GOLI vs KGLD

GOLIDDefiance Gold Enhanced Options Income ETF

KGLDCKurv Gold Enhanced Income ETF

In short

GOLI Most gold income funds hold the metal and sell calls. GOLI flips the trade: it builds gold exposure synthetically with options on SPDR Gold Shares, then sells at-the-money or in-the-money puts at least weekly to harvest premium. Income first, metal second.

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

GOLI GOLI seeks current income through options while retaining indirect exposure to SPDR® Gold Shares (GLD), with potential gains limited by its strategy.

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

• GOLI A put-writing engine rather than a covered call: it sells puts on GLD struck at the money or up to 5% in the money at least once a week, so premium and intrinsic value both feed income.defianceetfs.com
• Because the strikes can sit in the money, Defiance describes a payoff that can work whether gold rises, sits flat, or slips modestly from where the option was written.defianceetfs.com
• Bullion pays no dividend and no interest. This fund's whole job is manufacturing cash flow from it, with a stated aim of income paid on a weekly cadence.defianceetfs.com

• 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

• GOLI At 1.04% it sits above the roughly 1% median for gold options-income funds, with cheaper routes in the same cohort (YGLD at 0.53%, IAUI at 0.79%), and it trades thinly, so spreads add to the tab.
• Upside is limited by design, and you never own metal: exposure is assembled from options referencing GLD, not bullion or GLD shares.defianceetfs.com
• Defiance discloses that payouts have included return of capital, which lowers NAV and share price over time, and the fund only launched in 2025, so the record is short.defianceetfs.com

• 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 GOLI profile⁠

Full KGLD profile⁠