<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，高盛標普 500 核心溢價收入 (GPIX) ETF 表現良好，擊敗了廣受歡迎的摩根大通權益溢價 ETF (JEPI)。今年的總回報率為 12%，而 JEPI 為 6.24%。與之相比，SPDR 標普 500 (SPY) ETF 的表現略高，漲幅超過 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，儘管 GPIX ETF 的下一個費用比率為 0.29%，低於 JEPI 的 0.35%，但投資者對其需求不高，資產規模僅為 1.43 億美元。ETF.com 的數據顯示，該基金今年每個月都在增加資產。</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 資金流入</em></p>
<p>GPIX 是一隻積極管理的基金，與 JEPI 有很大相似之處。該基金投資於標普 500 指數中的所有公司，然後利用認購期權來產生回報。持有人在標普 500 指數上漲時受益，捕捉這些收益和相應的股息。</p>
<p>它還通過認購期權產生回報，認購期權賦予其購買指數的權利但非義務。因此，在標普 500 指數上漲時，該基金通過股息、市場回報和認購期權賺錢。</p>
<p>當標普 500 指數下跌時，ETF 會虧損，但這些損失會被認購期權的權利金抵消。當指數持平時，基金仍會產生回報。</p>
<p>因為科技公司的持續上漲助推了 SPY ETF 的持續漲勢，GPIX 和 JEPI 表現不佳。這一趨勢可能會在可預見的未來持續下去，因為一些分析師繼續提高他們的展望。湯姆·李認為，標普 500 指數可能在 2030 年躍升至 15000 美元。</p>
<p>由於其較高的收益率，JEPI 和 GPIX 備受喜愛。JEPI 的收益率超過 7%，而 GPIX 的股息率超過 4%。然而，如果標普 500 指數的看漲預期成真，這意味着它們將在長期內繼續表現不佳。</p>
<p>正如我本週在 Realty Income 上所寫，那些不斷關注收益而非總回報的投資者總是表現不佳。這解釋了為什麼房地產投資信託 (REITs) 和主要有限合夥企業 (MLPs) 總是收益較高但始終落後於市場。</p>
<p>因此，我懷疑 JEPI 和 GPIX 的回報將弱於跟蹤標普 500 指數的 SPY、VOO 和 IVV。同樣，高盛納斯達克 100 核心溢價收入 ETF (GPIQ) 和摩根大通納斯達克權益溢價收入 JEPQ 將落後於納斯達克 100 指數。</p>
<p>本文來源：Invezz</p>

摩根大通

高盛

<p>高盛標普 500 核心溢價收入 (GPIX) ETF 在 2023 年表現優於摩根大通權益溢價 (JEPI) ETF，總回報率為 12%，而 JEPI 為 6.24%。儘管表現強勁，但 GPIX 的投資者需求低，資產僅為 1.43 億美元。GPIX 是一隻積極管理的基金，投資於標普 500 指數，並使用認購期權來產生回報。然而，分析師認為，GPIX 和 JEPI 在長期內可能繼續表現不佳</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，高盛標普 500 核心溢價收入 (GPIX) ETF 表現良好，擊敗了廣受歡迎的摩根大通權益溢價 ETF (JEPI)。今年的總回報率為 12%，而 JEPI 為 6.24%。與之相比，SPDR 標普 500 (SPY) ETF 的表現略高，漲幅超過 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，儘管 GPIX ETF 的下一個費用比率為 0.29%，低於 JEPI 的 0.35%，但投資者對其需求不高，資產規模僅為 1.43 億美元。ETF.com 的數據顯示，該基金今年每個月都在增加資產。</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 資金流入</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 是一隻積極管理的基金，與 JEPI 有很大相似之處。該基金投資於標普 500 指數中的所有公司，然後利用認購期權來產生回報。持有人在標普 500 指數上漲時受益，捕捉這些收益和相應的股息。</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>它還通過認購期權產生回報，認購期權賦予其購買指數的權利但非義務。因此，在標普 500 指數上漲時，該基金通過股息、市場回報和認購期權賺錢。</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>當標普 500 指數下跌時，ETF 會虧損，但這些損失會被認購期權的權利金抵消。當指數持平時，基金仍會產生回報。</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>因為科技公司的持續上漲助推了 SPY ETF 的持續漲勢，GPIX 和 JEPI 表現不佳。這一趨勢可能會在可預見的未來持續下去，因為一些分析師繼續提高他們的展望。湯姆·李認為，標普 500 指數可能在 2030 年躍升至 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>由於其較高的收益率，JEPI 和 GPIX 備受喜愛。JEPI 的收益率超過 7%，而 GPIX 的股息率超過 4%。然而，如果標普 500 指數的看漲預期成真，這意味着它們將在長期內繼續表現不佳。</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>正如我本週在 Realty Income 上所寫，那些不斷關注收益而非總回報的投資者總是表現不佳。這解釋了為什麼房地產投資信託 (REITs) 和主要有限合夥企業 (MLPs) 總是收益較高但始終落後於市場。</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，我懷疑 JEPI 和 GPIX 的回報將弱於跟蹤標普 500 指數的 SPY、VOO 和 IVV。同樣，高盛納斯達克 100 核心溢價收入 ETF (GPIQ) 和摩根大通納斯達克權益溢價收入 JEPQ 將落後於納斯達克 100 指數。</p>
</div><p>The post GPIX ETF: How is Goldman Sachs’ JEPI alternative fairing? appeared first on Invezz</p>
<div class="lb-trans"><p>本文來源：Invezz</p>
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GPIX ETF：高盛的 JEPI 替代品表現如何？