GOLY vs IAUI

GOLYCStrategy Shares Gold Enhanced Yield ETF

IAUIANEOS Gold High Income ETF

In short

GOLY Most gold income funds sell calls on the metal. GOLY runs the other way: a corporate bond and Treasury sleeve stacked with roughly dollar-for-dollar notional gold exposure, with premiums harvested by writing puts on commodity futures.

IAUI Gold pays no dividend. IAUI's whole job is to change that: exposure to gold ETPs wrapped in a strategy seeking high monthly income, at 0.79% a year.

Stated mandate

GOLY The fund seeks both income and long-term capital appreciation.

IAUI The Fund seeks high monthly income and potential appreciation through exposure to exchange-traded products that directly expose investors to gold.

Why people hold it

• GOLY The gold leg is not written against. Income comes from the bond sleeve and from selling put options on commodity futures, so the metal exposure itself stays uncapped.sec.gov
• Two engines, one ticker: about 100% market-value exposure to corporate bonds and Treasuries plus roughly 100% notional gold exposure via futures and total return swaps.sec.govsec.gov 2
• Pays monthly by design. The board-adopted policy targets a management-set monthly rate and discloses each month how much came from income, gains or return of capital.sec.gov

• IAUI Gold on its own throws off no cash. This fund seeks high monthly income from gold ETP exposure and distributes on a monthly cadence.neosfunds.com
• 0.79% a year, under the 0.99% median for its gold options-income cohort and below the miner-based route (GDXY at 1.00%, IGLD at 0.85%).
• The metal, not the miners: exposure runs through gold ETPs, so mine costs, labor strikes and company-level missteps stay out of the picture.neosfunds.com
• Sits among the strongest overall implementations in its gold-income peer group, and it changes hands with respectable volume for such a narrow niche.

Worth knowing

• GOLY Costs 0.90%, no waiver, near the median of its 12-fund category, but several gold-income peers run cheaper (YGLD at 0.62%, IAUI at 0.79%).
• That stacked exposure is built with leverage through a Cayman subsidiary outside 1940 Act protections, and the filings state the fund could sustain significant losses.sec.govsec.gov 2
• Launched 2021 as a gold-hedged bond index fund; the active enhanced-yield strategy dates to January 5, 2025, and it trades thinly, so spreads can widen.sec.gov

• IAUI One commodity, one story. No earnings or dividends sit underneath; the position lives and dies by the gold price.
• Distributions can include return of capital, which means part of a payout may be your own money handed back rather than income earned.neosfunds.com
• Launched in 2025, so the track record is short and any read on its risk profile rests on limited history.

Full GOLY profile⁠

Full IAUI profile⁠