GPIX vs PHDG: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

Invesco S&P 500 Downside Hedged ETF

PHDGBNYSE Arca

Overlap

78.5%by weight

Expense ratio

GPIX −0.10pt a year

GPIX0.29%PHDG0.39%

Avg volume · 30D

GPIX 157.2×the volume

GPIX1.14MPHDG7.25K

3Y return · a year

GPIX +9.9pt

GPIX+21.1%PHDG+11.2%

GPIX vs PHDG Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+8.7%PHDG

Expense ratio: GPIX 0.29%, better; PHDG 0.39%
Fund size: GPIX $6.46B; PHDG $62M
1Y total return: GPIX +13.2%, better; PHDG +8.7%
Yield (12M): GPIX 8.32%, better; PHDG 1.44%
Holdings: GPIX 486; PHDG 508
Avg volume (30D): GPIX 1.14M sh, better; PHDG 7.25K sh
NAV per share: GPIX $56.03; PHDG $41.16
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, PHDG, with each pillar’s weight
Pillar	GPIX	PHDG
Cost30% weight	A87Higher	A73
Mission25% weight	A100	Not scored
Risk15% weight	C40Higher	D39
Tradability15% weight	B68Higher	D30
Holdings10% weight	B68	A70Higher
Durability5% weight	A77Higher	B66

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and PHDG 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 PHDG 29th 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 29BOVLHOverlay Shares Hedged Large Cap Equity ETFScore 56
Rank 29BPHDGInvesco S&P 500 Downside Hedged ETFScore 56
Rank 31CHEDGEquable Shares Hedged Equity ETFScore 53

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

PHDGBInvesco S&P 500 Downside Hedged 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.

PHDG Most funds in this corner of the market sell options for income. PHDG does the opposite: an S&P 500 core paired with a VIX futures hedge that scales up as markets get choppy, run actively since 2012.

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.

PHDG The actively managed ETF seeks positive total returns in rising or falling markets. It obtains dynamic exposure to S&P 500 equity and volatility.

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.

PHDG The hedge is rules-driven: its reference index shifts among the S&P 500, VIX short-term futures and cash based on realized and implied volatility.spglobal.com
0.39% net of a waiver through August 31, 2027 (0.44% gross), below the category median despite an actively managed volatility overlay.
Live since December 2012, so this hedging engine has run through real volatility spikes rather than arriving as a recent product launch.
Broad core behind the hedge: exposure to about 500 large US stocks, with cash paid out quarterly.

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.

PHDG Long volatility costs money to carry. In calm, grinding-higher markets the VIX sleeve can bleed value, and that is the price of the cushion.spglobal.com sec.gov
The index's stop-loss rule shifts to cash after a 2% slide over five index business days. It dampens drawdowns but does not set a floor under them.sec.gov
It trades thinly next to the category's covered-call heavyweights, and several of those undercut it on fee (IVVW at 0.25%).

Full GPIX profile⁠

Full PHDG profile⁠

GPIX vs PHDG Holdings

How GPIX and PHDG differ

Overlap by weight

78.5%

Shared holdings make up 94.7% of GPIX and 81.7% of PHDG.

Level by level

Asset classEquity, Alternatives0.0%
Holdings464 in both78.5%
Sector11 Sectors95.9%
Countryby domicile98.5%

Sector

Sector weights in GPIX and PHDG, widest gap first
Sector	More in GPIXMore in PHDG	GPIX	PHDG
Financials	GPIX +3.6 points	15.2%	11.6%
Communication	PHDG +3.2 points	5.9%	9.1%
Technology	PHDG +0.7 points	38.8%	39.5%
Industrials	PHDG +0.2 points	7.3%	7.5%
Materials	GPIX +0.3 points	1.8%	1.5%
Energy	GPIX +0.1 points	3.8%	3.7%
Health Care	Same weight	9.7%	9.7%
Utilities	Same weight	2.0%	2.0%
Consumer Discretionary	Same weight	9.1%	9.1%
Consumer Staples	Same weight	4.6%	4.6%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in GPIX and PHDG, widest gap first
Country	More in GPIXMore in PHDG	GPIX	PHDG
United States	GPIX +1.4 points	99.5%	98.1%
Ireland	PHDG +1.1 points	0.0%	1.1%
Other countries (7)	PHDG +0.3 points	0.5%	0.8%

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
PHDG48.3%

Securities held

GPIX485
PHDG505

Asset class

GPIX: Equity
PHDG: Alternatives

Holdings

Only in GPIX21
In both464
Only in PHDG41

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 PHDG

41 securities, 14.3% of PHDG by weight

Invesco Premier US Government Money Portfolio11.81%
Goldman Sachs Group Inc/The0.34%
Linde PLC0.29%
Eaton Corp PLC0.19%
Accenture PLC0.19%
Chubb Ltd0.16%
Medtronic PLC0.16%
Johnson Controls International plc0.12%
SLB Ltd0.10%
Comcast Corp0.10%
Royal Caribbean Cruises Ltd0.10%
AppLovin Corp0.09%
NXP Semiconductors NV0.09%
Crh PLC0.08%
Carnival Corp Ltd0.05%
Willis Towers Watson PLC0.04%
Smurfit Westrock PLC0.03%
Omnicom Group Inc0.03%
Fidelity National Information Services Inc0.02%
Reddit Inc0.02%
General Mills Inc0.02%
LyondellBasell Industries NV0.02%
Allegion plc0.02%
Everest Group Ltd0.02%
EchoStar Corp0.02%
Invesco Ltd0.02%
Charter Communications Inc0.02%
Lululemon Athletica Inc0.01%
Jack Henry & Associates Inc0.01%
News Corp0.01%
Clorox Co/The0.01%
Pentair PLC0.01%
TKO Group Holdings Inc0.01%
UDR Inc0.01%
Camden Property Trust0.01%
Aptiv PLC0.01%
Norwegian Cruise Line Holdings Ltd0.01%
Erie Indemnity Co<0.01%
Skydance Corp<0.01%
News Corp<0.01%
Securities Lending - Bnym0.00%

Weight gaps

The 100 widest of 464 Holdings in both funds.

Holding weights in GPIX and PHDG, widest gap first
Holding	More in GPIXMore in PHDG	GPIX	PHDG
NVIDIA CorporationNVDA	GPIX +1.28 points	7.82%	6.54%
Apple Inc.AAPL	GPIX +1.22 points	7.66%	6.44%
Microsoft CorporationMSFT	GPIX +0.94 points	5.92%	4.98%
Alphabet Inc.GOOG	PHDG +0.85 points	0.85%	1.70%
Alphabet Inc.GOOGL	GPIX +0.71 points	2.82%	2.11%
Amazon.com IncAMZN	GPIX +0.54 points	3.57%	3.03%
Meta Platforms Inc-Class AMETA	PHDG +0.43 points	1.31%	1.74%
Broadcom Inc.AVGO	GPIX +0.38 points	2.46%	2.08%
Micron Technology, Inc.MU	GPIX +0.27 points	1.61%	1.34%
Eli Lilly & CoLLY	GPIX +0.27 points	1.66%	1.39%
JPMorgan Chase & CoJPM	GPIX +0.25 points	1.41%	1.16%
Berkshire Hathaway Inc.BRK.B	GPIX +0.25 points	1.53%	1.28%
Tesla Inc.TSLA	GPIX +0.23 points	1.67%	1.44%
Advanced Micro Devices Inc.AMD	GPIX +0.22 points	1.39%	1.17%
Exxonmobil Holdings CorporationXOM	GPIX +0.20 points	1.15%	0.95%
Walt Disney Company (The)DIS	PHDG +0.19 points	0.05%	0.24%
Visa Inc.V	GPIX +0.17 points	1.04%	0.88%
Johnson & JohnsonJNJ	GPIX +0.16 points	1.00%	0.84%
The Procter & Gamble CompanyPG	GPIX +0.15 points	0.62%	0.47%
Verizon Communications Inc.VZ	PHDG +0.14 points	0.09%	0.23%
AbbVie Inc.ABBV	GPIX +0.13 points	0.78%	0.65%
Chevron CorporationCVX	GPIX +0.13 points	0.71%	0.58%
Netflix, Inc.NFLX	PHDG +0.13 points	0.20%	0.33%
Morgan StanleyMS	GPIX +0.12 points	0.41%	0.29%
AT&T Inc.T	PHDG +0.12 points	0.06%	0.18%
Mastercard IncorporatedMA	GPIX +0.12 points	0.77%	0.65%
Walmart IncWMT	GPIX +0.12 points	0.80%	0.68%
Intel CorporationINTC	GPIX +0.11 points	0.69%	0.58%
Duke Energy CorporationDUK	GPIX +0.11 points	0.23%	0.12%
The Southern Co.SO	GPIX +0.10 points	0.24%	0.14%
Cisco Systems, Inc.CSCO	GPIX +0.11 points	0.65%	0.54%
UnitedHealth Group IncorporatedUNH	GPIX +0.10 points	0.57%	0.47%
Coca-Cola Company (The)KO	GPIX +0.10 points	0.55%	0.45%
Costco Wholesale CorporationCOST	GPIX +0.09 points	0.65%	0.56%
Bank of America CorpBAC	GPIX +0.10 points	0.52%	0.42%
T-Mobile Us, Inc.TMUS	PHDG +0.09 points	<0.01%	0.09%
Lowes Companies IncLOW	PHDG +0.09 points	0.06%	0.15%
Palantir Technologies Inc.PLTR	GPIX +0.09 points	0.66%	0.57%
Merck & Co., Inc.MRK	GPIX +0.08 points	0.54%	0.46%
Tjx Companies Inc (New)TJX	GPIX +0.08 points	0.28%	0.20%
American Electric Power IncAEP	GPIX +0.08 points	0.17%	0.09%
Servicenow IncNOW	GPIX +0.08 points	0.22%	0.14%
General Motors CompanyGM	GPIX +0.08 points	0.18%	0.10%
Caterpillar Inc (Delaware)CAT	GPIX +0.08 points	0.46%	0.38%
BlackRock Funding, Inc.BLK	GPIX +0.08 points	0.29%	0.21%
Thermo Fisher Scientific IncTMO	GPIX +0.08 points	0.41%	0.33%
Applied Materials IncAMAT	GPIX +0.08 points	0.50%	0.42%
Ptc Inc.PTC	GPIX +0.07 points	0.10%	0.03%
Rtx CorpRTX	GPIX +0.07 points	0.41%	0.34%
Lam Research CorporationLRCX	GPIX +0.07 points	0.47%	0.40%
Amgen Inc.AMGN	GPIX +0.06 points	0.38%	0.32%
Philip Morris Intl IncPM	GPIX +0.07 points	0.48%	0.41%
Citigroup Inc.C	GPIX +0.06 points	0.33%	0.27%
Palo Alto Networks Inc.PANW	GPIX +0.07 points	0.46%	0.39%
Crowdstrike Holdings, Inc.CRWD	GPIX +0.06 points	0.40%	0.34%
Wells Fargo & CompanyWFC	GPIX +0.07 points	0.39%	0.32%
The Home Depot, Inc.HD	PHDG +0.06 points	0.35%	0.41%
Intercontinental Exchange IncICE	GPIX +0.06 points	0.18%	0.12%
Williams-Sonoma, Inc.WSM	GPIX +0.06 points	0.10%	0.04%
Texas Instruments Inc.TXN	GPIX +0.06 points	0.42%	0.36%
Prologis IncPLD	GPIX +0.06 points	0.21%	0.15%
Ebay Inc.EBAY	GPIX +0.06 points	0.12%	0.06%
Transdigm Group IncorporatedTDG	GPIX +0.06 points	0.14%	0.08%
Mc Donalds CorpMCD	GPIX +0.06 points	0.29%	0.23%
Ameriprise Financial, Inc.AMP	GPIX +0.05 points	0.11%	0.06%
Simon Property Group IncSPG	GPIX +0.06 points	0.15%	0.09%
Analog Devices Inc.ADI	GPIX +0.05 points	0.32%	0.27%
General Electric CompanyGE	GPIX +0.06 points	0.47%	0.41%
Illinois Tool WorksITW	GPIX +0.06 points	0.15%	0.09%
Qualcomm IncQCOM	GPIX +0.06 points	0.31%	0.25%
Veeva Systems IncVEEV	GPIX +0.05 points	0.11%	0.06%
Monster Beverage CorporationMNST	GPIX +0.06 points	0.14%	0.08%
Exelon CorporationEXC	PHDG +0.05 points	<0.01%	0.06%
Emerson Electric Co.EMR	GPIX +0.05 points	0.17%	0.12%
Raymond James Financial, Inc.RJF	GPIX +0.05 points	0.09%	0.04%
Ge Vernova LlcGEV	GPIX +0.05 points	0.35%	0.30%
Ross Stores IncROST	GPIX +0.06 points	0.15%	0.09%
Gilead SciencesGILD	GPIX +0.05 points	0.31%	0.26%
The Bank of Ny Mellon CorpBNY	GPIX +0.05 points	0.18%	0.13%
Public-Svc Enterprise GroupPEG	GPIX +0.05 points	0.10%	0.05%
Airbnb Inc.ABNB	GPIX +0.05 points	0.14%	0.09%
O'reilly Automotive, Inc.ORLY	GPIX +0.05 points	0.14%	0.09%
S&P Global Inc.SPGI	GPIX +0.05 points	0.23%	0.18%
Abbott LaboratoriesABT	GPIX +0.05 points	0.28%	0.23%
Kla CorpKLAC	GPIX +0.05 points	0.33%	0.28%
Freeport-Mcmoran IncFCX	GPIX +0.05 points	0.17%	0.12%
Pfizer Inc.PFE	GPIX +0.04 points	0.26%	0.22%
Vulcan Materials CoVMC	GPIX +0.04 points	0.09%	0.05%
U.s. BancorpUSB	GPIX +0.05 points	0.17%	0.12%
Roper Technologies IncROP	PHDG +0.05 points	<0.01%	0.06%
Nasdaq Inc.NDAQ	GPIX +0.05 points	0.11%	0.06%
Marvell Technology, Inc.MRVL	GPIX +0.05 points	0.29%	0.24%
Amphenol Corp Cl-A (New)APH	GPIX +0.04 points	0.30%	0.26%
Deere & CompanyDE	GPIX +0.04 points	0.25%	0.21%
Fortinet, Inc.FTNT	GPIX +0.04 points	0.15%	0.11%
Martin Marietta Materials,incMLM	GPIX +0.04 points	0.08%	0.04%
Oracle CorporationORCL	GPIX +0.04 points	0.35%	0.30%
Autozone, Inc.AZO	GPIX +0.04 points	0.11%	0.07%
Intuitive Surgical, Inc.ISRG	GPIX +0.04 points	0.24%	0.20%
Automatic Data Processing IncADP	GPIX +0.05 points	0.19%	0.14%

All 490 GPIX holdings⁠All 507 PHDG 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 PHDG Cost

Overpaying PHDG vs GPIX

$1,946

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

GPIX 0.29%
$5,952
PHDG 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
PHDG 0.39%
Overpaying

Year by year

Year	GPIX	PHDG	Overpaying
10	$527	$705	$178
20	$2,044	$2,725	$681
30	$5,952	$7,898	$1,946

Expense ratio

0.29%GPIX, cheaper
0.39%PHDG

GPIX0.29%PHDG0.39%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

PHDG 14th cheapest of 51 funds

GPIX vs PHDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%, better; PHDG 1.44%
Payout (12M): GPIX $4.59; PHDG $0.59
Last payment: GPIX $0.40; PHDG $0.12
Ex-dividend: GPIX Oct 1, 2026; PHDG Sep 21, 2026
Paid on: GPIX Oct 7, 2026; PHDG Sep 25, 2026
Frequency: GPIX Monthly; PHDG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

PHDGQuarterly · 15 paymentsAll PHDG payments⁠

GPIX vs PHDG 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%, betterPHDG 10.5%
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49, betterPHDG 0.65
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023PHDG −17.1%
Market sensitivityBeta, 5 years: GPIX 0.84PHDG 0.71; Market = 1

GPIX and PHDG 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 PHDG

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and PHDG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in PHDG

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 PHDG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in PHDG

Weight gaps