What are the main differences in underlying market exposure between GPIQ and GPIX?

GPIQ (Fund A) is linked to the Nasdaq-100, which is heavily weighted towards technology and growth-oriented companies. GPIX (Fund B) tracks the S&P 500, offering broader exposure to 500 large-cap US companies across multiple sectors. Although both funds use derivative income strategies and share many top holdings, their underlying indices differ in scope, with the S&P 500 providing more sector diversification than the Nasdaq-100.

Why do both GPIQ and GPIX have identical expense ratios of 0.29%?

Both GPIQ and GPIX are managed by Goldman Sachs and fall under the same derivative income ETF category. The 0.29% expense ratio covers the operational costs of implementing the covered call strategy for each fund. Despite tracking different underlying indices, the complexity and management requirements for this specific income-generating approach are comparable, leading to the same fee structure.

How does the recent October 2023 inception affect the reliability of GPIQ and GPIX?

GPIQ and GPIX were launched on 24 October 2023, meaning they lack a long-term performance history. This limited track record increases uncertainty regarding how each fund behaves across various market cycles, particularly during downturns or periods of high volatility. Beginners should note that past returns over such a short window may not accurately reflect future performance.

What is the significance of the 1.75 percentage point dividend yield difference?

GPIQ offers a 9.82% distribution yield, while GPIX provides 8.07%, a difference of 1.75 percentage points. This gap reflects the higher implied volatility in the Nasdaq-100 index compared to the S&P 500, allowing GPIQ to generate higher premium income from option selling. However, a higher yield does not necessarily mean higher total returns, as it may come with different risk profiles.

Do the shared top holdings of NVDA, AAPL, and MSFT make these ETFs redundant?

No, they are not redundant. While GPIQ and GPIX share the same nine top holdings (NVDA, AAPL, MSFT, AMZN, META, GOOGL, AVGO, TSLA, MU), the specific weightings differ. For instance, NVDA constitutes 8.52% of GPIQ and 8.11% of GPIX. These variations, combined with distinct option-writing strategies, result in different risk and income characteristics despite the portfolio overlap.

Is the high expense ratio a concern when comparing GPIQ and GPIX to traditional index funds?

GPIQ and GPIX both have a 0.29% expense ratio, which is relatively low for derivative income ETFs. However, this is higher than traditional index funds, which often cost under 0.10%. For yield-focused investors, the higher fee may be acceptable as it compensates for the active management required to write options and generate monthly distributions.

Does the 8.52% concentration in NVDA for GPIQ represent higher individual stock risk?

Yes, GPIQ's largest position, NVDA, accounts for 8.52% of its total assets, compared to 8.11% for GPIX. While both funds are diversified across hundreds of companies, this level of concentration means the performance of GPIQ could be more sensitive to NVDA's stock price movements than GPIX, potentially introducing higher idiosyncratic stock risk.

How do Nasdaq-100 and S&P 500 sectors differ regarding the tech concentration in these ETFs?

The Nasdaq-100 (GPIQ) is technology-heavy, with limited exposure to financials, energy, and utilities compared to the S&P 500 (GPIX). GPIX includes a broader range of sectors, such as consumer staples and industrials, which often provide defensive characteristics during market downturns. Consequently, GPIQ's performance is more tied to the tech sector's growth prospects, while GPIX reflects the overall US large-cap market.

Why are sector weights unavailable for both Goldman Sachs premium income ETFs?

The specific sector weight data is not currently available for either GPIQ or GPIX. This information gap limits transparency, making it difficult for investors to precisely gauge each fund's sector exposure or compare it directly against sector-specific benchmarks. Investors must rely on top holdings and index composition to infer potential risks.

How are monthly dividends from GPIQ and GPIX generated and distributed to investors?

The distributions for GPIQ and GPIX are primarily generated from premiums earned by writing covered calls and from the dividends of the underlying equity holdings. These funds pay out monthly. Beginners should note that distribution amounts can vary, and they are not guaranteed returns. The payout is a mix of income and potential return of capital, depending on the fund's net asset value.

Does a 9.82% yield on GPIQ automatically mean I earn more than with GPIX?

Not necessarily. While GPIQ's 9.82% yield is higher than GPIX's 8.07%, the total return depends on the underlying index performance, option premiums, and the fund's net asset value. If the Nasdaq-100 declines sharply, the fund's NAV might fall, offsetting or outweighing the income distributions. Yield alone does not equate to net profit.

Are GPIQ and GPIX suitable for investors looking for long-term growth or just income?

GPIQ and GPIX are derivative income ETFs, generally associated with generating current income rather than maximum capital appreciation. While they include growth stocks, the option-writing strategy may cap the upside during strong bull markets. They are typically suitable for income-focused investors. However, this is for educational comparison purposes only and does not constitute financial advice or a recommendation to buy or sell any specific fund.

GPIQ vs GPIX

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). This page examines fees, holdings, dividends and how each fund tracks its market. Both cost 0.29% annually, with yields of 9.82% and 8.07% respectively. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

GPIQ

Metric

GPIX

0.29%

Expense Ratio

0.29%

9.82%

Dividend Yield

8.07%

$5.84B

Net Assets

$5.82B

107

Holdings

496

Oct 24, 2023

Inception Date

Oct 24, 2023

–

Index Tracked

–

Derivative Income

Fund Category

Derivative Income

Both funds charge the same annual fee.

Shared Top Holdings

Holding	GPIQ	GPIX
NVDANVIDIA Corporation	8.52%	8.11%
AAPLApple Inc.	7.91%	7.58%
MSFTMicrosoft Corporation	5.80%	5.54%
MUMicron Technology, Inc.	4.84%	1.68%
AMZNAmazon.com, Inc.	4.35%	3.79%
GOOGLAlphabet Inc.	3.90%	3.37%
METAMeta Platforms, Inc.	3.28%	1.58%
AVGOBroadcom Inc.	2.71%	2.42%
TSLATesla, Inc.	2.66%	1.57%

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Investment Analysis

GPIQ

Pros

The fund offers a substantial net asset size of $5.8 billion which supports market liquidity and trading efficiency.
Investors benefit from a relatively low expense ratio of 0.29% for a derivative income strategy.
The distribution yield of 9.82% provides significant current income potential for yield-focused investors.

Considerations

The fund has a limited track record with an inception date of October 2023 which increases uncertainty.
Specific index tracking details and sector weights are currently not available which limits transparency.
Top holdings show significant concentration with the largest position at 8.52% raising individual stock risk.

GPIX

Pros

With $5.8 billion in assets the fund maintains a scale that typically ensures tighter bid-ask spreads.
The 0.29% expense ratio is competitive for covered call exchange-traded funds in this category.
An 8.07% dividend yield offers attractive regular income distributions relative to many equity benchmarks.

Considerations

The recent inception date of October 2023 means the fund lacks a long-term performance history.
Transparency is limited as specific index methodology and sector weight data are not available.
Portfolio concentration remains high as the top holding comprises 8.11% of total assets.

About GPIQ and GPIX

GPIQ (GPIQ)

The Goldman Sachs Nasdaq-100 Premium Income ETF is designed for investors interested in exposure to technology and growth sectors while seeking potential income. This fund tracks the Nasdaq-100, a broad index of non-financial companies listed on the Nasdaq Stock Market. The ETF primarily uses a covered call strategy, selling options on a basket of Nasdaq-100 stocks to generate income. While this approach can provide steady distributions, it may limit capital appreciation in periods of strong market growth. Investors should be aware that derivative strategies introduce unique risks, including option volatility. This fund is part of Goldman Sachs Asset Management's broader range of ETFs focused on income generation. It is suitable for those who understand option mechanics and are seeking yield alongside technology sector exposure.

GPIX (GPIX)

The Goldman Sachs S&P 500 Premium Income ETF (GPIX) is designed for investors seeking exposure to the US equity market while generating income. Rather than simply holding the stocks, this fund employs a derivative income strategy, likely using options such as covered calls to enhance yield. This approach aims to balance the potential for share price growth with a significant current income stream. With a dividend yield of 8.07% and a moderate expense ratio of 0.29%, it offers a competitive option for income-focused portfolios. However, investors should be aware that the use of derivatives can sometimes cap upside potential during strong market rallies. Like all investments, capital is at risk, and returns are not guaranteed. It is best suited for those who understand the trade-offs between growth and income generation.

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GPIQ vs GPIX

Fund Snapshot