MMCA Fees and Costs — NYLI MacKay California Muni Intermediate ETF
Data updated: 2026-09-25
The net expense ratio is 0.36%: a 0.45% management fee plus 0.18% other expenses, less a 0.28% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 81%.
MMCA Fees and Expenses
Annual operating expenses and sales charges of MMCA. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.28% |
| Net expense ratio | 0.36% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MMCA Costs Over Time
On $10,000 invested in MMCA, assuming 5% a year before costs, total costs come to $228 over 5 years, cutting the return by 0.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.36%) | $38 | $119 | $207 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $125 | $228 |
| Value after costs | $10,462 | $11,452 | $12,535 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
MMCA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $133.0M
- Portfolio turnover (prospectus): 81%
- Securities lending: none during the year
MMCA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STIFEL FINANCIAL CORP. | $19.6M | 21.18% |
| WELLS FARGO SECURITIES, LLC | $17.3M | 18.69% |
| MORGAN STANLEY & CO. LLC | $11.7M | 12.68% |
| BOFA SECURITIES, INC. | $10.9M | 11.75% |
| RBC CAPITAL MARKETS, LLC | $9.4M | 10.15% |
| J.P. Morgan Securities LLC | $7.3M | 7.89% |
| LOOP CAPITAL MARKETS LLC | $5.1M | 5.49% |
| JEFFERIES LLC | $3.8M | 4.11% |
| RAYMOND JAMES & ASSOCIATES, INC. | $3.8M | 4.11% |
| TMC BONDS L.L.C. | $3.7M | 3.95% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.