ETF Evaluator:
NEOS Gold High Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Commodities Focused Over the Last Year
| 2251.5% | Breakwave Tanker Shipping ETF (BWET) |
| 81.8% | United States Gasoline (UGA) |
| 64.2% | Commodities Focused () |
| 63.3% | Invesco DB Energy (DBE) |
| 61.8% | United States Oil (USO) |
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ETF Details
NEOS Gold High Income ETF Overview
NEOS Gold High Income ETF (IAUI) is an actively managed Commodities Commodities Focused exchange-traded fund (ETF). Neos Funds launched the ETF in 2025.
The investment 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 seeks to track the price of gold by investing up to 25% of the fund’s assets in exchange-traded Gold ETPs (the “Gold ETPs”) primarily through a controlled foreign corporation and directly investing in Gold ETPs. The fund may invest up to 25% of its total assets in the Cayman Subsidiary, consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. It is non-diversified.
About NEOS Gold High Income ETF (IAUI)
There are 2 members of the management team with an average tenure of 1.16 years: Garrett Paolella (2025) and Troy Cates (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
NEOS Gold High Income ETF has 10 securities in its portfolio. The top 10 holdings constitute 92.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NEOS Gold High Income ETF is part of the Real Assets global asset class and is within the Commodities ETF group. NEOS Gold High Income ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NEOS Gold High Income ETF has 61.0% of the portfolio in cash.
Assets Under Management
The fund has $494 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IAUI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NEOS Gold High Income ETF expense ratio is above average compared to funds in the Commodities Focused category. NEOS Gold High Income ETF has an expense ratio of 0.79%, which is 4% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NEOS Gold High Income ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of July 2026, NEOS Gold High Income ETF returned 1.3%, which earned it a grade of C, as the Commodities Focused category had an average return of 5.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
NEOS Gold High Income ETF has a trailing yield of 13.92%, which is above the 7.11% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NEOS Gold High Income ETF Grades
Year to date, the ETF has returned -6.6%, 38.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.6% over the past year (grade of D).
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IAUI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IAUI Return (NAV) | 1.3% | -10.5% | 13.6% | na | na | na |
| IAUI Return (Price) | 1.3% | -10.7% | 13.6% | na | na | na |
| NAV +/- Price Return | 0.006% | 0.139% | -0.060% | na | na | na |
| Commodities Focused Avg | 5.1% | -6.8% | 64.2% | 14.3% | 9.6% | 6.0% |
| IAUI Grade (NAV) | C | C | D | na | na | na |
| +/- Category (NAV) | -3.8% | -3.7% | -50.6% | na | na | na |
| IAUI Tax-Cost Ratio | na | na | 4.9% | na | na | na |
IAUI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IAUI Return (NAV) | -6.6% | na | na | na | na | na | na | na | na | na | na |
| IAUI Return (Price) | -6.6% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.009% | na | na | na | na | na | na | na | na | na | na |
| Commodities Focused Avg | 31.4% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| IAUI Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -38.0% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 13.9% |
| Total Assets: | $ 495 Mil |
| Share Class Assets: | $ 495 Mil |
| Turnover: | na |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Paolella Garrett (2025), Cates Troy (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 92.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 39.1% |
| Cash: | 61.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neos Funds |
| Phone Number: | 833-833-1311 |
| Website: | |
| Inception Date: | June 4, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.76% |
