GMNY vs SCMB

GMNYBGoldman Sachs Dynamic New York Municipal Income ETF

SCMBASchwab Municipal 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.

SCMB Schwab's take on the core muni sleeve: three basis points, thousands of AMT-free bonds from across the country, and a monthly distribution. Bottom-of-the-table pricing, no frills attached.

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.

SCMB The fund seeks to track, before fees and expenses, the total return of an index representing the U.S. AMT-free municipal bond market.

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.

• SCMB Three basis points a year, against a 0.30% median for muni bond funds. Among the top-graded names in the category, only Vanguard's VTEB matches that fee.
• Follows the ICE AMT-Free Core U.S. National Municipal Index across thousands of bonds and issuers, so no single borrower or state drives the portfolio.
• Plain passive plumbing done well: it stays close to its index, trades actively, and pays monthly. One of the stronger implementations in the muni aisle.

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.

• SCMB Launched in 2022, so its live record is shorter than muni staples like MUB and VTEB, even though the strategy is the same broad-market idea.
• Bond math still applies. This is a portfolio of municipal bonds, so share prices move opposite to interest rates.
• National in scope, not single-state like NYF, so it is not built around any one state's tax rules.

Full GMNY profile⁠

Full SCMB profile⁠