GPIQ vs HEQQ: Grades, Fees and Holdings Compared

Goldman Sachs Nasdaq-100 Premium Income ETF

GPIQANasdaq

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

HEQQBNasdaq

Overlap

61.7%by weight

Expense ratio

GPIQ −0.21pt a year

GPIQ0.29%HEQQ0.50%

Avg volume · 30D

GPIQ 2110.5×the volume

GPIQ1.57MHEQQ746

GPIQ vs HEQQ Performance

Oct 31, 2025 – Nov 2, 2026

+9.9%GPIQ+2.4%HEQQ

Expense ratio: GPIQ 0.29%, better; HEQQ 0.50%
Fund size: GPIQ $6.36B; HEQQ $30M
1Y total return: GPIQ +9.9%, better; HEQQ +2.4%
Yield (12M): GPIQ 11.74%, better; HEQQ 0.17%
Holdings: GPIQ 102; HEQQ 101
Avg volume (30D): GPIQ 1.57M sh, better; HEQQ 746 sh
NAV per share: GPIQ $54.25; HEQQ $60.10
52W range

ETF.net Grade

Pillar letters and Scores for GPIQ, HEQQ, with each pillar’s weight
Pillar	GPIQ	HEQQ
Cost30% weight	A92Higher	A73
Mission25% weight	A100	Not scored
Risk15% weight	B56	B66Higher
Tradability15% weight	A73Higher	F18
Holdings10% weight	A85Higher	C46
Durability5% weight	A79Higher	C44

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. GPIQ and HEQQ are both graded against the same 30 Nasdaq-100 Option Income funds, so their Grades compare head to head.

Nasdaq-100 Option Income⁠

Category · 30 funds

See all 30 ›

GPIQ ranks 1st and HEQQ 15th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 84
Rank 2AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 14BQQQHNEOS Nasdaq-100 Hedged Equity Income ETFScore 58
Rank 15BHEQQJPMorgan Nasdaq Hedged Equity Laddered Overlay ETFScore 55
Rank 15BSEPQSTF Tactical Growth & Income ETFScore 55

Our read on each fund

ETF.net Research

GPIQAGoldman Sachs Nasdaq-100 Premium Income ETF

HEQQBJPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

In short

GPIQ Goldman's take on the Nasdaq-100 income trade: it owns the index but sells calls on only 25% to 75% of the portfolio, reset monthly, so part of the upside stays uncapped. Fee is 0.29% net of a waiver through April 30, 2027.

HEQQ J.P. Morgan took its hedged equity playbook, the one built on overlapping option ladders, and pointed it at the Nasdaq-100. Active stock picking underneath, a rolling hedge on top, priced below the typical options-overlay fund.

Stated mandate

GPIQ The Fund seeks current income while maintaining prospects for capital appreciation. It provides Nasdaq-100 equity exposure and dynamically sells call options while seeking participation in rising markets.

HEQQ HEQQ seeks capital appreciation from a portfolio of U.S. large- and mid-cap stocks resembling the Nasdaq-100, while using a laddered options strategy to reduce downside risk and pursue a significant portion of Nasdaq-100 returns with lower volatility.

Why people hold it

GPIQ The overwrite is a dial, not a switch: calls cover 25% to 75% of the equity portfolio, reset each month, leaving a slice of Nasdaq-100 upside uncapped by design.gsam.com
0.29% net of a waiver through April 30, 2027 undercuts JEPQ at 0.35% and QYLD at 0.60%, and matches QQA, which is 0.29% net of a waiver through August 31, 2027.
Calls are written on index-level exposure, not individual names, and the stock sleeve tracks Nasdaq-100 weights. Pays monthly.sec.gov
A multi-billion-dollar, actively traded fund and one of the strongest implementations in a crowded Nasdaq-100 income group.

HEQQ Charges 0.50% a year, well under the median fee in its options-overlay peer group.
The hedge is laddered across multiple option periods rather than pinned to a single expiration, so the overlay rolls instead of resetting all at once.jpmorgan.com
Underneath sits an actively run book of about 100 US large and mid caps resembling the Nasdaq-100, not a mechanical index copy.
Pays quarterly and lands in the upper half of its options-overlay cohort, with the low fee doing much of that work.

Worth knowing

GPIQ Goldman's filing flags that a significant portion of distributions may be return of capital, which trims your cost basis rather than adding to it.sec.gov
Full exposure to Nasdaq-100 drawdowns stays; premium cushions the ride but does not offset a selloff, and gains on the overwritten slice are capped.sec.gov
Gross fee is 0.35%. If the waiver is not extended past April 30, 2027, the cost steps up to that level.

HEQQ The hedge costs upside: the fund targets a significant portion of Nasdaq-100 returns with lower volatility, not the full index move.
Thinly traded with a small asset base, so spreads can run wider than at the category's largest funds.
Launched in 2025, so the record is short and the risk picture rests on limited history.

Full GPIQ profile⁠

Full HEQQ profile⁠

GPIQ vs HEQQ Holdings

How GPIQ and HEQQ differ

Overlap by weight

61.7%

Shared holdings make up 78.6% of HEQQ and 64.2% of GPIQ.

Level by level

Holdings34 in both61.7%
Sector11 Sectors98.0%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in GPIQ and HEQQ, widest gap first
Sector	More in GPIQMore in HEQQ	GPIQ	HEQQ
Consumer Discretionary	GPIQ +0.6 points	9.9%	9.3%
Industrials	GPIQ +0.6 points	5.1%	4.5%
Financials	HEQQ +0.5 points	0.1%	0.7%
Health Care	HEQQ +0.5 points	3.8%	4.3%
Utilities	HEQQ +0.4 points	0.9%	1.3%
Technology	GPIQ +0.4 points	60.7%	60.3%
Materials	GPIQ +0.3 points	0.9%	0.6%
Energy	HEQQ +0.1 points	0.5%	0.6%
Real Estate	HEQQ +0.2 points	0.0%	0.2%
Consumer Staples	GPIQ +0.1 points	5.5%	5.3%
Communication	HEQQ +0.1 points	12.6%	12.7%

Country, concentration and asset class

Country by domicile

Country weights in GPIQ and HEQQ, widest gap first
Country	More in GPIQMore in HEQQ	GPIQ	HEQQ
Netherlands	HEQQ +0.7 points	0.7%	1.4%
Other countries (5)	GPIQ +0.7 points	99.3%	98.6%

Concentration

Weight in the 10 largest Holdings

GPIQ46.4%
HEQQ53.0%

Securities held

GPIQ101
HEQQ100

Asset class

GPIQ: Equity
HEQQ: Equity

Holdings

Only in GPIQ67
In both34
Only in HEQQ66

Only in GPIQ

67 securities, 35.2% of GPIQ by weight

Alphabet Inc.3.15%
Costco Wholesale Corporation2.08%
Applied Materials Inc1.69%
Cisco Systems, Inc.1.68%
Texas Instruments Inc.1.53%
Crowdstrike Holdings, Inc.1.19%
Amgen Inc.1.11%
Linde PLC1.10%
Pepsico, Inc.0.94%
Gilead Sciences0.93%
Shopify Inc.0.87%
Qualcomm Inc0.86%
T-Mobile Us, Inc.0.85%
American Electric Power Inc0.78%
Intuitive Surgical, Inc.0.71%
Automatic Data Processing Inc0.67%
Kla Corp0.65%
Vertex Pharmaceuticals Incorporated0.62%
Starbucks Corp.0.59%
Marriott International, Inc0.57%
Monolithic Power Systems, Inc.0.54%
Fortinet, Inc.0.50%
Lumentum Holdings Inc.0.49%
Western Digital Corporation0.49%
Nxp Semiconductors N.v.0.48%
Airbnb Inc.0.43%
Cadence Design Systems Inc0.43%
Microchip Technology Incorporated0.43%
Cintas Corporation0.40%
Csx Corporation0.39%
Datadog, Inc.0.39%
O'reilly Automotive, Inc.0.38%
Ross Stores Inc0.38%
Adobe Inc0.37%
Booking Holdings Inc.0.34%
Fastenal Company0.34%
Constellation Energy Corp0.32%
Pdd Holdings Inc-Adr0.32%
Roper Technologies Inc0.29%
PayPal Holdings, Inc.0.28%
Mercadolibre, Inc.0.28%
Rocket Lab Corporation0.26%
Diamondback Energy Inc0.24%
Strategy Inc0.24%
Old Dominion Freight Line, Inc.0.23%
Comcast Corporation0.22%
Thomson Reuters Corporation0.21%
Workday, Inc.0.21%
Honeywell International Inc0.20%
Keurig Dr Pepper Inc0.20%

Only in HEQQ

66 securities, 22.1% of HEQQ by weight

Qqq Put USD 12/31/20261.21%
Shopify Inc Common Stock1.07%
Johnson & Johnson Common1.00%
Nxp Semiconductors NV0.92%
The Coca-Cola Company0.88%
JPMorgan Prime Money0.86%
Norfolk Southern Corp0.78%
AbbVie Inc Common Stock0.78%
Qqq Put USD 11/30/20260.65%
Qqq Put USD 01/29/20270.62%
Hilton Worldwide Holdings0.50%
Mastercard Inc Common0.49%
Motorola Solutions Inc0.46%
The Southern Company0.46%
Exxonmobil Holdings Corp0.44%
Entergy Corp Common Stock0.41%
The Walt Disney Company0.39%
International Business0.37%
Air Products and0.37%
Deere & Co Common Stock0.37%
3M Co Common Stock USD0.34%
Republic Services Inc0.32%
AT&T Inc Common Stock USD0.31%
Nextera Energy Inc0.31%
Bristol-Myers Squibb Co0.29%
Lowe's Cos Inc Common0.28%
Thermo Fisher Scientific0.27%
Tjx Cos Inc/The Common0.26%
Philip Morris0.26%
Eaton Corp PLC Common0.26%
Zoom Communications Inc0.24%
Chipotle Mexican Grill0.23%
Expedia Group Inc Common0.23%
Edwards Lifesciences0.23%
Transdigm Group Inc0.23%
Corpay Inc0.23%
Autozone Inc Common Stock0.22%
Insmed Inc Common Stock0.22%
Hewlett Packard0.21%
Servicenow Inc Common0.21%
Cheniere Energy Inc0.20%
Uber Technologies Inc0.19%
Prologis Inc Reit USD0.19%
UnitedHealth Group Inc0.19%
Mcdonald's Corp Common0.19%
Howmet Aerospace Inc0.18%
Natera Inc Common Stock0.18%
Robinhood Markets Inc0.18%
Trane Technologies PLC0.18%
Vulcan Materials Co0.18%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in GPIQ and HEQQ, widest gap first
Holding	More in GPIQMore in HEQQ	GPIQ	HEQQ
Alphabet Inc.GOOG	HEQQ +3.38 points	1.60%	4.98%
Lam Research CorporationLRCX	HEQQ +1.42 points	0.95%	2.37%
Walmart IncWMT	HEQQ +1.38 points	2.52%	3.90%
Seagate Technology Holdin PLCSTX	HEQQ +1.29 points	0.53%	1.82%
Analog Devices Inc.ADI	HEQQ +1.00 points	1.30%	2.30%
Micron Technology, Inc.MU	HEQQ +0.86 points	4.30%	5.16%
NVIDIA CorporationNVDA	HEQQ +0.83 points	7.78%	8.61%
Asml Holding N.v.-AdrASML	HEQQ +0.76 points	0.53%	1.29%
Microsoft CorporationMSFT	HEQQ +0.73 points	6.33%	7.06%
Regeneron Pharmaceutical IncREGN	HEQQ +0.71 points	0.39%	1.10%
Advanced Micro Devices Inc.AMD	HEQQ +0.69 points	3.47%	4.16%
Space Exploration Technologies Corp.SPCX	GPIQ +0.66 points	2.53%	1.87%
Netflix, Inc.NFLX	HEQQ +0.57 points	0.77%	1.34%
Marvell Technology, Inc.MRVL	GPIQ +0.56 points	0.93%	0.37%
Amazon.com IncAMZN	HEQQ +0.47 points	4.14%	4.61%
Palo Alto Networks Inc.PANW	HEQQ +0.40 points	1.37%	1.77%
Palantir Technologies Inc.PLTR	GPIQ +0.41 points	1.93%	1.52%
Tesla Inc.TSLA	GPIQ +0.40 points	3.32%	2.92%
Monster Beverage CorporationMNST	HEQQ +0.38 points	0.29%	0.67%
Intel CorporationINTC	HEQQ +0.31 points	1.39%	1.70%
Mondelez International, Inc.MDLZ	HEQQ +0.28 points	0.46%	0.74%
Take Two Interactive SoftwareTTWO	HEQQ +0.27 points	0.07%	0.34%
Moderna, Inc.MRNA	GPIQ +0.24 points	0.43%	0.19%
Synopsys Inc.SNPS	HEQQ +0.22 points	0.43%	0.65%
Apple Inc.AAPL	HEQQ +0.21 points	8.15%	8.36%
Intuit IncINTU	HEQQ +0.21 points	0.41%	0.61%
Doordash IncDASH	HEQQ +0.18 points	0.29%	0.47%
Meta Platforms Inc-Class AMETA	HEQQ +0.16 points	3.08%	3.24%
Sandisk CorporationSNDK	GPIQ +0.13 points	0.67%	0.54%
Teradyne IncTER	HEQQ +0.10 points	0.46%	0.56%
Applovin CorporationAPP	HEQQ +0.09 points	0.21%	0.30%
Broadcom Inc.AVGO	GPIQ +0.06 points	2.65%	2.59%
Arm Holdings Plc-AdrARM	GPIQ +0.05 points	0.31%	0.26%
Nebius Group NVNBIS	GPIQ +0.01 points	0.22%	0.21%

All 105 GPIQ holdings⁠All 97 HEQQ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GPIQ vs HEQQ Cost

Overpaying HEQQ vs GPIQ

$4,027

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GPIQ 0.29%
$5,952
HEQQ 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

GPIQ 0.29%
HEQQ 0.50%
Overpaying

Year by year

Year	GPIQ	HEQQ	Overpaying
10	$527	$900	$373
20	$2,044	$3,460	$1,416
30	$5,952	$9,979	$4,027

Expense ratio

0.29%GPIQ, cheaper
0.50%HEQQ

GPIQ0.29%HEQQ0.50%

0.00%1.20%

Middle half of Nasdaq-100 Option Income funds
Median 0.71%

GPIQ 2nd cheapest of 30 funds

HEQQ 8th cheapest of 30 funds

GPIQ vs HEQQ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GPIQ 11.74%, better; HEQQ 0.17%
Payout (12M): GPIQ $6.24; HEQQ $0.10
Last payment: GPIQ $0.47; HEQQ $0.02
Ex-dividend: GPIQ Nov 2, 2026; HEQQ Sep 22, 2026
Paid on: GPIQ Pays Nov 6, 2026; HEQQ Sep 24, 2026
Frequency: GPIQ Monthly; HEQQ Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIQMonthly · 36 paymentsAll GPIQ payments⁠

HEQQQuarterly · 6 paymentsAll HEQQ payments⁠

GPIQ vs HEQQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GPIQ 14.5%HEQQ 9.1%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: GPIQ 1.21HEQQ 1.01since Apr 2025
Worst fallMax drawdown, 5 years: GPIQ −21.1%since Oct 2023HEQQ −7.6%since Mar 2025
Market sensitivityBeta, 5 years: GPIQ 1.16HEQQ 0.62; Market = 1

GPIQ and HEQQ in the news

All news⁠

ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026GPIQ
ETF Filings
Motley Fool files five Fool 100 ETFs, three for options income
Oct 9, 2026GPIQ
Category Review
The four largest Nasdaq-100 income funds trailed the stocks by 0.9 to 5.8 percentage points
Updated Oct 2, 2026GPIQ

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