NYSEARCA:GPIQ ETF Registers Rapid AUM Growth and Market-Beating Returns
The Goldman Sachs Nasdaq-100 Premium Income ETF (NYSEARCA:GPIQ) has surged in performance and popularity, delivering a 53.44% total return since inception. This includes 31.17% in capital appreciation and $8.61 per share in distributed income, equating to a 22.27% yield on cost. Its 2025 performance has outpaced peer covered call ETFs such as JEPQ, QQQI, and QYLD. In just over three months, assets under management have soared 121%, from $579.17 million to $1.28 billion, reflecting growing investor conviction in its approach.
Dynamic Covered Call Framework Blending Yield and Upside
NYSEARCA:GPIQ applies a flexible overwrite policy across 25% to 75% of its Nasdaq-100-focused equity sleeve, adjusting exposure levels based on implied volatility and short-term market outlook. This allows the ETF to capture substantial monthly premium income while leaving part of the portfolio uncapped to benefit from rallies. The inclusion of FLEX Options provides customized terms for strike prices and expirations, enhancing yield opportunities and tax efficiency. During the April market drop, GPIQ fell -24.67% but then rebounded 32.99%, beating all major covered call competitors.
Mega-Cap Tech Allocation Driving Outperformance
Roughly 30% of holdings are in NVIDIA (NVDA), Microsoft (MSFT), and Apple (AAPL), with the remainder of the top-10 featuring the rest of the Magnificent Seven. This high-concentration exposure in mega-cap technology has amplified upside during recoveries. Following the April selloff, GPIQ not only erased losses but ended 0.18% above its pre-correction price—something no other peer achieved—highlighting the impact of its hybrid income-growth model.
Year-to-Date Results Cementing Competitive Edge
In 2025, NYSEARCA:GPIQ has risen 3.43% in share price and delivered 6.82% in yield, producing a 10.25% total return. This surpasses QQQI at 10.17%, JEPQ at 4.56%, and vastly outperforms QYLD’s -16.93%. While QQQ retains the growth lead with a 12.64% total return, GPIQ offers a rare mix of competitive appreciation and high yield, making it attractive for income-seeking investors who still want market participation.
Tax-Advantaged Structure Adds Investor Appeal
GPIQ’s use of index options allows certain distributions to qualify for Section 1256 tax treatment, splitting taxable gains between 60% long-term and 40% short-term rates. This is notably more favorable than JEPQ’s ELN-generated distributions, which are taxed as ordinary income. This tax efficiency is particularly appealing to high-income investors looking to optimize after-tax returns.
Cost Efficiency and Fee Advantage
The actively managed ETF maintains a 0.29% expense ratio through April 30, 2026, thanks to a temporary fee waiver, undercutting JEPQ’s 0.35%. This lower cost, coupled with superior rebound capability, strengthens GPIQ’s competitive positioning.
Proven Resilience in Volatile Market Conditions
From the Liberation Day tariff shock to the subsequent bull rally, GPIQ’s performance has validated its tactical overwrite strategy. It recovered faster and more fully than peers, showing that it can protect capital through income generation while participating meaningfully in rebounds.
Strategic Outlook and Positioning
With sector-leading total returns in 2025, significant AUM inflows, structural tax advantages, and a proven performance record during volatile periods, NYSEARCA:GPIQ stands out as the top Nasdaq-100 covered call ETF. Technology concentration and capped upside are risks, but its tactical overwrite range helps offset these limitations. Current market data supports a Bullish — Buy stance for investors seeking both income and growth potential.
