IQ MacKay Municipal Intermediate ETF

MMIT

Market cap $1.25B

On the latest ETF 360, Kirsten Chang spoke to John Lawlor, managing director, portfolio manager/trader from MacKay Shields about the state of munis. Additionally, they discussed the NYLI MacKay Muni Intermediate ETF (MMIT).

On Friday, IndexIQ launched the actively managed IQ MacKay Securitized Income ETF (NYSE Arca:SECR), which invests in investment-grade mortgage-related and asset-backed securities. The new fund is sub-advised by members of the global fixed income team at New York Life Investment Management subsidiary MacKay Shields.

We take a look at the municipal sector after a rollercoaster ride. We find that longer-duration munis remain attractive, particularly relative to corporate bonds. Separately, muni CEF discounts are wide and higher-quality bonds look best.