GPIX vs TSPY: Grades, Fees and Holdings Compared

Goldman Sachs S&P 500 Premium Income ETF

GPIXANasdaq

TappAlpha SPY Growth & Daily Income ETF

TSPYBNasdaq

Overlap

90.3%by weight

Expense ratio

GPIX −0.39pt a year

GPIX0.29%TSPY0.68%

Avg volume · 30D

GPIX 4.3×the volume

GPIX1.14MTSPY268K

GPIX vs TSPY Performance

Oct 31, 2025 – Nov 2, 2026

+12.6%GPIX+10.2%TSPY

Expense ratio: GPIX 0.29%, better; TSPY 0.68%
Fund size: GPIX $6.4B; TSPY $399M
1Y total return: GPIX +12.6%, better; TSPY +10.2%
Yield (12M): GPIX 9.13%; TSPY 14.38%, better
Holdings: GPIX 483; TSPY 503
Avg volume (30D): GPIX 1.14M sh, better; TSPY 268K sh
NAV per share: GPIX $55.10; TSPY $24.90
52W range

ETF.net Grade

Pillar letters and Scores for GPIX, TSPY, with each pillar’s weight
Pillar	GPIX	TSPY
Cost30% weight	A87Higher	C45
Mission25% weight	A100	A100
Risk15% weight	C40Higher	D28
Tradability15% weight	B65	A74Higher
Holdings10% weight	B68	A77Higher
Durability5% weight	A77Higher	C54

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. GPIX and TSPY 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 TSPY 19th 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 2AIVVWiShares S&P 500 BuyWrite ETFScore 81
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 77
Rank 5ARSPAInvesco S&P 500 Equal Weight Income Advantage ETFScore 76
Rank 17BSPYHNEOS S&P 500 Hedged Equity Income ETFScore 65
Rank 19BTSPYTappAlpha SPY Growth & Daily Income ETFScore 64
Rank 19BXPAYRoundhill S&P 500 Target 20 Managed Distribution ETFScore 64

Our read on each fund

ETF.net Research

GPIXAGoldman Sachs S&P 500 Premium Income ETF

TSPYBTappAlpha SPY Growth & Daily 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.

TSPY TappAlpha writes S&P 500 calls that expire the same day, harvesting premium daily instead of monthly, and distributes monthly. An actively run take on the covered-call trade that still chases capital appreciation, not just yield.

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.

TSPY The Fund seeks current income and capital appreciation while obtaining exposure to the S&P 500® Index through an actively managed covered-call strategy. It sells primarily daily or 0DTE call options against its long S&P 500 exposure to generate option-premium income.

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.

TSPY Sells primarily daily (0DTE) calls against its S&P 500 exposure, so strikes reset with the market instead of locking in a month-old view.
The label is the strategy: US S&P 500 equity exposure with calls written on top, actively managed, no drift into other benchmarks.
Pays monthly, and sits in the upper half of a crowded 51-fund S&P 500 options-income cohort.
Standard 1940 Act ETF wrapper, so no K-1 and no exotic legal structure behind the options sleeve.

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.

TSPY At 0.77% it runs above the cohort's median fee and well above rules-based S&P 500 overwriters like IVVW (0.25%) and GPIX (0.35%).
The fund discloses that distributions can include return of capital, which is your own money coming back and lowers your cost basis.
Launched in 2024, so the track record is short. Writing calls every day also gives up part of the upside on sharp rally days.

Full GPIX profile⁠

Full TSPY profile⁠

GPIX vs TSPY Holdings

How GPIX and TSPY differ

Overlap by weight

90.3%

Shared holdings make up 97.2% of TSPY and 93.9% of GPIX.

Level by level

Holdings460 in both90.3%
Asset classEquity100%
Countryby domicile99.9%

Sector

No Sector split for TSPY.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

GPIX38.3%
TSPY37.3%

Securities held

GPIX482
TSPY503

Asset class

GPIX: Equity
TSPY: Equity

Holdings

Only in GPIX22
In both460
Only in TSPY43

Only in GPIX

22 securities, 5.6% of GPIX by weight

State Street Communication Services Select Sector3.50%
Linde PLC0.35%
Eaton Corp PLC0.24%
Accenture PLC0.23%
Chubb Limited0.23%
Medtronic Public Limited Company0.21%
Slb Ltd0.14%
Johnson Controls International Public Limited Comp0.13%
Royal Caribbean Group0.12%
Nxp Semiconductors N.v.0.09%
Carnival Corporation0.06%
Kenvue Inc.0.06%
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%
Lyondellbasell Industries N.v.0.02%
Norwegian Cruise Line Hldg Ltd0.02%
Pentair Plc.0.02%
Allegion Public Limited Company0.02%

Only in TSPY

43 securities, 3.7% of TSPY by weight

First American Government Obligations Fund 12/01/20310.63%
Goldman Sachs Group Inc/The0.40%
Linde PLC0.37%
Accenture PLC0.25%
Eaton Corp PLC0.22%
Chubb Ltd0.20%
Medtronic PLC0.19%
Johnson Controls International plc0.14%
Comcast Corp0.13%
Royal Caribbean Cruises Ltd0.12%
SLB Ltd0.12%
NXP Semiconductors NV0.10%
Crh PLC0.10%
AppLovin Corp0.09%
Carnival Corp Ltd0.06%
Willis Towers Watson PLC0.04%
Omnicom Group Inc0.04%
Smurfit Westrock PLC0.04%
Fidelity National Information Services Inc0.03%
General Mills Inc0.03%
LyondellBasell Industries NV0.03%
Allegion plc0.02%
Weyerhaeuser Co0.02%
Everest Group Ltd0.02%
EchoStar Corp0.02%
Reddit Inc0.02%
Invesco Ltd0.02%
Charter Communications Inc0.02%
Pentair PLC0.02%
Jack Henry & Associates Inc0.02%
Lululemon Athletica Inc0.02%
News Corp0.02%
UDR Inc0.02%
TKO Group Holdings Inc0.02%
Clorox Co/The0.02%
Camden Property Trust0.02%
Aptiv PLC0.01%
Norwegian Cruise Line Holdings Ltd0.01%
Erie Indemnity Co0.01%
Mosaic Co/The<0.01%
Wynn Resorts Ltd<0.01%
Skydance Corp<0.01%
News Corp<0.01%

Weight gaps

The 100 widest of 460 Holdings in both funds.

Holding weights in GPIX and TSPY, widest gap first
Holding	More in GPIXMore in TSPY	GPIX	TSPY
Alphabet Inc.GOOG	TSPY +1.20 points	0.85%	2.05%
Meta Platforms Inc-Class AMETA	TSPY +0.76 points	1.31%	2.07%
Netflix, Inc.NFLX	TSPY +0.26 points	0.14%	0.40%
Walt Disney Company (The)DIS	TSPY +0.24 points	0.06%	0.30%
Verizon Communications Inc.VZ	TSPY +0.20 points	0.09%	0.29%
The Home Depot, Inc.HD	TSPY +0.17 points	0.36%	0.53%
AT&T Inc.T	TSPY +0.17 points	0.06%	0.23%
Amazon.com IncAMZN	TSPY +0.16 points	3.58%	3.74%
Alphabet Inc.GOOGL	GPIX +0.14 points	2.68%	2.54%
Lowes Companies IncLOW	TSPY +0.13 points	0.06%	0.19%
T-Mobile Us, Inc.TMUS	TSPY +0.12 points	<0.01%	0.12%
Microsoft CorporationMSFT	GPIX +0.10 points	5.93%	5.83%
Micron Technology, Inc.MU	GPIX +0.09 points	1.55%	1.46%
Kimberly-Clark CorporationKMB	TSPY +0.09 points	0.01%	0.10%
Duke Energy CorporationDUK	GPIX +0.09 points	0.24%	0.15%
Caterpillar Inc (Delaware)CAT	TSPY +0.08 points	0.36%	0.44%
Advanced Micro Devices Inc.AMD	GPIX +0.08 points	1.26%	1.18%
Tesla Inc.TSLA	TSPY +0.09 points	1.68%	1.77%
Pepsico, Inc.PEP	TSPY +0.08 points	0.22%	0.30%
The Southern Co.SO	GPIX +0.08 points	0.25%	0.17%
Ptc Inc.PTC	GPIX +0.08 points	0.11%	0.03%
Bank of America CorpBAC	TSPY +0.07 points	0.43%	0.50%
Exelon CorporationEXC	TSPY +0.06 points	<0.01%	0.07%
American Electric Power IncAEP	GPIX +0.07 points	0.18%	0.11%
Nextera Energy, Inc.NEE	TSPY +0.07 points	0.21%	0.28%
Morgan StanleyMS	GPIX +0.07 points	0.41%	0.34%
General Motors CompanyGM	GPIX +0.06 points	0.18%	0.12%
Roper Technologies IncROP	TSPY +0.06 points	0.01%	0.07%
Autodesk, Inc.ADSK	TSPY +0.05 points	0.03%	0.08%
Walmart IncWMT	TSPY +0.05 points	0.83%	0.88%
Wec Energy Group, Inc.WEC	TSPY +0.05 points	<0.01%	0.06%
Intuit IncINTU	TSPY +0.06 points	0.09%	0.15%
Williams-Sonoma, Inc.WSM	GPIX +0.05 points	0.10%	0.05%
Exxonmobil Holdings CorporationXOM	GPIX +0.05 points	1.20%	1.15%
Servicenow IncNOW	GPIX +0.05 points	0.22%	0.17%
General Electric CompanyGE	TSPY +0.05 points	0.46%	0.51%
Visa Inc.V	TSPY +0.05 points	1.07%	1.12%
Berkshire Hathaway Inc.BRK.B	TSPY +0.04 points	1.56%	1.60%
Ameriprise Financial, Inc.AMP	GPIX +0.04 points	0.11%	0.07%
Take Two Interactive SoftwareTTWO	TSPY +0.04 points	<0.01%	0.05%
Ebay Inc.EBAY	GPIX +0.04 points	0.12%	0.08%
The Procter & Gamble CompanyPG	GPIX +0.05 points	0.64%	0.59%
Apple Inc.AAPL	GPIX +0.05 points	7.70%	7.65%
Veeva Systems IncVEEV	GPIX +0.05 points	0.12%	0.07%
Stryker CorporationSYK	TSPY +0.04 points	0.12%	0.16%
Costco Wholesale CorporationCOST	TSPY +0.04 points	0.68%	0.72%
Raymond James Financial, Inc.RJF	GPIX +0.05 points	0.09%	0.04%
Public-Svc Enterprise GroupPEG	GPIX +0.04 points	0.10%	0.06%
Live Nation Entertainment IncLYV	TSPY +0.04 points	<0.01%	0.04%
Tjx Companies Inc (New)TJX	GPIX +0.04 points	0.28%	0.24%
Vici Properties Inc.VICI	TSPY +0.04 points	<0.01%	0.04%
Vulcan Materials CoVMC	GPIX +0.04 points	0.10%	0.06%
Mastercard IncorporatedMA	TSPY +0.04 points	0.78%	0.82%
Monster Beverage CorporationMNST	GPIX +0.05 points	0.15%	0.10%
Simon Property Group IncSPG	GPIX +0.04 points	0.15%	0.11%
American Water Works Co, Inc.AWK	TSPY +0.04 points	<0.01%	0.05%
Booking Holdings Inc.BKNG	TSPY +0.04 points	0.14%	0.18%
Intercontinental Exchange IncICE	GPIX +0.04 points	0.19%	0.15%
Transdigm Group IncorporatedTDG	GPIX +0.04 points	0.14%	0.10%
Ppl CorporationPPL	TSPY +0.04 points	<0.01%	0.04%
Applied Materials IncAMAT	TSPY +0.04 points	0.42%	0.46%
Martin Marietta Materials,incMLM	GPIX +0.04 points	0.09%	0.05%
NVIDIA CorporationNVDA	GPIX +0.03 points	7.61%	7.58%
Autozone, Inc.AZO	GPIX +0.03 points	0.11%	0.08%
Chevron CorporationCVX	GPIX +0.03 points	0.73%	0.70%
Estee Lauder Cos Inc Cl-AEL	GPIX +0.03 points	0.07%	0.04%
Nasdaq Inc.NDAQ	GPIX +0.04 points	0.11%	0.07%
Illinois Tool WorksITW	GPIX +0.03 points	0.15%	0.12%
Fortinet, Inc.FTNT	GPIX +0.03 points	0.15%	0.12%
Ross Stores IncROST	GPIX +0.04 points	0.15%	0.11%
Aon Public Limited CompanyAON	TSPY +0.03 points	0.08%	0.11%
M&T Bank CorporationMTB	TSPY +0.03 points	0.02%	0.05%
Marvell Technology, Inc.MRVL	GPIX +0.03 points	0.26%	0.23%
Keurig Dr Pepper IncKDP	GPIX +0.03 points	0.11%	0.08%
Equifax Inc.EFX	TSPY +0.03 points	<0.01%	0.03%
Otis Worldwide CorporationOTIS	TSPY +0.03 points	0.01%	0.05%
Workday, Inc.WDAY	GPIX +0.03 points	0.09%	0.06%
O'reilly Automotive, Inc.ORLY	GPIX +0.03 points	0.14%	0.11%
Nike Class-BNKE	GPIX +0.03 points	0.10%	0.07%
P G & E CorporationPCG	TSPY +0.02 points	0.02%	0.04%
Emerson Electric Co.EMR	GPIX +0.03 points	0.17%	0.14%
Airbnb Inc.ABNB	GPIX +0.03 points	0.14%	0.11%
Godaddy Inc.GDDY	GPIX +0.03 points	0.05%	0.02%
Copart, Inc.CPRT	TSPY +0.03 points	0.01%	0.04%
Lumentum Holdings Inc.LITE	GPIX +0.03 points	0.12%	0.09%
Xylem Inc.XYL	TSPY +0.02 points	<0.01%	0.03%
Carrier Global CorporationCARR	GPIX +0.03 points	0.10%	0.07%
Ulta Beauty IncULTA	GPIX +0.03 points	0.07%	0.04%
Truist Financial CorporationTFC	TSPY +0.02 points	0.07%	0.09%
Howmet Aerospace Inc.HWM	TSPY +0.03 points	0.10%	0.13%
Cadence Design Systems IncCDNS	TSPY +0.03 points	0.11%	0.14%
Netapp, Inc.NTAP	GPIX +0.02 points	0.08%	0.06%
Salesforce IncCRM	TSPY +0.03 points	0.26%	0.29%
The Bank of Ny Mellon CorpBNY	GPIX +0.03 points	0.18%	0.15%
Gen Digital IncGEN	TSPY +0.02 points	0.00%	0.02%
Freeport-Mcmoran IncFCX	GPIX +0.02 points	0.16%	0.14%
Sempra EnergySRE	GPIX +0.02 points	0.11%	0.09%
Paychex, Inc.PAYX	GPIX +0.02 points	0.08%	0.06%
Prologis IncPLD	GPIX +0.03 points	0.22%	0.19%
Church & Dwight Co., Inc.CHD	TSPY +0.02 points	0.02%	0.04%

All 486 GPIX holdings⁠All 505 TSPY 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 TSPY Cost

Overpaying TSPY vs GPIX

$7,300

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

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

Amount$10,000

Years30 years

Cost over time

GPIX 0.29%
TSPY 0.68%
Overpaying

Year by year

Year	GPIX	TSPY	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%TSPY

GPIX0.29%TSPY0.68%

0.10%1.18%

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

GPIX 5th cheapest of 51 funds

TSPY 27th cheapest of 51 funds

GPIX vs TSPY Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GPIX 9.13%; TSPY 14.38%, better
Payout (12M): GPIX $4.97; TSPY $3.57
Last payment: GPIX $0.39; TSPY $0.30
Ex-dividend: GPIX Nov 2, 2026; TSPY Oct 6, 2026
Paid on: GPIX Pays Nov 6, 2026; TSPY Oct 7, 2026
Frequency: GPIX Monthly; TSPY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GPIXMonthly · 36 paymentsAll GPIX payments⁠

TSPYMonthly · 25 paymentsAll TSPY payments⁠

GPIX vs TSPY 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%TSPY 12.3%since Sep 2024
Return per unit of riskSharpe ratio, 3 years: GPIX 1.49TSPY 0.82since Sep 2024
Worst fallMax drawdown, 5 years: GPIX −17.5%since Oct 2023TSPY −18.0%since Aug 2024
Market sensitivityBeta, 5 years: GPIX 0.84TSPY 1.04; Market = 1

GPIX and TSPY 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 TSPY

In short

Stated mandate

Why people hold it

Worth knowing

How GPIX and TSPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in TSPY

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 TSPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GPIX

Only in TSPY

Weight gaps