Quick ReadGPIQ dropped 6% in July while Apple surged 15%, as the covered-call overlay handed the rally directly to option buyers instead of shareholders. If you bought Goldman Sachs Nasdaq-100 Core Premium Income ETF (NYSEARCA:GPIQ) at launch expecting to capture the Nasdaq-100's upside while collecting high monthly income, you may have been disappointed in July. 2024 Getty Images / Getty Images News via Getty ImagesWhat You're Actually PayingGPIQ has an expense ratio of 0.29% a year, or roughly $29 annually per $10,000 invested. Even with the addition of the premium income stream, GPIQ underperformed when compared to QQQ and its top holding. The manager sells call options against the portfolio to harvest premium, which becomes the "core premium income" in the name.