Wealth Firm Exits Goldman Sachs S&P 500 Income ETF — Here's What Long-Term Investors Should Know
Key Points
A Texas wealth advisory sold 172,332 shares of GPIX for an estimated $8.6 million in the third quarter.
The transaction value represented 1.1% of the fund’s 13F reportable assets under management as of Septembert 30.
The move marked a full exit from GPIX; previously, the position accounted for 1.3% of the fund's AUM.
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On Thursday, B&D White Capital Company disclosed in a quarterly SEC filing that it sold its entire position in GPIX for an estimated $8.6 million during the quarter ended September 30.
What Happened
According to a quarterly Form 13F filed with the Securities and Exchange Commission on Thursday, Texas-based B&D White Capital Company, which does business as Coyle Capital, sold its entire stake in the Goldman Sachs S&P 500 Premium Income ETF (NASDAQ:GPIX). The transaction involved 172,332 shares, with an estimated value of $8.7 million, for the quarter ended September 30.
What Else to Know
Top holdings after the filing:
- NASDAQ:AMZN: $136 million (17.4% of AUM)
- NYSEMKT:AVUS: $60.2 million (7.7% of AUM)
- NYSEMKT:ILCG: $50.7 million (6.5% of AUM)
- NYSEMKT:VTI: $38.5 million (4.9% of AUM)
- NYSEMKT:IWF: $35.2 million (4.5% of AUM)
As of Friday, GPIX shares closed at $52.73, up about 7% over the past year.
ETF Overview
| Metric | Value |
|---|---|
| AUM | $1.7 billion |
| Dividend yield | 8% |
| Price (as of market close Friday) | $52.73 |
| 1-year total return | 16% |
ETF Snapshot
- The ETF seeks to deliver premium income by investing at least 80% of assets in equity securities included in the S&P 500 Index, while maintaining style, capitalization, and sector characteristics similar to its benchmark.
- The portfolio is broadly diversified across S&P 500 constituents and provides exposure to large-cap U.S. equities.
- The fund is structured as an ETF with a focus on premium income.
The Goldman Sachs S&P 500 Premium Income ETF offers investors diversified exposure to S&P 500 equities. Its competitive 8% dividend yield and transparent ETF structure make it suitable for income-focused institutional investors seeking efficient access to U.S. large-cap equities.
Foolish Take
B&D White Capital’s complete exit from the Goldman Sachs S&P 500 Premium Income ETF (GPIX) underscores a broader retreat from income-focused equity products after a year of outperformance in covered-call strategies. The move followed a similar liquidation of its position in the Nasdaq-100 Premium Income ETF (GPIQ), signaling a deliberate rotation away from yield-driven funds toward core equity exposure, particularly given top holdings such as Amazon, the Avantis US Equity ETF, and the iShares Morningstar Growth ETF.
GPIX launched in late 2023 and has grown to nearly $1.96 billion in assets, offering investors a 7.97% trailing distribution rate and broad exposure to S&P 500 constituents. Its appeal lies in steady monthly payouts generated through option premiums and dividends—but those same mechanics can cap upside when markets rally. For long-term investors, Coyle’s exit highlights a key portfolio principle: Premium income ETFs can provide valuable cash flow, but they may lag in bull markets.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the Securities and Exchange Commission, showing their holdings.
Assets under management (AUM): The total market value of investments managed by a fund or investment company.
ETF (exchange-traded fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Premium income: Income generated by an investment strategy that collects premiums, often from options, to enhance yield.
Dividend yield: Annual dividends paid by a security as a percentage of its current price.
Benchmark: A standard, often a market index, used to compare the performance of a fund or investment.
Large-cap: Refers to companies with a large market capitalization, typically over $10 billion.
Diversified: Investing in a wide range of assets to reduce risk.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Institutional investors: Organizations such as funds or endowments that invest large sums of money professionally.
Form 13F: A quarterly SEC filing required from institutional investment managers to disclose their equity holdings.
Stake: The amount of ownership or shares an investor holds in a particular security or company.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Vanguard Total Stock Market ETF. The Motley Fool has a disclosure policy.
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