Best GPIX Alternatives in 2026

This category gathers covered-call and derivative-income strategies positioned as alternatives to GPIX, all tied to S&P 500 exposure but employing different options structures to generate income. JEPI dominates by size at $45.9B in AUM, far ahead of the next largest, SPYI at $12.5B, reflecting how concentrated this group is around a single issuer, JPMorgan. The remaining funds—from NEOS, Amplify, Global X, ProShares, Overlay Shares, TappAlpha, Roundhill, and Defiance—are considerably smaller, with most of the category paying monthly distributions except XDTE, which distributes weekly.

• SPYT shows the highest yield among the funds shown above at 20.31%, though it also carries one of the higher expense ratios at 0.92%.
• DIVO has the lowest yield in this group at 4.85%, paired with a relatively modest 0.56% expense ratio.
• JEPI carries the lowest expense ratio among the funds shown above at 0.35%, notably below the category average of 0.68%.
• XDTE has the highest expense ratio in this group at 0.97% and is also the only weekly-pay fund among the nine listed.
• AUM is heavily skewed toward the top two funds, JEPI and SPYI, which together account for a large majority of the combined assets shown here.

Covered-call and options-income strategies typically trade some upside participation for elevated current yield, and the wide yield range in this group—from 4.85% up to 20.31%—suggests meaningfully different underlying approaches rather than a uniform strategy. Higher yields in funds like SPYT and TSPY may reflect more aggressive options overlays, which can carry different risk and distribution-sustainability characteristics than more conservative approaches like DIVO's. Expense ratios across the category range from 0.35% to 0.97%, a gap that can meaningfully affect net income over time. Investors reviewing this category might consider how distribution frequency, options strategy mechanics, and fund size align with their own income objectives before drawing conclusions about any single fund's suitability.

• Strategy mismatch: several funds on this list track a different index or use a different income mechanism than GPIX, so swapping into one changes the exposure — upside participation, payout cadence, and tax character can all shift, not just the ticker.
• Capped upside: covered-call and option-overlay funds in this group keep the option premium in a rally but surrender gains above the strike, so they can trail the very index they write options against.
• Distribution sustainability: the average distribution rate here is 10.8%, and payouts at that level often include return of capital — when distributions persistently exceed total return, NAV erodes and shrinks the base that generates future income.
• Single-index dependence: most funds here are built on the same S&P 500 exposure, so they rise and fall together and share that index's concentration in its largest constituents — holding several of them does not diversify the underlying index risk.
• Expense drag: expense ratios in this group average 0.68% — several times what broad index funds charge — and that cost compounds directly against total return.

• Universe: a hand-curated peer set, split into close peers (8 here — same core exposure and same income mechanism, so a like-for-like swap) and broader substitutes (a different index, underlying asset, or income mechanism). Every fund is labelled in the Strategy fit column; GPIX itself is excluded.
• Eligibility: active ETFs only — liquidated, delisted, and renamed funds drop out automatically. Leveraged and inverse products are never listed: a daily-reset 2x or -1x fund is not an alternative to a long income position.
• Ranking: assets under management, used only as a fund-size ranking. Never ranked by yield — yields are shown as data, not used to order the list.
• Fit: how each fund's strategy differs from GPIX — and who each one suits — is covered in the strategy notes and FAQ below.