GPIX vs SPYH: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

NEOS S&P 500 Hedged Equity Income ETF

SPYHBCboe

Overlap

86.8%by weight

Expense ratio

GPIX −0.39pt a year

GPIX0.29%SPYH0.68%

Avg volume · 30D

GPIX 75.4×the volume

GPIX1.14MSPYH15.1K

GPIX vs SPYH Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+8.7%SPYH

Expense ratio: GPIX 0.29%, better; SPYH 0.68%
Fund size: GPIX $6.46B; SPYH $38M
1Y total return: GPIX +13.2%, better; SPYH +8.7%
Yield (12M): GPIX 8.32%, better; SPYH 7.81%
Holdings: GPIX 486; SPYH 485
Avg volume (30D): GPIX 1.14M sh, better; SPYH 15.1K sh
NAV per share: GPIX $56.03; SPYH $55.57
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, SPYH, with each pillar’s weight
Pillar	GPIX	SPYH
Cost30% weight	A87Higher	C45
Mission25% weight	A100Higher	A96
Risk15% weight	C40	B58Higher
Tradability15% weight	B68Higher	B61
Holdings10% weight	B68	A83Higher
Durability5% weight	A77Higher	C42

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and SPYH 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 SPYH 17th 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 17BFTHIFirst Trust BuyWrite Income ETFScore 65
Rank 17BSPYHNEOS S&P 500 Hedged Equity Income ETFScore 65
Rank 19BTSPYTappAlpha SPY Growth & Daily Income ETFScore 64

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

SPYHBNEOS S&P 500 Hedged Equity 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.

SPYH Most S&P 500 income funds sell calls and leave the downside wide open. SPYH sells the calls, then spends part of that premium on a put spread, so the hedge is built into the strategy rather than bolted on later. Pays 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.

SPYH The Fund seeks high monthly income in a tax-efficient manner while providing a measure of downside protection.

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.

SPYH Holds the S&P 500 stocks, then layers a put spread collar on the index: calls sold for premium, protective puts bought with part of it, lower-strike puts sold to fund the rest.neosfunds.com
Index options here qualify as Section 1256 contracts, taxed 60% long-term and 40% short-term. Part of the payout can be return of capital, which defers tax and trims cost basis.neosfunds.com
Options are written on the index, not on individual names, so the equity sleeve stays a broad S&P 500 replication rather than a stock-picking bet.neosfunds.com
Sits in the upper half of a crowded S&P 500 options-income field, and the issuer describes the hedge as constant and fully financed by option premium.neosfunds.com

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.

SPYH The collar cuts both ways: sold calls limit how much of a rally you keep, and the bought-put cushion covers a band, not everything below it.neosfunds.com
0.68% a year is above the median for S&P 500 options-income funds; cheaper builds exist, such as IVVW at 0.25% and RSPA at 0.32%.
Launched in 2025, small, and not among the heavily traded names in its category, so bid-ask spreads can run wider than at the giants.

Full GPIX profile⁠

Full SPYH profile⁠

GPIX vs SPYH Holdings

How GPIX and SPYH differ

Overlap by weight

86.8%

Shared holdings make up 93.8% of SPYH and 91.9% of GPIX.

Level by level

Holdings438 in both86.8%
Sector11 Sectors94.9%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in GPIX and SPYH, widest gap first
Sector	More in GPIXMore in SPYH	GPIX	SPYH
Financials	GPIX +4.8 points	15.2%	10.4%
Communication	SPYH +3.2 points	5.9%	9.1%
Technology	SPYH +1.0 points	38.8%	39.8%
Consumer Staples	SPYH +0.2 points	4.6%	4.8%
Industrials	GPIX +0.2 points	7.3%	7.1%
Utilities	SPYH +0.2 points	2.0%	2.2%
Health Care	SPYH +0.2 points	9.7%	9.9%
Real Estate	SPYH +0.2 points	1.7%	1.9%
Materials	SPYH +0.1 points	1.8%	1.9%
Energy	SPYH +0.1 points	3.8%	3.9%
Consumer Discretionary	GPIX +0.1 points	9.1%	9.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
SPYH37.2%

Securities held

GPIX485
SPYH485

Asset class

GPIX: Equity
SPYH: Equity

Holdings

Only in GPIX47
In both438
Only in SPYH47

Only in GPIX

47 securities, 8.3% of GPIX by weight

State Street Communication Services Select Sector3.48%
Berkshire Hathaway Inc.1.53%
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%
Booking Holdings Inc.0.14%
Elevance Health Inc0.13%
Slb Ltd0.13%
Royal Caribbean Group0.12%
Autozone, Inc.0.11%
Monolithic Power Systems, Inc.0.10%
Becton, Dickinson and Company0.10%
W.w. Grainger Inc0.09%
Nxp Semiconductors N.v.0.09%
Ulta Beauty Inc0.07%
Carnival Corporation0.06%
Vivmark Residential0.06%
Kenvue Inc.0.06%
Block, Inc.0.06%
Mettler-Toledo Intl0.05%
Invesco Ltd.0.04%
Fiserv, Inc.0.04%
Ralph Lauren Corp0.03%
Aptiv PLC0.03%
Willis Towers Watson PLC0.03%
Crh Public Limited Company0.03%
Teledyne Technologies Incorporated0.03%
Smurfit Westrock Public Limited Company0.03%
Everest Group Ltd0.03%
Fair Isaac Corporation0.02%
Texas Pacific Land Corporation0.02%
N V R Inc0.02%
Factset Research Systems Inc0.02%
Norwegian Cruise Line Hldg Ltd0.02%
Pentair Plc.0.02%
Lyondellbasell Industries N.v.0.02%
Tyler Technologies, Inc.0.02%
Domino's Pizza, Inc.0.02%
Ball Corporation0.02%
Huntington Ingalls0.02%
Allegion Public Limited Company0.02%
Lennox International Inc0.01%
Davita Inc<0.01%
Brown Forman Corp Class B<0.01%

Only in SPYH

47 securities, 7.4% of SPYH by weight

Cash & Other1.67%
Berkshire Hathaway Inc1.54%
Spx Us 12/18/26 P70100.66%
Goldman Sachs Group Inc/The0.39%
Linde PLC0.38%
Accenture PLC0.24%
Eaton Corp PLC0.23%
Chubb Ltd0.21%
Medtronic PLC0.20%
Elevance Health Inc0.15%
Johnson Controls International plc0.14%
Comcast Corp0.13%
SLB Ltd0.12%
Royal Caribbean Cruises Ltd0.11%
Crh PLC0.10%
NXP Semiconductors NV0.10%
AppLovin Corp0.08%
Becton Dickinson & Co0.08%
Vivmark Residential0.07%
Block Inc0.07%
Willis Towers Watson PLC0.06%
Carnival Corp Ltd0.06%
Fidelity National Information Services Inc0.04%
Fiserv Inc0.04%
Smurfit Westrock PLC0.04%
LyondellBasell Industries NV0.04%
General Mills Inc0.04%
Ball Corp0.04%
Omnicom Group Inc0.03%
Allegion plc0.03%
Jack Henry & Associates Inc0.03%
Invesco Ltd0.03%
Pentair PLC0.02%
News Corp0.02%
Charter Communications Inc0.02%
Lululemon Athletica Inc0.02%
UDR Inc0.02%
Camden Property Trust0.02%
EchoStar Corp0.02%
Reddit Inc0.02%
Clorox Co/The0.02%
Aptiv PLC0.02%
Norwegian Cruise Line Holdings Ltd0.02%
TKO Group Holdings Inc0.01%
Brown-Forman Corp0.01%
Skydance Corp<0.01%
News Corp<0.01%

Weight gaps

The 100 widest of 438 Holdings in both funds.

Holding weights in GPIX and SPYH, widest gap first
Holding	More in GPIXMore in SPYH	GPIX	SPYH
Alphabet Inc.GOOG	SPYH +1.18 points	0.85%	2.03%
Meta Platforms Inc-Class AMETA	SPYH +0.76 points	1.31%	2.07%
Alphabet Inc.GOOGL	GPIX +0.32 points	2.82%	2.50%
NVIDIA CorporationNVDA	GPIX +0.24 points	7.82%	7.58%
Walt Disney Company (The)DIS	SPYH +0.24 points	0.05%	0.29%
Intel CorporationINTC	GPIX +0.20 points	0.69%	0.49%
Netflix, Inc.NFLX	SPYH +0.20 points	0.20%	0.40%
Verizon Communications Inc.VZ	SPYH +0.19 points	0.09%	0.28%
Marvell Technology, Inc.MRVL	GPIX +0.17 points	0.29%	0.12%
AT&T Inc.T	SPYH +0.16 points	0.06%	0.22%
The Home Depot, Inc.HD	SPYH +0.16 points	0.35%	0.51%
Micron Technology, Inc.MU	GPIX +0.14 points	1.61%	1.47%
Lowes Companies IncLOW	SPYH +0.13 points	0.06%	0.19%
Transdigm Group IncorporatedTDG	GPIX +0.13 points	0.14%	<0.01%
T-Mobile Us, Inc.TMUS	SPYH +0.12 points	<0.01%	0.12%
Advanced Micro Devices Inc.AMD	GPIX +0.10 points	1.39%	1.29%
United Rentals, Inc.URI	GPIX +0.10 points	0.11%	<0.01%
Pepsico, Inc.PEP	SPYH +0.09 points	0.21%	0.30%
Kimberly-Clark CorporationKMB	SPYH +0.09 points	0.01%	0.10%
Broadcom Inc.AVGO	GPIX +0.09 points	2.46%	2.37%
Lumentum Holdings Inc.LITE	GPIX +0.08 points	0.12%	0.04%
BlackRock Funding, Inc.BLK	GPIX +0.08 points	0.29%	0.21%
Duke Energy CorporationDUK	GPIX +0.08 points	0.23%	0.15%
The Southern Co.SO	GPIX +0.08 points	0.24%	0.16%
Martin Marietta Materials,incMLM	GPIX +0.07 points	0.08%	<0.01%
Exelon CorporationEXC	SPYH +0.07 points	<0.01%	0.08%
Roper Technologies IncROP	SPYH +0.07 points	<0.01%	0.08%
Msci Inc.MSCI	GPIX +0.07 points	0.08%	<0.01%
Tesla Inc.TSLA	SPYH +0.07 points	1.67%	1.74%
Nextera Energy, Inc.NEE	SPYH +0.07 points	0.20%	0.27%
Ptc Inc.PTC	GPIX +0.06 points	0.10%	0.04%
Idexx LaboratoriesIDXX	GPIX +0.07 points	0.08%	0.01%
Morgan StanleyMS	GPIX +0.06 points	0.41%	0.35%
Autodesk, Inc.ADSK	SPYH +0.06 points	0.03%	0.09%
Wec Energy Group, Inc.WEC	SPYH +0.06 points	<0.01%	0.06%
Eli Lilly & CoLLY	SPYH +0.05 points	1.66%	1.71%
Ameriprise Financial, Inc.AMP	GPIX +0.05 points	0.11%	0.06%
Servicenow IncNOW	GPIX +0.05 points	0.22%	0.17%
American Electric Power IncAEP	GPIX +0.05 points	0.17%	0.12%
Williams-Sonoma, Inc.WSM	GPIX +0.05 points	0.10%	0.05%
Qualcomm IncQCOM	GPIX +0.05 points	0.31%	0.26%
Sandisk CorporationSNDK	GPIX +0.05 points	0.29%	0.24%
Veeva Systems IncVEEV	GPIX +0.04 points	0.11%	0.07%
General Motors CompanyGM	GPIX +0.05 points	0.18%	0.13%
Raymond James Financial, Inc.RJF	GPIX +0.05 points	0.09%	0.04%
Ppl CorporationPPL	SPYH +0.05 points	<0.01%	0.05%
Vici Properties Inc.VICI	SPYH +0.05 points	<0.01%	0.05%
Walmart IncWMT	SPYH +0.05 points	0.80%	0.85%
The Procter & Gamble CompanyPG	GPIX +0.05 points	0.62%	0.57%
American Water Works Co, Inc.AWK	SPYH +0.04 points	<0.01%	0.05%
Robinhood Markets, Inc.HOOD	GPIX +0.05 points	0.13%	0.08%
Vulcan Materials CoVMC	GPIX +0.04 points	0.09%	0.05%
Take Two Interactive SoftwareTTWO	SPYH +0.04 points	<0.01%	0.05%
Comfort Systems Usa IncFIX	GPIX +0.05 points	0.08%	0.03%
Kla CorpKLAC	GPIX +0.05 points	0.33%	0.28%
Axon Enterprise, Inc.AXON	GPIX +0.04 points	0.04%	<0.01%
Otis Worldwide CorporationOTIS	SPYH +0.04 points	0.01%	0.05%
Aon Public Limited CompanyAON	SPYH +0.04 points	0.08%	0.12%
Datadog, Inc.DDOG	GPIX +0.04 points	0.13%	0.09%
Intl Business Machines CorpIBM	SPYH +0.04 points	0.34%	0.38%
Equinix, Inc.EQIX	GPIX +0.03 points	0.15%	0.12%
Live Nation Entertainment IncLYV	SPYH +0.04 points	<0.01%	0.04%
Mastercard IncorporatedMA	SPYH +0.04 points	0.77%	0.81%
Gartner, Inc.IT	SPYH +0.04 points	<0.01%	0.04%
P G & E CorporationPCG	SPYH +0.03 points	0.02%	0.05%
Johnson & JohnsonJNJ	SPYH +0.03 points	1.00%	1.03%
JPMorgan Chase & CoJPM	GPIX +0.04 points	1.41%	1.37%
Intuit IncINTU	SPYH +0.04 points	0.09%	0.13%
Flex Ltd.FLEX	GPIX +0.04 points	0.05%	<0.01%
Public StoragePSA	GPIX +0.04 points	0.10%	0.06%
Tjx Companies Inc (New)TJX	GPIX +0.04 points	0.28%	0.24%
Philip Morris Intl IncPM	SPYH +0.03 points	0.48%	0.51%
Amazon.com IncAMZN	SPYH +0.03 points	3.57%	3.60%
Stryker CorporationSYK	SPYH +0.04 points	0.12%	0.16%
Monster Beverage CorporationMNST	GPIX +0.04 points	0.14%	0.10%
Copart, Inc.CPRT	SPYH +0.04 points	0.01%	0.05%
Illinois Tool WorksITW	GPIX +0.04 points	0.15%	0.11%
Waters CorporationWAT	GPIX +0.04 points	0.06%	0.02%
Quanta Services IncPWR	GPIX +0.03 points	0.15%	0.12%
Visa Inc.V	SPYH +0.03 points	1.04%	1.08%
Estee Lauder Cos Inc Cl-AEL	GPIX +0.03 points	0.07%	0.04%
Emcor Group, Inc.EME	GPIX +0.03 points	0.04%	0.01%
Western Digital CorporationWDC	GPIX +0.03 points	0.21%	0.18%
Salesforce IncCRM	SPYH +0.03 points	0.26%	0.29%
Apple Inc.AAPL	SPYH +0.03 points	7.66%	7.69%
AbbVie Inc.ABBV	SPYH +0.03 points	0.78%	0.81%
Gen Digital IncGEN	SPYH +0.03 points	0.00%	0.03%
Ebay Inc.EBAY	GPIX +0.03 points	0.12%	0.09%
Ge Vernova LlcGEV	GPIX +0.03 points	0.35%	0.32%
Coinbase Global, Inc.COIN	GPIX +0.03 points	0.06%	0.03%
Synopsys Inc.SNPS	GPIX +0.03 points	0.12%	0.09%
Equifax Inc.EFX	SPYH +0.03 points	<0.01%	0.03%
Truist Financial CorporationTFC	SPYH +0.03 points	0.07%	0.10%
Regions Financial CorporationRF	SPYH +0.03 points	0.02%	0.05%
Public-Svc Enterprise GroupPEG	GPIX +0.03 points	0.10%	0.07%
Altria Group, Inc.MO	SPYH +0.03 points	0.17%	0.20%
Crowdstrike Holdings, Inc.CRWD	GPIX +0.03 points	0.40%	0.37%
Diamondback Energy IncFANG	SPYH +0.03 points	0.05%	0.08%
M&T Bank CorporationMTB	SPYH +0.03 points	0.02%	0.05%
Nasdaq Inc.NDAQ	GPIX +0.03 points	0.11%	0.08%

All 490 GPIX holdings⁠All SPYH 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 SPYH Cost

Overpaying SPYH vs GPIX

$7,300

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

GPIX 0.29%
$5,952
SPYH 0.68%
$13,252

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
SPYH 0.68%
Overpaying

Year by year

Year	GPIX	SPYH	Overpaying
10	$527	$1,215	$688
20	$2,044	$4,633	$2,589
30	$5,952	$13,252	$7,300

Expense ratio

0.29%GPIX, cheaper
0.68%SPYH

GPIX0.29%SPYH0.68%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

SPYH 27th cheapest of 51 funds

GPIX vs SPYH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%, better; SPYH 7.81%
Payout (12M): GPIX $4.59; SPYH $4.34
Last payment: GPIX $0.40; SPYH $0.37
Ex-dividend: GPIX Oct 1, 2026; SPYH Oct 28, 2026
Paid on: GPIX Oct 7, 2026; SPYH Oct 30, 2026
Frequency: GPIX Monthly; SPYH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

SPYHMonthly · 19 paymentsAll SPYH payments⁠

GPIX vs SPYH 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%SPYH 7.2%since May 2025
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49SPYH 1.72since May 2025
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023SPYH −6.4%since Apr 2025
Market sensitivityBeta, 5 years: GPIX 0.84SPYH 0.58; Market = 1

GPIX and SPYH 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 SPYH

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and SPYH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in SPYH

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 SPYH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in SPYH

Weight gaps