<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2022/08/1643274624235-a9ebf1fa-63eb-43c6-96d3-a63998ba33df.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2022/08/1643274624235-a9ebf1fa-63eb-43c6-96d3-a63998ba33df.jpg"/></p>
<p>2023 年，高盛标普 500 核心溢价收入 (GPIX) ETF 表现良好，击败了广受欢迎的摩根大通权益溢价 ETF (JEPI)。今年的总回报率为 12%，而 JEPI 为 6.24%。与之相比，SPDR 标普 500 (SPY) ETF 的表现略高，涨幅超过 15%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/06/JEPI-vs-GPIQ-1024x354.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/06/JEPI-vs-GPIQ-1024x354.png"/></p>
<p><em>JEPI vs GPIX vs SPY</em></p>
<p>然而，尽管 GPIX ETF 的下一个费用比率为 0.29%，低于 JEPI 的 0.35%，但投资者对其需求不高，资产规模仅为 1.43 亿美元。ETF.com 的数据显示，该基金今年每个月都在增加资产。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/06/GPIX-inflows-1024x432.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/06/GPIX-inflows-1024x432.jpeg"/></p>
<p><em>GPIX ETF 资金流入</em></p>
<p>GPIX 是一只积极管理的基金，与 JEPI 有很大相似之处。该基金投资于标普 500 指数中的所有公司，然后利用认购期权来产生回报。持有人在标普 500 指数上涨时受益，捕捉这些收益和相应的股息。</p>
<p>它还通过认购期权产生回报，认购期权赋予其购买指数的权利但非义务。因此，在标普 500 指数上涨时，该基金通过股息、市场回报和认购期权赚钱。</p>
<p>当标普 500 指数下跌时，ETF 会亏损，但这些损失会被认购期权的权利金抵消。当指数持平时，基金仍会产生回报。</p>
<p>因为科技公司的持续上涨助推了 SPY ETF 的持续涨势，GPIX 和 JEPI 表现不佳。这一趋势可能会在可预见的未来持续下去，因为一些分析师继续提高他们的展望。汤姆·李认为，标普 500 指数可能在 2030 年跃升至 15000 美元。</p>
<p>由于其较高的收益率，JEPI 和 GPIX 备受喜爱。JEPI 的收益率超过 7%，而 GPIX 的股息率超过 4%。然而，如果标普 500 指数的看涨预期成真，这意味着它们将在长期内继续表现不佳。</p>
<p>正如我本周在 Realty Income 上所写，那些不断关注收益而非总回报的投资者总是表现不佳。这解释了为什么房地产投资信托 (REITs) 和主要有限合伙企业 (MLPs) 总是收益较高但始终落后于市场。</p>
<p>因此，我怀疑 JEPI 和 GPIX 的回报将弱于跟踪标普 500 指数的 SPY、VOO 和 IVV。同样，高盛纳斯达克 100 核心溢价收入 ETF (GPIQ) 和摩根大通纳斯达克权益溢价收入 JEPQ 将落后于纳斯达克 100 指数。</p>
<p>本文来源：Invezz</p>

摩根大通

高盛

<p>高盛标普 500 核心溢价收入 (GPIX) ETF 在 2023 年表现优于摩根大通权益溢价 (JEPI) ETF，总回报率为 12%，而 JEPI 为 6.24%。尽管表现强劲，但 GPIX 的投资者需求低，资产仅为 1.43 亿美元。GPIX 是一只积极管理的基金，投资于标普 500 指数，并使用认购期权来产生回报。然而，分析师认为，GPIX 和 JEPI 在长期内可能继续表现不佳</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2022/08/1643274624235-a9ebf1fa-63eb-43c6-96d3-a63998ba33df.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2022/08/1643274624235-a9ebf1fa-63eb-43c6-96d3-a63998ba33df.jpg"/></p>
<p>The Goldman Sachs S&amp;P 500 Core Premium Income (GPIX) ETF is doing well in 2023 as it beats the popular JPMorgan Equity Premium ETF (JEPI). Its total return this year stands at 12% compared to JEPI’s 6.24%. Its performance is a few basis points lower than the SPDR S&amp;P 500 (SPY) ETF, which has risen by over 15%.</p>
<div class="lb-trans"><p>2023 年，高盛标普 500 核心溢价收入 (GPIX) ETF 表现良好，击败了广受欢迎的摩根大通权益溢价 ETF (JEPI)。今年的总回报率为 12%，而 JEPI 为 6.24%。与之相比，SPDR 标普 500 (SPY) ETF 的表现略高，涨幅超过 15%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/06/JEPI-vs-GPIQ-1024x354.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/06/JEPI-vs-GPIQ-1024x354.png"/></p>
<p><em>JEPI vs GPIX vs SPY</em></p>
<div class="lb-trans"><p><em>JEPI vs GPIX vs SPY</em></p>
</div><p>Still, the GPIX ETF has seen lackuster demand among investors as it only holds $143 million in assets even though its next expense ratio of 0.29% is lower than JEPI’s 0.35%. Data by ETF.com shows that it has added assets in each month this year.</p>
<div class="lb-trans"><p>然而，尽管 GPIX ETF 的下一个费用比率为 0.29%，低于 JEPI 的 0.35%，但投资者对其需求不高，资产规模仅为 1.43 亿美元。ETF.com 的数据显示，该基金今年每个月都在增加资产。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/06/GPIX-inflows-1024x432.jpeg" alt="" original-src="https://invezz.com/wp-content/uploads/2024/06/GPIX-inflows-1024x432.jpeg"/></p>
<p><em>GPIX ETF inflows</em></p>
<div class="lb-trans"><p><em>GPIX ETF 资金流入</em></p>
</div><p>GPIX is an actively managed fund with a close resemblance to JEPI. The fund invests in all companies in the S&amp;P 500 index and then uses call options to generate returns. Holders benefit when the S&amp;P 500 index is rising by capturing these gains and the accompanying dividends.</p>
<div class="lb-trans"><p>GPIX 是一只积极管理的基金，与 JEPI 有很大相似之处。该基金投资于标普 500 指数中的所有公司，然后利用认购期权来产生回报。持有人在标普 500 指数上涨时受益，捕捉这些收益和相应的股息。</p>
</div><p>It also generates returns through the call options, which give it a right but not the obligation to buy the index. As such, in periods when the S&amp;P 500 index is rising, the fund makes money through dividends, market return, and its call option.</p>
<div class="lb-trans"><p>它还通过认购期权产生回报，认购期权赋予其购买指数的权利但非义务。因此，在标普 500 指数上涨时，该基金通过股息、市场回报和认购期权赚钱。</p>
</div><p>When the S&amp;P 500 index is falling, the ETF loses money but the losses are offset by the call options premium. The same happens when the index is flat in that the fund still generates returns.</p>
<div class="lb-trans"><p>当标普 500 指数下跌时，ETF 会亏损，但这些损失会被认购期权的权利金抵消。当指数持平时，基金仍会产生回报。</p>
</div><p>GPIX and JEPI, therefore, have underperformed the SPY ETF because of its sustained rally helped by technology companies. This trend could continue in the foreseeable future as some analysts have continued to boost their outlooks. Tom Lee believes that the S&amp;P 500 index could jump to $15,000 by 2030.</p>
<div class="lb-trans"><p>因为科技公司的持续上涨助推了 SPY ETF 的持续涨势，GPIX 和 JEPI 表现不佳。这一趋势可能会在可预见的未来持续下去，因为一些分析师继续提高他们的展望。汤姆·李认为，标普 500 指数可能在 2030 年跃升至 15000 美元。</p>
</div><p>GPIX and JEPI are beloved because of their higher yields. JEPI yields over 7% while GPIX has a dividend yield of over 4%. However, if the bullish estimates of the S&amp;P 500 index materializes, it means that they will continue to underperform the market in the long term.</p>
<div class="lb-trans"><p>由于其较高的收益率，JEPI 和 GPIX 备受喜爱。JEPI 的收益率超过 7%，而 GPIX 的股息率超过 4%。然而，如果标普 500 指数的看涨预期成真，这意味着它们将在长期内继续表现不佳。</p>
</div><p>As I wrote this week on Realty Income, investors who constantly focus on yield, instead of the total return constantly underperform the market. This explains why REITs and MLPs, which always have a higher yield always lag behind the market.</p>
<div class="lb-trans"><p>正如我本周在 Realty Income 上所写，那些不断关注收益而非总回报的投资者总是表现不佳。这解释了为什么房地产投资信托 (REITs) 和主要有限合伙企业 (MLPs) 总是收益较高但始终落后于市场。</p>
</div><p>Therefore, I suspect that JEPI and GPIX will generate weaker returns than the SPY, VOO, and IVV, which track the S&amp;P 500 index. Similarly, the Goldman Sachs Nasdaq 100 Core Premium Income ETF (GPIQ) and JPMorgan Nasdaq Equity Premium income JEPQwill lag behind the Nasdaq 100 index.</p>
<div class="lb-trans"><p>因此，我怀疑 JEPI 和 GPIX 的回报将弱于跟踪标普 500 指数的 SPY、VOO 和 IVV。同样，高盛纳斯达克 100 核心溢价收入 ETF (GPIQ) 和摩根大通纳斯达克权益溢价收入 JEPQ 将落后于纳斯达克 100 指数。</p>
</div><p>The post GPIX ETF: How is Goldman Sachs’ JEPI alternative fairing? appeared first on Invezz</p>
<div class="lb-trans"><p>本文来源：Invezz</p>
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GPIX ETF：高盛的 JEPI 替代品表现如何？