FGSI vs GPIX

FGSIDFT Vest Growth Strength & Target Income ETF

GPIXAGoldman Sachs S&P 500 Premium Income ETF

In short

FGSI Most S&P 500 covered-call funds sell calls on the index they own. FGSI owns roughly 50 growth-and-quality screened US stocks and writes calls on the S&P 500 instead, aiming for monthly income at a set spread over the index dividend yield.

GPIX Most option-income funds sell the whole rally for yield. GPIX is written to ask for both: current income and preserved prospects for capital appreciation, on a roughly 500-stock S&P 500 core, at 0.35%, paid monthly.

Stated mandate

FGSI The Fund seeks current income first and capital appreciation second. It primarily holds U.S. exchange-traded stocks selected to track The Growth StrengthTM Index and sells U.S.-traded calls on the S&P 500® Index or ETFs tracking it.

GPIX The Fund seeks current income while preserving prospects for capital appreciation. It invests primarily in benchmark-related stocks and sells call options providing exposure to the benchmark to generate premium income.

Why people hold it

• FGSI The income goal is written into the prospectus: an annual rate 8% above the S&P 500's current dividend yield, paid out monthly.sec.gov
• The equity sleeve isn't a plain index tracker. Roughly 50 US stocks screened for growth, profitability and quality via First Trust's Growth Strength Index.ftportfolios.com
• Because the calls sit on the S&P 500 rather than on its own shares, no individual holding gets called away, though index moves still drive the option leg.sec.gov

• GPIX The mandate is income without giving up on growth: hold benchmark stocks, sell calls tied to the S&P 500 for premium, and keep prospects for capital appreciation.
• The 0.35% fee sits below the typical charge among S&P 500 option-income peers, including older buy-write names like XYLD.
• Roughly 500 stocks underneath and cash out the door monthly, so the equity engine is the index itself rather than a synthetic stand-in.
• A multi-billion-dollar, actively traded fund launched in 2023, and one of the tighter implementations of this strategy in its peer group.

Worth knowing

• FGSI At 0.85% a year it costs more than the typical S&P 500 options-income fund, where the median is nearer 0.60% and big peers like IVVW and GPIX charge a fraction of that.sec.gov
• It launched in mid-2025 and is still a small, lightly traded fund, so trading costs can run wider than in the category's established names.
• First Trust discloses that distributions may include return of capital, meaning part of a payout can be capital coming back rather than income earned.sec.gov

• GPIX Premium income comes from selling upside. Where calls are written, gains are capped, so a fast melt-up in the S&P 500 leaves some return on the table.
• Distributions can include return of capital, meaning part of a payout may be your own money coming back. The fund's tax disclosures show the split.
• This is an equity fund, not a hedge. Option premium softens the ride; it does not put a floor under a market drop.

Full FGSI profile⁠

Full GPIX profile⁠