Generated April 2026 from current fund data.
Overview
GPIQ and GPIX are nearly identical sibling ETFs from Goldman Sachs, launched together in March 2024, both using covered-call strategies to generate monthly income. The key difference is their underlying index: GPIQ tracks the Nasdaq-100 (100 largest non-financial stocks, tech-heavy), while GPIX tracks the S&P 500 (500 large-cap U.S. stocks, broader sector mix). Both sell call options against their holdings to fund distributions while aiming to participate in moderate upside.
How they differ
The single biggest difference is index exposure. GPIQ's Nasdaq-100 tilt concentrates you in mega-cap technology and growth names (Apple, Microsoft, Nvidia, Tesla); GPIX gives you that plus financials, energy, healthcare, and utilities. This drives their yield gap: GPIQ yields 10.32% versus GPIX's 8.46%—the higher yield reflects both the call premium on faster-moving tech stocks and the market's demand for income in that sector.
Their option-writing aggressiveness is the second distinction. Both use covered calls, but GPIQ's higher payout ratio (10.32% annual distribution on a $53.27 price) suggests tighter call strikes or more frequent rolling, capping upside more aggressively than GPIX. AUM is nearly identical (~$3.2 billion each), and both charge 0.29% in fees. The 52-week price range shows GPIQ traded $40.55 to $54.63 against GPIX's $42.34 to $53.55—slightly wider swings for the tech-focused fund, though both launched recently so volatility patterns are still forming.
Who each is best for
- GPIQ: Investors comfortable holding 70% of their equity exposure in technology and growth who prioritize current monthly income over capital appreciation and can tolerate call-capped upside.
- GPIX: Dividend seekers wanting broad large-cap U.S. exposure with monthly payouts, sector diversification, and a moderately lower yield ceiling than pure-tech alternatives.
Key risks to know
- NAV erosion risk. Both funds yield above 8%, meaning distributions likely include substantial return-of-capital. Over time, if the underlying indices don't appreciate, NAV will erode. Monitor quarterly reports for the percentage of distributions sourced from option premiums versus underlying gains.
- Call strike and roll risk. If either Nasdaq-100 or S&P 500 rallies sharply, the sold calls will be exercised early or rolled at lower strikes, capping gains. GPIQ, with its higher distribution rate, has less room for upside capture.
- Tech concentration (GPIQ only). A 40%+ weighting in Magnificent Seven stocks means GPIQ's NAV is highly sensitive to rate changes and multiple compression in mega-cap tech. Sector-specific downturns hit harder than broad index declines.
- Duration risk. Both funds are young (launched March 2024). Fee compression, NAV decay, or competitive products could affect their appeal. Past performance on these funds spans fewer than two years.
Bottom line
If you want maximum monthly income and can accept tech concentration and capped upside, GPIQ's 10.32% yield is the trade-off. If you prefer diversification across sectors and are comfortable with a 186-basis-point lower yield, GPIX offers broader exposure at a gentler cap. Both funds work best in taxable accounts where you can harvest losses against their return-of-capital distributions. Past performance, especially in a young fund, doesn't signal future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
