JEPI is the oldest of the big S&P 500 income ETFs I’ve looked at, and GPIX is a newer fund that pays a very similar yield. Both write call options for a monthly payout, but they build their portfolios very differently. In this article, we will be doing a comparison of GPIX (Goldman Sachs S&P 500 Premium Income ETF) vs JEPI (JPMorgan Equity Premium Income ETF).
The main difference between GPIX vs JEPI is, GPIX holds stocks that closely follow the S&P 500 and sells call options on 25% to 75% of the portfolio. JEPI, on the other hand, holds a smaller, lower-volatility selection of large US stocks and earns its option income through equity-linked notes (ELNs).
Read on for a more comprehensive coverage.
Quick Verdict
GPIX suits investors who want income plus most of the S&P 500’s growth, at a slightly lower fee. JEPI suits those who want income with a smoother ride and accept less growth in strong markets.
An Overview of GPIX vs JEPI
| Goldman Sachs S&P 500 Premium Income ETF / (GPIX) | JPMorgan Equity Premium Income ETF / (JEPI) | |
|---|---|---|
| Fund Objective | Current income while maintaining prospects for capital appreciation | Current income while maintaining prospects for capital appreciation |
| Management Style | Active ETF | Active ETF |
| Inception Date | 24 Oct 2023 | 20 May 2020 |
| Expense Ratio | 0.29% net (0.35% gross) | 0.35% |
| Number of Holdings | 488 | 140 |
| % of 10 largest holdings | 39.65% | 18.97% |
| Issuer’s yield figure | 8.50% (latest payout × 12) | 8.04% (12-month rolling dividend yield) |
| AUM | $6.03 B | $45.27 B |
GPIX holds the S&P 500 stocks and sells call options on part of the portfolio. Its prospectus says the share of the portfolio it writes calls on “will be between 25% and 75%”, generally on “an ETF that seeks to track” the index.
JEPI holds an actively chosen, lower-volatility portfolio of US large caps. J.P. Morgan says it “constructs a diversified, low volatility equity portfolio” and “may invest up to 20% of its net assets in ELNs”, which are notes with S&P 500 call options built in.
GPIX has an expense ratio of 0.29% net compared to JEPI’s 0.35%. This means that for every $10,000 you invest, you are paying $29 and $35 respectively each year in management expenses. GPIX’s 0.29% comes from a fee waiver that the April 2026 prospectus says runs “through at least April 30, 2027”; without it, both funds would charge 0.35%.
The two issuers measure yield differently, so I put both on the same basis in the payouts section below. On that basis they’re very close.
JEPI is by far the bigger fund at about $45 billion, against about $6 billion for GPIX.
Main Difference between GPIX vs JEPI
How GPIX writes calls
- Holds a portfolio that closely follows the S&P 500
- Writes calls on 25% to 75% of the portfolio, adjusting the level over time
- Goldman Sachs estimates the return of capital component of its current distributions at 90.7% (as of 30 Sep 2026)
How JEPI writes calls
- Holds about 140 stocks picked through J.P. Morgan’s own research process, aiming for lower volatility than the US large cap market
- Earns option premiums through ELNs (up to 20% of net assets), which are issued by banks and other counterparties and are not traded on an exchange
- That adds counterparty risk: J.P. Morgan notes ELNs are “subject to certain debt securities risks, such as credit or counterparty risk”
So GPIX is closer to “the S&P 500 plus some income”, while JEPI is a defensive stock picker with an income overlay.
For us in Singapore, dividend-type income from US-listed ETFs is generally subject to 30% US withholding tax, and both funds also count as US assets for US estate tax (IRS). How your broker treats GPIX’s return of capital part can vary, so please check with your broker.
Fund Composite GPIX vs JEPI
Top 10 Holdings
| Goldman Sachs S&P 500 Premium Income ETF (GPIX) | JPMorgan Equity Premium Income ETF (JEPI) |
|---|---|
| NVIDIA Corp (NVDA) / 8.21% | Microsoft Corp (MSFT) / 2.11% |
| Apple Inc. (AAPL) / 7.42% | Meta Platforms (META) / 1.94% |
| Microsoft Corp (MSFT) / 5.98% | Apple Inc. (AAPL) / 1.93% |
| Communication Services Select Sector SPDR ETF (XLC) / 3.77% | JPMorgan Prime Money Market (JIMXX) / 1.90% |
| Amazon.com (AMZN) / 3.70% | NVIDIA Corp (NVDA) / 1.90% |
| Alphabet Inc. (GOOGL) / 3.36% | Amazon.com (AMZN) / 1.88% |
| Broadcom Inc. (AVGO) / 2.42% | Trane Technologies (TT) / 1.88% |
| Micron Technology (MU) / 1.68% | Mastercard Inc. (MA) / 1.87% |
| Meta Platforms (META) / 1.63% | Visa Inc. (V) / 1.79% |
| Tesla Inc. (TSLA) / 1.48% | Alphabet Inc. (GOOGL) / 1.77% |
| 39.65% of total asset | 18.97% of total asset |
From the above table, we can see that 6 of the top 10 counters are the same, but the weights are very different. GPIX holds the big tech names at roughly index weight, while JEPI’s largest position is only about 2%, so its top 10 make up less than a fifth of the fund.
Sectors
| Sector | GPIX | JEPI |
|---|---|---|
| Electronic Technology | 29.87% | 16.40% |
| Technology Services | 17.08% | 10.32% |
| Finance | 12.50% | 12.71% |
| Health Technology | 7.45% | 11.84% |
| Retail Trade | 6.82% | 9.46% |
| Producer Manufacturing | 4.41% | 9.32% |
| Consumer Non-Durables | 2.83% | 6.87% |
| Utilities | 2.06% | 5.34% |
| Energy Minerals | 3.01% | 3.24% |
GPIX has nearly 47% in the two technology sectors, against about 27% for JEPI. JEPI leans more on healthcare, industrials, consumer staples and utilities, which fits its low-volatility approach.
Yield and Monthly Payouts
| Month | GPIX ex-date | GPIX ($) | JEPI ex-date | JEPI ($) |
|---|---|---|---|---|
| Oct 2025 | 1 Oct 2025 | 0.369 | 1 Oct 2025 | 0.361 |
| Nov 2025 | 3 Nov 2025 | 0.376 | 3 Nov 2025 | 0.346 |
| Dec 2025 | 1 Dec 2025 | 0.374 | 1 Dec 2025 | 0.371 |
| Jan 2026 | 2 Jan 2026 | 0.375 | 31 Dec 2025 | 0.427 |
| Feb 2026 | 2 Feb 2026 | 0.376 | 2 Feb 2026 | 0.344 |
| Mar 2026 | 2 Mar 2026 | 0.372 | 2 Mar 2026 | 0.351 |
| Apr 2026 | 1 Apr 2026 | 0.353 | 1 Apr 2026 | 0.421 |
| May 2026 | 1 May 2026 | 0.383 | 1 May 2026 | 0.448 |
| Jun 2026 | 1 Jun 2026 | 0.397 | 1 Jun 2026 | 0.389 |
| Jul 2026 | 1 Jul 2026 | 0.394 | 1 Jul 2026 | 0.387 |
| Aug 2026 | 3 Aug 2026 | 0.392 | 3 Aug 2026 | 0.367 |
| Sep 2026 | 1 Sep 2026 | 0.397 | 1 Sep 2026 | 0.371 |
| 12-month total | 4.558 | 4.583 | ||
| 12-month yield, J.P. Morgan method | 8.53% | 8.04% (published) |
To compare like with like, I applied J.P. Morgan’s 12-month rolling dividend yield method (each payout divided by the price on its ex-date, then added up; I used closing prices because ex-date NAVs aren’t in the data) to GPIX. Using the same method on JEPI gives exactly its published 8.04%, and GPIX comes out at about 8.53%.
The payout pattern is the bigger difference. GPIX’s monthly amount moved between $0.35 and $0.40, and Goldman Sachs reports the same 8.50% annualised rate in every one of the last 12 months. JEPI’s moved between $0.34 and $0.45.
GPIX vs JEPI – Performance
Now that we know the main differences between these ETFs, let’s see if these lead to a performance difference. GPIX is the younger fund, so I compared both from 27 Oct 2023, the first GPIX close in the Yahoo Finance data.
Since 27 Oct 2023
| 27 Oct 2023 – 30 Sep 2026 | GPIX | JEPI |
|---|---|---|
| Closing price on 27 Oct 2023 | $39.03 | $51.51 |
| Closing price on 30 Sep 2026 | $55.83 | $56.22 |
| Price return | +43.06% | +9.14% |
| Total return, distributions reinvested | +82.10% | +37.57% |
This is a big gap. With similar yields, GPIX’s share price rose much more, and GPIX came out about 44.5 percentage points ahead on total return over this period.
Calendar-Year Total Returns
| Period | GPIX | JEPI |
|---|---|---|
| 2023 (partial: 27 Oct – 29 Dec) | 14.13% | 9.09% |
| 2024 | 21.77% | 12.56% (published) |
| 2025 | 16.25% | 8.07% (published) |
| 2026 YTD to 30 Sep | 12.71% | 3.65% (published) |
GPIX was ahead in every period.
Annualised Returns
| 1 Year | 3 Year | 5 Year | Since Inception | |
|---|---|---|---|---|
| GPIX | 16.33% | NA | NA | 21.28% (from 24 Oct 2023) |
| JEPI | 6.62% | 10.05% | 7.78% | 10.81% (from 20 May 2020) |
Over the past year, GPIX returned about 9.7 percentage points more than JEPI at NAV. JEPI’s longer record includes 2022, when it fell only 3.54% at NAV while the S&P 500 fell 18.11%, which is the kind of year its defensive approach is built for. GPIX didn’t exist then.
What $10,000 Paid You
| GPIX | JEPI | |
|---|---|---|
| Closing price, 30 Sep 2025 | $52.23 | $57.10 |
| Shares bought with $10,000 | 191.46 | 175.13 |
| Payouts, Oct 2025 – Sep 2026 | 12 | 12 |
| Income before tax | $873 | $803 |
| Income after 30% withholding | $611 | $562 |
If you had put $10,000 into each fund at the close on 30 Sep 2025, GPIX would have paid you about $873 and JEPI about $803 over the next 12 months. After the 30% US withholding tax that generally applies to us in Singapore, that drops to about $611 and $562. Both funds are also US assets for US estate tax. Price changes are not included.
In Bad Times: Drawdowns and Payouts
| GPIX | JEPI | |
|---|---|---|
| Max drawdown, total return | -17.5% | -13.3% |
| Peak to trough | 19 Feb 2025 – 8 Apr 2025 | 19 Feb 2025 – 8 Apr 2025 |
| Payout before the drop | $0.350 (Nov 2024 – Jan 2025, monthly avg) | $0.391 (Nov 2024 – Jan 2025, monthly avg) |
| Payout during the drop | $0.343 (Feb – Apr 2025, monthly avg) | $0.354 (Feb – Apr 2025, monthly avg) |
| Change in payout | -2.1% | -9.4% |
Over the common period from 30 Jan 2024 to 30 Sep 2026, the worst fall for both funds came in the early-2025 sell-off. GPIX fell 17.5% and JEPI 13.3% from peak to trough, with payouts reinvested, so GPIX fell further. GPIX’s payout changed by -2.1% and JEPI’s by -9.4% during the drop, compared with the months before it.
Conclusion – Which S&P 500 Premium Income ETF Is Better?
Based on the history we have, GPIX has delivered a much higher total return at a slightly lower fee (0.29% net vs 0.35%), with a similar yield.
JEPI’s case is lower volatility and a longer record that includes a bear market. J.P. Morgan reports a 3-year standard deviation of 7.78% for JEPI, against 12.42% for the S&P 500.
If you want income plus most of the S&P 500’s growth, then GPIX might be the better choice. If you want income with a smoother ride and are happy to give up growth in strong markets, then JEPI might be the one to go with.
For Singapore-based investors, the 30% US withholding tax and US estate tax exposure apply to both funds, so neither has a tax edge.
Ireland-domiciled alternative? JEPI has a close Ireland-domiciled match, which is also the nearest option for GPIX.
| Alternative | Type | ISIN | TER | Payout | Closest to | Key difference |
|---|---|---|---|---|---|---|
| iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX) | UCITS fund | IE00B5BMR087 | 0.07% | None (accumulating) | GPIX and JEPI (index only) | Plain S&P 500, no options |
| JPMorgan US Equity Premium Income Active UCITS ETF USD (dist) | UCITS fund | IE000U5MJOZ6 | 0.35% | Monthly | JEPI (close match) and GPIX | Active, lower-volatility US stocks plus calls |
| IncomeShares S&P 500 Options ETP | ETP | XS2875106242 | 0.45% | Monthly | GPIX and JEPI | A note, not a fund; holds SPY, sells puts |
| iShares U.S. Equity High Income Active UCITS ETF USD (Dist) (INCU) | UCITS fund | IE000WHL2ZK1 | 0.35% | Monthly (per iShares) | GPIX and JEPI | Active US large caps plus index calls and futures |
| iShares World Equity High Income Active UCITS ETF USD (Dist) (WINC) | UCITS fund | IE000KJPDY61 | 0.35% | Monthly (per iShares) | GPIX and JEPI (global option) | Global developed stocks, not US-only, plus index calls and futures |
The JPMorgan fund has the same manager and strategy as JEPI, in a separate, smaller fund. No Goldman Sachs UCITS version was found. The IncomeShares ETPs are notes issued by Leverage Shares PLC, so holders carry issuer, collateral and counterparty risk.
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As always, remember that Past Performance is No Guarantee of Future Results. And none of the content that I write on this site should be taken as financial advice.
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