My first IAUI purchase was on 16 Sep 2025. I added to it through recurring buys, two one-off orders and some reinvested payouts. This post sets out what I bought, what it paid me and how it has done up to 14 Oct 2026.
Read on for the full numbers.
Quick Verdict
IAUI has paid a steady monthly income, but the fall in gold since early 2026 has taken the share price below what I paid. Up to 14 Oct 2026, my position is down 3.4% after tax once payouts are counted. Payouts per share have drifted lower as gold fell.
What Is IAUI and How Does It Work?
| NEOS Gold High Income ETF (IAUI) | |
|---|---|
| Inception date | 4 Jun 2025 |
| Underlying exposure | Gold ETPs |
| Total expense ratio | 0.79% (0.78% management fee + 0.01% acquired fund fees) |
| Distributions | Monthly |
| Net assets | $660.55 M (13 Oct 2026) |
| Domicile / ISIN | US / US78433H5506 |
IAUI does not hold gold bars. NEOS says it seeks income “with the potential for appreciation based on exposure to exchange-traded products (‘ETPs’) that have direct exposure to gold”. On 15 Oct 2026 its top holdings were US Treasury bills (79.61%), the Goldman Sachs Physical Gold ETF (18.97%) and options on the SPDR Gold Trust (GLD).
It sells call options for income. NEOS describes “a data-driven call option strategy on gold ETPs”. Selling calls brings in premium but limits how much of a gold rally the fund keeps.
Tax character of the payouts. NEOS says IAUI’s distributions “have been classified as a return of capital” and points to its monthly 19a-1 notices for an estimated breakdown. It adds that these are book-basis estimates and that final tax reporting comes on Form 1099-DIV.
My IAUI Position
| Month | Buys | Shares bought | Cost incl. commission | Average price |
|---|---|---|---|---|
| Sep 2025 | 3 | 28.7195 | $1,501.15 | $52.27 |
| Oct 2025 | 4 | 37.1801 | $2,001.52 | $53.83 |
| Nov 2025 | 4 | 36.9135 | $2,001.53 | $54.22 |
| Dec 2025 | 8 | 46.3960 | $2,607.75 | $56.21 |
| Jan 2026 | 1 | 1.0378 | $63.70 | $61.38 |
| Feb 2026 | 4 | 10.8262 | $670.67 | $61.95 |
| Jun 2026 | 1 | 100.0000 | $4,990.91 | $49.91 |
| Jul 2026 | 2 | 52.1628 | $2,609.13 | $50.02 |
| Total | 27 | 313.2359 | $16,446.34 | $52.50 |
| Value on 14 Oct 2026 | 313.2359 × $47.85 | $14,988.34 |
The buys break down as $8,607.24 of recurring buys, $7,494.20 of one-off orders (100 shares on 10 Jun 2026 and 50 shares on 7 Jul 2026) and $344.89 of reinvested payouts (six purchases). Recurring buys were $500 a week from September to December 2025, then three $200 buys in February 2026. No shares have been sold.
At the end of 2025 I held 149.2091 shares with a cost basis of $8,111.94. The cost basis today is exactly the cash paid: no return-of-capital reduction has been applied (see the Tax section).
Payouts I Received
| Pay date | Per share | Shares | Gross | US tax withheld | Net |
|---|---|---|---|---|---|
| 26 Sep 2025 | $0.5434 | 19.1343 | $10.40 | $3.12 | $7.28 |
| 24 Oct 2025 | $0.5807 | 56.4180 | $32.76 | $9.83 | $22.93 |
| 28 Nov 2025 | $0.5706 | 102.8131 | $58.67 | $17.60 | $41.07 |
| 26 Dec 2025 | $0.5975 | 139.2074 | $83.18 | $18.52 | $64.66 |
| 23 Jan 2026 | $0.6092 | 149.2091 | $90.90 | $27.27 | $63.63 |
| 20 Feb 2026 | $0.6202 | 159.9653 | $99.21 | $29.76 | $69.45 |
| 20 Mar 2026 | $0.6129 | 161.0731 | $98.72 | $29.62 | $69.10 |
| 24 Apr 2026 | $0.5861 | 161.0731 | $94.40 | $28.32 | $66.08 |
| 22 May 2026 | $0.5551 | 161.0731 | $89.41 | $26.82 | $62.59 |
| 18 Jun 2026 | $0.5129 | 261.0731 | $133.90 | $40.17 | $93.73 |
| 24 Jul 2026 | $0.4855 | 311.0731 | $151.03 | $45.31 | $105.72 |
| 21 Aug 2026 | $0.5182 | 313.2359 | $162.32 | $48.70 | $113.62 |
| 18 Sep 2026 | $0.5011 | 313.2359 | $156.96 | $47.09 | $109.87 |
| 2025 total | $185.01 | $49.07 | $135.94 | ||
| 2026 total | $1,076.85 | $323.06 | $753.79 | ||
| 2025 tax refunded in 2026 | −$10.50 | +$10.50 | |||
| All payouts | $1,261.86 | $361.63 | $900.23 |
The December 2025 payout of $0.5975 came in two parts: $0.4435 a share as an ordinary dividend and $0.1540 a share ($21.44) as a short-term capital gain. Tax was withheld on the ordinary part only, so December’s rate was lower. Every other payout had 30% withheld when it was paid.
My Return So Far
| 16 Sep 2025 – 14 Oct 2026 | Amount | % of $16,446.34 bought |
|---|---|---|
| Value on 14 Oct 2026 | $14,988.34 | |
| Price change only | −$1,458.00 | −8.87% |
| Payouts before tax | +$1,261.86 | +7.67% |
| Return before tax | −$196.14 | −1.19% |
| US tax withheld (net of 2025 refund) | −$361.63 | −2.20% |
| Return after tax | −$557.77 | −3.39% |
This counts all payouts, including the $344.89 that was reinvested, because the shares those payouts bought are already in the value. The percentages are on the total amount bought, not a time-weighted return, so they are not directly comparable with the fund’s published returns below. Almost half of the money went in from June 2026, after gold had already fallen from its January peak.
IAUI’s Published Returns and Distribution Rate
| To 30 Sep 2026 | 3 months | 6 months | YTD | 1 year | Since inception (annualised) |
|---|---|---|---|---|---|
| IAUI (NAV) | 2.59% | −9.94% | −5.44% | 4.32% | 10.14% |
| IAUI (market price) | 2.72% | −9.79% | −5.29% | 4.35% | 10.34% |
| Distribution measure (30 Sep 2026) | IAUI |
|---|---|
| Distribution rate | 12.15% |
| 30-day SEC yield | 2.36% |
| Latest payout | $0.5011 |
NEOS works out the distribution rate as the latest payout × 12 divided by the latest ex-date NAV, so it is not a total return. The 30-day SEC yield is much lower because it is based only on income from the fund’s holdings, not option premium.
In Bad Times: Drawdowns and Payouts
| 16 Sep 2025 – 14 Oct 2026 | Peak | Trough | Max drawdown |
|---|---|---|---|
| IAUI, total return | 2 Mar 2026 | 24 Jun 2026 | −22.5% |
| IAUI, price only | $64.55 (2 Mar 2026) | $47.76 (7 Oct 2026) | −26.0% |
| SPDR Gold Trust (GLD) | $495.90 (29 Jan 2026) | $364.96 (16 Jul 2026) | −26.4% |
With payouts reinvested, IAUI fell about 4 percentage points less than GLD at its worst. Over GLD’s own peak-to-trough window (29 Jan to 16 Jul 2026), IAUI’s total return was −19.1% against GLD’s −26.4%. On price alone IAUI is close to its low, because much of its return is paid out.
Payouts eased but did not collapse. IAUI paid an average of $0.6141 a share in January–March 2026 and $0.5055 in June–August 2026, about 18% less. My per-share income in the payouts table follows the same path.
Tax: Withholding, Return of Capital and Estate Tax
For us in Singapore, IAUI payouts are subject to 30% US withholding tax, and as a US-domiciled fund IAUI also counts as a US asset for US estate tax (IRS).
The 2025 withholding was later reduced. In 2026 the tax on each 2025 payout was reversed and charged again at a lower amount (December’s twice). Overall, the tax on the 2025 payouts fell from $49.07 to $38.57, so $10.50 came back.
My cost basis is still the full $16,446.34 paid, and 30% was withheld from the 2026 payouts as they were paid.
Ireland-domiciled alternative? Nothing truly close: physical-gold products are not UCITS funds, and no UCITS gold income fund was found.
| Alternative | Type | ISIN | TER | Payout | Closest to | Key difference |
|---|---|---|---|---|---|---|
| IncomeShares Gold+ Yield ETP | ETP | XS2852999775 | 0.35% | Monthly | IAUI | A note holding GLD; sells out-of-the-money calls |
justETF lists its UCITS compliance as “No”. It holds the SPDR Gold Trust, sells out-of-the-money calls while aiming to keep at least 3% upside, and holders carry issuer and collateral risk.
Summary of My Position
| 16 Sep 2025 – 14 Oct 2026 | Amount | % of cash paid |
|---|---|---|
| Cash paid | $16,446.34 | |
| Value on 14 Oct 2026 | $14,988.34 | |
| Payouts before tax | $1,261.86 | +7.67% |
| Payouts after tax | $900.23 | +5.47% |
| Return of capital (basis reduction) | $0.00 | |
| Total return before tax | −$196.14 | −1.19% |
| Total return after tax | −$557.77 | −3.39% |
Conclusion
IAUI’s monthly payouts have nearly made up for the fall in its share price, but not quite once US tax is taken off. Much of the position was bought after gold had already peaked. If you are looking at IAUI for income, both the payout and the share price follow gold.
Related
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As always, remember that Past Performance is No Guarantee of Future Results. And none of the content that I write on this site should be taken as financial advice.
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