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ETF Comparison

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

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

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • IAUIInvestors who want to maximize current income — roughly 12.47%, generated by selling options premium.
  • IAUMInvestors who want a non-correlated hedge against inflation and market stress.

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

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.

IAUI has lagged IAUM over the trailing twelve months, posting a 4.40% total return against 7.21%. Measured from Jun 2025 — the start of shared available history — IAUM has compounded at 17.31% a year versus 10.32% for IAUI. IAUI has been the steadier holding, though — annualized volatility of 23.4% against 29.5% for IAUM. 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.
SymbolYTD cumulative1Y cumulativeSince Jun 2025Volatility Sharpe Sortino Max drawdown
IAUI-5.81%4.40%10.32%23.4%-0.01-0.01-22.5%
IAUM-4.28%7.21%17.31%29.5%0.080.11-26.3%

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

MetricIAUIIAUM
Forward distribution rate12.47%—
Trailing 12-month yield14.00%—
30-day SEC yield1.87%—

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

IAUM (iShares Gold Trust Micro) has no distribution rate on file and its distribution frequency is None. IAUM 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.
MetricIAUIIAUM
Full nameNEOS Gold High Income ETFiShares Gold Trust Micro
IssuerNEOSiShares
Last Close$48.21 as of October 2, 2026$41.33 as of October 2, 2026
Distribution rate12.47%—
Trailing 12-month yield14.00%—
30-day SEC yield1.87%—
Distribution Safety Score™ 79—
Safety-Adjusted Yield 9.85%—
Expense ratio0.79%0.09%
AUM$626M$8.01B
Distribution frequencyMonthlyNone
Underlying indexGold ETPs—
ObjectiveSeeks to generate high monthly income with potential appreciation through exposure to gold ETPs.—
Asset classEquityCommodity
Inception date06/05/202506/15/2021
Beta0.480.45
Last dividend$0.5011—
Ex-dividend date09/16/2026—

Bottom lineChoose IAUI if you want to maximize current income — roughly 12.47%, generated by selling options premium. Choose IAUM if you want a non-correlated hedge against inflation and market stress. There's no free lunch: IAUI's payout comes from selling options, which caps upside and can erode the share price over time, while IAUM 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. 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.

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

Model this comparison:
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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$34.7B

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.

See all NEOS ETFs
iShares
ETFs466
Total AUM$4683B

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 IAUM.

See all iShares ETFs

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Quick verdict

IAUI (NEOS Gold High Income ETF) and IAUM (iShares Gold Trust Micro) are both ETFs, but they take different approaches.

IAUI currently shows a 12.47% distribution yield. IAUM has not yet established a full distribution history, so a comparable yield figure is not available.

IAUM is cheaper with an expense ratio of 0.09% compared to 0.79%.

IAUM is the larger fund by assets ($8.01B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose IAUI

NEOS Gold High Income ETF

  • Want to maximize current income — IAUI distributes roughly 12.47% from selling options premium, while IAUM makes no distribution.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose IAUM

iShares Gold Trust Micro

  • Want a non-correlated hedge against inflation and equity stress.
  • Want to keep costs low — a 0.09% expense ratio vs 0.79% for IAUI.

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, IAUI would generate roughly $103.92 cash per distribution, while IAUM has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.

IAUI yield12.47%
IAUM yield—

Cost & efficiency

Over 10 years on $10,000, IAUI would cost approximately $790 in fees vs $90 for IAUM (simplified, not compounded). The $700.00 difference may be offset by yield or performance.

IAUI ER0.79%
IAUM ER0.09%

Strategy & risk

IAUI tracks Gold ETPs with a metals approach, while IAUM is an ETF built around commodities exposure. Beta is 0.48 for IAUI and 0.45 for IAUM — effectively similar market sensitivity.

IAUI beta0.48
IAUM beta0.45

Fund details

IAUI is managed by NEOS (launched 06/05/2025) with $626M in assets. IAUM is managed by iShares (launched 06/15/2021) with $8.01B in assets.

IAUI AUM$626M
IAUM AUM$8.01B
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Frequently asked questions

Which of IAUI or IAUM pays more dividend income?

IAUI currently reports a distribution yield, while IAUM has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between IAUI and IAUM?

IAUI (NEOS Gold High Income ETF) tracks Gold ETPs with a metals approach, while IAUM (iShares Gold Trust Micro) is an ETF built around commodities exposure. They are issued by NEOS and iShares respectively.

Can I hold both IAUI and IAUM?

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.

Which has lower fees, IAUI or IAUM?

IAUI has an expense ratio of 0.79% while IAUM charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in IAUI would generate roughly $103.92 cash per distribution ($1,247.00 annually). IAUM does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, IAUI or IAUM?

IAUI has lagged IAUM over the trailing twelve months, posting a 4.40% total return against 7.21%. Measured from Jun 2025 — the start of shared available history — IAUM has compounded at 17.31% a year versus 10.32% for IAUI. IAUI has been the steadier holding, though — annualized volatility of 23.4% against 29.5% for IAUM. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

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IAUI vs IAUM — at a glance

Generated October 3, 2026.

Overview

IAUI and IAUM both offer gold exposure, but they pursue starkly different strategies. The choice between them hinges on whether you want monthly cash flow engineered through derivatives or simple buy-and-hold commodity exposure. That yield comes from selling call options, not from gold itself; any disruption in options markets or sharp rallies in gold could cap returns or force distributions to decline.

AUM tells a story about scale: IAUM holds $8.01B in assets, making it roughly 12 times larger than IAUI's $626M. Beta is similar (0.48 for IAUI, 0.45 for IAUM), suggesting comparable price sensitivity to gold moves. IAUI launched in June 2025, so it has no long track record; IAUM has operated since June 2021.

Who each is best for

  • IAUI: Fits investors seeking regular monthly cash flow from gold exposure who are comfortable with call-writing caps on upside and can tolerate options-based income risk in exchange for a 12.47% annual payout.

Key risks to know

  • NAV erosion at 12.47% yields: IAUI's 12.47% distribution rate significantly exceeds typical gold price appreciation. Sustaining such payouts may require return-of-capital treatment, which erodes NAV over time and reduces the fund's asset base per share even if gold prices remain flat.
  • Covered-call caps on appreciation: IAUI's options overlay limits upside if gold rallies sharply; call premiums collected fund the distribution, but they also mean shareholders forgo gains above the strike. A sustained gold bull market could make the capped returns an opportunity cost.
  • Options market disruption: Volatility spikes or liquidity drying up in options markets could reduce call premiums IAUI collects, forcing the fund to lower distributions or draw on NAV to maintain them.
  • Fund age and track record: IAUI's inception in June 2025 means no real-world performance cycle yet; investors have no evidence of how the fund's covered-call strategy performs through a full market or gold cycle.
  • Commodity price sensitivity: Both funds move with gold prices (betas near 0.45), so neither hedges broader equity or inflation risk. Flat or falling gold prices will pressure both NAV and any IAUI distributions reliant on continued options premium collection.

Bottom line

If you want monthly income from gold and accept call-capped upside and NAV-erosion risk, IAUI's 12.47% yield offers a structured income stream. If you want low-cost, passive gold exposure with no distribution complications or options overhead, IAUM's 0.09% expense ratio and $8.01B in established assets provide simpler access. Past performance does not predict future results, and IAUI's brief history means the sustainability of its covered-call income model has yet to be tested.

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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These comparisons follow the Dividend Vision methodology.