GPIX vs PAPI: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

Parametric Equity Premium Income ETF

PAPIBNYSE Arca

Overlap

17.2%by weight

Expense ratio

GPIX0.29%PAPI0.29%

Avg volume · 30D

GPIX 13.6×the volume

GPIX1.14MPAPI83.7K

3Y return · a year

GPIX +7.9pt

GPIX+21.1%PAPI+13.2%

GPIX vs PAPI Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+20.5%PAPI

Expense ratio: GPIX 0.29%; PAPI 0.29%
Fund size: GPIX $6.46B; PAPI $544M
1Y total return: GPIX +13.2%; PAPI +20.5%, better
Yield (12M): GPIX 8.32%, better; PAPI 7.86%
Holdings: GPIX 486; PAPI 220
Avg volume (30D): GPIX 1.14M sh, better; PAPI 83.7K sh
NAV per share: GPIX $56.03; PAPI $28.21
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, PAPI, with each pillar’s weight
Pillar	GPIX	PAPI
Cost30% weight	A87	A87
Mission25% weight	A100	Not scored
Risk15% weight	C40	C54Higher
Tradability15% weight	B68Higher	C41
Holdings10% weight	B68	A84Higher
Durability5% weight	A77Higher	B61

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and PAPI 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 ›

GPIX ranks 4th and PAPI 14th 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
Rank 13AXYLGGlobal X S&P 500 Covered Call & Growth ETFScore 70
Rank 14BPAPIParametric Equity Premium Income ETFScore 69
Rank 15BNBOSNeuberger Berman Option Strategy ETFScore 67

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

PAPIBParametric Equity Premium Income 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.

PAPI Parametric's take on covered-call income: an actively managed dividend-stock portfolio with an S&P 500 options overlay bolted on, paying monthly, at a fee far below what this corner of the market usually charges.

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.

PAPI Seeks consistent monthly income while preserving prospects for capital appreciation. It is actively managed and combines a dividend-paying equity portfolio with an option-writing overlay.

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.

PAPI Cheap seat in an expensive neighborhood. At 0.29% a year, it undercuts the typical options-income fund by a wide margin.
Undercuts even the well-built names it competes with: DIVO (0.56%), TCAL (0.34%) and ROCY (0.35%) all charge more for a similar job.
Two engines, not one: dividend-paying US stocks for the base, an option-writing overlay tied to the S&P 500 for the premium. Income is paid monthly.
Eaton Vance and Parametric are long-standing names in options overlays, and the build here rates among the stronger ones 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.

PAPI The prospectus flags that distributions can include return of capital, meaning part of a monthly payment may be your own money coming back.
Writing calls is a trade: premium income now in exchange for giving up some of the upside when the market runs hard.
No declared target payout rate, and the fund launched in 2023, so the record is short by design.

Full GPIX profile⁠

Full PAPI profile⁠

GPIX vs PAPI Holdings

How GPIX and PAPI differ

Overlap by weight

17.2%

Shared holdings make up 55.7% of PAPI and 35.4% of GPIX.

Level by level

Holdings125 in both17.2%
Sector11 Sectors64.8%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in GPIX and PAPI, widest gap first
Sector	More in GPIXMore in PAPI	GPIX	PAPI
Technology	GPIX +27.8 points	38.8%	11.0%
Utilities	PAPI +8.0 points	2.0%	10.0%
Materials	PAPI +7.5 points	1.8%	9.3%
Energy	PAPI +6.3 points	3.8%	10.1%
Consumer Staples	PAPI +5.7 points	4.6%	10.3%
Financials	GPIX +4.6 points	15.2%	10.6%
Industrials	PAPI +3.2 points	7.3%	10.5%
Consumer Discretionary	PAPI +3.0 points	9.1%	12.1%
Real Estate	GPIX +1.7 points	1.7%	0.0%
Health Care	PAPI +1.5 points	9.7%	11.2%
Communication	GPIX +1.0 points	5.9%	4.9%

Country, concentration and asset class

Country by domicile

Country weights in GPIX and PAPI, widest gap first
Country	More in GPIXMore in PAPI	GPIX	PAPI
United States	GPIX +1.8 points	99.5%	97.7%
Canada	PAPI +1.0 points	0.0%	1.0%
United Kingdom	PAPI +0.5 points	0.1%	0.6%
Ireland	PAPI +0.5 points	0.0%	0.5%
Other countries (3)	GPIX +0.2 points	0.4%	0.2%

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
PAPI7.1%

Securities held

GPIX485
PAPI219

Asset class

GPIX: Equity
PAPI: Equity

Holdings

Only in GPIX360
In both125
Only in PAPI94

Only in GPIX

360 securities, 65.0% of GPIX by weight

NVIDIA Corporation7.82%
Amazon.com Inc3.57%
State Street Communication Services Select Sector3.48%
Broadcom Inc.2.46%
Tesla Inc.1.67%
Eli Lilly & Co1.66%
Micron Technology, Inc.1.61%
Berkshire Hathaway Inc.1.53%
JPMorgan Chase & Co1.41%
Advanced Micro Devices Inc.1.39%
Meta Platforms Inc-Class A1.31%
Visa Inc.1.04%
Alphabet Inc.0.85%
Walmart Inc0.80%
Mastercard Incorporated0.77%
Intel Corporation0.69%
Palantir Technologies Inc.0.66%
Bank of America Corp0.52%
Applied Materials Inc0.50%
Philip Morris Intl Inc0.48%
Lam Research Corporation0.47%
General Electric Company0.47%
Palo Alto Networks Inc.0.46%
Caterpillar Inc (Delaware)0.46%
Morgan Stanley0.41%
Thermo Fisher Scientific Inc0.41%
Crowdstrike Holdings, Inc.0.40%
Wells Fargo & Company0.39%
Amgen Inc.0.38%
Ge Vernova Llc0.35%
Oracle Corporation0.35%
Intl Business Machines Corp0.34%
Citigroup Inc.0.33%
Kla Corp0.33%
Amphenol Corp Cl-A (New)0.30%
BlackRock Funding, Inc.0.29%
Marvell Technology, Inc.0.29%
Sandisk Corporation0.29%
Arista Networks, Inc.0.29%
Union Pacific Corp.0.27%
Eaton Corp PLC0.26%
Deere & Company0.25%
Welltower, Inc.0.25%
American Express Co.0.25%
Intuitive Surgical, Inc.0.24%
Seagate Technology Holdin PLC0.23%
Charles Schwab Corporation0.23%
Chubb Limited0.23%
S&P Global Inc.0.23%
Servicenow Inc0.22%

Only in PAPI

94 securities, 44.4% of PAPI by weight

Msilf Government1.85%
Badger Meter Inc Common0.59%
Royalty Pharma PLC Common0.59%
Polaris Inc Common Stock0.57%
Permian Resources0.57%
Artisan Partners Asset0.57%
Columbia Sportswear Co0.56%
Exponent Inc Common Stock0.56%
Noble Corp PLC Common0.56%
Aptargroup Inc Common0.55%
Meritage Homes Corp0.55%
Qiagen NV Common Stock0.55%
First Interstate0.54%
Thor Industries Inc0.54%
Universal Display Corp0.54%
Eastman Chemical Co0.54%
International Seaways Inc0.54%
Texas Roadhouse Inc0.54%
Brookfield Asset0.54%
Prosperity Bancshares Inc0.53%
Reliance Inc Common Stock0.53%
Comcast Corp Common Stock0.53%
Viper Energy Inc Common0.53%
California Water Service0.53%
Amdocs Ltd0.53%
Magnolia Oil & Gas Corp0.53%
Ufp Industries Inc Common0.53%
Radian Group Inc Common0.53%
Chemed Corp Common Stock0.52%
Oge Energy Corp Common0.52%
One Gas Inc Common Stock0.52%
Mdu Resources Group Inc0.52%
Reynolds Consumer0.52%
General Mills Inc Common0.52%
Dolby Laboratories Inc0.52%
American Financial Group0.52%
United Bankshares Inc/Wv0.52%
Watsco Inc Common Stock0.52%
Flowers Foods Inc Common0.52%
Avista Corp Common Stock0.52%
Korn Ferry Common Stock0.51%
Chord Energy Corp Common0.51%
Molson Coors Beverage Co0.51%
Fidelity National0.51%
Omnicom Group Inc Common0.51%
Conagra Brands Inc Common0.51%
Portland General Electric0.51%
Interparfums Inc Common0.51%
Dt Midstream Inc Common0.51%
Vail Resorts Inc Common0.51%

Weight gaps

The 100 widest of 125 Holdings in both funds.

Holding weights in GPIX and PAPI, widest gap first
Holding	More in GPIXMore in PAPI	GPIX	PAPI
Apple Inc.AAPL	GPIX +7.43 points	7.66%	0.23%
Microsoft CorporationMSFT	GPIX +5.40 points	5.92%	0.52%
Alphabet Inc.GOOGL	GPIX +2.41 points	2.82%	0.41%
Exxonmobil Holdings CorporationXOM	GPIX +0.60 points	1.15%	0.55%
Hasbro, Inc.HAS	PAPI +0.57 points	0.04%	0.61%
Dow IncDOW	PAPI +0.55 points	0.03%	0.58%
A.o. Smith Corp (Del)AOS	PAPI +0.54 points	<0.01%	0.54%
Labcorp Holdings IncLH	PAPI +0.53 points	0.04%	0.57%
Wec Energy Group, Inc.WEC	PAPI +0.54 points	<0.01%	0.54%
Lennar CorporationLEN	PAPI +0.53 points	0.04%	0.57%
Hormel Foods CorporationHRL	PAPI +0.52 points	<0.01%	0.52%
Lyondellbasell Industries N.v.	PAPI +0.52 points	0.02%	0.54%
Ppg Industries, Inc.PPG	PAPI +0.51 points	0.05%	0.56%
Stanley Black & Decker, Inc.SWK	PAPI +0.51 points	0.03%	0.54%
Regions Financial CorporationRF	PAPI +0.50 points	0.02%	0.52%
Alliant Energy CorporationLNT	PAPI +0.51 points	0.02%	0.53%
Rollins Inc.ROL	PAPI +0.50 points	0.02%	0.52%
Everest Group Ltd	PAPI +0.50 points	0.03%	0.53%
Avery Dennison CorporationAVY	PAPI +0.50 points	0.02%	0.52%
T. Rowe Price Group, Inc.TROW	PAPI +0.51 points	0.01%	0.52%
Intl.flavors & FragranceIFF	PAPI +0.51 points	0.03%	0.54%
Quest Diagnostics IncorporatedDGX	PAPI +0.50 points	0.04%	0.54%
Kimberly-Clark CorporationKMB	PAPI +0.50 points	0.01%	0.51%
International Paper Co.IP	PAPI +0.50 points	0.04%	0.54%
Church & Dwight Co., Inc.CHD	PAPI +0.50 points	0.02%	0.52%
Amcor PLCAMCR	PAPI +0.49 points	0.05%	0.54%
Brown Forman Corp Class BBF.B	PAPI +0.50 points	<0.01%	0.50%
Mosaic Company (The)MOS	PAPI +0.49 points	<0.01%	0.49%
Packaging Corp of AmericaPKG	PAPI +0.49 points	0.04%	0.53%
The Kraft Heinz CoKHC	PAPI +0.48 points	0.03%	0.51%
Principal Financial Group, Inc.PFG	PAPI +0.48 points	0.04%	0.52%
Best Buy Co IncBBY	PAPI +0.48 points	0.04%	0.52%
Johnson & JohnsonJNJ	GPIX +0.48 points	1.00%	0.52%
Steris Public Limited CompanySTE	PAPI +0.47 points	0.04%	0.51%
Consolidated Edison IncED	PAPI +0.47 points	0.05%	0.52%
L3HARRIS Technologies IncLHX	PAPI +0.47 points	0.09%	0.56%
Atmos Energy CorporationATO	PAPI +0.47 points	0.04%	0.51%
Cincinnati Financial CrpCINF	PAPI +0.46 points	0.03%	0.49%
Expand Energy CorpEXE	PAPI +0.47 points	0.02%	0.49%
Evergy, Inc.EVRG	PAPI +0.46 points	0.03%	0.48%
Dupont De Nemours, Inc.DD	PAPI +0.46 points	0.03%	0.49%
Vulcan Materials CoVMC	PAPI +0.46 points	0.09%	0.55%
Devon Energy Corporation (New)DVN	PAPI +0.45 points	0.07%	0.52%
Prudential Financial IncPRU	PAPI +0.45 points	0.06%	0.51%
Xylem Inc.XYL	PAPI +0.44 points	<0.01%	0.45%
Intuit IncINTU	PAPI +0.44 points	0.09%	0.53%
Cognizant TechnologyCTSH	PAPI +0.44 points	0.06%	0.50%
Air Products & Chemicals IncAPD	PAPI +0.43 points	0.10%	0.53%
Oneok, Inc.OKE	PAPI +0.43 points	0.09%	0.52%
Hp Inc.HPQ	PAPI +0.43 points	0.05%	0.48%
American Intl Group, Inc.AIG	PAPI +0.43 points	0.08%	0.51%
Fastenal CompanyFAST	PAPI +0.43 points	0.08%	0.51%
Public-Svc Enterprise GroupPEG	PAPI +0.42 points	0.10%	0.52%
Nike Class-BNKE	PAPI +0.42 points	0.10%	0.52%
Paychex, Inc.PAYX	PAPI +0.42 points	0.08%	0.50%
Dominion Energy IncD	PAPI +0.42 points	0.08%	0.50%
Becton, Dickinson and CompanyBDXA	PAPI +0.42 points	0.10%	0.52%
Eog Resources IncEOG	PAPI +0.42 points	0.11%	0.53%
United Parcel Service, Inc.UPS	PAPI +0.42 points	0.12%	0.54%
Keurig Dr Pepper IncKDP	PAPI +0.42 points	0.10%	0.52%
Aflac IncorporatedAFL	PAPI +0.41 points	0.09%	0.50%
Archer-Daniels-Midland CompanyADM	PAPI +0.41 points	0.05%	0.46%
Snap-On IncSNA	PAPI +0.41 points	0.03%	0.44%
Genuine Parts Co.GPC	PAPI +0.41 points	0.04%	0.45%
Cencora IncCOR	PAPI +0.40 points	0.09%	0.49%
Kinder Morgan IncKMI	PAPI +0.40 points	0.09%	0.49%
Verizon Communications Inc.VZ	PAPI +0.39 points	0.09%	0.48%
AT&T Inc.T	PAPI +0.39 points	0.06%	0.45%
Cigna Group/TheCI	PAPI +0.38 points	0.12%	0.50%
Stryker CorporationSYK	PAPI +0.38 points	0.12%	0.50%
Accenture PLC	PAPI +0.37 points	0.22%	0.59%
General Dynamics Corp.GD	PAPI +0.37 points	0.13%	0.50%
Darden Restaurants, Inc.DRI	PAPI +0.35 points	0.03%	0.38%
Altria Group, Inc.MO	PAPI +0.35 points	0.17%	0.52%
Cme Group Inc.CME	PAPI +0.35 points	0.17%	0.52%
Walt Disney Company (The)DIS	PAPI +0.35 points	0.05%	0.40%
Bristol-Myers Squibb CompanyBMY	PAPI +0.34 points	0.18%	0.52%
Automatic Data Processing IncADP	PAPI +0.32 points	0.19%	0.51%
Pepsico, Inc.PEP	PAPI +0.32 points	0.21%	0.53%
Medtronic Public Limited Company	PAPI +0.31 points	0.20%	0.51%
Cummins IncCMI	PAPI +0.31 points	0.10%	0.41%
Duke Energy CorporationDUK	PAPI +0.30 points	0.23%	0.53%
Regeneron Pharmaceutical IncREGN	PAPI +0.29 points	0.11%	0.40%
ConocophillipsCOP	PAPI +0.28 points	0.27%	0.55%
The Southern Co.SO	PAPI +0.28 points	0.24%	0.52%
Illinois Tool WorksITW	PAPI +0.27 points	0.15%	0.42%
Colgate-Palmolive CoCL	PAPI +0.27 points	0.10%	0.37%
Rtx CorpRTX	GPIX +0.26 points	0.41%	0.15%
Monolithic Power Systems, Inc.MPWR	PAPI +0.26 points	0.10%	0.36%
Pfizer Inc.PFE	PAPI +0.26 points	0.26%	0.52%
Gilead SciencesGILD	PAPI +0.25 points	0.31%	0.56%
Mc Donalds CorpMCD	PAPI +0.24 points	0.29%	0.53%
AbbVie Inc.ABBV	GPIX +0.24 points	0.78%	0.54%
Abbott LaboratoriesABT	PAPI +0.23 points	0.28%	0.51%
Qualcomm IncQCOM	GPIX +0.21 points	0.31%	0.10%
Analog Devices Inc.ADI	PAPI +0.21 points	0.32%	0.53%
Tjx Companies Inc (New)TJX	PAPI +0.20 points	0.28%	0.48%
UnitedHealth Group IncorporatedUNH	GPIX +0.19 points	0.57%	0.38%
The Home Depot, Inc.HD	PAPI +0.18 points	0.35%	0.53%
Chevron CorporationCVX	GPIX +0.17 points	0.71%	0.54%

All 490 GPIX holdings⁠All PAPI 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 PAPI Cost

Same expense ratio

$5,952

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

GPIX 0.29%
$5,952
PAPI 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
PAPI 0.29%

Year by year

Year	GPIX	PAPI
10	$527	$527
20	$2,044	$2,044
30	$5,952	$5,952

Expense ratio

0.29%GPIX
0.29%PAPI

GPIX0.29%PAPI0.29%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

PAPI 5th cheapest of 51 funds

GPIX vs PAPI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%, better; PAPI 7.86%
Payout (12M): GPIX $4.59; PAPI $2.22
Last payment: GPIX $0.40; PAPI $0.16
Ex-dividend: GPIX Oct 1, 2026; PAPI Oct 30, 2026
Paid on: GPIX Oct 7, 2026; PAPI Pays Nov 5, 2026
Frequency: GPIX Monthly; PAPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

PAPIMonthly · 36 paymentsAll PAPI payments⁠

GPIX vs PAPI 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%, betterPAPI 11.3%
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49, betterPAPI 0.76
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023PAPI −14.3%since Oct 2023
Market sensitivityBeta, 5 years: GPIX 0.84PAPI 0.21; Market = 1

GPIX and PAPI in the news

All news⁠

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

Popular comparisons

GPIXAvsCSHIA
Goldman Sachs S&P 500 Premium Income ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.29% · 0.38%
Category
PAPIBvsCSHIA
Parametric Equity Premium Income ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.29% · 0.38%
Category
GPIXAvsBALIA
Goldman Sachs S&P 500 Premium Income ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.29% · 0.35%
Category
PAPIBvsBALIA
Parametric Equity Premium Income ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.29% · 0.35%
Category
GPIXAvsIVVWA
Goldman Sachs S&P 500 Premium Income ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.29% · 0.25%
Category
PAPIBvsIVVWA
Parametric Equity Premium Income ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.29% · 0.25%
Category