GPIX vs SPUT: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

Innovator Equity Premium Income – Daily PutWrite ETF

SPUTCNYSE Arca

Overlap

45.9%by weight

Expense ratio

GPIX −0.50pt a year

GPIX0.29%SPUT0.79%

Avg volume · 30D

GPIX 480.3×the volume

GPIX1.14MSPUT2.37K

GPIX vs SPUT Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+9.4%SPUT

Expense ratio: GPIX 0.29%, better; SPUT 0.79%
Fund size: GPIX $6.46B; SPUT $17M
1Y total return: GPIX +13.2%, better; SPUT +9.4%
Yield (12M): GPIX 8.32%, better; SPUT 5.06%
Holdings: GPIX 486; SPUT 501
Avg volume (30D): GPIX 1.14M sh, better; SPUT 2.37K sh
NAV per share: GPIX $56.03; SPUT $28.37
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, SPUT, with each pillar’s weight
Pillar	GPIX	SPUT
Cost30% weight	A87Higher	D31
Mission25% weight	A100Higher	A98
Risk15% weight	C40	B64Higher
Tradability15% weight	B68Higher	F14
Holdings10% weight	B68	Not scored
Durability5% weight	A77Higher	D37

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and SPUT 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 SPUT 32nd 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 32CSIXHETC 6 Meridian Hedged Equity Index Option ETFScore 52
Rank 32CSPUTInnovator Equity Premium Income – Daily PutWrite ETFScore 52
Rank 34CXSPINEOS Boosted S&P 500 High Income ETFScore 49

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

SPUTCInnovator Equity Premium Income – Daily PutWrite 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.

SPUT Most S&P 500 income ETFs sell calls on stock they own. SPUT flips the trade: an actively run large-cap sleeve paired with puts written on the index every single day, with cash paid out monthly.

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.

SPUT The Fund seeks current income while providing capital appreciation through an actively managed equity portfolio and a daily put-write options 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.

SPUT Income comes from writing puts on the S&P 500, not calls on its own shares, so the options engine sits alongside the equity sleeve instead of on top of it.innovatoretfs.com
Puts are written daily rather than once a month, spreading strike-setting across many entry points instead of one date on the calendar.innovatoretfs.com
Pays monthly, and the stock side is a broad active portfolio of roughly 500 names rather than a handful of megacaps.

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.

SPUT The 0.79% fee sits above what most S&P 500 income funds charge: IVVW runs 0.25%, GPIX 0.35%.
Launched in 2025, still small and thinly traded, so bid-ask spreads can run wider than in the category's heavyweights.
Innovator discloses that monthly distributions can include return of capital, meaning part of a payout may be your own money coming back.innovatoretfs.com

Full GPIX profile⁠

Full SPUT profile⁠

GPIX vs SPUT Holdings

How GPIX and SPUT differ

Overlap by weight

45.9%

Shared holdings make up 93.0% of GPIX and 46.7% of SPUT.

Level by level

Holdings395 in both45.9%
Sector11 Sectors93.7%
Asset classEquity100%
Countryby domicile99.8%

Sector

Sector weights in GPIX and SPUT, widest gap first
Sector	More in GPIXMore in SPUT	GPIX	SPUT
Financials	GPIX +4.7 points	15.2%	10.5%
Communication	SPUT +4.2 points	5.9%	10.1%
Technology	SPUT +1.6 points	38.8%	40.4%
Industrials	SPUT +0.5 points	7.3%	7.8%
Consumer Staples	GPIX +0.4 points	4.6%	4.2%
Energy	GPIX +0.3 points	3.8%	3.5%
Health Care	GPIX +0.2 points	9.7%	9.5%
Consumer Discretionary	GPIX +0.2 points	9.1%	8.9%
Real Estate	GPIX +0.2 points	1.7%	1.5%
Utilities	GPIX +0.1 points	2.0%	1.9%
Materials	GPIX +0.1 points	1.8%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in GPIX and SPUT, widest gap first
Country	More in GPIXMore in SPUT	GPIX	SPUT
United States	GPIX +0.2 points	99.5%	99.3%
Switzerland	Same weight	0.3%	0.3%
Brazil	SPUT +0.1 points	0.0%	0.1%
China	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
SPUT67.3%

Securities held

GPIX485
SPUT500

Asset class

GPIX: Equity
SPUT: Equity

Holdings

Only in GPIX90
In both395
Only in SPUT105

Only in GPIX

90 securities, 7.2% 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%
Ptc Inc.0.10%
Becton, Dickinson and Company0.10%
Nxp Semiconductors N.v.0.09%
Honeywell Aerospace Inc.0.08%
Carnival Corporation0.06%
Vivmark Residential0.06%
Block, Inc.0.06%
Best Buy Co Inc0.04%
Godaddy Inc.0.04%
Invesco Ltd.0.04%
Hasbro, Inc.0.04%
Aes Corp.0.04%
Fiserv, Inc.0.04%
Pinnacle West Capital Corp0.04%
Aptiv PLC0.03%
Willis Towers Watson PLC0.03%
Crh Public Limited Company0.03%
Stanley Black & Decker, Inc.0.03%
Viatris Inc0.03%
Baxter International Inc.0.03%
Smurfit Westrock Public Limited Company0.03%
Zebra Technologies Inc0.03%
Masco Corporation0.03%
Everest Group Ltd0.03%
Bio-Techne Corporation0.03%
Snap-On Inc0.03%
Nordson Corporation0.02%
Cooper Cos Inc/The0.02%
Akamai Technologies, Inc.0.02%
Solventum Corporation0.02%
Franklin Templeton Inc0.02%
Host Hotels & Resorts Inc0.02%
Skyworks Solutions, Inc.0.02%
N V R Inc0.02%
Apa Corporation0.02%
Idex Corporation0.02%
Factset Research Systems Inc0.02%
Norwegian Cruise Line Hldg Ltd0.02%
Healthpeak Properties, Inc.0.02%
Charles River Laboratories International, Inc.0.02%

Only in SPUT

105 securities, 52.5% of SPUT by weight

United States Treasury Bill 12/01/202649.85%
Linde PLC0.18%
Accenture PLC0.12%
Eaton Corp PLC0.11%
Chubb Ltd0.10%
Medtronic PLC0.09%
Snowflake Inc0.08%
Johnson Controls International plc0.07%
Elevance Health Inc0.07%
Cloudflare Inc0.07%
Space Exploration Technologies Corp0.07%
Comcast Corp0.06%
SLB Ltd0.06%
Royal Caribbean Cruises Ltd0.06%
MercadoLibre Inc0.06%
Cheniere Energy Inc0.05%
NXP Semiconductors NV0.05%
AppLovin Corp0.05%
Crh PLC0.05%
Natera Inc0.04%
Becton Dickinson & Co0.04%
Vivmark Residential0.03%
Strategy Inc0.03%
Anglogold Ashanti Plc0.03%
Block Inc0.03%
Revolution Medicines Inc0.03%
Carnival Corp Ltd0.03%
Sunbelt Rentals Holdings Inc0.03%
Astera Labs Inc0.03%
Okta Inc0.03%
Rocket Lab Corp0.02%
Atlassian Corp0.02%
Willis Towers Watson PLC0.02%
Markel Group Inc0.02%
ROBLOX Corp0.02%
Royalty Pharma PLC0.02%
MongoDB Inc0.02%
TechnipFMC PLC0.02%
Fiserv Inc0.02%
Zscaler Inc0.02%
Zoom Communications Inc0.02%
Credo Technology Group Holding Ltd0.02%
Insmed Inc0.02%
Entegris Inc0.02%
Reliance Inc0.02%
AerCap Holdings NV0.02%
Omnicom Group Inc0.02%
United Therapeutics Corp0.02%
Smurfit Westrock PLC0.02%
XPO Inc0.02%

Weight gaps

The 100 widest of 395 Holdings in both funds.

Holding weights in GPIX and SPUT, widest gap first
Holding	More in GPIXMore in SPUT	GPIX	SPUT
NVIDIA CorporationNVDA	GPIX +4.20 points	7.82%	3.62%
Apple Inc.AAPL	GPIX +3.92 points	7.66%	3.74%
Microsoft CorporationMSFT	GPIX +3.02 points	5.92%	2.90%
Amazon.com IncAMZN	GPIX +1.82 points	3.57%	1.75%
Alphabet Inc.GOOGL	GPIX +1.58 points	2.82%	1.24%
Broadcom Inc.AVGO	GPIX +1.30 points	2.46%	1.16%
Berkshire Hathaway Inc.BRK.B	GPIX +0.96 points	1.53%	0.57%
Micron Technology, Inc.MU	GPIX +0.85 points	1.61%	0.76%
Advanced Micro Devices Inc.AMD	GPIX +0.77 points	1.39%	0.62%
Eli Lilly & CoLLY	GPIX +0.75 points	1.66%	0.91%
Tesla Inc.TSLA	GPIX +0.74 points	1.67%	0.93%
JPMorgan Chase & CoJPM	GPIX +0.73 points	1.41%	0.68%
Exxonmobil Holdings CorporationXOM	GPIX +0.56 points	1.15%	0.59%
Visa Inc.V	GPIX +0.53 points	1.04%	0.52%
Johnson & JohnsonJNJ	GPIX +0.50 points	1.00%	0.50%
Intel CorporationINTC	GPIX +0.48 points	0.69%	0.21%
Walmart IncWMT	GPIX +0.39 points	0.80%	0.41%
Mastercard IncorporatedMA	GPIX +0.39 points	0.77%	0.38%
AbbVie Inc.ABBV	GPIX +0.38 points	0.78%	0.40%
Chevron CorporationCVX	GPIX +0.38 points	0.71%	0.33%
Palantir Technologies Inc.PLTR	GPIX +0.36 points	0.66%	0.30%
The Procter & Gamble CompanyPG	GPIX +0.33 points	0.62%	0.29%
Cisco Systems, Inc.CSCO	GPIX +0.34 points	0.65%	0.31%
Costco Wholesale CorporationCOST	GPIX +0.31 points	0.65%	0.34%
UnitedHealth Group IncorporatedUNH	GPIX +0.29 points	0.57%	0.28%
Meta Platforms Inc-Class AMETA	GPIX +0.28 points	1.31%	1.03%
Bank of America CorpBAC	GPIX +0.28 points	0.52%	0.24%
Coca-Cola Company (The)KO	GPIX +0.27 points	0.55%	0.28%
Applied Materials IncAMAT	GPIX +0.27 points	0.50%	0.23%
Merck & Co., Inc.MRK	GPIX +0.26 points	0.54%	0.28%
Lam Research CorporationLRCX	GPIX +0.24 points	0.47%	0.23%
Morgan StanleyMS	GPIX +0.24 points	0.41%	0.17%
Caterpillar Inc (Delaware)CAT	GPIX +0.24 points	0.46%	0.22%
Palo Alto Networks Inc.PANW	GPIX +0.23 points	0.46%	0.23%
Philip Morris Intl IncPM	GPIX +0.23 points	0.48%	0.25%
Alphabet Inc.GOOG	SPUT +0.22 points	0.85%	1.07%
General Electric CompanyGE	GPIX +0.23 points	0.47%	0.24%
Texas Instruments Inc.TXN	GPIX +0.21 points	0.42%	0.21%
Thermo Fisher Scientific IncTMO	GPIX +0.21 points	0.41%	0.20%
Rtx CorpRTX	GPIX +0.21 points	0.41%	0.20%
Crowdstrike Holdings, Inc.CRWD	GPIX +0.21 points	0.40%	0.19%
Wells Fargo & CompanyWFC	GPIX +0.20 points	0.39%	0.19%
Amgen Inc.AMGN	GPIX +0.19 points	0.38%	0.19%
Oracle CorporationORCL	GPIX +0.18 points	0.35%	0.17%
Ge Vernova LlcGEV	GPIX +0.17 points	0.35%	0.18%
Qualcomm IncQCOM	GPIX +0.18 points	0.31%	0.13%
Citigroup Inc.C	GPIX +0.17 points	0.33%	0.16%
Analog Devices Inc.ADI	GPIX +0.17 points	0.32%	0.15%
Kla CorpKLAC	GPIX +0.17 points	0.33%	0.16%
Tjx Companies Inc (New)TJX	GPIX +0.16 points	0.28%	0.12%
The Southern Co.SO	GPIX +0.16 points	0.24%	0.08%
Intl Business Machines CorpIBM	GPIX +0.16 points	0.34%	0.18%
Sandisk CorporationSNDK	GPIX +0.16 points	0.29%	0.13%
BlackRock Funding, Inc.BLK	GPIX +0.16 points	0.29%	0.13%
Duke Energy CorporationDUK	GPIX +0.15 points	0.23%	0.08%
Marvell Technology, Inc.MRVL	GPIX +0.16 points	0.29%	0.13%
Amphenol Corp Cl-A (New)APH	GPIX +0.15 points	0.30%	0.15%
Arista Networks, Inc.ANET	GPIX +0.16 points	0.29%	0.13%
Gilead SciencesGILD	GPIX +0.15 points	0.31%	0.16%
Mc Donalds CorpMCD	GPIX +0.15 points	0.29%	0.14%
Servicenow IncNOW	GPIX +0.14 points	0.22%	0.08%
Abbott LaboratoriesABT	GPIX +0.14 points	0.28%	0.14%
Pfizer Inc.PFE	GPIX +0.13 points	0.26%	0.13%
Union Pacific Corp.UNP	GPIX +0.13 points	0.27%	0.14%
Deere & CompanyDE	GPIX +0.12 points	0.25%	0.13%
Intuitive Surgical, Inc.ISRG	GPIX +0.12 points	0.24%	0.12%
ConocophillipsCOP	GPIX +0.13 points	0.27%	0.14%
Welltower, Inc.WELL	GPIX +0.12 points	0.25%	0.13%
Seagate Technology Holdin PLCSTX	GPIX +0.13 points	0.23%	0.11%
S&P Global Inc.SPGI	GPIX +0.13 points	0.23%	0.10%
Dell Technologies Inc.DELL	GPIX +0.13 points	0.22%	0.09%
Prologis IncPLD	GPIX +0.12 points	0.21%	0.09%
Salesforce IncCRM	GPIX +0.12 points	0.26%	0.14%
American Express Co.AXP	GPIX +0.12 points	0.25%	0.13%
Western Digital CorporationWDC	GPIX +0.12 points	0.21%	0.09%
American Electric Power IncAEP	GPIX +0.12 points	0.17%	0.05%
Charles Schwab CorporationSCHW	GPIX +0.12 points	0.23%	0.11%
General Motors CompanyGM	GPIX +0.12 points	0.18%	0.06%
Intercontinental Exchange IncICE	GPIX +0.11 points	0.18%	0.07%
Capital One Financial CorpCOF	GPIX +0.10 points	0.20%	0.10%
Emerson Electric Co.EMR	GPIX +0.10 points	0.17%	0.07%
The Home Depot, Inc.HD	GPIX +0.10 points	0.35%	0.25%
The Bank of Ny Mellon CorpBNY	GPIX +0.10 points	0.18%	0.08%
Freeport-Mcmoran IncFCX	GPIX +0.10 points	0.17%	0.07%
Danaher CorporationDHR	GPIX +0.10 points	0.21%	0.11%
Newmont CorpNEM	GPIX +0.10 points	0.19%	0.09%
Boeing CompanyBA	GPIX +0.10 points	0.20%	0.10%
U.s. BancorpUSB	GPIX +0.10 points	0.17%	0.07%
Automatic Data Processing IncADP	GPIX +0.10 points	0.19%	0.09%
The Progressive CorporationPGR	GPIX +0.10 points	0.20%	0.10%
Uber Technologies, Inc.UBER	GPIX +0.09 points	0.19%	0.10%
Marathon Petroleum CorporationMPC	GPIX +0.09 points	0.19%	0.10%
Walt Disney Company (The)DIS	SPUT +0.10 points	0.05%	0.15%
Simon Property Group IncSPG	GPIX +0.10 points	0.15%	0.05%
Transdigm Group IncorporatedTDG	GPIX +0.09 points	0.14%	0.05%
Vertex Pharmaceuticals IncorporatedVRTX	GPIX +0.09 points	0.20%	0.11%
Ross Stores IncROST	GPIX +0.09 points	0.15%	0.06%
Monster Beverage CorporationMNST	GPIX +0.09 points	0.14%	0.05%
Fortinet, Inc.FTNT	GPIX +0.09 points	0.15%	0.06%
Parker-Hannifin Corp.PH	GPIX +0.09 points	0.17%	0.08%

All 490 GPIX holdings⁠All 501 SPUT 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 SPUT Cost

Overpaying SPUT vs GPIX

$9,222

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

GPIX 0.29%
$5,952
SPUT 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
SPUT 0.79%
Overpaying

Year by year

Year	GPIX	SPUT	Overpaying
10	$527	$1,405	$878
20	$2,044	$5,331	$3,287
30	$5,952	$15,174	$9,222

Expense ratio

0.29%GPIX, cheaper
0.79%SPUT

GPIX0.29%SPUT0.79%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

SPUT 33rd cheapest of 51 funds

GPIX vs SPUT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%, better; SPUT 5.06%
Payout (12M): GPIX $4.59; SPUT $1.44
Last payment: GPIX $0.40; SPUT $0.09
Ex-dividend: GPIX Oct 1, 2026; SPUT Oct 30, 2026
Paid on: GPIX Oct 7, 2026; SPUT Pays Nov 2, 2026
Frequency: GPIX Monthly; SPUT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

SPUTMonthly · 20 paymentsAll SPUT payments⁠

GPIX vs SPUT 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%SPUT 6.8%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49SPUT 1.39since Apr 2025
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023SPUT −10.5%since Mar 2025
Market sensitivityBeta, 5 years: GPIX 0.84SPUT 0.55; Market = 1

GPIX and SPUT 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 SPUT

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and SPUT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in SPUT

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 SPUT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in SPUT

Weight gaps