IAU is a trust holding physical gold and seeking to reflect bullion prices less expenses. IAUI is an actively managed fund using gold ETP holdings, synthetic long exposure, and written calls for income. IAUI is not simply a basket of gold-mining stocks or IAU with a guaranteed coupon.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
IAU has outpaced IAUI over the trailing twelve months, posting a 6.96% total return against 4.40%. Measured from Jun 2025 — the start of shared available history — IAU has compounded at 17.03% a year versus 10.32% for IAUI. IAUI has been the steadier holding, though — annualized volatility of 23.4% against 29.6% for IAU. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2025” measures every fund from June 5, 2025 — the start of shared available history — 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.
Distribution rate and SEC yield
Metric
IAU
IAUI
Forward distribution rate
—
12.47%
Trailing 12-month yield
—
14.00%
30-day SEC yield
—
1.87%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on IAUI vs GLD.
Not a distribution payer
IAU (iShares Gold Trust) has no distribution rate on file and its distribution frequency is None. IAU is not a payer. The blank yield is not a zero yield.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Bottom lineChoose IAU if you want bullion-price exposure without an option-income overlay. Choose IAUI if you want gold-linked distributions and accept option risk and forgone upside. Distributions can change. Compare net total returns, holdings, and final tax reporting; a payout rate is not a return forecast or proof of capital preservation.
Physical-gold trust versus an option-income fund
IAU is a trust holding physical gold and seeking to reflect bullion prices less expenses. IAUI is an actively managed fund using gold ETP holdings, synthetic long exposure, and written calls for income. IAUI is not simply a basket of gold-mining stocks or IAU with a guaranteed coupon.
IAU
IAUI
Approach
Physical-gold trust
Gold ETPs and synthetic covered-call strategy
Risk review
Gold-price declines, expenses, and market-price premiums/discounts
Gold-price declines, option obligations, and reduced upside participation
Expense ratio
0.25%
0.79%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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. IAUI generates 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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on IAU.
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 IAUI.
IAU (iShares Gold Trust) and IAUI (NEOS Gold High Income ETF) are both ETFs, but they take different approaches.
IAUI currently shows a 12.47% distribution yield. IAU has not yet established a full distribution history, so a comparable yield figure is not available.
IAU is cheaper with an expense ratio of 0.25% compared to 0.79%.
They have different reference exposures: IAU is linked to LBMA Gold Price while IAUI is linked to Gold ETPs, which means their performance drivers differ.
IAU is the larger fund by assets ($63.4B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, IAU has no reported distribution yield yet, so a cash estimate is not available, while IAUI would produce $103.92 cash per distribution, at current distribution rates.
IAU yield—
IAUI yield12.47%
Cost & efficiency
Over 10 years on $10,000, IAU would cost approximately $250 in fees vs $790 for IAUI (simplified, not compounded). The $540.00 difference may be offset by yield or performance.
IAU ER0.25%
IAUI ER0.79%
Strategy & risk
IAU is a trust holding physical gold and seeking to reflect bullion prices less expenses. IAUI is an actively managed fund using gold ETP holdings, synthetic long exposure, and written calls for income. IAUI is not simply a basket of gold-mining stocks or IAU with a guaranteed coupon. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
IAU beta0.45
IAUI beta0.48
Fund details
IAU is managed by iShares (launched 01/21/2005) with $63.4B in assets. IAUI is managed by NEOS (launched 06/05/2025) with $626M in assets.
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Frequently asked questions
Does IAU track gold perfectly or IAUI guarantee monthly income?
Neither claim is correct. IAU's expenses and market-price premium or discount can make your return differ from spot gold. IAUI's option positions can limit gains while retaining gold downside, and its payments can change. The trust and the registered fund also have different legal and tax structures; review their current documents rather than treating them as interchangeable.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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