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IAUI
NEOS Gold High Income ETF
NEOS Investment Management, LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The NEOS Gold High Income ETF (the "Fund") seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products ("ETPs") that have direct exposure to gold..
The Fund is an actively managed ETF that combines three elements: (i) direct and Cayman Subsidiary investment in Gold ETPs (up to 25% of assets); (ii) a synthetic long options strategy using purchased call options and sold put options on Gold ETPs (notional up to 75% of net assets); and (iii) a synthetic covered call strategy by writing call options on Gold ETPs (notional 50%–100% of net assets) to generate high monthly income. Collateral is held in U.S. Government securities, and the Fund may also employ bear call spreads when the Adviser anticipates flat or declining gold prices.
Ticker
IAUI
Issuer
NEOS Investment Management, LLC
Exchange
BATS
Inception
2025-06-05 · 1.2 yrs
Mgmt style
Active
Replication
Synthetic (options-based) combined with physical Gold ETP exposure via Cayman Subsidiary and direct holdings; income generated through written call options on Gold ETPs
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Synthetic long (long calls + short puts at same strike/expiration) + Synthetic Covered Calls (written calls on Gold ETPs) + Bear Call Spreads (written OTM call + purchased further OTM call)
generates income
Underlying
Gold ETPs (exchange-traded products physically backed by gold bullion)
income exposure
MONTHLY
13.2%
DIST. RATE
80% ROC
Ordinary Income
Ordinary Income
Underlying
Gold ETPs (exchange-traded products physically backed by gold bullion)
Strategy
Synthetic long (long calls + short puts at same strike/expiration) + Synthetic Covered Calls (written calls on Gold ETPs) + Bear Call Spreads (written OTM call + purchased further OTM call)
Tax
Ordinary Income
The Fund writes call options on Gold ETPs with notional value between 50%–100% of net assets to generate monthly income, while simultaneously holding a synthetic long position via purchased calls and sold puts (notional up to 75% of net assets). Written calls generally expire in approximately one month and are actively managed or rolled prior to expiration. The Fund primarily uses FLEX Options listed and cleared on regulated U.S. exchanges.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
80%
ROC
Return of Capital — constructive80%
Net Investment Income20%
Frequency
Monthly
Dist. rate
13.16%
ROC %
80%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
13.8%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The July 2026 distribution of $0.4855 per share is composed of 80% Return of Capital ($0.3884) and 20% estimated net investment income ($0.0971). On a fiscal year-to-date basis, 85% of cumulative distributions have been classified as Return of Capital. No capital gains component is present in this distribution.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 14 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-07-22
Ex-dividend
2026-07-22
Pay date
—
Payback Period
7.6 yr
Dist. Since Incep.
$7.8
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
8
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$57.5$54.2$50.9$47.6
MAR '26AUG '26
Price $51.57
50-DMA $49.73
200-DMA $53.07
Bearish — 50-DMA below 200-DMA
Price $51.57 is below the 200-day SMA ($53.07); 50-day SMA $49.73. The 50-day SMA sits below the 200-day — an established downtrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
190K
Avg dollar volume
$9,597,716
Bid/ask spread
0.10%
Premium/discount
+0.12%
Turnover
0%
Estimated bid/ask spread ~0.13% (tight). Average daily dollar volume ~$9.6M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$536M
$536M$275M$14M
JUN '25AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
IAUI · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.