At a glance
GPIX charges 0.29% a year, below the 0.54% average of the 3 funds most like it (the cheapest of 4). It has $4.72B in assets, the largest of that group; it paid 8.18% of its price in distributions over the past 12 months, monthly. Over the past year it returned +14.7% with distributions reinvested (S&P 500: +11.5%), 2nd of those 4 funds; over three years it returned +22.6% a year. Its ten largest positions make up 35.2% of the fund, out of 491 in all.
The short version
S&P 500 Core Premium Income ETF (GPIX), from Goldman Sachs, holds most of the stocks in the S&P 500 Index and sells call options on part of the portfolio to pay monthly income. It is actively managed, not an index fund. Its 0.29% expense ratio, after a fee waiver, is the lowest of the four S&P 500 option-income funds compared here, which average 0.54%. Its trailing yield was 8.18% as of October 27, 2026.
Price history
The interactive chart needs JavaScript.
GPIX +14.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GPIX official prospectus, to Dec 31, 2025 | — | +16.39% | — | — | — | +22.66% |
| GPIX price data to Oct 27, 2026 | +14.0% | +14.7% | +22.6% | — | — | +22.6% |
- Over the year to Oct 27, 2026, GPIX returned +14.7%, 2nd of 4 among similar funds.
- Its worst full calendar year was 2025 (+16.3%); its best was 2024 (+21.8%).
- The deepest fall in its price history was 17.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.0% | — |
| 2025 | +16.3% | +16.39% |
| 2024 | +21.8% | +21.64% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.8367 | |
| 2025 | $4.2310 | +14.8% |
| 2024 | $3.6870 |
Living on GPIX: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 491 securities; the ten largest made up 35.23% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.31% | |
| APPLE INC | 6.45% | |
| ALPHABET INC Class A | 4.35% | |
| MICROSOFT CORP | 3.89% | |
| AMAZON.COM INC | 3.38% | |
| BROADCOM INC | 2.79% | |
| MICRON TECHNOLOGY INC | 2.01% | |
| TESLA INC | 1.88% | |
| META PLATFORMS INC | 1.67% | |
| BERKSHIRE HATHAWAY INC | 1.50% | |
| ADVANCED MICRO DEVICES INC | 1.48% | |
| ELI LILLY & COMPANY | 1.48% | |
| ALPHABET INC Class C | 1.46% | |
| JP MORGAN CHASE & COMPANY | 1.36% | |
| INTEL CORP | 1.02% |
By country
United States 96.72%Ireland 2.03%Switzerland 0.25%Bermuda 0.2%Liberia 0.15%By asset type
Stocks 99.69%By sector
Sectors of the companies held, for the 90.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.11B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.94%, +4.38%, -0.17%.
How it works
The fund aims for current income while keeping some room for growth. It puts at least 80% of net assets into companies in its benchmark, the S&P 500 Index, mostly at about their index weights. The managers may skip some stocks or change weights for tax reasons. The stock portion is rebalanced on the index's own schedule. As of June 30, 2026, it held 491 stocks. NVIDIA (7.3%), Apple (6.4%), Alphabet Class A (4.4%), Microsoft (3.9%) and Amazon (3.4%) were the largest, and the top 10 made up 35% of assets.
Income comes from an options "overwrite." The fund sells (writes) call options, which give the buyer the right to buy at a set price, and it collects cash for them, called a premium. The managers choose how much to cover, usually between 25% and 75% of the stock portfolio's value. The calls are generally written on something that tracks the index, such as an ETF, not on the stocks the fund owns. On June 30, 2026, its options were on the SPDR S&P 500 ETF Trust (SPY), with Morgan Stanley on the other side of the trade.
There is a trade-off. In flat, falling or slowly rising markets, the premiums can help. In a sharp rally, the fund gives up gains above the strike price. Premiums only partly offset losses. A large share of the payouts may count as return of capital for tax purposes.
What it really costs
- GPIX charges 0.29% a year, versus an average of 0.54% for the similar funds below (1st of 4, cheapest first).
- Of that, 0.35% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $437 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GPIX | $30 | $106 | $190 | $437 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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.
In a retirement portfolio
It pairs broad S&P 500 stock exposure with monthly payouts funded largely by selling call options.
GPIX could add monthly income on top of broad exposure to large US companies. Its trailing 12-month yield was 8.18% ($4.59 a share) as of October 27, 2026. Payouts aren't guaranteed, and part may be return of capital. It launched in October 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 17.5%, from February 19 to April 8, 2025. It fully recovered by June 26, 2025, about 2.6 months later. Its weakest calendar year, 2025, still gained about 16%. In a longer slump, option premiums would only partly offset losses, so someone drawing income could still end up selling shares at a loss. Costs are low for this type of fund: about $30 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly income tied to S&P 500 stocks; the trailing 12-month yield was 8.18% as of October 27, 2026.
- Cost-conscious buyers: the 0.29% expense ratio, after a 0.06% waiver, is below the 0.54% average of three similar option-income funds.
- Those willing to give up some rally gains for income, while keeping part of the upside, since calls cover only 25% to 75% of the stocks.
Look elsewhere if
- Investors who want the full gains of the S&P 500; the calls it writes can make it trail significantly in sharp rallies.
- Those who want a long track record: it launched in October 2023 and wasn't around for the 2008, 2020 or 2022 downturns.
- Investors wary of concentration: technology was 34.9% of holdings and NVIDIA plus Apple about 14% as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GPIX this fund | — | 0.29% | $4.72B | +14.7% | +22.6% |
| SPYH NEOS S&P 500 Hedged Equity Income ETF | 91% | 0.68% | $32.3M | +10.2% | — |
| XRMI Global X S&P 500 Risk Managed Income ETF | 89% | 0.6% | $49.9M | +8.7% | +10.2% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 89% | 0.35% | $64.1M | +15.0% | +20.1% |
Compared head to head: GPIX vs SPYI · all comparisons →
Questions investors ask
Does GPIX pay monthly dividends?
Yes. GPIX pays monthly and aims to keep payouts at a fairly steady rate, but that isn't guaranteed. Over the 12 months to October 27, 2026, it paid $4.59 a share, a yield of 8.18%. Much of that income comes from selling call options, not just stock dividends. A significant portion may be treated as return of capital, a tax term for money counted as a return of your own investment rather than earnings. The tax treatment can change from year to year.
Is GPIX good for retirement income?
It can provide high monthly income, but it carries full stock-market risk. The trailing yield was 8.18% as of October 27, 2026. Its deepest drop was 17.5% in early 2025, and it recovered in about 2.6 months. However, it launched in October 2023 and has not been through a long bear market. It may suit retirees who want income from S&P 500 stocks and can accept giving up some gains in strong rallies.
What's the difference between GPIX and XYLG?
Both hold S&P 500 stocks and sell call options, and about 89% of their holdings overlap. GPIX is actively managed and changes how much of the portfolio it covers with calls, usually between 25% and 75%. GPIX costs 0.29% a year and XYLG costs 0.35%. As of October 27, 2026, GPIX returned 14.7% over one year and 22.6% a year over three years. XYLG returned 15% and 20.1%. GPIX is far larger, with $4.72 billion in net assets as of June 30, 2026.
What is the GPIX expense ratio?
The expense ratio is 0.29%, based on the prospectus filed April 29, 2026. That reflects a 0.35% management fee less a 0.06% fee waiver. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would be about $30 after one year, $106 after three, $190 after five and $437 after ten. The three similar S&P 500 option-income funds compared here average 0.54%.
How has GPIX performed since launch?
It has posted solid gains so far, over a short history. According to its prospectus, it returned 21.64% in 2024 and 16.39% in 2025. Its average annual return from launch through December 31, 2025, was 22.66%. Its strongest quarter gained 9.28% (ended June 30, 2025), and its weakest lost 3.64% (ended March 31, 2025). Based on price, it returned 14.7% over the year to October 27, 2026.