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IQ MacKay Shields Municipal Insured ETF (MMIN)

ETF Overview

Summary

The IQ MacKay Shields Municipal Insured ETF (MMIN) seeks current income exempt from federal income tax. The Fund principally invests in investment-grade municipal bonds covered by an insurance policy guaranteeing the payment of principal and interest, and will also seek to enhance total return potential through the subadvisor’s active management approach.

Active management
Access key ETF structure benefits, while actively managing the unique insured municipal market characteristics that result from its fragmented and inefficient nature.

Relative value strategy
The team relies on credit analysis, yield curve positioning, and sector rotation to uncover the most compelling opportunities.

Tenured team
The co-heads have worked together for over 20 years and leverage their long-term relationships with municipal dealers to help drive success.

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Pricing  

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Index History (%)
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Fund History (%)
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The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Index performance is for illustrative purposes only and does not represent actual Fund performance. One cannot invest directly in an index. Performance data for the Index assumes reinvestment of dividends. The Fund is actively managed and does not seek to track the performance of the Index.

Before you invest:

Before considering an investment in the Fund, you should understand that you could lose money.

The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular issuer or issuers, region, market, industry, group of industries, project types, group of project types, sector or asset class. 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.


The Fund is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size, in which case it could ultimately liquidate. Fixed income securities most frequently trade in institutional round lot size transactions. Until the Fund grows significantly in size, the Fund expectsto purchase a significant number of bonds in amounts less than the institutional round lot size, which are frequently referred to as “odd” lots. Odd lot size positions may have more price volatility than institutional round lot size positions.


A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax. The Fund may invest inderivatives, which may increase the volatility of the Fund's net asset value and may result in a loss to the Fund. 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, in which the bond issuer may fail to pay interest and principal in a timely manner. 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.

Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies.  A rating downgrade of a municipal bond insurer could negatively impact the market value of insured municipal bonds held by the Fund. If the insurer of a defaulted municipal bond were to become unable or unwilling to pay the principal or interest on the defaulted Municipal Bond, the Fund would incur losses.


The Bloomberg Barclays Municipal Insured Bond Index is a total return performance benchmark for municipal bonds that are backed by insurers with Aaa/AAA ratings and have maturities of at least one year. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. Modified Duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to Worst is the duration of a bond, computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Average Price is based on market value and is the market weighted average of all bonds held in the Fund's portfolio, including any zero coupon bonds.

Returns less than 1 year are cumulative; all other returns are annualized.

* Fund Inception Date: October 18, 2017. The Index and Fund performance since inception in the table above is based on the Fund inception date.

1. IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by ICE Data Indices, LLC that approximates the Fund's NAV every 15 seconds throughout the trading day.

2. Other Expenses have been estimated for the Fund's current fiscal year. The Fund has Total Annual Fund Operating Expenses of 0.57%.

3. IndexIQ Advisors LLC (the "Advisor") has contractually agreed, until August 31, 2018, to waive or reduce its management fee and/or reimburse expenses of the Fund in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage fees and commissions, dividends paid on short sales, acquired fund fees and expenses, and extraordinary expenses) to not more than 0.30% of the average daily net assets of the Fund.

IndexIQ shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00 pm ET net asset value (NAV). Market price returns reflect the share price as of the close of trading on the exchange where Fund shares are listed. Beginning on May 31, 2016, the price used to calculate the market price returns is the mean between the day’s last bid and ask prices. Prior to May 31, 2016, market price returns were calculated using the day’s closing price on the fund’s primary exchange. The market price returns do not represent returns an investor would receive if shares were traded at other times.

Holdings  

Holdings   

Top Holdings
Weight
*Holdings are subject to change without notice.