QUICK SPARK: New ETF Targets High-Yield Municipal Bonds and Tax-Free Income

New York Life Investment Management has launched the NYLIM MacKay Muni High Income ETF (NYSE: MMHI), which targets high current income exempt from federal income tax. The ETF will invest at least 60% of its assets in municipal securities rated BBB+/Baa1 or below, focusing on higher-yielding municipal bonds while managing credit risks. Managed by MacKay Municipal Managers, which oversees nearly $87 billion in municipal assets, the fund aims to differentiate between issuers based on risk and yield compensation.