ETF Education Report: Goldman Sachs Municipal Income ETF (GMUB)

What this ETF is trying to do

The Goldman Sachs Municipal Income ETF (ticker: GMUB) is an exchange-traded fund. While the specific investment strategy is not detailed in the provided data, municipal income ETFs generally focus on providing income through investments related to municipal bonds.

What the numbers show

As of October 5, 2026, the current price of GMUB is $48.83. We can compare this to an estimated price from roughly one year ago, which was approximately $50.77.

It is important to understand the difference between "price return" and "total return":

• Price Return: This measures only the change in the share price. The one-year price return was approximately -3.82%. The year-to-date (YTD) price return was approximately -4.61%.

• Total Return: This includes the share price change plus any distributions (cash payments) received. The one-year total return was approximately -0.51%. The YTD total return was approximately -2.19%.

Because the total return numbers are higher than the price return numbers, it shows that the distributions helped offset some of the share-price decline.

Income and distribution explanation

This ETF provides cash distributions to investors. The distribution yield is approximately 3.53%. Over the last 12 months, there were 12 distributions, which means it usually pays out monthly. Most of these payments have occurred on Mondays.

It is important to remember that a distribution yield tells you how much cash was paid out relative to the price, but it is not the same as your total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). While a falling share price can sometimes be related to erosion, they are not the same thing.

StockValueFinder uses an "erosion-risk score" to measure this risk. GMUB has an erosion score of 94, which is labeled as "Stable / sideways." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• The fund provides regular monthly distributions.

• The erosion-risk score suggests the fund is currently considered stable or sideways.

Cons

• The share price has seen a decline over the last year and year-to-date.

• Total returns for the one-year and YTD periods have been negative.

Beginner takeaway

When looking at an ETF like GMUB, it is helpful to look at both the share price and the total return. The share price alone shows how much the cost of one share has changed, but the total return shows how the investment performed including the cash it paid out. High yields can provide income, but they do not prevent the share price from falling.