Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Goldman Sachs Dynamic New York Municipal Income ETF
$47.89+0.18 (+0.39%)
- 0.35%
- $54M
- −0.9%
- 3.55%
- 0M sh
- $47.68
- low $47.38high $50.86
The ETF.net GMNY Grade
B
Score 57 out of 100
- 30 of 63
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C41 out of 100Rank 33 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A93 out of 100Rank 23 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B65 out of 100Rank 4 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D32 out of 100Rank 48 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C53 out of 100Rank 37 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C44 out of 100Rank 42 of 63
Our read on GMNY
BGoldman's bond desk hand-picking New York munis: income exempt from regular federal tax plus New York State and City personal income taxes, paid monthly. Launched in 2024, it is the active answer to a shelf of index NY muni trackers.
The fund seeks a high level of current income exempt from regular federal income tax and New York State and City personal income taxes. Normally, at least 80% of net assets plus investment borrowings is invested in qualifying municipal fixed-income securities issued by New York and other U.S. public entities.
Why people hold it
- The tax angle is narrow on purpose: it targets income exempt from regular federal tax and New York State and New York City personal income taxes, which lands hardest for people paying all three.
- Actively managed and compact, roughly 60 positions, so the team can lean into specific credits and maturities rather than mirror a broad New York index the way NYF does.
- The mandate is written down, not implied: normally at least 80% of net assets plus borrowings sits in qualifying municipal bonds, and the portfolio matches that label closely.
- Distributions come monthly, which suits people who treat muni income as a paycheck rather than a year-end surprise.
Worth knowing
- At 0.35% a year it runs above the typical muni ETF and well above index New York options like NYF at 0.09%. Active security selection is what the extra buys.
- Small asset base and thin trading volume, so spreads can widen and limit orders are the usual tool for getting in and out cleanly.
- A single-state book concentrates New York issuer and state tax-law risk, and with a 2024 launch there is not yet a long record across a full rate cycle.
GMNY Holdings
- Bonds
- 236
- 18%
- FTIXX
Sectors
- Financials100.0%
Geography
- United States100.00%
GMNY Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
GMNY$9,910
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | GMNY |
|---|---|
| Year to date | −2.0% |
| 1 month | −1.5% |
| 3 months | −4.0% |
| 1 year | −0.9% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | GMNY |
|---|---|---|
| 2026 YTD | −2.0% | |
| 2025 | +3.8% | |
| 2024 | +102.0% |
GMNY in the news
GMNY Dividends
- 3.55%
- $1.69
- $0.13 per share
- Monthly
Distribution history
GMNY Risk
- 4.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.79
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −5.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
GMNY Cost
0.35%
GMNY0.35%
- The middle half of Other Municipal Bond funds
- Median 0.30%
32 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BGCALGoldman Sachs Dynamic California Municipal Income ETFExpense ratio 0.35%1 year return −1.0%
- BFTNJFranklin New Jersey Municipal Income ETFExpense ratio 0.36%1 year return —
- BMINOPIMCO Municipal Income Opportunities Active Exchange-Traded FundExpense ratio 0.49%1 year return −2.2%
- BWTMUWisdomTree Core Laddered Municipal FundExpense ratio 0.25%1 year return −2.1%
- BFTMAPutnam ETF Trust - Franklin Massachusetts Municipal Income ETFExpense ratio 0.36%1 year return —