GMNY vs VCRM

GMNYBGoldman Sachs Dynamic New York Municipal Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

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.

VCRM Vanguard's active answer in a mostly-index category: managers working the whole muni curve for 0.12% a year, under half the muni ETF median fee. Monthly income, exempt from federal personal income taxes.

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.

VCRM The fund seeks total return through current income exempt from federal personal income taxes and capital appreciation.

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.

• VCRM Active management priced at 0.12% a year, less than half the 0.30% median for muni ETFs.
• Run by Vanguard's Fixed Income Group, with all-curve exposure to primarily high-quality investment-grade munis spread across sectors, states and credit tiers.prnewswire.com
• Pays monthly, with income the fund seeks to keep exempt from federal personal income taxes.vanguard.com
• Sticks tightly to its stated mandate and grades among the strongest implementations in its muni peer group.

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.

• VCRM You pay up for the manager: index peers VTEB and SCMB run at 0.03%, a quarter of VCRM's 0.12%.
• Launched in November 2024, so there is only a short record to judge the active mandate on.
• All-curve exposure puts longer maturities in the mix, so prices move with rates. And the exemption is federal: state treatment of a national muni fund depends on where you live.prnewswire.com

Full GMNY profile⁠

Full VCRM profile⁠