun
sara_j_guenoun@newyorklife.com
718-687-6259
Source: New York Life Investment Management LLC