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ETFs

IQ MacKay California Municipal Intermediate ETF

MMCA
$--
Today’s Change
-- (--)

Snapshot
*

Inception Date
Dec 21 2021
Expense Ratio
0.36%
Type
US Bonds
Fund Owner
Index IQ
Volume (1m avg. daily)
$30,023
AUM
$32,524,332
Associated Index
None
Inverse/Leveraged
No
Passive/Active
Active
Fractionable on Composer
No

Top 10 Holdings

n/a
DREYFUS TAX EXEMPT CASH
9.22%
n/a
CA CMNTY CHOICE FING FRN 5/1/2053
6.00%
n/a
CA ST POLL CONTROL FI 3.7 08/01/2040
4.54%
n/a
GUAM GOVT BUSINESS PR 5 1/1/2030
3.91%
n/a
RAVENSWOOD CITY SD 5.25 8/1/2045
3.28%
n/a
SAN DIEGO CNTY CA-B 5 7/1/2033
3.27%
n/a
VICTORVILLE-A 5 5/1/2038
3.26%
n/a
SAN JOSE CA ARPT-A 5 3/1/2029
3.23%
n/a
MT DIABLO USD -REF-B 4 8/1/2029
3.21%
n/a
GUAM PWR AUTH-A-REF 5 10/1/2033
3.14%
Invest with MMCA

What is MMCA?

The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Instead, the Fund uses an active management strategy to meet its investment objective. Consequently, investors should not expect the Fund s returns to track the returns of any index or market for any period of time. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and California income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of California.

ETFs related toMMCA

ETFs correlated to MMCA include SCMB, CGMU, JMUB

MMCA
IndexIQ Active ETF Trust - IQ MacKay California Municipal Intermediate ETF
SCMB
Schwab Strategic Trust - Schwab Municipal Bond ETF
CGMU
Capital Group Fixed Income ETF Trust - Capital Group Municipal Income ETF
JMUB
J.P. Morgan Exchange-Traded Fund Trust - JPMorgan Municipal ETF
TFI
SPDR Series Trust - SPDR Nuveen Bloomberg Municipal Bond ETF
CMF
BlackRock Institutional Trust Company N.A. - iShares California Muni Bond ETF
MUNI
Pimco Exchange Traded Fund - PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
PWZ
Invesco Capital Management LLC - Invesco California AMT-Free Municipal Bond ETF
FMB
First Trust Exchange-Traded Fund III - First Trust Managed Municipal ETF
IBMQ
iShares Trust - iShares iBonds Dec 2028 Term Muni Bond ETF
DFNM
Dimensional ETF Trust - Dimensional National Municipal Bond ETF

What is ETF correlation?

Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.

Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.

Using ETF correlations in portfolio and strategy construction

ETF correlations can help you create investing strategies and portfolios. Use them to:

  • •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
  • •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
  • •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.

FAQ

MMCA is a US Bonds ETF. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Instead, the Fund uses an active management strategy to meet its investment objective. Consequently, investors should not expect the Fund s returns to track the returns of any index or market for any period of time. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and California income taxes. Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and California income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of California.

Yes, MMCA is actively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

No, MMCA is not passively managed. It is actively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on MMCA is -0.0098%. This is the percent change in the value of MMCA over the most recent 1-month period. The 3-month return on MMCA is -0.0175%. This is the percent change in the value of MMCA over the most recent 3-month period.

The standard deviation of MMCA for the past year is 0.0291%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to MMCA include SUB, HYD, and VTEB.

ETFs correlated to MMCA include SCMB, CGMU, and JMUB.

ETFs that are inversely correlated to MMCA include TTT, TBT, and TMV.

Disclaimers

*

We show information directly obtained from our data provider, Xignite. Data shown here is provided by Xignite, an unaffiliated third party. Composer believes the information shown here is reliable, but has not been verified and there is no guarantee that the information is accurate.

**

We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.