Goldman Sachs Municipal Income ETF GMUB

Medalist Rating as of Jul 20, 2026 See Goldman Sachs Investment Hub

Will GMUB outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable GMUB’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the GMUB management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of GMUB’s parent organization’s priorities and whether they’re in line with investors’ interests.

A new ETF from a familiar team.

Tom Murphy

Associate Director

Summary

Goldman Sachs Municipal Income ETF’s track record may be short, but the strategy still has some appeal because of its impressive muni team and relatively low fees.

by Tom Murphy

Rated on Jul 20, 2026 Published on Jul 20, 2026

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Portfolio Holdings GMUB

More GMUB Holdings

Current Portfolio DateNov 11, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings6.6

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
Goldman Sachs FS Treasury Intms Instl	3.56	27M	Cash and Equivalents
PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%	1.70	13M	municipal
Ann Arbor Mich Hsg Commn Multi Bds 5.125%	0.68	5M	municipal
US Treasury Note 4.625%	0.65	5M	Government
Los Angeles Calif Dept Wtr & P Sys Bds 5.5%	0.62	5M	municipal
NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5%	0.58	4M	municipal
CHANDLER ARIZ INDL DEV AUTH INDL DEV REV 4%	0.51	4M	municipal
PIEDMONT MUN PWR AGY S C ELEC REV 0%	0.50	4M	Cash and Equivalents
NEW JERSEY ST TPK AUTH TPK REV 5%	0.50	4M	municipal
SAN ANTONIO TEX 5%	0.48	4M	municipal

Goldman Sachs Municipal Income ETF GMUB

Morningstar’s Analysis GMUB

Will GMUB outperform in the future?

Process Pillar

People Pillar

Parent Pillar

A new ETF from a familiar team.

Summary

Portfolio Holdings GMUB

Goldman Sachs FS Treasury Intms Instl

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%

Ann Arbor Mich Hsg Commn Multi Bds 5.125%

US Treasury Note 4.625%

Los Angeles Calif Dept Wtr & P Sys Bds 5.5%

NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5%

CHANDLER ARIZ INDL DEV AUTH INDL DEV REV 4%

PIEDMONT MUN PWR AGY S C ELEC REV 0%

NEW JERSEY ST TPK AUTH TPK REV 5%

SAN ANTONIO TEX 5%

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