New York Life Launches High-Income Municipal Bond ETF (MMHI)

New York Life Investment Management launched the NYLIM MacKay Muni High Income ETF (MMHI) on NYSE Arca, offering an actively managed approach to higher-yielding municipal bonds. The ETF seeks a high level of current income exempt from regular federal income tax and is expected to invest at least 60% of assets in municipal securities rated BBB+/Baa1 or below, including below-investment-grade debt. Managed by MacKay Municipal Managers, which oversees nearly $87 billion in municipal assets, MMHI uses fundamental credit research and relative-value analysis to identify bonds where yield adequately compensates for credit risk. The strategy excludes distressed and non-accruing debt and combines bottom-up security selection with views on rates, sectors and the broader municipal market.