NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Sees Significant Drop in Short Interest

NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 13,466 shares, a decline of 47.5% from the August 15th total of 25,629 shares. Based on an average daily trading volume, of 238,341 shares, the short-interest ratio is presently 0.1 days. Approximately 0.0% of the shares of the company are short sold.

NYLIM MacKay Shields Municipal Intermediate ETF Stock Performance

Shares of MMIT traded down $0.04 on Tuesday, reaching $23.41. 701,709 shares of the company’s stock traded hands, compared to its average volume of 353,138. The stock’s 50 day simple moving average is $23.98 and its two-hundred day simple moving average is $24.20. NYLIM MacKay Shields Municipal Intermediate ETF has a 52-week low of $23.37 and a 52-week high of $24.77.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in NYLIM MacKay Shields Municipal Intermediate ETF by 8.2% in the 1st quarter. Bank of America Corp DE now owns 6,215,015 shares of the company’s stock worth $149,813,000 after acquiring an additional 471,765 shares during the last quarter. Meeder Advisory Services Inc. boosted its position in NYLIM MacKay Shields Municipal Intermediate ETF by 30.3% during the first quarter. Meeder Advisory Services Inc. now owns 2,944,732 shares of the company’s stock worth $70,983,000 after purchasing an additional 683,938 shares during the period. Cetera Investment Advisers boosted its position in NYLIM MacKay Shields Municipal Intermediate ETF by 5.5% during the first quarter. Cetera Investment Advisers now owns 2,053,468 shares of the company’s stock worth $49,499,000 after purchasing an additional 107,132 shares during the period. Royal Bank of Canada increased its stake in shares of NYLIM MacKay Shields Municipal Intermediate ETF by 23.9% in the first quarter. Royal Bank of Canada now owns 712,696 shares of the company’s stock worth $17,180,000 after purchasing an additional 137,591 shares in the last quarter. Finally, Waverly Advisors LLC purchased a new position in shares of NYLIM MacKay Shields Municipal Intermediate ETF in the second quarter worth about $13,967,000.

About NYLIM MacKay Shields Municipal Intermediate ETF

The IQ MacKay Municipal Intermediate ETF (MMIT) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is actively managed to provide enhanced total-return potential by investing mainly in investment-grade, AMT-free US municipal bonds with duration between 3-10 years. MMIT was launched on Oct 18, 2017 and is managed by IndexIQ.