GDXY vs KGLD

GDXYCYieldMax Gold Miners Option Income Strategy ETF

KGLDCKurv Gold Enhanced Income ETF

In short

GDXY Most gold-income funds write options on bullion. GDXY writes call spreads on the miners instead, collecting premium while leaving room to participate when the shares run past the spread. The option-income playbook, pointed at gold's equity cousin.

KGLD Most gold income funds hold metal and sell calls on it. KGLD builds the gold position out of options instead, parks the freed cash in short-dated bonds, then writes calls on top. Active, no index, monthly payouts, 0.99%.

Stated mandate

GDXY GDXY seeks weekly income by selling call spreads on the VanEck Gold Miners ETF (GDX), while retaining participation in GDX share-price appreciation.

KGLD The Fund seeks to maximize total return through active management of efficient gold exposure while also generating potentially tax-efficient income.

Why people hold it

• GDXY Sells call spreads rather than plain covered calls, so upside is given up inside the strike band while moves beyond it can still come through.
• Targets gold miners (GDX) instead of the metal, unlike cohort peers IAUI, IGLD and YGLD, which build their income around gold itself.
• Actively traded for a fund launched in 2024, and it stands in the upper half of its gold-income options peer group.
• Income is distributed on a recurring schedule rather than saved for a year-end lump, which is the whole design brief here.

• KGLD Gold exposure is built from options: buy calls, sell puts at matching strikes and expiries on gold ETPs. The freed collateral sits in short-dated bonds, a second income stream.sec.gov
• Actively managed against no index. The adviser picks strikes and expiries, and may write uncovered calls when it sees volatility mispriced in the market.sec.gov
• Bullion itself pays nothing. Here the monthly cash is manufactured from option premiums plus the bond collateral sitting behind the options.sec.gov
• Sits in the upper half of its gold-income peer group on our review.

Worth knowing

• GDXY The 1.00% expense ratio sits right at the cohort median, and cheaper routes to gold option income exist, including YGLD at 0.53% and IAUI at 0.79%.
• Exposure is synthetic: the fund runs an options book on GDX rather than owning miner shares, so the option positions drive what holders actually get.
• Premium collected rises and falls with gold-miner volatility, and with a 2024 launch there is only a short record to judge the strategy against.

• KGLD Written calls limit participation once gold runs past the strike, and uncovered writing beyond the long position carries risks the prospectus spells out.sec.gov
• 0.99% with no waiver. Near the category median, but above listed peers YGLD (0.62%) and IAUI (0.79%).
• Launched in 2025, so the record is short. The fund discloses that payouts can include return of capital, which reduces NAV per share.sec.gov

Full GDXY profile⁠

Full KGLD profile⁠