GPIQ vs JEPQ: Grades, Fees and Holdings Compared

Goldman Sachs Nasdaq-100 Premium Income ETF

GPIQANasdaq

JPMorgan Nasdaq Equity Premium Income ETF

JEPQANasdaq

Overlap

69.0%by weight

Expense ratio

GPIQ −0.06pt a year

GPIQ0.29%JEPQ0.35%

Avg volume · 30D

JEPQ 4.0×the volume

GPIQ1.66MJEPQ6.6M

3Y return · a year

GPIQ +3.2pt

GPIQ+20.8%JEPQ+17.6%

GPIQ vs JEPQ Performance

Nov 7, 2025 – Nov 9, 2026

+12.2%GPIQ+9.4%JEPQ

Expense ratio: GPIQ 0.29%, better; JEPQ 0.35%
Fund size: GPIQ $6.2B; JEPQ $40.7B
1Y total return: GPIQ +12.2%, better; JEPQ +9.4%
Yield (12M): GPIQ 10.89%; JEPQ 12.39%, better
Holdings: GPIQ 102; JEPQ 111
Avg volume (30D): GPIQ 1.66M sh; JEPQ 6.6M sh, better
NAV per share: GPIQ $51.24; JEPQ $54.36
52W range

ETF.net Grade

Pillar letters and Scores for GPIQ, JEPQ, with each pillar’s weight
Pillar	GPIQ	JEPQ
Cost30% weight	A92Higher	A82
Mission25% weight	A100Higher	A99
Risk15% weight	C51	B60Higher
Tradability15% weight	B62	A77Higher
Holdings10% weight	A73Higher	C50
Durability5% weight	A79	A91Higher

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. GPIQ and JEPQ 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 2nd and JEPQ 4th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 2AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 80
Rank 2AQYLDGlobal X Nasdaq 100 Covered Call ETFScore 80
Rank 4AJEPQJPMorgan Nasdaq Equity Premium Income ETFScore 79
Rank 5AQYLGGlobal X Nasdaq 100 Covered Call & Growth ETFScore 76

Our read on each fund

ETF.net Research

GPIQAGoldman Sachs Nasdaq-100 Premium Income ETF

JEPQAJPMorgan Nasdaq Equity Premium Income 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.

JEPQ Most Nasdaq income funds bolt call options onto the index and call it a day. JEPQ picks its own roughly 110 US large-cap stocks, then writes out-of-the-money Nasdaq-100 calls on top, aiming for monthly income with less volatility than the index itself.

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.

JEPQ The fund seeks current income while preserving potential for capital appreciation. It combines a data-science-driven portfolio of U.S. large-cap stocks with written out-of-the-money Nasdaq-100 Index call options and seeks lower volatility than the Nasdaq-100 Index.

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.

JEPQ Charges 0.35% a year, roughly half the typical fee among Nasdaq options-income funds and well under QYLD's 0.60%.
Income is manufactured by writing out-of-the-money Nasdaq-100 calls and paid out monthly, rather than harvested from high-dividend stocks.jpmorgan.com
One of the largest and most heavily traded funds in the Nasdaq options-income group, which generally means tight spreads and easy entry and exit.
The calls are struck out of the money, so the mandate keeps room for capital appreciation in the stock sleeve alongside the payout.jpmorgan.com

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.

JEPQ The overlay clips the top off big Nasdaq rallies: premium comes in, but stock gains above the call strikes go to the option buyer.jpmorgan.com
Monthly payouts float with option premiums, which move with market volatility. This is variable income, not a fixed coupon.
About 110 US large-cap holdings paired with a Nasdaq-100 overlay: concentrated, tech-leaning exposure rather than a broad-market portfolio.jpmorgan.com

Full GPIQ profile⁠

Full JEPQ profile⁠

GPIQ vs JEPQ Holdings

How GPIQ and JEPQ differ

Overlap by weight

69.0%

Shared holdings make up 86.7% of GPIQ and 75.5% of JEPQ.

About this figure: GPIQ earns income from options, which aren’t counted.

JEPQ earns income from options, which aren’t counted.

Level by level

Holdings72 in both69.0%
Sector11 Sectors96.8%
Countryby domicile99.2%
Asset classStocks100%

Sector

Sector weights in GPIQ and JEPQ, widest gap first
Sector	Gap	GPIQ	JEPQ
Technology	JEPQ +2.6 points	55.7%	58.3%
Consumer Staples	GPIQ +1.1 points	7.5%	6.4%
Industrials	GPIQ +0.9 points	5.3%	4.4%
Consumer Discretionary	GPIQ +0.5 points	11.9%	11.4%
Materials	GPIQ +0.3 points	1.2%	0.9%
Health Care	GPIQ +0.3 points	5.3%	5.0%
Communication	JEPQ +0.3 points	11.2%	11.5%
Utilities	GPIQ +0.2 points	1.3%	1.1%
Real Estate	JEPQ +0.2 points	0.0%	0.2%
Financials	JEPQ +0.2 points	0.3%	0.5%
Energy	Same weight	0.4%	0.4%

Country, concentration and asset class

Country by domicile

Country weights in GPIQ and JEPQ, widest gap first
Country	More in GPIQMore in JEPQ	Gap	GPIQ	JEPQ
Netherlands		JEPQ +0.5 points	0.6%	1.1%
Other countries (5)		GPIQ +0.5 points	99.4%	98.9%

Concentration

Weight in the 10 largest Holdings

GPIQ47.2%
JEPQ42.5%

Securities held

GPIQ101
JEPQ110

Asset class

GPIQ: Stocks
JEPQ: Stocks

Holdings

Only in GPIQ29
In both72
Only in JEPQ38

Only in GPIQ

29 securities, 13.3% of GPIQ by weight

Alphabet Inc.3.46%
Linde PLC1.14%
Shopify Inc.0.89%
American Electric Power Inc0.78%
Automatic Data Processing Inc0.72%
Monolithic Power Systems, Inc.0.55%
Nxp Semiconductors N.v.0.47%
Cadence Design Systems Inc0.46%
Fortinet, Inc.0.45%
Cintas Corporation0.42%
Fastenal Company0.36%
Lumentum Holdings Inc.0.36%
Microchip Technology Incorporated0.34%
Roper Technologies Inc0.31%
Rocket Lab Corporation0.27%
Idexx Laboratories0.25%
Keurig Dr Pepper Inc0.24%
Old Dominion Freight Line, Inc.0.22%
Autodesk, Inc.0.22%
Coca-Cola European Partners PLC0.21%
Thomson Reuters Corporation0.21%
Ge Healthcare Technologies Inc.0.20%
Coreweave, Inc.0.18%
Paccar Inc0.13%
Baker Hughes Co0.12%
Ferrovial NV0.11%
Paychex, Inc.0.10%
Axon Enterprise, Inc.0.09%
Exelon Corporation0.05%

Only in JEPQ

38 securities, 24.5% of JEPQ by weight

NDX_191.21%
NDX_181.20%
NDX_201.18%
NDX_131.18%
NDX_151.18%
NDX_121.18%
NDX_141.17%
NDX_171.17%
NDX_161.16%
NDX_111.15%
NDX_101.12%
NDX_91.11%
NDX_81.08%
NDX_71.08%
NDX_61.07%
JPMorgan Prime Money1.00%
Linde PLC Common Stock0.79%
Shopify Inc Common Stock0.58%
Nxp Semiconductors NV0.52%
AbbVie Inc Common Stock0.52%
Deere & Co Common Stock0.32%
Eaton Corp PLC Common0.30%
Mastercard Inc Common0.29%
Nextera Energy Inc Common0.28%
The Southern Company0.28%
Lowe's Cos Inc Common0.26%
The Coca-Cola Company0.23%
Bristol-Myers Squibb Co0.23%
Thermo Fisher Scientific0.23%
Hilton Worldwide Holdings0.22%
Corpay Inc0.22%
Chipotle Mexican Grill0.21%
Prologis Inc Reit USD0.16%
UnitedHealth Group Inc0.16%
Servicenow Inc Common0.15%
Uber Technologies Inc0.14%
Hubspot Inc Common Stock0.07%
United Parcel Service Inc0.07%

Weight gaps

All 72 Holdings in both funds, largest gap first.

Holding weights in GPIQ and JEPQ, widest gap first
Holding	Gap	GPIQ	JEPQ
Alphabet Inc.GOOG	JEPQ +2.68 points	1.69%	4.37%
Apple Inc.AAPL	GPIQ +1.40 points	8.69%	7.29%
Space Exploration Technologies Corp.SPCX	GPIQ +1.14 points	2.74%	1.60%
Tesla Inc.TSLA	GPIQ +0.88 points	3.13%	2.25%
Applied Materials IncAMAT	GPIQ +0.86 points	1.53%	0.67%
Costco Wholesale CorporationCOST	GPIQ +0.84 points	2.24%	1.40%
Microsoft CorporationMSFT	GPIQ +0.83 points	6.81%	5.98%
Gilead SciencesGILD	GPIQ +0.81 points	0.96%	0.15%
NVIDIA CorporationNVDA	GPIQ +0.80 points	7.49%	6.69%
Broadcom Inc.AVGO	GPIQ +0.77 points	2.58%	1.81%
Walmart IncWMT	GPIQ +0.74 points	2.87%	2.13%
Amgen Inc.AMGN	GPIQ +0.70 points	1.18%	0.48%
Palantir Technologies Inc.PLTR	GPIQ +0.65 points	1.84%	1.19%
Texas Instruments Inc.TXN	GPIQ +0.60 points	1.46%	0.86%
Lam Research CorporationLRCX	JEPQ +0.59 points	0.84%	1.43%
Seagate Technology Holdin PLCSTX	JEPQ +0.59 points	0.36%	0.95%
Meta Platforms Inc-Class AMETA	GPIQ +0.55 points	3.33%	2.78%
Kla CorpKLAC	GPIQ +0.53 points	0.64%	0.11%
Asml Holding N.v.-AdrASML	JEPQ +0.45 points	0.42%	0.87%
Cisco Systems, Inc.CSCO	GPIQ +0.45 points	1.56%	1.11%
Amazon.com IncAMZN	GPIQ +0.42 points	4.73%	4.31%
Airbnb Inc.ABNB	GPIQ +0.39 points	0.51%	0.12%
Intel CorporationINTC	GPIQ +0.38 points	1.11%	0.73%
Qualcomm IncQCOM	GPIQ +0.37 points	0.93%	0.56%
Moderna, Inc.MRNA	GPIQ +0.32 points	0.52%	0.20%
Starbucks Corp.SBUX	GPIQ +0.32 points	0.62%	0.30%
Marriott International, IncMAR	GPIQ +0.29 points	0.62%	0.33%
Constellation Energy CorpCEG	GPIQ +0.27 points	0.32%	0.05%
Csx CorporationCSX	JEPQ +0.26 points	0.41%	0.67%
Pdd Holdings Inc-AdrPDD	GPIQ +0.26 points	0.33%	0.07%
Strategy IncMSTR	GPIQ +0.23 points	0.28%	0.05%
Datadog, Inc.DDOG	GPIQ +0.22 points	0.32%	0.10%
PayPal Holdings, Inc.PYPL	GPIQ +0.21 points	0.33%	0.12%
Regeneron Pharmaceutical IncREGN	JEPQ +0.17 points	0.44%	0.61%
Booking Holdings Inc.BKNG	JEPQ +0.17 points	0.45%	0.62%
Netflix, Inc.NFLX	JEPQ +0.16 points	1.02%	1.18%
Comcast CorporationCMCSA	JEPQ +0.16 points	0.27%	0.43%
Ross Stores IncROST	GPIQ +0.15 points	0.40%	0.25%
Crowdstrike Holdings, Inc.CRWD	GPIQ +0.15 points	1.11%	0.96%
Take Two Interactive SoftwareTTWO	JEPQ +0.14 points	0.12%	0.26%
Copart, Inc.CPRT	JEPQ +0.14 points	0.10%	0.24%
Mercadolibre, Inc.MELI	JEPQ +0.12 points	0.22%	0.34%
Honeywell International IncHON	GPIQ +0.12 points	0.45%	0.33%
Sandisk CorporationSNDK	GPIQ +0.12 points	0.47%	0.35%
Workday, Inc.WDAY	GPIQ +0.12 points	0.21%	0.09%
Alnylam Pharmaceuticals Inc.ALNY	JEPQ +0.11 points	<0.01%	0.12%
Intuit IncINTU	JEPQ +0.10 points	0.39%	0.49%
O'reilly Automotive, Inc.ORLY	JEPQ +0.09 points	0.39%	0.48%
Synopsys Inc.SNPS	JEPQ +0.09 points	0.45%	0.54%
Western Digital CorporationWDC	GPIQ +0.09 points	0.32%	0.23%
Pepsico, Inc.PEP	GPIQ +0.09 points	0.85%	0.76%
Monster Beverage CorporationMNST	JEPQ +0.08 points	0.45%	0.53%
Adobe IncADBE	GPIQ +0.09 points	0.37%	0.28%
Doordash IncDASH	GPIQ +0.08 points	0.30%	0.22%
Analog Devices Inc.ADI	GPIQ +0.08 points	1.17%	1.09%
Xcel Energy Inc.XEL	JEPQ +0.08 points	0.23%	0.31%
Teradyne IncTER	GPIQ +0.07 points	0.43%	0.36%
Vertex Pharmaceuticals IncorporatedVRTX	JEPQ +0.08 points	0.63%	0.71%
Palo Alto Networks Inc.PANW	GPIQ +0.06 points	1.26%	1.20%
Diamondback Energy IncFANG	JEPQ +0.05 points	0.26%	0.31%
Marvell Technology, Inc.MRVL	GPIQ +0.05 points	0.74%	0.69%
Nebius Group NVNBIS	GPIQ +0.05 points	0.21%	0.16%
Intuitive Surgical, Inc.ISRG	GPIQ +0.04 points	0.79%	0.75%
Micron Technology, Inc.MU	JEPQ +0.05 points	3.49%	3.54%
Mondelez International, Inc.MDLZ	JEPQ +0.05 points	0.48%	0.53%
Arm Holdings Plc-AdrARM	GPIQ +0.04 points	0.24%	0.20%
Applovin CorporationAPP	GPIQ +0.04 points	0.47%	0.43%
Astera Labs, Inc.ALAB	JEPQ +0.03 points	<0.01%	0.04%
T-Mobile Us, Inc.TMUS	GPIQ +0.03 points	0.59%	0.56%
Honeywell Aerospace Inc.HONA	GPIQ +0.03 points	0.19%	0.16%
Advanced Micro Devices Inc.AMD	GPIQ +0.02 points	3.24%	3.22%
Dexcom, Inc.DXCM	JEPQ +0.01 points	0.18%	0.19%

All 104 GPIQ holdings⁠All 110 JEPQ 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 JEPQ Cost

Overpaying JEPQ vs GPIQ

$1,174

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

GPIQ 0.29%
$5,952
JEPQ 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

GPIQ 0.29%
JEPQ 0.35%
Overpaying

Year by year

Year	GPIQ	JEPQ	Overpaying
10	$527	$634	$107
20	$2,044	$2,454	$410
30	$5,952	$7,126	$1,174

Expense ratio

0.29%GPIQ, cheaper
0.35%JEPQ

GPIQ0.29%JEPQ0.35%

0.00%1.20%

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

GPIQ 2nd cheapest of 30 funds

JEPQ 4th cheapest of 30 funds

GPIQ vs JEPQ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): GPIQ 10.89%; JEPQ 12.39%, better
Payout (12M): GPIQ $5.76; JEPQ $6.95
Last payment: GPIQ $0.47; JEPQ $0.54
Ex-dividend: GPIQ Nov 2, 2026; JEPQ Nov 2, 2026
Paid on: GPIQ Nov 6, 2026; JEPQ Nov 4, 2026
Frequency: GPIQ Monthly; JEPQ Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIQMonthly · 36 paymentsAll GPIQ payments⁠

JEPQMonthly · 46 paymentsAll JEPQ payments⁠

GPIQ vs JEPQ 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%JEPQ 11.8%, better
Return per unit of riskSharpe ratio, 3 years: GPIQ 1.21JEPQ 1.24, better
Worst fallMax drawdown, 5 years: GPIQ −21.1%since Oct 2023JEPQ −20.1%since May 2022
Market sensitivityBeta, 5 years: GPIQ 1.16JEPQ 0.84; Market = 1

GPIQ and JEPQ in the news

All news⁠

ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026GPIQJEPQ
ETF Filings
Motley Fool files five Fool 100 ETFs, three for options income
Oct 9, 2026GPIQJEPQ
Category Review
The four largest Nasdaq-100 income funds trailed the stocks by 0.9 to 5.8 percentage points
Updated Oct 2, 2026GPIQJEPQ
Deep Dive
JEPQ falls 6% as call option strategy fails to stem Nazdaq 100-linked losses
Nov 5, 2026JEPQ
New ETFs
Five new ETFs from VanEck, XFUNDS, Tuttle, Tema and THOR do not share a market
Nov 4, 2026JEPQ
Deep Dive
How JEPQ trades Nasdaq-100 upside for monthly income. Here's how.
Oct 20, 2026JEPQ

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GPIQ vs JEPQ

In short

Stated mandate

Why people hold it