ETF Evaluator:
Goldman Sachs Ultra Shrt Muncpl Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Short Over the Last Year
| 5.4% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 3.2% | Vanguard Short Duration Tax-Exm Bd ETF (VSDM) |
| 3.2% | Capital Group Short Dur Muncpl Inc ETF (CGSM) |
| 3.2% | NYLI MacKay Muni Short Duration ETF (MMSD) |
| 3.2% | PGIM Ultra Short Municipal Bond ETF (PUSH) |
Risk
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Risk
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ETF Details
Goldman Sachs Ultra Shrt Muncpl Inc ETF Overview
Goldman Sachs Ultra Shrt Muncpl Inc ETF (GUMI) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). Goldman Sachs launched the ETF in 2024.
The investment seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.
The fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in fixed income securities issued by or on behalf of states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is generally exempt from regular federal income tax. The fund is non-diversified.
About Goldman Sachs Ultra Shrt Muncpl Inc ETF (GUMI)
There are 6 members of the management team with an average tenure of 1.51 years: Joseph Wenzel (2025), David Westbrook (2024), Sylvia Yeh (2025), Todd Henry (2024), Andrew Lontai (2024) and Scott Diamond (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Municipal Short-Term TR USD index with a weighting of 100%. Goldman Sachs Ultra Shrt Muncpl Inc ETF has 217 securities in its portfolio. The top 10 holdings constitute 19.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Goldman Sachs Ultra Shrt Muncpl Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Goldman Sachs Ultra Shrt Muncpl Inc ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 71.7% (71.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Goldman Sachs Ultra Shrt Muncpl Inc ETF has 28.3% of the portfolio in cash.
Assets Under Management
The fund has $55 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GUMI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Goldman Sachs Ultra Shrt Muncpl Inc ETF expense ratio is low compared to funds in the Muni National Short category. Goldman Sachs Ultra Shrt Muncpl Inc ETF has an expense ratio of 0.16%, which is 24% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Goldman Sachs Ultra Shrt Muncpl Inc ETF has a portfolio turnover rate of 145%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Muni National Short category.
Recently, in the month of July 2026, Goldman Sachs Ultra Shrt Muncpl Inc ETF returned 0.1%, which earned it a grade of A, as the Muni National Short category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Goldman Sachs Ultra Shrt Muncpl Inc ETF has a trailing yield of 2.73%, which is below the 2.91% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Goldman Sachs Ultra Shrt Muncpl Inc ETF Grades
Year to date, the ETF has returned 1.6%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 2.8% over the past year (grade of B).
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GUMI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GUMI Return (NAV) | 0.1% | 0.7% | 2.8% | na | na | na |
| GUMI Return (Price) | 0.1% | 0.7% | 2.9% | na | na | na |
| NAV +/- Price Return | 0.020% | -0.020% | -0.122% | na | na | na |
| Muni National Short Avg | -0.2% | 0.4% | 2.8% | 3.2% | 1.7% | 1.5% |
| GUMI Grade (NAV) | A | A | B | na | na | na |
| +/- Category (NAV) | 0.4% | 0.3% | 0.1% | na | na | na |
| GUMI Tax-Cost Ratio | na | na | 0.0% | na | na | na |
GUMI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GUMI Return (NAV) | 1.6% | 3.4% | na | na | na | na | na | na | na | na | na |
| GUMI Return (Price) | 1.5% | 3.2% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.039% | -0.058% | na | na | na | na | na | na | na | na | na |
| Muni National Short Avg | 1.1% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| GUMI Grade (NAV) | A | D | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.4% | -0.4% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 2.7% |
| Total Assets: | $ 55 Mil |
| Share Class Assets: | $ 55 Mil |
| Turnover: | 145.0% |
| Expense Ratio: | 0.16% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal Short-Term TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Westbrook David (2024), Henry Todd (2024), Lontai Andrew (2024), Diamond Scott (2025), Yeh Sylvia (2025), Wenzel Joseph (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 217 |
| % in Top 10 Holdings: | 19.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 71.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 28.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Goldman Sachs |
| Phone Number: | 800-621-2550 |
| Website: | am.gs.com |
| Inception Date: | July 23, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.16% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.21% |
