GMNY vs MUB

GMNYBGoldman Sachs Dynamic New York Municipal Income ETF

MUBAiShares National Muni Bond ETF

In short

GMNY New York paper, actively picked: income aimed at being exempt from regular federal tax plus New York State and City personal income taxes, at 0.30% net of a waiver through December 29, 2026. No index to copy.

MUB Municipal bonds, indexed and cheap. Since 2007, MUB has packaged investment-grade national munis into tax-exempt monthly income for five basis points a year, and it sits among the deepest pools in the muni-ETF aisle.

Stated mandate

GMNY 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.

MUB The fund seeks to track an index of investment-grade U.S. municipal bonds, providing diversified exposure to the national municipal-bond market and tax-exempt income.

Why people hold it

• GMNY No index to hug. The managers can run duration anywhere from 2 to 8 years and move along the credit spectrum as New York bonds get cheap or rich.gs.com
• The tax angle is the point: at least 80% of assets in qualifying munis, targeting income exempt from regular federal tax and New York State and City personal income taxes.sec.gov
• Holds a few hundred individual New York bonds and pays income monthly, so state-specific exposure arrives in one ticker instead of a bond-desk shopping trip.
• Does what the label says, and lands in the upper half of the muni bond ETFs we grade on how faithfully it delivers its stated mandate.

• MUB 0.05% a year against a muni-ETF median near 0.30%. In a category built on modest, tax-exempt yields, that fee gap is real money left in the fund.
• The benchmark is AMT-free: the ICE AMT-Free US National Municipal Index screens out munis whose interest can be pulled into the alternative minimum tax.ishares.com
• Tracks its index closely, one of the tighter jobs in its peer group, and distributes monthly. A multi-billion-dollar fund that trades actively.
• Broad investment-grade exposure across the national muni market, spread over thousands of issuers rather than one state's budget.ishares.com

Worth knowing

• GMNY At 0.30% net of a waiver through December 29, 2026 (0.35% gross), it costs well above national index funds like VTEB at 0.03% or MUB at 0.05%. Active work and the New York tax angle are the bill.
• The prospectus allows up to 30% of net assets in non-investment-grade munis, and a one-state portfolio lives with New York's budget and credit headlines.sec.gov
• It launched in 2024 and trades lightly for an ETF, so the record is short and spreads can widen; limit orders are the standard tool here.

• MUB Two rivals undercut it: VTEB and SCMB both run 0.03%. A two-basis-point gap is small, but it is a gap.
• A bond fund with no maturity date to hold to. Share prices move with interest rates and muni credit conditions, both directions.
• National by design, so no single-state tilt and no in-state tax angle. iShares runs state-specific muni funds such as NYF for that job.

Full GMNY profile⁠

Full MUB profile⁠