GPIX Out-Yielded JEPI and Returned 17.37% to Its 9.33%. JEPI Is Still 9.5 Times Bigger

The Goldman Sachs S&P 500 Premium Income ETF (NASDAQ:GPIX) returned approximately 17% with distributions reinvested from October 16, 2025 through October 16, 2026. Over the same window, the JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI) returned roughly 9%.

GPIX also paid more. Its trailing 12-month yield was 8.3%, while JEPI yielded 8%.

JEPI is still the far bigger fund. It reported $45 billion in net assets in its June 30, 2026 filing, about 9.5 times GPIX’s $4.7 billion. That said, GPIX holds billions of dollars in assets of its own. While the fund gets far less attention, the way each fund is structured could explain why.

How GPIX and JEPI Each Produce a Monthly Payment

Both funds earn income by selling call options. In a covered call, an investor who owns stock sells someone else the right to buy it at a fixed price, called the strike, before a set date. The buyer pays cash up front for that right, and that upfront payment is what the seller earns. The seller keeps the premium either way but gives up any gain above the strike.

JEPI starts with an actively managed basket of U.S. large caps. According to its fact sheet, JPMorgan picks them through a proprietary research process aimed at lower volatility. The option income comes in indirectly, through equity-linked notes (ELNs). An ELN is a structured note issued by a bank, and its payout is tied to a strategy. For JEPI, that strategy is writing out-of-the-money S&P 500 call options. JEPI’s June filing lists notes from these issuers, with each position below 1% of net assets:

1. Barclays
2. BNP Paribas
3. BofA Finance
4. Citigroup
5. GS Finance
6. National Bank of Canada
7. Royal Bank of Canada

GPIX owns the index itself, with 496 positions in its June filing. It writes S&P 500 calls against a portion of its holdings, typically about 25% to 75% of notional value. Goldman Sachs says it dynamically sells call options so the fund can take part in rising markets. The uncovered share of the portfolio captures rallies in full.

Over the trailing year, the funds each made 12 distributions, and the amounts are not fixed. JEPI’s 2026 payouts ran from about 34 cents to about 45 cents a share. Option premiums rise and fall with market volatility, so the income will too.

A 6.5% Apple Stake Versus 1.5% Shows Which Fund Tracks the Index

Apple (NASDAQ:AAPL | AAPL Price Prediction) made up 6.5% of GPIX’s net assets at the end of June. In JEPI, it was 1.5%. That single holding illustrates how differently each fund is constructed. GPIX has the S&P 500’s concentration in its biggest holdings, while JEPI holds stocks at a more modest weight.

Other holdings follow the same pattern. Alphabet (NASDAQ:GOOGL) was 4% of GPIX and 1.5% of JEPI. JEPI’s largest position was a drugmaker, AbbVie (NYSE:ABBV), at 1.7%.

JEPI’s September fact sheet puts this into perspective. Technology made up 16% of the fund, 24 percentage points below the index. Its weighted average market cap was about $705 billion, compared with roughly $1.5 trillion for the S&P 500. That said, JEPI is designed to perform differently from the benchmark.

How Index Weighting Turned Similar Yields Into Very Different Returns

The S&P 500’s price rose 16% over the same 12 months, a figure that leaves out dividends. GPIX’s total return beat that. When Apple, Alphabet and the other giants rallied, GPIX owned them at full index weight and left part of its portfolio free of call obligations, so it kept much of the gain.

JEPI held those leaders at a fraction of their index weight, and the calls inside its notes cap the upside on its S&P 500 exposure. In a year led by the largest tech names, a low-volatility basket with capped upside trails the market.

The yields ended up close because both funds collect premium on the same index. Goldman says GPIX targets a consistent monthly distribution, generally from options premium and equity dividends. Neither yield is guaranteed. Premiums shrink when volatility falls, and one strong year says nothing about the next.

Counterparty Risk and Downside Capture: What Each Structure Can Cost You

A counterparty is the party on the other side of a financial contract who owes you payment. An ELN is a debt obligation of the bank that issued it. If an issuer ran into financial trouble, its note could lose value no matter what the S&P 500 did. JEPI limits that risk by spreading its notes across several large banks, so the exposure exists but is reduced. GPIX sells its options directly and collects the premium up front, so it avoids relying on a note issuer to pay later.

Tracking the index more closely works in both directions. In the April 2025 selloff, GPIX’s lowest point was about 14% below its March close, compared with about 13% for JEPI.

In March 2026, the two lost similar ground on a dividend-adjusted basis: roughly 4% for GPIX and 5% for JEPI.

In 2022, JEPI lost about 4%, while the S&P 500 lost about 18%, and its three-year beta is 0.42. Beta measures how much a fund moves relative to the market.

GPIX launched in October 2023 and has yet to go through a full bear market. Investors drawn by its recent return should expect it to take a larger share of the next deep fall.

Tax Treatment Can Shrink the Yield You Keep

Option income funds often pay out amounts that don’t qualify for the lower tax rate on qualified dividends. In a taxable account, much of the payout may be taxed as ordinary income. Some funds also classify part of a distribution as a return of your original investment. That portion isn’t taxed when it’s paid, but it lowers your cost basis, which raises your capital gain when you sell.

The mix differs by fund and by year. Before comparing after-tax income, review each fund’s own year-end tax documents and the details on your Form 1099-DIV. In an IRA or another tax-advantaged account, the tax character of the distributions matters much less.

Which Premium Income ETF Fits Your Portfolio

GPIX suits investors who want to stay close to the S&P 500 with monthly option income on top, and who can accept that a deep selloff will hit it nearly as hard as the index. JEPI suits investors who want a smoother ride and will give up upside in tech-led rallies to get it, along with the bank credit exposure its notes have. The decision comes down to which of those risks you would rather hold.

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