GPIX vs SPYI: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

Neos S&P 500(R) High Income ETF

SPYIACboe

Overlap

88.0%by weight

Expense ratio

GPIX −0.39pt a year

GPIX0.29%SPYI0.68%

Avg volume · 30D

SPYI 2.4×the volume

GPIX1.14MSPYI2.7M

3Y return · a year

GPIX +3.1pt

GPIX+21.1%SPYI+18.0%

GPIX vs SPYI Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%GPIX+11.9%SPYI

Expense ratio: GPIX 0.29%, better; SPYI 0.68%
Fund size: GPIX $6.46B; SPYI $12.5B
1Y total return: GPIX +13.2%, better; SPYI +11.9%
Yield (12M): GPIX 8.32%; SPYI 12.06%, better
Holdings: GPIX 486; SPYI 504
Avg volume (30D): GPIX 1.14M sh; SPYI 2.7M sh, better
NAV per share: GPIX $56.03; SPYI $52.42
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, SPYI, with each pillar’s weight
Pillar	GPIX	SPYI
Cost30% weight	A87Higher	C45
Mission25% weight	A100	A100
Risk15% weight	C40	C46Higher
Tradability15% weight	B68	A98Higher
Holdings10% weight	B68	A80Higher
Durability5% weight	A77	A83Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and SPYI 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 SPYI 9th 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 8AFYEEFidelity Yield Enhanced Equity ETFScore 73
Rank 9ASPYINeos S&P 500(R) High Income ETFScore 72
Rank 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

SPYIANeos S&P 500(R) High 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.

SPYI SPYI owns the S&P 500 and layers an SPX call spread on top: sell calls for premium, buy further-out calls to leave some room to climb. Monthly payouts, index-option tax treatment, running since 2022.

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.

SPYI The fund seeks high monthly income through investments in S&P 500 constituents and a data-driven call-option strategy, while retaining potential for equity appreciation in rising markets.

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.

SPYI The overlay is a net-credit call spread: it sells SPX calls and buys further out-of-the-money calls, so the fund keeps some participation when the index rises.neosfunds.com sec.gov
Income comes from SPX index options, Section 1256 contracts taxed 60% long-term / 40% short-term regardless of holding period. Managers also pursue tax loss harvesting.neosfunds.com neosfunds.com 2
Pays monthly, and the portfolio matches the mandate closely: S&P 500 constituents plus the option overlay. A multi-billion-dollar fund that trades actively.

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.

SPYI At 0.68%, it prices above the typical fund in its options-income group (0.60% median), and cheaper index-option income peers exist, including IVVW at 0.25% and GPIX at 0.35%.
Neos discloses that distributions have been classified as return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
Writing calls trades away part of a rally. The fund aims to capture a portion of the index's upside, not the whole move.neosfunds.com neosfunds.com 2

Full GPIX profile⁠

Full SPYI profile⁠

GPIX vs SPYI Holdings

How GPIX and SPYI differ

Overlap by weight

88.0%

Shared holdings make up 93.8% of SPYI and 92.7% of GPIX.

Level by level

Holdings455 in both88.0%
Sector11 Sectors96.1%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in GPIX and SPYI, widest gap first
Sector	More in GPIXMore in SPYI	GPIX	SPYI
Communication	SPYI +3.4 points	5.9%	9.3%
Financials	GPIX +3.3 points	15.2%	11.9%
Materials	GPIX +0.3 points	1.8%	1.5%
Technology	GPIX +0.2 points	38.8%	38.6%
Consumer Staples	SPYI +0.2 points	4.6%	4.8%
Health Care	SPYI +0.2 points	9.7%	9.9%
Industrials	SPYI +0.1 points	7.3%	7.4%
Energy	GPIX +0.1 points	3.8%	3.7%
Consumer Discretionary	SPYI +0.1 points	9.1%	9.2%
Utilities	Same weight	2.0%	2.0%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

GPIX38.7%
SPYI37.6%

Securities held

GPIX485
SPYI504

Asset class

GPIX: Equity
SPYI: Equity

Holdings

Only in GPIX30
In both455
Only in SPYI49

Only in GPIX

30 securities, 7.5% 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%
Elevance Health Inc0.13%
Slb Ltd0.13%
Royal Caribbean Group0.12%
Becton, Dickinson and Company0.10%
Nxp Semiconductors N.v.0.09%
Carnival Corporation0.06%
Vivmark Residential0.06%
Kenvue Inc.0.06%
Block, Inc.0.06%
Invesco Ltd.0.04%
Fiserv, Inc.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%
Ball Corporation0.02%
Allegion Public Limited Company0.02%
Brown Forman Corp Class B<0.01%

Only in SPYI

49 securities, 7.1% of SPYI by weight

Cash & Other2.24%
Berkshire Hathaway Inc1.51%
Goldman Sachs Group Inc/The0.40%
Linde PLC0.36%
Accenture PLC0.24%
Eaton Corp PLC0.22%
Chubb Ltd0.20%
Medtronic PLC0.19%
Johnson Controls International plc0.14%
Elevance Health Inc0.13%
Comcast Corp0.12%
SLB Ltd0.12%
Royal Caribbean Cruises Ltd0.11%
NXP Semiconductors NV0.10%
AppLovin Corp0.09%
Crh PLC0.09%
Becton Dickinson & Co0.08%
Vivmark Residential0.07%
Block Inc0.06%
Carnival Corp Ltd0.06%
Willis Towers Watson PLC0.04%
Fiserv Inc0.04%
Omnicom Group Inc0.04%
Smurfit Westrock PLC0.03%
Fidelity National Information Services Inc0.03%
General Mills Inc0.03%
Ball Corp0.03%
LyondellBasell Industries NV0.03%
Charter Communications Inc0.02%
Everest Group Ltd0.02%
Allegion plc0.02%
EchoStar Corp0.02%
Invesco Ltd0.02%
Reddit Inc0.02%
News Corp0.02%
UDR Inc0.02%
Pentair PLC0.02%
TKO Group Holdings Inc0.02%
Jack Henry & Associates Inc0.02%
Clorox Co/The0.01%
Lululemon Athletica Inc0.01%
Camden Property Trust0.01%
Aptiv PLC0.01%
Norwegian Cruise Line Holdings Ltd0.01%
Erie Indemnity Co<0.01%
Brown-Forman Corp<0.01%
News Corp<0.01%
Skydance Corp<0.01%
Abiomed Inc0.00%

Weight gaps

The 100 widest of 455 Holdings in both funds.

Holding weights in GPIX and SPYI, widest gap first
Holding	More in GPIXMore in SPYI	GPIX	SPYI
Alphabet Inc.GOOG	SPYI +1.16 points	0.85%	2.01%
Meta Platforms Inc-Class AMETA	SPYI +0.73 points	1.31%	2.04%
Alphabet Inc.GOOGL	GPIX +0.33 points	2.82%	2.49%
Walt Disney Company (The)DIS	SPYI +0.24 points	0.05%	0.29%
NVIDIA CorporationNVDA	GPIX +0.24 points	7.82%	7.58%
Netflix, Inc.NFLX	SPYI +0.20 points	0.20%	0.40%
Intel CorporationINTC	GPIX +0.20 points	0.69%	0.49%
Verizon Communications Inc.VZ	SPYI +0.19 points	0.09%	0.28%
AT&T Inc.T	SPYI +0.17 points	0.06%	0.23%
The Home Depot, Inc.HD	SPYI +0.15 points	0.35%	0.50%
Advanced Micro Devices Inc.AMD	GPIX +0.13 points	1.39%	1.26%
Lowes Companies IncLOW	SPYI +0.12 points	0.06%	0.18%
T-Mobile Us, Inc.TMUS	SPYI +0.11 points	<0.01%	0.11%
Micron Technology, Inc.MU	GPIX +0.10 points	1.61%	1.51%
Broadcom Inc.AVGO	GPIX +0.10 points	2.46%	2.36%
Kimberly-Clark CorporationKMB	SPYI +0.09 points	0.01%	0.10%
Duke Energy CorporationDUK	GPIX +0.08 points	0.23%	0.15%
The Southern Co.SO	GPIX +0.08 points	0.24%	0.16%
Morgan StanleyMS	GPIX +0.08 points	0.41%	0.33%
Pepsico, Inc.PEP	SPYI +0.07 points	0.21%	0.28%
Ptc Inc.PTC	GPIX +0.07 points	0.10%	0.03%
Eli Lilly & CoLLY	SPYI +0.07 points	1.66%	1.73%
Exelon CorporationEXC	SPYI +0.06 points	<0.01%	0.07%
American Electric Power IncAEP	GPIX +0.06 points	0.17%	0.11%
Nextera Energy, Inc.NEE	SPYI +0.06 points	0.20%	0.26%
Servicenow IncNOW	GPIX +0.06 points	0.22%	0.16%
Salesforce IncCRM	SPYI +0.06 points	0.26%	0.32%
Williams-Sonoma, Inc.WSM	GPIX +0.06 points	0.10%	0.04%
Roper Technologies IncROP	SPYI +0.06 points	<0.01%	0.07%
General Motors CompanyGM	GPIX +0.06 points	0.18%	0.12%
Intuit IncINTU	SPYI +0.05 points	0.09%	0.14%
The Procter & Gamble CompanyPG	GPIX +0.05 points	0.62%	0.57%
Ameriprise Financial, Inc.AMP	GPIX +0.05 points	0.11%	0.06%
Tesla Inc.TSLA	SPYI +0.05 points	1.67%	1.72%
Wec Energy Group, Inc.WEC	SPYI +0.06 points	<0.01%	0.06%
Autodesk, Inc.ADSK	SPYI +0.05 points	0.03%	0.08%
Raymond James Financial, Inc.RJF	GPIX +0.05 points	0.09%	0.04%
Transdigm Group IncorporatedTDG	GPIX +0.05 points	0.14%	0.09%
Tjx Companies Inc (New)TJX	GPIX +0.05 points	0.28%	0.23%
Veeva Systems IncVEEV	GPIX +0.04 points	0.11%	0.07%
Take Two Interactive SoftwareTTWO	SPYI +0.04 points	<0.01%	0.05%
JPMorgan Chase & CoJPM	GPIX +0.04 points	1.41%	1.36%
Qualcomm IncQCOM	GPIX +0.05 points	0.31%	0.26%
Public-Svc Enterprise GroupPEG	GPIX +0.04 points	0.10%	0.06%
BlackRock Funding, Inc.BLK	GPIX +0.04 points	0.29%	0.25%
Live Nation Entertainment IncLYV	SPYI +0.04 points	<0.01%	0.04%
Simon Property Group IncSPG	GPIX +0.04 points	0.15%	0.10%
Martin Marietta Materials,incMLM	GPIX +0.04 points	0.08%	0.04%
Vulcan Materials CoVMC	GPIX +0.04 points	0.09%	0.05%
Vici Properties Inc.VICI	SPYI +0.04 points	<0.01%	0.04%
Ebay Inc.EBAY	GPIX +0.04 points	0.12%	0.08%
Illinois Tool WorksITW	GPIX +0.04 points	0.15%	0.11%
Autozone, Inc.AZO	GPIX +0.04 points	0.11%	0.07%
Monster Beverage CorporationMNST	GPIX +0.04 points	0.14%	0.10%
Ppl CorporationPPL	SPYI +0.04 points	<0.01%	0.04%
Booking Holdings Inc.BKNG	SPYI +0.03 points	0.14%	0.17%
Airbnb Inc.ABNB	GPIX +0.04 points	0.14%	0.10%
American Water Works Co, Inc.AWK	SPYI +0.03 points	<0.01%	0.04%
Ross Stores IncROST	GPIX +0.04 points	0.15%	0.11%
Chevron CorporationCVX	GPIX +0.04 points	0.71%	0.67%
Nasdaq Inc.NDAQ	GPIX +0.04 points	0.11%	0.07%
Emerson Electric Co.EMR	GPIX +0.03 points	0.17%	0.14%
Carrier Global CorporationCARR	GPIX +0.04 points	0.10%	0.06%
Estee Lauder Cos Inc Cl-AEL	GPIX +0.03 points	0.07%	0.04%
Amazon.com IncAMZN	SPYI +0.03 points	3.57%	3.60%
Freeport-Mcmoran IncFCX	GPIX +0.03 points	0.17%	0.14%
Intercontinental Exchange IncICE	GPIX +0.03 points	0.18%	0.15%
Keurig Dr Pepper IncKDP	GPIX +0.03 points	0.10%	0.07%
Netapp, Inc.NTAP	GPIX +0.03 points	0.09%	0.06%
Lumentum Holdings Inc.LITE	GPIX +0.03 points	0.12%	0.09%
Sandisk CorporationSNDK	GPIX +0.03 points	0.29%	0.26%
Nike Class-BNKE	GPIX +0.03 points	0.10%	0.07%
Applied Materials IncAMAT	GPIX +0.03 points	0.50%	0.47%
Prologis IncPLD	GPIX +0.03 points	0.21%	0.18%
Workday, Inc.WDAY	GPIX +0.03 points	0.09%	0.06%
Otis Worldwide CorporationOTIS	SPYI +0.03 points	0.01%	0.04%
M&T Bank CorporationMTB	SPYI +0.03 points	0.02%	0.05%
Dell Technologies Inc.DELL	GPIX +0.03 points	0.22%	0.19%
O'reilly Automotive, Inc.ORLY	GPIX +0.03 points	0.14%	0.11%
U.s. BancorpUSB	GPIX +0.03 points	0.17%	0.14%
Equifax Inc.EFX	SPYI +0.03 points	<0.01%	0.03%
Exxonmobil Holdings CorporationXOM	SPYI +0.03 points	1.15%	1.18%
P G & E CorporationPCG	SPYI +0.02 points	0.02%	0.04%
Ulta Beauty IncULTA	GPIX +0.03 points	0.07%	0.04%
Altria Group, Inc.MO	SPYI +0.03 points	0.17%	0.20%
The Bank of Ny Mellon CorpBNY	GPIX +0.03 points	0.18%	0.15%
Eog Resources IncEOG	SPYI +0.02 points	0.11%	0.13%
Copart, Inc.CPRT	SPYI +0.03 points	0.01%	0.04%
Aon Public Limited CompanyAON	SPYI +0.02 points	0.08%	0.10%
Stryker CorporationSYK	SPYI +0.03 points	0.12%	0.15%
W.r. Berkley CorporationWRB	SPYI +0.02 points	<0.01%	0.03%
Intl Business Machines CorpIBM	SPYI +0.03 points	0.34%	0.37%
Marvell Technology, Inc.MRVL	GPIX +0.03 points	0.29%	0.26%
Fortinet, Inc.FTNT	GPIX +0.02 points	0.15%	0.13%
Ametek Inc (New)AME	GPIX +0.03 points	0.11%	0.08%
Costco Wholesale CorporationCOST	SPYI +0.03 points	0.65%	0.68%
Gen Digital IncGEN	SPYI +0.02 points	0.00%	0.02%
Sempra EnergySRE	GPIX +0.03 points	0.11%	0.08%
Xylem Inc.XYL	SPYI +0.02 points	<0.01%	0.03%
Kroger CompanyKR	GPIX +0.02 points	0.08%	0.06%

All 490 GPIX holdings⁠All SPYI 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 SPYI Cost

Overpaying SPYI vs GPIX

$7,300

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

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

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
SPYI 0.68%
Overpaying

Year by year

Year	GPIX	SPYI	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%SPYI

GPIX0.29%SPYI0.68%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

SPYI 27th cheapest of 51 funds

GPIX vs SPYI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GPIX 8.32%; SPYI 12.06%, better
Payout (12M): GPIX $4.59; SPYI $6.32
Last payment: GPIX $0.40; SPYI $0.51
Ex-dividend: GPIX Oct 1, 2026; SPYI Oct 21, 2026
Paid on: GPIX Oct 7, 2026; SPYI Oct 23, 2026
Frequency: GPIX Monthly; SPYI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 35 paymentsAll GPIX payments⁠

SPYIMonthly · 46 paymentsAll SPYI payments⁠

GPIX vs SPYI 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%SPYI 8.7%, better
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49, betterSPYI 1.45
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023SPYI −16.5%since Aug 2022
Market sensitivityBeta, 5 years: GPIX 0.84SPYI 0.70; Market = 1

GPIX and SPYI in the news

All news⁠

ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026GPIXSPYI
ETF Filings
Defiance files AI index funds that may also buy private companies outside the index
Oct 30, 2026SPYI

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GPIX vs SPYI

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and SPYI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in SPYI

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

Defiance files AI index funds that may also buy private companies outside the index

How GPIX and SPYI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in SPYI

Weight gaps