MutualFundWire.com: A $799B-AUM AM Adds a Dedicated, Active Long Duration Municipal Solution

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Wednesday, December 17, 2025

A $799B-AUM AM Adds a Dedicated, Active Long Duration Municipal Solution

The folks at an insurer's $799.4-billion-AUM* asset manager are rolling out another active exchange-traded fund, this one powered by a $158.3-billion-AUM* subsidiary.

Yesterday (December 16), Michael Denlinger, managing director on the municipal managers team at MacKay Shields LLC, unveiled the launch of the NYLI MacKay Muni Allocation ETF (MMMA on the NYSE Arca). New York City-based New York Life Investment Management LLC (dba New York Life Investments [profile]) will serve as MMMA's investment advisor, New York Life Investments subsidiary MacKay Shields will serve as subadvisor.

MMMA's inception date was yesterday, and the new ETF's expense ratio is 35 basis points. MMMA now has about $25 million in AUM**.

Three MacKay Shields managing directors serve as the PM team for MMMA. Those portfolio managers are: Matthew Hage, Michael Perilli, and Denlinger.

Denlinger puts the launch of MMMA in the context of fixed income yields being "at some of the most attractive levels in over a decade."

"We believe now is an opportune time to offer investors a dedicated, active long duration municipal solution. This approach allows investors to capture higher tax-exempt income and the potential for increased returns as interest rates begin to moderate," Denlinger states. "In an environment where duration and security selection matter more than ever, MMMA is designed to provide both."

MMMA is an actively managed series of New York Life Investments Active ETF Trust. The new fund's other service providers include:

SS&C's Alps Distributors, Inc. as distributor;

the Bank of New York Mellon (BNY Mellon) as administrator, custodian, dividend paying agent, securities lending agent, and transfer agent;

Chapman and Cutler LLP as counsel; and

PricewaterhouseCoopers LLP as independent accounting firm.