GPIX vs PHEQ: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

Parametric Hedged Equity ETF

PHEQANYSE Arca

Overlap

65.1%by weight

Expense ratio

GPIX0.29%PHEQ0.29%

Avg volume · 30D

GPIX 61.9×the volume

GPIX1.17MPHEQ18.9K

3Y return · a year

GPIX +6.0pt

GPIX+19.8%PHEQ+13.8%

GPIX vs PHEQ Performance

Nov 7, 2025 – Nov 9, 2026

+14.2%GPIX+9.9%PHEQ

Expense ratio: GPIX 0.29%; PHEQ 0.29%
Fund size: GPIX $6.33B; PHEQ $149M
1Y total return: GPIX +14.2%, better; PHEQ +9.9%
Yield (12M): GPIX 8.43%, better; PHEQ 0.83%
Holdings: GPIX 494; PHEQ 181
Avg volume (30D): GPIX 1.17M sh, better; PHEQ 18.9K sh
NAV per share: GPIX $53.34; PHEQ $34.67
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, PHEQ, with each pillar’s weight
Pillar	GPIX	PHEQ
Cost30% weight	A89	A89
Mission25% weight	A100	Not scored
Risk15% weight	C47	A79Higher
Tradability15% weight	B59Higher	C44
Holdings10% weight	A74Higher	B63
Durability5% weight	A78Higher	B56

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and PHEQ 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 PHEQ 10th of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
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 77
Rank 7AXYLDGlobal X S&P 500 Covered Call ETFScore 74
Rank 10APHEQParametric Hedged Equity ETFScore 72
Rank 10ASPYINeos S&P 500(R) High Income ETFScore 72

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

PHEQAParametric Hedged Equity 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.

PHEQ A hedged large-cap core that skips the outcome calendar. Parametric layers a ladder of put spreads and short calls over U.S. stocks, so the hedge rolls through the year instead of resetting on one annual date.

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.

PHEQ Seeks capital appreciation up to a cap while limiting investor losses through a downside buffer. It invests in U.S. large-cap equities and uses laddered put spreads and short calls to create buffer-cap structures.

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.

PHEQ 0.29% a year, roughly half the typical fee in its S&P 500 options crowd. Cheap for a strategy that usually charges up for the options desk.
The ladder is the point: overlapping put spreads and short calls mature on a rolling basis, so no single reset date dictates your cap or your protection.eatonvance.com
You own the stocks. It holds U.S. large caps outright and layers options on top, rather than renting exposure through swaps or a Treasuries-plus-calls package.
Live since 2023 and one of the stronger builds in a crowded field of S&P 500 option-overlay funds, on our review.

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.

PHEQ A put spread covers a band, not the whole drop. Below the lower strike, losses track the market again, and the short calls trim the top end of big rallies.
Thinly traded compared with the giants of this category, so bid-ask spreads can be wider and limit orders carry more weight.
Built as a hedge, not a yield engine: income is paid quarterly and the fund declares no target payout rate.

Full GPIX profile⁠

Full PHEQ profile⁠

GPIX vs PHEQ Holdings

How GPIX and PHEQ differ

Overlap by weight

65.1%

Shared holdings make up 92.4% of PHEQ and 67.0% of GPIX.

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

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

Level by level

Holdings130 in both65.1%
Sector11 Sectors97.9%
Countryby domicile99.3%
Asset classStocks100%

Sector

Sector weights in GPIX and PHEQ, widest gap first
Sector	Gap	GPIX	PHEQ
Financials	GPIX +0.9 points	12.7%	11.8%
Communication	PHEQ +0.8 points	8.1%	8.9%
Technology	PHEQ +0.6 points	36.5%	37.1%
Materials	GPIX +0.5 points	1.7%	1.2%
Real Estate	GPIX +0.4 points	1.9%	1.5%
Industrials	PHEQ +0.3 points	7.5%	7.8%
Energy	PHEQ +0.4 points	3.5%	3.9%
Health Care	GPIX +0.1 points	10.6%	10.5%
Consumer Staples	PHEQ +0.1 points	5.1%	5.2%
Utilities	GPIX +0.1 points	2.2%	2.1%
Consumer Discretionary	Same weight	10.0%	10.0%

Country, concentration and asset class

Country by domicile

Country weights in GPIX and PHEQ, widest gap first
Country	Gap	GPIX	PHEQ
United States	GPIX +0.3 points	99.5%	99.2%
China	PHEQ +0.2 points	0.1%	0.3%
Switzerland	GPIX +0.3 points	0.3%	0.0%
United Kingdom	PHEQ +0.2 points	0.1%	0.3%
Brazil	PHEQ +0.1 points	0.0%	0.1%
Italy	PHEQ +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

GPIX38.0%
PHEQ38.4%

Securities held

GPIX493
PHEQ181

Asset class

GPIX: Stocks
PHEQ: Stocks

Holdings

Only in GPIX363
In both130
Only in PHEQ51

Only in GPIX

363 securities, 33.1% of GPIX by weight

Palo Alto Networks Inc.0.41%
Rtx Corp0.40%
Citigroup Inc.0.38%
Crowdstrike Holdings, Inc.0.36%
Analog Devices Inc.0.36%
BlackRock Funding, Inc.0.36%
Arista Networks, Inc.0.34%
Verizon Communications Inc.0.33%
Gilead Sciences0.33%
Amphenol Corp Cl-A (New)0.32%
Qualcomm Inc0.31%
Abbott Laboratories0.31%
Welltower, Inc.0.29%
Tjx Companies Inc (New)0.27%
Pfizer Inc.0.27%
Union Pacific Corp.0.27%
Deere & Company0.26%
Conocophillips0.25%
Capital One Financial Corp0.25%
Nextera Energy, Inc.0.25%
S&P Global Inc.0.25%
Accenture PLC0.25%
The Southern Co.0.25%
Chubb Limited0.24%
Newmont Corp0.24%
Duke Energy Corporation0.24%
Mc Donalds Corp0.23%
Medtronic Public Limited Company0.22%
Vertex Pharmaceuticals Incorporated0.21%
Danaher Corporation0.21%
The Progressive Corporation0.21%
Eaton Corp PLC0.21%
Automatic Data Processing Inc0.20%
Parker-Hannifin Corp.0.20%
Booking Holdings Inc.0.20%
Intercontinental Exchange Inc0.19%
Mckesson Corporation0.19%
Prologis Inc0.19%
Starbucks Corp.0.19%
Cme Group Inc.0.18%
Altria Group, Inc.0.18%
Lockheed Martin Corporation0.18%
Stryker Corporation0.18%
Comcast Corporation0.18%
Western Digital Corporation0.18%
Bristol-Myers Squibb Company0.17%
Cvs Health Corp0.17%
The Bank of Ny Mellon Corp0.17%
Equinix, Inc.0.17%
General Motors Company0.17%

Only in PHEQ

51 securities, 9.4% of PHEQ by weight

Msilf Government1.56%
Spxw Put USD 09/30/20270.66%
Space Exploration0.55%
Spxw Put USD 06/30/20270.50%
Cheniere Energy Inc0.41%
Zscaler Inc Common Stock0.34%
Atlassian Corp Common0.31%
Viking Holdings Ltd0.28%
Entegris Inc0.28%
Zoom Communications Inc0.27%
Tpg Inc Common Stock USD0.25%
Cloudflare Inc Common0.25%
Sun Communities Inc Reit0.25%
Southern Copper Corp0.24%
Mid-America Apartment0.23%
Mongodb Inc Common Stock0.20%
Ati Inc Common Stock USD0.20%
SS&C Technologies0.19%
Heico Corp Common Stock0.18%
Spxw Put USD 03/31/20270.14%
Draftkings Inc Common0.13%
Strategy Inc Common Stock0.13%
Samsara Inc Common Stock0.12%
Mercadolibre Inc Common0.12%
Venture Global Inc Common0.11%
Astera Labs Inc Common0.10%
Markel Group Inc Common0.10%
Anglogold Ashanti PLC Zar0.10%
Aercap Holdings NV Common0.10%
Heico Corp Common Stock0.10%
Royalty Pharma PLC Common0.09%
Ftai Aviation Ltd Common0.09%
Spxw Put USD 12/31/20260.09%
Natera Inc Common Stock0.08%
Rocket Lab Corp Common0.07%
Carlyle Group Inc/The0.07%
Reliance Inc Common Stock0.07%
Technipfmc PLC Common0.06%
Pershing Square Inc0.05%
Rivian Automotive Inc0.05%
Ast Spacemobile Inc0.05%
Credo Technology Group0.05%
Snowflake Inc Common0.04%
Alnylam Pharmaceuticals0.04%
Sunbelt Rentals Holdings0.03%
Roblox Corp Common Stock0.03%
Lpl Financial Holdings0.03%
Toast Inc Common Stock0.03%
Circle Internet Group Inc0.03%
Amer Sports Inc Common0.02%

Weight gaps

The 100 widest of 130 Holdings in both funds.

Holding weights in GPIX and PHEQ, widest gap first
Holding	Gap	GPIX	PHEQ
Alphabet Inc.GOOG	PHEQ +1.44 points	0.87%	2.31%
Alphabet Inc.GOOGL	GPIX +0.81 points	3.53%	2.72%
Johnson & JohnsonJNJ	PHEQ +0.49 points	1.05%	1.53%
Cisco Systems, Inc.CSCO	PHEQ +0.47 points	0.46%	0.93%
Bank of America CorpBAC	PHEQ +0.46 points	0.29%	0.75%
Exxonmobil Holdings CorporationXOM	PHEQ +0.44 points	1.08%	1.52%
Centene CorporationCNC	PHEQ +0.40 points	0.06%	0.46%
Vivmark ResidentialEQR	PHEQ +0.39 points	0.07%	0.46%
Labcorp Holdings IncLH	PHEQ +0.36 points	0.04%	0.40%
Eli Lilly & CoLLY	PHEQ +0.36 points	1.72%	2.08%
JPMorgan Chase & CoJPM	PHEQ +0.35 points	1.38%	1.73%
The Travelers Companies, IncTRV	PHEQ +0.35 points	0.13%	0.48%
Workday, Inc.WDAY	PHEQ +0.35 points	0.09%	0.44%
Ross Stores IncROST	PHEQ +0.34 points	0.08%	0.42%
Amgen Inc.AMGN	PHEQ +0.33 points	0.40%	0.73%
Caterpillar Inc (Delaware)CAT	PHEQ +0.33 points	0.26%	0.59%
AbbVie Inc.ABBV	PHEQ +0.32 points	0.81%	1.13%
Coca-Cola Company (The)KO	PHEQ +0.31 points	0.60%	0.91%
Chevron CorporationCVX	PHEQ +0.31 points	0.68%	0.99%
The Home Depot, Inc.HD	PHEQ +0.31 points	0.49%	0.80%
Expeditors International of Washington, Inc.EXPD	PHEQ +0.31 points	0.03%	0.34%
Fox CorporationFOXA	PHEQ +0.31 points	0.01%	0.32%
Merck & Co., Inc.MRK	PHEQ +0.30 points	0.57%	0.87%
Prudential Financial IncPRU	PHEQ +0.29 points	0.07%	0.36%
Paychex, Inc.PAYX	PHEQ +0.30 points	0.08%	0.38%
General Electric CompanyGE	PHEQ +0.28 points	0.54%	0.82%
Delta Air Lines, Inc.DAL	PHEQ +0.29 points	0.09%	0.38%
Darden Restaurants, Inc.DRI	PHEQ +0.28 points	0.03%	0.31%
Devon Energy Corporation (New)DVN	PHEQ +0.28 points	0.06%	0.34%
Advanced Micro Devices Inc.AMD	GPIX +0.28 points	1.20%	0.92%
Resmed Inc.RMD	PHEQ +0.28 points	0.03%	0.31%
Costco Wholesale CorporationCOST	PHEQ +0.27 points	0.73%	1.00%
Ameren CorporationAEE	PHEQ +0.27 points	0.02%	0.29%
Targa Resources Corp.TRGP	PHEQ +0.27 points	0.10%	0.37%
Fiserv, Inc.FI	PHEQ +0.26 points	0.07%	0.33%
Pultegroup Inc.PHM	PHEQ +0.26 points	0.04%	0.30%
Ametek Inc (New)AME	PHEQ +0.26 points	0.06%	0.32%
Republic Services IncRSG	PHEQ +0.26 points	0.08%	0.34%
Salesforce IncCRM	PHEQ +0.26 points	0.29%	0.55%
Howmet Aerospace Inc.HWM	PHEQ +0.25 points	0.14%	0.39%
Walmart IncWMT	PHEQ +0.26 points	0.87%	1.13%
Essex Property Trust IncESS	PHEQ +0.25 points	0.02%	0.27%
Ford Motor CompanyF	PHEQ +0.26 points	0.07%	0.33%
Mastercard IncorporatedMA	PHEQ +0.26 points	0.83%	1.09%
Yum Brands, Inc.YUM	PHEQ +0.25 points	0.08%	0.33%
Synchrony FinancialSYF	PHEQ +0.25 points	0.04%	0.29%
Centerpoint Energy, IncCNP	PHEQ +0.25 points	0.03%	0.28%
Pepsico, Inc.PEP	PHEQ +0.24 points	0.27%	0.51%
Visa Inc.V	PHEQ +0.25 points	1.14%	1.39%
United Rentals, Inc.URI	PHEQ +0.24 points	0.10%	0.34%
Hartford Insurance Group Inc/TheHIG	PHEQ +0.25 points	0.04%	0.29%
Ppl CorporationPPL	PHEQ +0.25 points	<0.01%	0.25%
Citizens Financial Group, Inc.CFG	PHEQ +0.24 points	0.04%	0.28%
Hp Inc.HPQ	PHEQ +0.24 points	0.05%	0.29%
Palantir Technologies Inc.PLTR	PHEQ +0.24 points	0.61%	0.85%
Entergy CorporationETR	PHEQ +0.24 points	0.07%	0.31%
Illumina, IncILMN	PHEQ +0.24 points	0.01%	0.25%
Alliant Energy CorporationLNT	PHEQ +0.23 points	0.02%	0.25%
L3HARRIS Technologies IncLHX	PHEQ +0.23 points	0.08%	0.31%
Loews CorporationL	PHEQ +0.23 points	0.03%	0.26%
Amcor PLCAMCR	PHEQ +0.23 points	0.05%	0.28%
Intl Business Machines CorpIBM	PHEQ +0.22 points	0.38%	0.60%
West Pharmaceutical ServicesWST	PHEQ +0.22 points	0.04%	0.26%
AT&T Inc.T	PHEQ +0.23 points	0.26%	0.49%
Old Dominion Freight Line, Inc.ODFL	PHEQ +0.22 points	0.07%	0.29%
UnitedHealth Group IncorporatedUNH	PHEQ +0.22 points	0.58%	0.80%
Ulta Beauty IncULTA	PHEQ +0.22 points	0.07%	0.29%
The Procter & Gamble CompanyPG	PHEQ +0.22 points	0.65%	0.87%
NVIDIA CorporationNVDA	GPIX +0.22 points	7.15%	6.93%
W.r. Berkley CorporationWRB	PHEQ +0.22 points	0.01%	0.23%
Te Connectivity CorporationTEL	PHEQ +0.22 points	0.12%	0.34%
Dover CorporationDOV	PHEQ +0.21 points	0.04%	0.25%
Charter Communications, Inc.CHTR	PHEQ +0.21 points	<0.01%	0.21%
Tesla Inc.TSLA	PHEQ +0.21 points	1.60%	1.81%
Linde PLC	PHEQ +0.21 points	0.36%	0.57%
Dte Energy CompanyDTE	PHEQ +0.20 points	0.05%	0.25%
Veeva Systems IncVEEV	PHEQ +0.21 points	0.11%	0.32%
Corning IncorporatedGLW	PHEQ +0.20 points	0.16%	0.36%
Kla CorpKLAC	PHEQ +0.20 points	0.34%	0.54%
Blackstone Group Inc/TheBX	PHEQ +0.20 points	0.19%	0.39%
Nasdaq Inc.NDAQ	PHEQ +0.20 points	0.11%	0.31%
Firstenergy Corp.FE	PHEQ +0.20 points	0.03%	0.23%
Crown Castle Intl CorpCCI	PHEQ +0.20 points	0.07%	0.27%
Ge Vernova LlcGEV	PHEQ +0.20 points	0.35%	0.55%
Otis Worldwide CorporationOTIS	PHEQ +0.19 points	0.04%	0.23%
Wells Fargo & CompanyWFC	PHEQ +0.19 points	0.43%	0.62%
Cms Energy CorporationCMS	PHEQ +0.19 points	0.03%	0.22%
J B Hunt Trans Svcs IncJBHT	PHEQ +0.18 points	0.06%	0.24%
Principal Financial Group, Inc.PFG	PHEQ +0.18 points	0.03%	0.21%
Dow IncDOW	PHEQ +0.17 points	0.03%	0.20%
Monolithic Power Systems, Inc.MPWR	PHEQ +0.17 points	0.16%	0.33%
Berkshire Hathaway Inc.BRK.B	GPIX +0.18 points	1.70%	1.52%
Broadcom Inc.AVGO	PHEQ +0.17 points	2.00%	2.17%
Marvell Technology, Inc.MRVL	PHEQ +0.18 points	0.06%	0.24%
Intuitive Surgical, Inc.ISRG	PHEQ +0.17 points	0.27%	0.44%
Boeing CompanyBA	PHEQ +0.17 points	0.22%	0.39%
Ferguson Enterprises IncFERG	PHEQ +0.15 points	0.01%	0.16%
Block, Inc.SQ	PHEQ +0.15 points	0.11%	0.26%
Bloom Energy CorpBE	PHEQ +0.15 points	0.02%	0.17%
Dell Technologies Inc.DELL	PHEQ +0.15 points	0.17%	0.32%

All 497 GPIX holdings⁠All PHEQ 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 PHEQ 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
PHEQ 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
PHEQ 0.29%

Year by year

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

Expense ratio

0.29%GPIX
0.29%PHEQ

GPIX0.29%PHEQ0.29%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

PHEQ 5th cheapest of 51 funds

GPIX vs PHEQ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): GPIX 8.43%, better; PHEQ 0.83%
Payout (12M): GPIX $4.60; PHEQ $0.29
Last payment: GPIX $0.39; PHEQ $0.05
Ex-dividend: GPIX Nov 2, 2026; PHEQ Sep 21, 2026
Paid on: GPIX Nov 6, 2026; PHEQ Sep 25, 2026
Frequency: GPIX Monthly; PHEQ Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 36 paymentsAll GPIX payments⁠

PHEQQuarterly · 12 paymentsAll PHEQ payments⁠

GPIX vs PHEQ 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%PHEQ 6.7%, better
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49, betterPHEQ 1.46
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023PHEQ −12.6%since Oct 2023
Market sensitivityBeta, 5 years: GPIX 0.84PHEQ 0.51; Market = 1

GPIX and PHEQ in the news

All news⁠

New ETFs
AllianceBernstein lists an S&P 500 income ETF that does not say how much the calls cover
Nov 5, 2026GPIX
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026GPIX
New ETFs
Calamos's hedged S&P 500 ETF charges 0.66% for a hedge you cannot look up
Sep 15, 2026PHEQ

Popular comparisons

GPIXAvsSPYIA
Goldman Sachs S&P 500 Premium Income ETF · Neos S&P 500(R) High Income ETF
Expense ratio
0.29% · 0.68%
Category
PHEQAvsBALIA
Parametric Hedged Equity ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.29% · 0.35%
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
PHEQAvsCSHIA
Parametric Hedged Equity ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.29% · 0.38%
Category
GPIXAvsCSHIA
Goldman Sachs S&P 500 Premium Income ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.29% · 0.38%
Category
PHEQAvsIVVWA
Parametric Hedged Equity ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.29% · 0.25%
Category

GPIX vs PHEQ

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and PHEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in PHEQ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

AllianceBernstein lists an S&P 500 income ETF that does not say how much the calls cover

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

Calamos's hedged S&P 500 ETF charges 0.66% for a hedge you cannot look up

How GPIX and PHEQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in PHEQ

Weight gaps