Goldman's Nasdaq Fund Raises Payout as JPMorgan Cuts Its Own

Goldman Sachs and JPMorgan both manage Nasdaq covered-call funds designed to generate monthly income, but their performance in October revealed a surprising divergence. The Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) increased its payout, while the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) reduced its own. Despite JEPQ's higher monthly distribution, GPIQ has delivered superior total returns over various time frames.

For a $100,000 investment, JEPQ's October payout dropped to $926.41 from $1,115.46 the previous month, while GPIQ's payout rose to $872.30 from $851.76. The ex-dividend dates for both funds were October 1, 2026, with GPIQ paying $0.50881 per share on October 7, 2026, and JEPQ paying $0.56687 per share on October 5, 2026.

GPIQ has outperformed JEPQ in total returns this year, with a 20.43% gain compared to JEPQ's 15.1%. Over the past year, GPIQ's 23.87% return also surpassed JEPQ's 20.01%. However, JEPQ still offers a higher annualized forward income of $11,116.91, compared to GPIQ's $10,467.55, making it more appealing for investors prioritizing immediate cash flow.

Switching between these funds involves considerations, especially in taxable accounts where capital gains taxes may apply. Both funds share the risk of concentrated Nasdaq exposure, which can lead to sharp declines with limited upside during strong rallies. Investors must weigh their preferences for higher monthly payouts versus stronger price performance when choosing between JEPQ and GPIQ.