IAUI combines gold ETP holdings with synthetic long exposure and written calls on gold ETPs. IGLD uses Treasury securities, cash, and a subsidiary holding FLEX options linked to GLD. IGLD is not a direct bullion portfolio, and neither fund's income is a dividend paid by gold itself.
Data updated September 4, 2026
Best for
IAUIInvestors who want a gold ETP option-income strategy and accept synthetic exposure.
IGLDInvestors who want GLD-linked target-income exposure and accept FLEX-option complexity.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
IAUI has outpaced IGLD over the trailing twelve months, posting a 14.71% total return against 13.92%. Measured from Jun 2025 — when the younger fund began trading — IAUI has compounded at 16.28% a year versus 15.97% for IGLD. 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 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.
Bottom lineChoose IAUI if you want a gold ETP option-income strategy and accept synthetic exposure. Choose IGLD if you want GLD-linked target-income exposure and accept FLEX-option complexity. 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.
Gold exposure through different option structures
IAUI combines gold ETP holdings with synthetic long exposure and written calls on gold ETPs. IGLD uses Treasury securities, cash, and a subsidiary holding FLEX options linked to GLD. IGLD is not a direct bullion portfolio, and neither fund's income is a dividend paid by gold itself.
IAUI
IGLD
Approach
Gold ETPs, synthetic long positions, and call writing
GLD-linked FLEX options with Treasury and cash holdings
Risk review
Gold-price losses, option obligations, and subsidiary structure
Gold-price losses, FLEX valuation/liquidity, and subsidiary structure
Expense ratio
0.79%
0.85%
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 and IGLD 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.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
First Trust operates a broad multi-strategy ETF platform with 50 funds spanning allocation, income, alternatives, and thematic investing. The issuer focuses heavily on specialized income strategies, including dividend funds, covered call strategies (Buffer series), and sector-specific income plays, alongside factor-based and alternative investments. Notable tickers like FDN (tech), FAN (clean energy), and the Buffer series (BUFD, BUFQ, BUFR) reflect the issuer's emphasis on income generation and downside protection strategies across diverse market segments.
See our curated list of related YouTube videos on IGLD.
IAUI (NEOS Gold High Income ETF) and IGLD (FT Cboe Vest Gold Target Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
IGLD offers the higher yield at 22.30% 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 0.85%.
They have different reference exposures: IAUI is linked to Gold ETPs while IGLD is linked to Gold, which means their performance drivers differ.
IAUI is the larger fund by assets ($600M), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, IAUI would generate roughly $100.42/month, while IGLD would produce $185.83/month, at current distribution rates. Both pay monthly distributions.
IAUI yield12.05%
IGLD yield22.30%
Monthly diff on $10K$85.42
Cost & efficiency
Over 10 years on $10,000, IAUI would cost approximately $790 in fees vs $850 for IGLD (simplified, not compounded). The $60.00 difference may be offset by yield or performance.
IAUI ER0.79%
IGLD ER0.85%
Strategy & risk
IAUI combines gold ETP holdings with synthetic long exposure and written calls on gold ETPs. IGLD uses Treasury securities, cash, and a subsidiary holding FLEX options linked to GLD. IGLD is not a direct bullion portfolio, and neither fund's income is a dividend paid by gold itself. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
IAUI beta—
IGLD beta0.26
Fund details
IAUI is managed by NEOS (launched 06/05/2025) with $600M in assets. IGLD is managed by First Trust (launched 03/02/2021) with $599M in assets.
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Frequently asked questions
Does IGLD's higher payout prove better gold exposure?
No. Distribution policies, option positions, and measurement dates differ. Compare the current prospectuses, collateral, option strikes, and net total returns over matching dates. Treasury collateral does not turn either strategy into a cash substitute, and tax return of capital alone does not establish that a strategy lost money.
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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