GPIX vs PBP: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

Invesco S&P 500 BuyWrite ETF

PBPACboe

Overlap

91.6%by weight

Expense ratio

GPIX0.29%PBP0.29%

Avg volume · 30D

GPIX 17.2×the volume

GPIX1.14MPBP66K

3Y return · a year

GPIX +6.5pt

GPIX+21.1%PBP+14.6%

GPIX vs PBP Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+14.5%PBP

Expense ratio: GPIX 0.29%; PBP 0.29%
Fund size: GPIX $6.46B; PBP $389M
1Y total return: GPIX +13.2%; PBP +14.5%, better
Yield (12M): GPIX 8.32%; PBP 11.45%, better
Holdings: GPIX 486; PBP 504
Avg volume (30D): GPIX 1.14M sh, better; PBP 66K sh
NAV per share: GPIX $56.03; PBP $23.03
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, PBP, with each pillar’s weight
Pillar	GPIX	PBP
Cost30% weight	A87	A87
Mission25% weight	A100	Not scored
Risk15% weight	C40	B66Higher
Tradability15% weight	B68Higher	D39
Holdings10% weight	B68	A77Higher
Durability5% weight	A77	A83Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and PBP 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 PBP 11th 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 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72
Rank 11APBPInvesco S&P 500 BuyWrite ETFScore 71
Rank 11APHEQParametric Hedged Equity ETFScore 71

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

PBPAInvesco 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.

PBP A 2007-vintage covered-call fund on the S&P 500: hold the index, sell calls against it, pay the premium out monthly. The plain-vanilla version of the trade, priced well under the typical options-income fund.

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.

PBP The fund uses a total-return buy-write approach on the S&P 500. It maintains a long position indexed to the S&P 500 and uses a covered-call strategy.

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.

PBP Charges 0.29%, under half the 0.60% median for S&P 500 options-income funds. XYLD runs a similar covered-call playbook at 0.60%.
Trading since 2007, so its record spans the financial crisis and everything after. Long history for an options-income ETF.
Plain mechanics: roughly 500 stocks tracking the S&P 500, calls written against that position, premium paid out monthly.invesco.com
Sits among the stronger implementations in a crowded field of S&P 500 income funds.

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.

PBP Covered calls trade upside for premium. When the S&P 500 runs hard, the written calls hand back part of that move.invesco.com
Thinly traded next to the headline names in the category, which can mean wider bid-ask spreads.
No longer the cheapest seat: IVVW writes calls on the same index for 0.25%.

Full GPIX profile⁠

Full PBP profile⁠

GPIX vs PBP Holdings

How GPIX and PBP differ

Overlap by weight

91.6%

Shared holdings make up 98.3% of PBP and 94.7% of GPIX.

Level by level

Asset classEquity, Alternatives0.0%
Holdings464 in both91.6%
Sector11 Sectors94.1%
Countryby domicile98.2%

Sector

Sector weights in GPIX and PBP, widest gap first
Sector	More in GPIXMore in PBP	GPIX	PBP
Communication	PBP +4.1 points	5.9%	9.9%
Financials	GPIX +4.0 points	15.2%	11.2%
Technology	PBP +1.7 points	38.8%	40.5%
Health Care	GPIX +0.4 points	9.7%	9.3%
Energy	GPIX +0.4 points	3.8%	3.4%
Consumer Discretionary	GPIX +0.4 points	9.1%	8.7%
Consumer Staples	GPIX +0.3 points	4.6%	4.3%
Industrials	PBP +0.2 points	7.3%	7.5%
Materials	GPIX +0.2 points	1.8%	1.6%
Utilities	GPIX +0.1 points	2.0%	1.9%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in GPIX and PBP, widest gap first
Country	More in GPIXMore in PBP	GPIX	PBP
United States	GPIX +1.7 points	99.5%	97.8%
Ireland	PBP +1.2 points	0.0%	1.2%
Other countries (7)	PBP +0.4 points	0.5%	0.9%

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
PBP37.8%

Securities held

GPIX485
PBP503

Asset class

GPIX: Equity
PBP: Alternatives

Holdings

Only in GPIX21
In both464
Only in PBP39

Only in GPIX

21 securities, 5.5% 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%
Slb Ltd0.13%
Royal Caribbean Group0.12%
Nxp Semiconductors N.v.0.09%
Carnival Corporation0.06%
Invesco Ltd.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%
Allegion Public Limited Company0.02%

Only in PBP

39 securities, 3.0% of PBP by weight

Goldman Sachs Group Inc/The0.41%
Linde PLC0.35%
Eaton Corp PLC0.23%
Accenture PLC0.23%
Chubb Ltd0.19%
Medtronic PLC0.18%
Johnson Controls International plc0.15%
SLB Ltd0.12%
Comcast Corp0.12%
Royal Caribbean Cruises Ltd0.12%
AppLovin Corp0.11%
NXP Semiconductors NV0.10%
Crh PLC0.09%
Carnival Corp Ltd0.06%
Willis Towers Watson PLC0.05%
Smurfit Westrock PLC0.03%
Omnicom Group Inc0.03%
Fidelity National Information Services Inc0.03%
Reddit Inc0.03%
General Mills Inc0.03%
LyondellBasell Industries NV0.03%
Allegion plc0.02%
Everest Group Ltd0.02%
EchoStar Corp0.02%
Invesco Ltd0.02%
Charter Communications Inc0.02%
Lululemon Athletica Inc0.02%
Jack Henry & Associates Inc0.02%
Clorox Co/The0.02%
TKO Group Holdings Inc0.02%
News Corp0.02%
Pentair PLC0.02%
UDR Inc0.02%
Camden Property Trust0.02%
Aptiv PLC0.01%
Norwegian Cruise Line Holdings Ltd0.01%
Erie Indemnity Co<0.01%
Skydance Corp<0.01%
News Corp<0.01%

Weight gaps

The 100 widest of 464 Holdings in both funds.

Holding weights in GPIX and PBP, widest gap first
Holding	More in GPIXMore in PBP	GPIX	PBP
Alphabet Inc.GOOG	PBP +1.19 points	0.85%	2.04%
Meta Platforms Inc-Class AMETA	PBP +0.79 points	1.31%	2.10%
Alphabet Inc.GOOGL	GPIX +0.28 points	2.82%	2.54%
Walt Disney Company (The)DIS	PBP +0.24 points	0.05%	0.29%
Netflix, Inc.NFLX	PBP +0.19 points	0.20%	0.39%
Verizon Communications Inc.VZ	PBP +0.19 points	0.09%	0.28%
AT&T Inc.T	PBP +0.16 points	0.06%	0.22%
The Home Depot, Inc.HD	PBP +0.15 points	0.35%	0.50%
Lowes Companies IncLOW	PBP +0.12 points	0.06%	0.18%
T-Mobile Us, Inc.TMUS	PBP +0.11 points	<0.01%	0.11%
Apple Inc.AAPL	PBP +0.09 points	7.66%	7.75%
Duke Energy CorporationDUK	GPIX +0.08 points	0.23%	0.15%
The Southern Co.SO	GPIX +0.08 points	0.24%	0.16%
Amazon.com IncAMZN	PBP +0.07 points	3.57%	3.64%
Pepsico, Inc.PEP	PBP +0.07 points	0.21%	0.28%
Ptc Inc.PTC	GPIX +0.07 points	0.10%	0.03%
Microsoft CorporationMSFT	PBP +0.07 points	5.92%	5.99%
Morgan StanleyMS	GPIX +0.06 points	0.41%	0.35%
Exelon CorporationEXC	PBP +0.06 points	<0.01%	0.07%
American Electric Power IncAEP	GPIX +0.06 points	0.17%	0.11%
General Motors CompanyGM	GPIX +0.07 points	0.18%	0.11%
Tesla Inc.TSLA	PBP +0.06 points	1.67%	1.73%
Roper Technologies IncROP	PBP +0.06 points	<0.01%	0.07%
Nextera Energy, Inc.NEE	PBP +0.06 points	0.20%	0.26%
NVIDIA CorporationNVDA	PBP +0.05 points	7.82%	7.87%
The Procter & Gamble CompanyPG	GPIX +0.05 points	0.62%	0.57%
Williams-Sonoma, Inc.WSM	GPIX +0.05 points	0.10%	0.05%
Servicenow IncNOW	GPIX +0.05 points	0.22%	0.17%
Wec Energy Group, Inc.WEC	PBP +0.06 points	<0.01%	0.06%
Autodesk, Inc.ADSK	PBP +0.05 points	0.03%	0.08%
Intuit IncINTU	PBP +0.05 points	0.09%	0.14%
Take Two Interactive SoftwareTTWO	PBP +0.04 points	<0.01%	0.05%
Ameriprise Financial, Inc.AMP	GPIX +0.04 points	0.11%	0.07%
Ebay Inc.EBAY	GPIX +0.05 points	0.12%	0.07%
Raymond James Financial, Inc.RJF	GPIX +0.05 points	0.09%	0.04%
Veeva Systems IncVEEV	GPIX +0.04 points	0.11%	0.07%
Tjx Companies Inc (New)TJX	GPIX +0.04 points	0.28%	0.24%
Broadcom Inc.AVGO	PBP +0.04 points	2.46%	2.50%
Stryker CorporationSYK	PBP +0.05 points	0.12%	0.17%
Kimberly-Clark CorporationKMB	PBP +0.05 points	0.01%	0.06%
Live Nation Entertainment IncLYV	PBP +0.04 points	<0.01%	0.04%
Public-Svc Enterprise GroupPEG	GPIX +0.04 points	0.10%	0.06%
Vici Properties Inc.VICI	PBP +0.04 points	<0.01%	0.04%
Transdigm Group IncorporatedTDG	GPIX +0.04 points	0.14%	0.10%
Simon Property Group IncSPG	GPIX +0.04 points	0.15%	0.11%
Vulcan Materials CoVMC	GPIX +0.03 points	0.09%	0.06%
Monster Beverage CorporationMNST	GPIX +0.04 points	0.14%	0.10%
Intercontinental Exchange IncICE	GPIX +0.04 points	0.18%	0.14%
American Water Works Co, Inc.AWK	PBP +0.03 points	<0.01%	0.04%
Ppl CorporationPPL	PBP +0.04 points	<0.01%	0.04%
Illinois Tool WorksITW	GPIX +0.04 points	0.15%	0.11%
Martin Marietta Materials,incMLM	GPIX +0.03 points	0.08%	0.05%
BlackRock Funding, Inc.BLK	GPIX +0.03 points	0.29%	0.26%
Booking Holdings Inc.BKNG	PBP +0.03 points	0.14%	0.17%
Nasdaq Inc.NDAQ	GPIX +0.04 points	0.11%	0.07%
Airbnb Inc.ABNB	GPIX +0.03 points	0.14%	0.11%
Ross Stores IncROST	GPIX +0.04 points	0.15%	0.11%
Autozone, Inc.AZO	GPIX +0.03 points	0.11%	0.08%
Estee Lauder Cos Inc Cl-AEL	GPIX +0.03 points	0.07%	0.04%
Keurig Dr Pepper IncKDP	GPIX +0.03 points	0.10%	0.07%
O'reilly Automotive, Inc.ORLY	GPIX +0.03 points	0.14%	0.11%
M&T Bank CorporationMTB	PBP +0.03 points	0.02%	0.05%
Equifax Inc.EFX	PBP +0.03 points	<0.01%	0.03%
Palantir Technologies Inc.PLTR	PBP +0.03 points	0.66%	0.69%
Nike Class-BNKE	GPIX +0.03 points	0.10%	0.07%
Workday, Inc.WDAY	GPIX +0.03 points	0.09%	0.06%
Otis Worldwide CorporationOTIS	PBP +0.03 points	0.01%	0.04%
Salesforce IncCRM	PBP +0.03 points	0.26%	0.29%
Aon Public Limited CompanyAON	PBP +0.02 points	0.08%	0.10%
P G & E CorporationPCG	PBP +0.02 points	0.02%	0.04%
Emerson Electric Co.EMR	GPIX +0.03 points	0.17%	0.14%
Carrier Global CorporationCARR	GPIX +0.03 points	0.10%	0.07%
General Electric CompanyGE	PBP +0.02 points	0.47%	0.49%
Cadence Design Systems IncCDNS	PBP +0.02 points	0.12%	0.14%
Prologis IncPLD	GPIX +0.02 points	0.21%	0.19%
Intl Business Machines CorpIBM	PBP +0.03 points	0.34%	0.37%
Altria Group, Inc.MO	PBP +0.03 points	0.17%	0.20%
The Bank of Ny Mellon CorpBNY	GPIX +0.03 points	0.18%	0.15%
Copart, Inc.CPRT	PBP +0.03 points	0.01%	0.04%
Freeport-Mcmoran IncFCX	GPIX +0.03 points	0.17%	0.14%
Eog Resources IncEOG	PBP +0.02 points	0.11%	0.13%
Paychex, Inc.PAYX	GPIX +0.03 points	0.08%	0.05%
Xylem Inc.XYL	PBP +0.02 points	<0.01%	0.03%
Truist Financial CorporationTFC	PBP +0.02 points	0.07%	0.09%
Walmart IncWMT	PBP +0.02 points	0.80%	0.82%
Kroger CompanyKR	GPIX +0.02 points	0.08%	0.06%
Ulta Beauty IncULTA	GPIX +0.03 points	0.07%	0.04%
Ameren CorporationAEE	PBP +0.03 points	0.02%	0.05%
Gen Digital IncGEN	PBP +0.02 points	0.00%	0.02%
Godaddy Inc.GDDY	GPIX +0.02 points	0.04%	0.02%
Broadridge FinancialBR	PBP +0.02 points	<0.01%	0.03%
U.s. BancorpUSB	GPIX +0.03 points	0.17%	0.14%
Sempra EnergySRE	GPIX +0.02 points	0.11%	0.09%
Fortinet, Inc.FTNT	GPIX +0.02 points	0.15%	0.13%
Netapp, Inc.NTAP	GPIX +0.02 points	0.09%	0.07%
Church & Dwight Co., Inc.CHD	PBP +0.02 points	0.02%	0.04%
Fifth Third BancorpFITB	PBP +0.03 points	0.05%	0.08%
Eversource EnergyES	GPIX +0.02 points	0.06%	0.04%
Regions Financial CorporationRF	PBP +0.02 points	0.02%	0.04%
Tractor Supply CompanyTSCO	GPIX +0.02 points	0.05%	0.03%

All 490 GPIX holdings⁠All 504 PBP 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 PBP 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
PBP 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
PBP 0.29%

Year by year

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

Expense ratio

0.29%GPIX
0.29%PBP

GPIX0.29%PBP0.29%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

PBP 5th cheapest of 51 funds

GPIX vs PBP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%; PBP 11.45%, better
Payout (12M): GPIX $4.59; PBP $2.64
Last payment: GPIX $0.40; PBP $0.17
Ex-dividend: GPIX Oct 1, 2026; PBP Oct 19, 2026
Paid on: GPIX Oct 7, 2026; PBP Oct 23, 2026
Frequency: GPIX Monthly; PBP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

PBPMonthly · 40 paymentsAll PBP payments⁠

GPIX vs PBP 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%PBP 6.1%, better
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49PBP 1.55, better
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023PBP −18.6%
Market sensitivityBeta, 5 years: GPIX 0.84PBP 0.41; Market = 1

GPIX and PBP 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 PBP

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and PBP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in PBP

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 PBP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in PBP

Weight gaps