NYSE Arca · ETF
Invest in MMIT ETF from India
Indian and foreign residents can buy NYLI MacKay Muni Intermediate ETF (MMIT) units directly through Paasa.
By Paasa · Updated
MMIT at a glance
- Price
- $23.07-$0.07 (0.32%)
- Expense ratio
- 0.4%
- Day range
- $23.03 – $23.13
- Assets
- $1.5B
- Domicile
- the US
- Holdings
- 837
- Launched
- 2017
- Dividends
- Distributing
- 1 month
- -3.86%
- 6 months
- -4.41%
- YTD
- -5.12%
- 1 year
- -5.04%
- 5 years
- -13.90%
Price change, excluding dividends.
Top 10 holdings
- 1New York N Y Var 01-feb-20551.0%
- 2Hudson Yds Infrastructure Corp N Y Second Indenture Rev 5.0% 15-feb-20420.9%
- 3Minnesota Mun Gas Agy Gas Proj Rev 5.0% 01-sep-20350.9%
- 4Pennsylvania Hsg Fin Agy Single Family Mtg Rev 3.0% 01-oct-20510.9%
- 5Puerto Rico Sales Tax Fing Corp Sales Tax Rev 4.329% 01-jul-20400.9%
- 6Alabama Toll Rd Brdg & Tunl Auth Rev 5.0% 01-oct-20320.8%
- 7DREYFUS GOVT CASH MAN INS0.8%
- 8Los Angeles Calif Dept Wtr & Pwr Rev 5.0% 01-jul-20430.7%
- 9Springfield Ill Elec Rev 5.0% 01-mar-20320.6%
- 10Chicago Ill Brd Ed Dedicated Cap Impt 6.0% 01-apr-20460.6%
MMIT holds 837 securities in total. These 10 are 8.1% of the fund.
Where the money is invested
Sectors
- Financial Services0.2%
Countries
- United States99.2%
- Other0.8%
How to invest in MMIT from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Step 3
Search MMIT and buy
Find the fund by its ticker, MMIT, on NYSE Arca, and place your order. Fractional units are available and there is no minimum trade size, so you can buy by amount.
Why invest in MMIT from India
What MMIT holds
MMIT is actively managed to provide current income, exempt from federal income tax, via investing 80% of its assets in investment-grade municipal bonds. The funds subadvisor considers macroeconomic factors such as tax rates, treasury rates, regulatory, technical factors, and other global economic data.
Hold a dollar asset
MMIT is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Buy a fraction of a unit
Buy by amount, not by unit, and get the matching fraction of one MMIT unit. There is no minimum trade size.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Planning to hold more than $60,000 in US ETFs? Here's what US estate tax means for you.
US-domiciled ETFs held in your own name fall under US estate tax rules. If your US holdings cross $60,000, the amount above that can be taxed at up to 40% when the account passes to your family.
A UCITS ETF tracking a similar market sits outside US estate tax.
Frequently asked questions
Can I buy MMIT from India?
Yes. Indian residents can buy NYLI MacKay Muni Intermediate ETF (MMIT) through Paasa. It is listed on NYSE Arca and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does MMIT invest in?
NYLI MacKay Muni Intermediate ETF holds 837 securities. Its largest holdings are New York N Y Var 01-feb-2055 (1.0%), Hudson Yds Infrastructure Corp N Y Second Indenture Rev 5.0% 15-feb-2042 (0.9%) and Minnesota Mun Gas Agy Gas Proj Rev 5.0% 01-sep-2035 (0.9%). Financial Services is its largest sector at 0.2%. It is a distributing fund domiciled in the US.
What is the expense ratio of MMIT?
NYLI MacKay Muni Intermediate ETF has an expense ratio of 0.4% a year, taken from the fund's assets rather than billed to you. The fund manages about $1.5B.
How are MMIT dividends taxed in India?
NYLI MacKay Muni Intermediate ETF is a distributing fund. It pays the dividends from its holdings out to you in cash. Dividends are taxed at your slab rate in India. Paasa's dividend report lists the gross dividend and any tax withheld for each payment.
What tax do I pay in India when I sell MMIT?
The US does not levy capital gains tax on shares for Indian residents. Gains are taxable in India. Debt-oriented funds can be taxed differently from equity funds, so confirm your rate before selling. The gain is worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.
Can I buy a fraction of one MMIT unit?
Yes. You can buy by amount rather than by unit and add to your position over time. One unit is $23.07, and there is no minimum trade size.
What happens to my MMIT units if I pass away?
US-domiciled ETFs held in your own name fall under US estate tax rules. If your US holdings cross $60,000, the amount above that can be taxed at up to 40% when the account passes to your family. A UCITS ETF tracking a similar market sits outside US estate tax. Paasa's US estate tax calculator shows the exposure for a given portfolio value.