GPIX vs SPYI: Fees, Returns & Holdings Compared

	Expense ratio	Net assets	Yield (TTM)	Overlap	1 yr	5 yr*
GPIX	0.29%	$4.72B	8.18%	92%	+14.7%	—
SPYI	0.68%	$10.41B	11.85%		+13.4%	—

At a glance

GPIX and SPYI hold almost the same stocks in almost the same amounts: 92% of their holdings overlap by weight. GPIX costs less: 0.29% a year against 0.68% for SPYI, or $290 against $680 on every $100,000. GPIX has $4.72B in assets and SPYI $10.41B; over the past 12 months GPIX paid out 8.18% of its price and SPYI 11.85%, both monthly. Over the past year GPIX returned +14.7% and SPYI +13.4% with distributions reinvested; over three years, +22.6% and +19.3% a year.

Key differences

	GPIX	SPYI
Fund	S&P 500 Core Premium Income ETF	NEOS S&P 500 High Income ETF
Issuer	Goldman Sachs	NEOS
Structure	Open-end ETF	Open-end ETF
Type	Option income	Option income
Launched	Oct 26, 2023	Aug 30, 2022
Expense ratio	0.29%	0.68%
Cost a year on $100,000	$290	$680
Net assets	$4.72B	$10.41B
Holdings	491	507
Ten largest positions	35.2%	36.4%
Yield (12 months)	8.18%	11.85%
Pays	monthly	monthly
Portfolio turnover	27% a year	1% a year
Price data from	Oct 27, 2023	Aug 31, 2022

Structure and tax notes

Both: Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.

Holdings and overlap

Overlap by weight92%the share of each fund in holdings both own

Securities in common491GPIX 491 · SPYI 507 in all

Ten largest positions35.2% / 36.4%of assets, GPIX / SPYI

Overlap adds up, for every security both funds own, the smaller of its two weights: 100% would mean identical portfolios.

Largest holdings

Holding	GPIX	SPYI
NVIDIA CORP	7.31%	7.54%
APPLE INC	6.45%	6.56%
ALPHABET INC Class A	4.35%	3.27%
MICROSOFT CORP	3.89%	4.30%
AMAZON.COM INC	3.38%	3.63%
BROADCOM INC	2.79%	2.78%
Alphabet Inc	1.46%	2.60%
MICRON TECHNOLOGY INC	2.02%	1.98%
META PLATFORMS INC	1.67%	1.91%
TESLA INC	1.88%	1.84%
BERKSHIRE HATHAWAY INC	1.50%	1.42%

The biggest differences in weight: ALPHABET INC Class C (1.5% in GPIX, 2.6% in SPYI); ALPHABET INC Class A (4.4% in GPIX, 3.3% in SPYI).

By sector

Sector	GPIX	SPYI	Difference
Technology	34.9%	34.9%	—
Financials	11.1%	10.8%	GPIX +0.3
Communication services	8.9%	9.3%	SPYI +0.4
Consumer discretionary	8.9%	9.1%	SPYI +0.2
Health care	7.2%	7.1%	GPIX +0.1
Industrials	7.0%	6.8%	GPIX +0.2
Consumer staples	4.6%	4.4%	GPIX +0.2
Energy	2.8%	2.7%	GPIX +0.1
Utilities	2.0%	1.9%	GPIX +0.1
Materials	1.4%	1.3%	GPIX +0.1
Real estate	1.2%	1.2%	—

Sectors of the companies each fund holds that have a stock page here (90.5% of GPIX, 90.6% of SPYI). Source: N-PORT holdings reports as of Jun 30, 2026 for both funds.

Returns

GPIX SPYI · $10,000 in each on Oct 31, 2023, distributions reinvested.

$10,000 put into GPIX on Oct 31, 2023 was worth $18,060 on Oct 27, 2026, and in SPYI $16,674 (+21.9% and +18.6% a year). That is as far back as the price data for both goes.

	1 yr	3 yr	5 yr	10 yr
GPIX price data to Oct 27, 2026	+14.7%	+22.6%	—	—
GPIX official prospectus, to Dec 31, 2025	+16.39%	—	—	—
SPYI price data to Oct 27, 2026	+13.4%	+19.3%	—	—
SPYI official prospectus, to Dec 31, 2025	+16.60%	—	—	—

Multi-year figures are annualized total returns with distributions reinvested. "Official" rows are the SEC-standard returns from each fund's prospectus, to the end of the last calendar year; they reach back further where the price data starts late.

Calendar years

Year	GPIX	SPYI	Difference
2026	+14.0% *	+12.0% *	GPIX +2.0
2025	+16.3%	+16.7%	SPYI +0.4
2024	+21.8%	+19.1%	GPIX +2.7
2023	—	+18.2%

Total returns from price data; * year to Oct 27, 2026.

Downturns and recovery

	GPIX	SPYI
2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009	Before it launched	Before it launched
2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020	Before it launched	Before it launched
2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022	Before it launched	Before it launched
Worst fall in the price data	−17.5% (Feb 19, 2025 – Apr 8, 2025)	−16.5% (Feb 19, 2025 – Apr 8, 2025)

The deepest drop from a high to a low during each stretch when stocks fell, and how long the fund took to get back to its earlier high, with distributions reinvested. The price data starts Oct 27, 2023 for GPIX and Aug 31, 2022 for SPYI.

Income

GPIX yield (12 months)8.18%paid monthly

SPYI yield (12 months)11.85%paid monthly

Year	GPIX	SPYI
2025	$856	$1,210
2024	$840	$1,272

Distributions paid during each calendar year on $10,000 of shares bought at the previous year-end close, adjusted for share splits. Before taxes.

Costs

GPIX charges 0.29% a year and SPYI 0.68%: on $100,000 that is $390 a year less with GPIX ($1,950 on $500,000). The fee comes out of each fund's assets, so it is already in the returns above.

Cost of $10,000 (SEC example)	1 yr	3 yrs	5 yrs	10 yrs
GPIX	$30	$106	$190	$437
SPYI	$69	$218	$379	$847

From each fund's prospectus: the total costs on $10,000 invested, at a 5% yearly return, with the shares sold at the end of each period.

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