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ETF Comparison

BTCI vs IAUI: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS Bitcoin High Income ETF and NEOS Gold High Income ETF covering yield, cost, risk, and income potential.

Data updated September 4, 2026

Best for

  • BTCIInvestors who want to maximize current income — roughly 22.95%, generated by selling options premium.
  • IAUIInvestors who are comfortable trading away most upside for a large, steady payout.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BTCI has lagged IAUI over the trailing twelve months, posting a -27.56% total return against 14.71%. Measured from Jun 2025 — when the younger fund began trading — IAUI has compounded at 16.28% a year versus -16.65% for BTCI. IAUI has been the steadier holding, though — annualized volatility of 22.7% against 40.2% for BTCI. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1YSince Jun 2025Volatility Sharpe Sortino Max drawdown
BTCI-12.51%-27.56%-16.65%40.2%-0.91-1.21-48.4%
IAUI-0.17%14.71%16.28%22.7%0.400.54-22.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jun 2025” measures every fund from June 5, 2025 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBTCIIAUI
Full nameNEOS Bitcoin High Income ETFNEOS Gold High Income ETF
IssuerNEOSNEOS
Underlying indexBitcoin ETPsGold ETPs
Last Close$32.88 as of September 4, 2026$51.61 as of September 4, 2026
Distribution rate22.95%12.05%
Distribution Safety Score™ 4679
Safety-Adjusted Yield 10.56%9.52%
Expense ratio0.98%0.79%
AUM$1.30B$600M
Distribution frequencyMonthlyMonthly
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.Seeks to generate high monthly income with potential appreciation through exposure to gold ETPs.
Asset classEquityEquity
Inception date10/16/202406/05/2025
Beta1.6764—
Last dividend$0.6289$0.5182
Ex-dividend date08/19/202608/19/2026

Bottom lineChoose BTCI if you want to maximize current income — roughly 22.95%, generated by selling options premium. Choose IAUI if you are comfortable trading away most upside for a large, steady payout. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while IAUI keeps full price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. BTCI and IAUI generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
  • Crypto volatility. BTCI sits on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

NEOS
ETFs19
Total AUM$32.9B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI and IAUI.

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Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and IAUI (NEOS Gold High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

BTCI offers the higher yield at 22.95% vs 12.05% for IAUI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

IAUI is cheaper with an expense ratio of 0.79% compared to 0.98%.

They have different reference exposures: BTCI is linked to Bitcoin ETPs while IAUI is linked to Gold ETPs, which means their performance drivers differ.

BTCI is the larger fund by assets ($1.30B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want to maximize current income — BTCI distributes roughly 22.95% from selling options premium, vs 12.05% for IAUI.
  • Want crypto exposure that pays income rather than waiting on price alone.

Choose IAUI

NEOS Gold High Income ETF

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.79% expense ratio vs 0.98% for BTCI.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $191.25/month, while IAUI would produce $100.42/month, at current distribution rates. Both pay monthly distributions.

BTCI yield22.95%
IAUI yield12.05%
Monthly diff on $10K$90.83

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $790 for IAUI (simplified, not compounded). The $190.00 difference may be offset by yield or performance.

BTCI ER0.98%
IAUI ER0.79%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while IAUI tracks Gold ETPs with a metals approach.

BTCI beta1.6764
IAUI beta—

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.30B in assets. IAUI is managed by NEOS (launched 06/05/2025) with $600M in assets.

BTCI AUM$1.30B
IAUI AUM$600M
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Frequently asked questions

What is the current distribution rate for BTCI and IAUI?

BTCI currently distributes 22.95% and IAUI 12.05%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BTCI or IAUI better for dividend income?

It depends on your goals. BTCI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BTCI and IAUI?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while IAUI (NEOS Gold High Income ETF) tracks Gold ETPs with a metals approach. They are issued by NEOS and NEOS respectively.

Can I hold both BTCI and IAUI?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BTCI or IAUI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — IAUI scores 79, BTCI scores 46, so IAUI's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BTCI or IAUI?

BTCI has an expense ratio of 0.98% while IAUI charges 0.79%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BTCI vs IAUI generate?

At current rates, $10,000 in BTCI would generate roughly $191.25 per month ($2,295.00 annually). The same in IAUI would produce about $100.42 per month ($1,205.00 annually).

Which has performed better historically, BTCI or IAUI?

BTCI has lagged IAUI over the trailing twelve months, posting a -27.56% total return against 14.71%. Measured from Jun 2025 — when the younger fund began trading — IAUI has compounded at 16.28% a year versus -16.65% for BTCI. IAUI has been the steadier holding, though — annualized volatility of 22.7% against 40.2% for BTCI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTCI vs IAUI — at a glance

Generated September 6, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

BTCI and IAUI are both actively managed, options-overlay ETFs from NEOS that target high monthly income by selling covered calls against commodity-linked exposure—bitcoin in BTCI's case, gold in IAUI's. Both trade their underlying assets via ETPs and distribute proceeds monthly, but they differ fundamentally in their core commodity, income generation mechanics, and volatility profile.

How they differ

The biggest difference is the underlying commodity. Bitcoin is far more volatile than gold, which shapes everything downstream. BTCI's beta of 1.6764 reflects that sensitivity to price swings. On fees, IAUI edges BTCI slightly: 0.79% versus 0.98%, though both are reasonable for active overlay strategies. BTCI is also larger, with $1.30B in assets versus $600M, and it launched earlier (10/16/2024) than IAUI (06/05/2025), giving BTCI a longer operational history.

Who each is best for

  • BTCI: Fits investors comfortable with substantial price swings who want equity-like exposure to bitcoin paired with monthly income from call premium—a compressed income stream that trades upside capping for steady cash flow.
  • IAUI: Fits investors seeking a lower-volatility income supplement from precious metals, appealing to those who view gold as a portfolio stabilizer and prefer steadier monthly payouts over aggressive cryptocurrency yields.

Key risks to know

  • NAV erosion potential. BTCI's 22.95% annualized yield is roughly equal to call premium and underlying appreciation combined. If bitcoin consolidates or declines, distributions may rely on return-of-capital treatment, eroding the share price over time.
  • Call cap and upside sacrifice. Selling calls to fund high distributions on BTCI caps gains if bitcoin rallies sharply. Investors receive only the call strike plus premium, missing outsized moves—a real cost in a bull market.
  • Commodity price concentration. Both funds hold single-commodity ETPs with no diversification within metals or crypto. A sustained decline in bitcoin or gold directly hits NAV and reduces call premium, creating a double squeeze on distributions.
  • Early-stage track record. BTCI is 1 year old and IAUI is even newer. Neither has weathered a full market cycle; the sustainability of these high yields over multiple commodity cycles remains untested.
  • Expiration and roll risk. Covered call ETFs must continuously sell and roll call contracts. Unfavorable market conditions—tight bid-ask spreads, elevated implied volatility, or sudden commodity moves—can compress roll premiums or force early assignment.

Bottom line

If you prioritize maximum monthly income from a volatile, appreciating asset and accept capped upside, BTCI's 22.95% yield presents an aggressive income play. If you want a lower-volatility, precious-metals income complement with a steadier 12.05% distribution, IAUI may appeal if you're comfortable with its newer inception date and limited history. Both rely on call premium sustainability; past performance doesn't predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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