MMSD Fees and Costs — NYLI Mackay Muni Short Duration ETF
Data updated: 2026-09-25
The net expense ratio is 0.25%: a 0.25% management fee plus 0.17% other expenses, less a 0.17% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 158%.
MMSD Fees and Expenses
Annual operating expenses and sales charges of MMSD. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.42% |
| Fee waiver | −0.17% |
| Net expense ratio | 0.25% |
| 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 |
MMSD Costs Over Time
On $10,000 invested in MMSD, assuming 5% a year before costs, total costs come to $159 over 5 years, cutting the return by 0.26% 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 0.25%) | $26 | $83 | $144 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $26 | $87 | $159 |
| Value after costs | $10,474 | $11,490 | $12,604 |
| Impact on return, per year | 0.26% | 0.26% | 0.26% |
MMSD 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): $207.3M
- Portfolio turnover (prospectus): 158%
- Securities lending: none during the year
MMSD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $35.1M | 22.94% |
| BOFA SECURITIES, INC. | $26.5M | 17.34% |
| BARCLAYS CAPITAL, INC. | $21.1M | 13.82% |
| WELLS FARGO SECURITIES, LLC | $16.9M | 11.06% |
| RBC CAPITAL MARKETS, LLC | $14.9M | 9.77% |
| PNC INVESTMENTS | $10.5M | 6.84% |
| TD SECURITIES (USA) LLC | $10.0M | 6.54% |
| Truist Securities, Inc. | $6.4M | 4.20% |
| SAMCO CAPITAL MARKETS, INC. | $6.0M | 3.94% |
| MORGAN STANLEY & CO. LLC | $5.4M | 3.55% |
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.