I started investing in IAUI on 16 September 2025 as part of my plan to generate regular income from my investment portfolio. IAUI, the NEOS Gold High Income ETF, provides exposure to gold while using options to generate monthly distributions. Over the following months, I gradually added to my position through recurring purchases, a few larger investments and reinvested distributions.
By October 2026, I’d invested more than USD 16,000 and received over USD 1,200 in gross distributions. But did I actually make money? As of 14 October 2026, my IAUI investment was down USD 557.77, or 3.39%, after accounting for distributions and US withholding tax. The monthly payments were helpful, but they weren’t enough to cover the decline in my investment’s value.
Here’s how the numbers worked out.
What Is IAUI?
IAUI is a US-listed ETF managed by NEOS. It provides exposure to gold through gold-related exchange-traded products and uses call options to generate income. Unlike buying physical gold or a regular gold ETF, IAUI aims to pay monthly distributions. The downside is that selling call options can limit some of the gains when gold prices rise strongly. And if gold falls, IAUI can lose value too.
| Fund information | IAUI |
|---|---|
| Full name | NEOS Gold High Income ETF |
| Underlying exposure | Gold-related ETPs |
| Strategy | Gold exposure with call options |
| Distribution frequency | Monthly |
| Expense ratio | 0.79% |
| Fund domicile | United States |
For someone trying to generate investment income, the monthly distributions are appealing. But like any other investment, the amount of cash received doesn’t tell the whole story.
How Much I’ve Invested in IAUI
I made my first IAUI purchase on 16 September 2025, initially through recurring investments of around USD 500 a week. I continued buying until early 2026, although most of my larger purchases happened in June and July. In June 2026, I bought another 100 shares. I followed that with a purchase of 50 shares in July. I also reinvested some of the distributions I received.
Here’s how much I invested each month.
| Month | Amount invested (USD) |
|---|---|
| September 2025 | $1,501.15 |
| October 2025 | $2,001.52 |
| November 2025 | $2,001.53 |
| December 2025 | $2,607.75 |
| January 2026 | $63.70 |
| February 2026 | $670.67 |
| June 2026 | $4,990.91 |
| July 2026 | $2,609.13 |
| Total | $16,446.34 |
By 14 October 2026, I held 313.2359 shares of IAUI, with an average purchase price of approximately USD 52.50. At a market price of USD 47.85 per share, my investment was worth USD 14,988.34. That meant I was sitting on an unrealised loss of USD 1,458. Fortunately, IAUI had also been paying monthly distributions.
How Much Income Did I Receive From IAUI?
Between September 2025 and September 2026, IAUI paid me a total of USD 1,261.86 in gross distributions. However, as a Singapore investor, I had US withholding tax deducted from my payments. Here’s what I received after tax.
| Distribution details | Amount (USD) |
|---|---|
| Gross distributions | $1,261.86 |
| US withholding tax, after refund | -$361.63 |
| Distributions after tax | $900.23 |
The tax amount includes a USD 10.50 refund in 2026 relating to my 2025 distributions. So although IAUI paid me more than USD 1,200, I ended up with around USD 900 after tax. That’s still a useful amount of income, but there’s another thing worth looking at.
Have IAUI’s monthly distributions been stable?
IAUI’s monthly distributions changed over the period I held it.
| Month | Distribution per share (USD) |
|---|---|
| September 2025 | $0.5434 |
| October 2025 | $0.5807 |
| November 2025 | $0.5706 |
| December 2025 | $0.5975 |
| January 2026 | $0.6092 |
| February 2026 | $0.6202 |
| March 2026 | $0.6129 |
| April 2026 | $0.5861 |
| May 2026 | $0.5551 |
| June 2026 | $0.5129 |
| July 2026 | $0.4855 |
| August 2026 | $0.5182 |
| September 2026 | $0.5011 |
IAUI paid USD 0.6202 per share in February 2026, but that had fallen to USD 0.5011 by September. That’s a decline of approximately 19%. The payouts didn’t collapse, but they were noticeably lower than earlier in the year. This is worth remembering when investing in covered call ETFs. Monthly distributions can change, especially when the underlying investment isn’t performing well.
My Actual IAUI Investment Return
Here’s the part that matters most to me. As of 14 October 2026, this was my overall IAUI investment result.
| My IAUI investment | Amount (USD) |
|---|---|
| Total amount spent buying shares | $16,446.34 |
| Market value on 14 October 2026 | $14,988.34 |
| Unrealised price loss | -$1,458.00 |
| Distributions received before tax | +$1,261.86 |
| Return before tax | -$196.14 |
| US withholding tax, net | -$361.63 |
| Overall return after tax | -$557.77 |
| Return after tax (%) | -3.39% |
Although IAUI paid me USD 1,261.86 in distributions, my shares had lost USD 1,458 in value. Even before tax, I was still losing money. After withholding tax, my overall loss increased to USD 557.77. That’s why I’ve become more careful about looking at monthly distributions when evaluating income ETFs.
Receiving regular cash is nice, but it doesn’t necessarily mean the investment is profitable.
What Are the Risks of Investing in IAUI?
Because IAUI provides exposure to gold, its performance is affected by movements in gold prices. During 2026, gold experienced a significant decline from its earlier highs, and IAUI’s share price fell too. IAUI’s share price declined approximately 26% between its March and October 2026 high and low. The monthly distributions helped offset some of that decline, but they couldn’t prevent the loss.
There’s also the downside of the options strategy. When gold prices rise strongly, IAUI may not enjoy the full increase because the fund sells call options to generate income. This means investors can still experience significant losses when gold falls, while potentially giving up some gains when gold rises. Another thing worth understanding is the difference between distribution rate and investment return.
As of 30 September 2026, IAUI had a reported distribution rate of 12.15%. That might sound attractive, especially for an income investor. But my actual investment return through 14 October was negative 3.39% after tax. These figures measure different things. The distribution rate shows how much cash the fund pays relative to its value, while my investment return also accounts for the change in share price.
For me, the actual return is a much better way to judge whether an income ETF is working.
Was IAUI Worth Investing In?
Looking at my results through 14 October 2026, IAUI hadn’t delivered a positive return. I invested USD 16,446.34, received USD 900.23 in after-tax distributions and ended up losing USD 557.77 overall. The monthly distributions provided some income, but they weren’t enough to make up for the decline in share price.
Compared with my experience holding BTCI, the loss was smaller. But unlike IWMI, IAUI hadn’t managed to deliver a positive after-tax return. I’m trying to build a portfolio that generates regular income without relying on a full-time salary.
That’s why I find these reviews useful. They help me see which investments are actually generating returns, rather than simply paying out cash every month. As of this review, I hadn’t sold any IAUI shares. Whether the investment eventually recovers will depend on how gold performs and how IAUI’s options strategy affects its returns. For now, I’ll continue looking at both the distributions I receive and the value of my holdings.
After all, the goal isn’t just to collect monthly income. It’s to make sure my investments are actually helping me grow and preserve my money.
Disclaimer: This article reflects my personal investment experience as of 14 October 2026 and is not financial or tax advice. Gold-related investments and options strategies involve risks, including capital losses. Distributions are not guaranteed.
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