GMUB vs SCMB

GMUBAGoldman Sachs Municipal Income ETF

SCMBASchwab Municipal Bond ETF

In short

GMUB Goldman'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.

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

GMUB The Fund seeks substantial current income that is exempt from regular federal income tax.

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

• GMUB 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.

• 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

• GMUB 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.

• 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 GMUB profile⁠

Full SCMB profile⁠