Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Goldman Sachs Municipal Income ETF
$49.09+0.11 (+0.22%)
- 0.18%
- $614M
- −0.5%
- 3.52%
- 0.2M sh
- $48.90
- low $48.38high $52.23
The ETF.net GMUB Grade
A
Score 74 out of 100
- 11 of 63
Score 74 of 100 falls in the A 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.A82 out of 100Rank 11 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A84 out of 100Rank 39 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.B60 out of 100Rank 21 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A72 out of 100Rank 20 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C51 out of 100Rank 37 of 63
Our read on GMUB
AGoldman's 2024 muni entry skips the index-hugging playbook: no declared benchmark, roughly 240 bonds chosen by the desk, 0.18% a year. Cheaper than the typical muni fund, pricier than the index giants.
The Fund seeks substantial current income that is exempt from regular federal income tax.
Why people hold it
- 0.18% a year undercuts the typical muni bond fund, so the active work costs less than the category norm.
- Targets substantial current income exempt from regular federal income tax, and pays it out monthly.
- Spreads across roughly 240 municipal bonds with no declared index to shadow, leaving credit selection to the managers.
- Stands in the top quartile of a muni field running to over a hundred funds, a strong showing for a young launch.
Worth knowing
- Index rivals VTEB and MUB charge single-digit basis points, so the active mandate here starts each year behind on cost.
- Thinly traded next to the muni heavyweights, which can mean wider spreads at the moment you trade.
- Launched July 2024, so the track record is short and covers only one stretch of the rate cycle.
GMUB Holdings
- Bonds
- 845
- 14%
- FTIXX
Sectors
- Municipal100.0%
Geography
- United States100.00%
GMUB 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.
GMUB$9,950
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 | GMUB |
|---|---|
| Year to date | −1.9% |
| 1 month | −1.5% |
| 3 months | −3.7% |
| 1 year | −0.5% |
| 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 | GMUB |
|---|---|---|
| 2026 YTD | −1.9% | |
| 2025 | +6.0% | |
| 2024 | +1.1% |
GMUB in the news
GMUB Dividends
- 3.52%
- $1.72
- $0.14 per share
- Monthly
Distribution history
GMUB 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.
- −0.57
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.
GMUB Cost
0.18%
GMUB0.18%
- The middle half of Other Municipal Bond funds
- Median 0.30%
10 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- AJMUBJPMorgan Municipal ETFExpense ratio 0.18%1 year return −2.1%
- ADFNMDimensional - National Municipal Bond ETFExpense ratio 0.18%1 year return −1.1%
- ATAXFAmerican Century Diversified Municipal Bond ETFExpense ratio 0.25%1 year return −1.9%
- ACGMUCapital Group Municipal Income ETFExpense ratio 0.27%1 year return −1.2%
- AFLMIFranklin Dynamic Municipal Bond ETFExpense ratio 0.30%1 year return −1.9%