GPIX vs IVVW: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

iShares S&P 500 BuyWrite ETF

IVVWACboe

Overlap

90.2%by weight

Expense ratio

IVVW −0.04pt a year

GPIX0.29%IVVW0.25%

Avg volume · 30D

GPIX 27.4×the volume

GPIX1.14MIVVW41.5K

GPIX vs IVVW Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+13.4%IVVW

Expense ratio: GPIX 0.29%; IVVW 0.25%, better
Fund size: GPIX $6.46B; IVVW $348M
1Y total return: GPIX +13.2%; IVVW +13.4%, better
Yield (12M): GPIX 8.32%; IVVW 18.55%, better
Holdings: GPIX 486; IVVW 506
Avg volume (30D): GPIX 1.14M sh, better; IVVW 41.5K sh
NAV per share: GPIX $56.03; IVVW $44.40
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, IVVW, with each pillar’s weight
Pillar	GPIX	IVVW
Cost30% weight	A87	A96Higher
Mission25% weight	A100	A100
Risk15% weight	C40	C53Higher
Tradability15% weight	B68Higher	C53
Holdings10% weight	B68	A75Higher
Durability5% weight	A77Higher	A72

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and IVVW are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

IVVW ranks 3rd and GPIX 4th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 5ARSPAInvesco S&P 500 Equal Weight Income Advantage ETFScore 76

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

IVVWAiShares S&P 500 BuyWrite ETF

In short

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.

IVVW BlackRock's version of the covered call: hold the whole S&P 500 through the iShares Core fund, sell one-month index calls struck 1% out of the money, pay the premium out monthly. All for a quarter-point fee.

Stated mandate

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.

IVVW The fund seeks to track an index strategy that holds the iShares Core S&P 500 ETF and sells one-month call options primarily on the S&P 500 Index to generate income. The short option position is intended to be offset by the fund’s long position in the underlying ETF.

Why people hold it

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.

IVVW Costs 0.25% a year against a category median near 0.60%. On an income strategy, that is less of the option premium quietly leaking out the door.
The calls sit 1% out of the money, so a slice of each month's rally still belongs to shareholders before the cap bites. At-the-money writers give that up.cboe.com
Rules over hunches: it tracks a Cboe index that pairs a long position in the iShares Core S&P 500 ETF with a short monthly S&P 500 call, rolled on a set schedule.cboe.com
Inside a crowded covered-call field where fat fees are the norm, this is one of the tighter builds in its peer group.

Worth knowing

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.

IVVW Covered calls trade upside for income. Above the strike, the month's gain is capped, and the premium cushions losses rather than blocking them.cboe.com
Monthly payouts come from option premium, so they move with volatility instead of arriving as a fixed amount.
Launched in 2024 and moderately traded, so the live record is short and spreads can run wider than the category's biggest names.

Full GPIX profile⁠

Full IVVW profile⁠

GPIX vs IVVW Holdings

How GPIX and IVVW differ

Overlap by weight

90.2%

Shared holdings make up 96.6% of IVVW and 94.3% of GPIX.

Level by level

Holdings458 in both90.2%
Sector11 Sectors96.1%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in GPIX and IVVW, widest gap first
Sector	More in GPIXMore in IVVW	GPIX	IVVW
Financials	GPIX +3.4 points	15.2%	11.8%
Communication	IVVW +3.0 points	5.9%	8.9%
Industrials	IVVW +0.7 points	7.3%	8.0%
Technology	GPIX +0.3 points	38.8%	38.5%
Consumer Staples	IVVW +0.2 points	4.6%	4.8%
Consumer Discretionary	GPIX +0.1 points	9.1%	9.0%
Energy	GPIX +0.1 points	3.8%	3.7%
Materials	GPIX +0.1 points	1.8%	1.7%
Real Estate	Same weight	1.7%	1.7%
Health Care	IVVW +0.1 points	9.7%	9.8%
Utilities	Same weight	2.0%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in GPIX and IVVW, widest gap first
Country	More in GPIXMore in IVVW	GPIX	IVVW
United States	IVVW +0.1 points	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
United Kingdom	GPIX +0.1 points	0.1%	0.0%
Mexico	GPIX +0.1 points	0.1%	0.0%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
IVVW37.3%

Securities held

GPIX485
IVVW503

Asset class

GPIX: Equity
IVVW: Equity

Holdings

Only in GPIX27
In both458
Only in IVVW45

Only in GPIX

27 securities, 5.9% of GPIX by weight

State Street Communication Services Select Sector3.48%
Linde PLC0.34%
Eaton Corp PLC0.26%
Chubb Limited0.23%
Accenture PLC0.22%
Medtronic Public Limited Company0.20%
Johnson Controls International Public Limited Comp0.14%
Elevance Health Inc0.13%
Slb Ltd0.13%
Royal Caribbean Group0.12%
Becton, Dickinson and Company0.10%
Nxp Semiconductors N.v.0.09%
Carnival Corporation0.06%
Vivmark Residential0.06%
Block, Inc.0.06%
Invesco Ltd.0.04%
Fiserv, Inc.0.04%
Aptiv PLC0.03%
Willis Towers Watson PLC0.03%
Crh Public Limited Company0.03%
Smurfit Westrock Public Limited Company0.03%
Everest Group Ltd0.03%
Norwegian Cruise Line Hldg Ltd0.02%
Pentair Plc.0.02%
Lyondellbasell Industries N.v.0.02%
Ball Corporation0.02%
Allegion Public Limited Company0.02%

Only in IVVW

45 securities, 3.4% of IVVW by weight

Goldman Sachs Group0.40%
Linde PLC0.36%
Accenture PLC Class A0.24%
Eaton PLC0.22%
Chubb0.20%
Medtronic PLC0.18%
Elevance Health Inc0.14%
Johnson Controls International PLC0.14%
Comcast Class A0.13%
Slb0.12%
Royal Caribbean Group0.12%
Nxp Semiconductors NV0.10%
Applovin Class A0.09%
Crh Public Limited PLC0.09%
Becton Dickinson0.08%
Vivmark Residential0.07%
Block Class A0.06%
Carnival Corp Ltd0.06%
Willis Towers Watson0.05%
Fiserv Inc0.04%
Smurfit Westrock PLC0.03%
Omnicom Group Inc0.03%
Fidelity National Information Serv0.03%
General Mills Inc0.03%
Lyondellbasell Industries Class A0.03%
Ball Corp0.03%
Allegion PLC0.02%
Everest Group0.02%
Echostar Class A0.02%
Reddit Class A0.02%
Charter Communications Class A0.02%
Invesco Ltd0.02%
Jack Henry and Associates Inc0.02%
Lululemon Athletica0.02%
Tko Group Holdings Inc Class A0.02%
Clorox0.02%
Pentair0.02%
News Class A0.02%
Udr Reit0.02%
Camden Property Trust Reit0.02%
Aptiv PLC0.01%
Norwegian Cruise Line Holdings0.01%
Erie Indemnity Class A0.01%
Skydance Shs Class B<0.01%
News Class B<0.01%

Weight gaps

The 100 widest of 458 Holdings in both funds.

Holding weights in GPIX and IVVW, widest gap first
Holding	More in GPIXMore in IVVW	GPIX	IVVW
Alphabet Inc.GOOG	IVVW +1.18 points	0.85%	2.03%
Meta Platforms Inc-Class AMETA	IVVW +0.77 points	1.31%	2.08%
Alphabet Inc.GOOGL	GPIX +0.31 points	2.82%	2.51%
Walt Disney Company (The)DIS	IVVW +0.24 points	0.05%	0.29%
NVIDIA CorporationNVDA	GPIX +0.24 points	7.82%	7.58%
Netflix, Inc.NFLX	IVVW +0.20 points	0.20%	0.40%
Verizon Communications Inc.VZ	IVVW +0.19 points	0.09%	0.28%
Intel CorporationINTC	GPIX +0.19 points	0.69%	0.50%
AT&T Inc.T	IVVW +0.16 points	0.06%	0.22%
The Home Depot, Inc.HD	IVVW +0.15 points	0.35%	0.50%
Advanced Micro Devices Inc.AMD	GPIX +0.13 points	1.39%	1.26%
Lowes Companies IncLOW	IVVW +0.12 points	0.06%	0.18%
T-Mobile Us, Inc.TMUS	IVVW +0.12 points	<0.01%	0.12%
Duke Energy CorporationDUK	GPIX +0.08 points	0.23%	0.15%
Pepsico, Inc.PEP	IVVW +0.08 points	0.21%	0.29%
Broadcom Inc.AVGO	GPIX +0.08 points	2.46%	2.38%
Eli Lilly & CoLLY	IVVW +0.08 points	1.66%	1.74%
The Southern Co.SO	GPIX +0.07 points	0.24%	0.17%
Micron Technology, Inc.MU	GPIX +0.08 points	1.61%	1.53%
Morgan StanleyMS	GPIX +0.07 points	0.41%	0.34%
Ptc Inc.PTC	GPIX +0.07 points	0.10%	0.03%
Exelon CorporationEXC	IVVW +0.06 points	<0.01%	0.07%
Nextera Energy, Inc.NEE	IVVW +0.07 points	0.20%	0.27%
American Electric Power IncAEP	GPIX +0.06 points	0.17%	0.11%
Roper Technologies IncROP	IVVW +0.06 points	<0.01%	0.07%
Servicenow IncNOW	GPIX +0.05 points	0.22%	0.17%
General Motors CompanyGM	GPIX +0.06 points	0.18%	0.12%
Tesla Inc.TSLA	IVVW +0.06 points	1.67%	1.73%
Autodesk, Inc.ADSK	IVVW +0.05 points	0.03%	0.08%
Williams-Sonoma, Inc.WSM	GPIX +0.05 points	0.10%	0.05%
Wec Energy Group, Inc.WEC	IVVW +0.06 points	<0.01%	0.06%
Intuit IncINTU	IVVW +0.05 points	0.09%	0.14%
Ameriprise Financial, Inc.AMP	GPIX +0.04 points	0.11%	0.07%
The Procter & Gamble CompanyPG	GPIX +0.04 points	0.62%	0.58%
Raymond James Financial, Inc.RJF	GPIX +0.05 points	0.09%	0.04%
Take Two Interactive SoftwareTTWO	IVVW +0.04 points	<0.01%	0.05%
Amazon.com IncAMZN	IVVW +0.04 points	3.57%	3.61%
Ebay Inc.EBAY	GPIX +0.05 points	0.12%	0.07%
Walmart IncWMT	IVVW +0.04 points	0.80%	0.84%
Tjx Companies Inc (New)TJX	GPIX +0.04 points	0.28%	0.24%
Veeva Systems IncVEEV	GPIX +0.04 points	0.11%	0.07%
Live Nation Entertainment IncLYV	IVVW +0.04 points	<0.01%	0.04%
Kimberly-Clark CorporationKMB	IVVW +0.05 points	0.01%	0.06%
Transdigm Group IncorporatedTDG	GPIX +0.04 points	0.14%	0.10%
Apple Inc.AAPL	IVVW +0.04 points	7.66%	7.70%
Public-Svc Enterprise GroupPEG	GPIX +0.04 points	0.10%	0.06%
Vici Properties Inc.VICI	IVVW +0.04 points	<0.01%	0.04%
BlackRock Funding, Inc.BLK	GPIX +0.04 points	0.29%	0.25%
American Water Works Co, Inc.AWK	IVVW +0.03 points	<0.01%	0.04%
Vulcan Materials CoVMC	GPIX +0.03 points	0.09%	0.06%
Ppl CorporationPPL	IVVW +0.04 points	<0.01%	0.04%
Illinois Tool WorksITW	GPIX +0.04 points	0.15%	0.11%
Simon Property Group IncSPG	GPIX +0.04 points	0.15%	0.11%
JPMorgan Chase & CoJPM	GPIX +0.04 points	1.41%	1.37%
Qualcomm IncQCOM	GPIX +0.04 points	0.31%	0.27%
Monster Beverage CorporationMNST	GPIX +0.04 points	0.14%	0.10%
Martin Marietta Materials,incMLM	GPIX +0.03 points	0.08%	0.05%
Visa Inc.V	IVVW +0.03 points	1.04%	1.08%
Nasdaq Inc.NDAQ	GPIX +0.04 points	0.11%	0.07%
Ross Stores IncROST	GPIX +0.04 points	0.15%	0.11%
Booking Holdings Inc.BKNG	IVVW +0.03 points	0.14%	0.17%
Airbnb Inc.ABNB	GPIX +0.03 points	0.14%	0.11%
Costco Wholesale CorporationCOST	IVVW +0.04 points	0.65%	0.69%
Stryker CorporationSYK	IVVW +0.04 points	0.12%	0.16%
Intercontinental Exchange IncICE	GPIX +0.03 points	0.18%	0.15%
Emerson Electric Co.EMR	GPIX +0.03 points	0.17%	0.14%
Freeport-Mcmoran IncFCX	GPIX +0.03 points	0.17%	0.14%
Estee Lauder Cos Inc Cl-AEL	GPIX +0.03 points	0.07%	0.04%
Equifax Inc.EFX	IVVW +0.03 points	<0.01%	0.03%
Autozone, Inc.AZO	GPIX +0.03 points	0.11%	0.08%
O'reilly Automotive, Inc.ORLY	GPIX +0.03 points	0.14%	0.11%
Sandisk CorporationSNDK	GPIX +0.03 points	0.29%	0.26%
Carrier Global CorporationCARR	GPIX +0.03 points	0.10%	0.07%
Keurig Dr Pepper IncKDP	GPIX +0.03 points	0.10%	0.07%
M&T Bank CorporationMTB	IVVW +0.03 points	0.02%	0.05%
Otis Worldwide CorporationOTIS	IVVW +0.03 points	0.01%	0.04%
Altria Group, Inc.MO	IVVW +0.03 points	0.17%	0.20%
Aon Public Limited CompanyAON	IVVW +0.02 points	0.08%	0.10%
P G & E CorporationPCG	IVVW +0.02 points	0.02%	0.04%
Nike Class-BNKE	GPIX +0.03 points	0.10%	0.07%
Salesforce IncCRM	IVVW +0.03 points	0.26%	0.29%
Intl Business Machines CorpIBM	IVVW +0.03 points	0.34%	0.37%
Workday, Inc.WDAY	GPIX +0.03 points	0.09%	0.06%
Netapp, Inc.NTAP	GPIX +0.03 points	0.09%	0.06%
Eog Resources IncEOG	IVVW +0.02 points	0.11%	0.13%
Exxonmobil Holdings CorporationXOM	IVVW +0.03 points	1.15%	1.18%
Applied Materials IncAMAT	GPIX +0.03 points	0.50%	0.47%
The Bank of Ny Mellon CorpBNY	GPIX +0.03 points	0.18%	0.15%
Prologis IncPLD	GPIX +0.02 points	0.21%	0.19%
Copart, Inc.CPRT	IVVW +0.03 points	0.01%	0.04%
U.s. BancorpUSB	GPIX +0.03 points	0.17%	0.14%
Xylem Inc.XYL	IVVW +0.02 points	<0.01%	0.03%
Fortinet, Inc.FTNT	GPIX +0.02 points	0.15%	0.13%
Regeneron Pharmaceutical IncREGN	IVVW +0.03 points	0.11%	0.14%
Marvell Technology, Inc.MRVL	GPIX +0.03 points	0.29%	0.26%
Gen Digital IncGEN	IVVW +0.02 points	0.00%	0.02%
Ameren CorporationAEE	IVVW +0.03 points	0.02%	0.05%
Ulta Beauty IncULTA	GPIX +0.03 points	0.07%	0.04%
Truist Financial CorporationTFC	IVVW +0.02 points	0.07%	0.09%
Broadridge FinancialBR	IVVW +0.02 points	<0.01%	0.03%

All 490 GPIX holdings⁠All IVVW 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.

GPIX vs IVVW Cost

Overpaying GPIX vs IVVW

$793

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

GPIX 0.29%
$5,952
IVVW 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
IVVW 0.25%
Overpaying

Year by year

Year	GPIX	IVVW	Overpaying
10	$527	$455	$72
20	$2,044	$1,769	$275
30	$5,952	$5,159	$793

Expense ratio

0.29%GPIX
0.25%IVVW, cheaper

IVVW0.25%GPIX0.29%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

IVVW 2nd cheapest of 51 funds

GPIX 5th cheapest of 51 funds

GPIX vs IVVW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%; IVVW 18.55%, better
Payout (12M): GPIX $4.59; IVVW $8.25
Last payment: GPIX $0.40; IVVW $0.88
Ex-dividend: GPIX Oct 1, 2026; IVVW Oct 2, 2026
Paid on: GPIX Oct 7, 2026; IVVW Oct 7, 2026
Frequency: GPIX Monthly; IVVW Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

IVVWMonthly · 31 paymentsAll IVVW payments⁠

GPIX vs IVVW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GPIX 10.4%IVVW 7.3%since Apr 2024
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49IVVW 1.10since Apr 2024
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023IVVW −16.8%since Mar 2024
Market sensitivityBeta, 5 years: GPIX 0.84IVVW 0.54; Market = 1

GPIX and IVVW in the news

All news⁠

ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026GPIX

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GPIX vs IVVW

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and IVVW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in IVVW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Franklin Templeton files two PayDay ETFs that would pay every two weeks

How GPIX and IVVW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in IVVW

Weight gaps