Among the points auguring well for IAUI in 2026 are advisors' and investors' remaining dedicated to gold, particularly ETFs. "In December, global gold ETFs managed a seventh consecutive month of inflows, dominated by North American funds, as they had been for the full year. Futures positioning data had caught up by year end showing an increase in managed money net longs of US$11bn (59t) for December, an increase in value of US$8bn but a fall in tonnage by 173t for the full year,†according to the World Gold ...

Core Insights - The NEOS Gold High Income ETF (IAUI) launched in June 2025, capitalizing on rising gold prices and investor interest in high income outside traditional bonds and dividend stocks [1][2] - IAUI has achieved nearly $276 million in assets under management as it enters 2026, indicating a strong initial performance [2] - The outlook for gold in 2026 is influenced by geoeconomic uncertainty, with potential for moderate gains if economic growth slows and interest rates fall [4] Performance and Market Dynamics - Gold was one of the best-performing assets in 2025, and while repeating that performance in 2026 may be challenging, there is potential for upside [3] - IAUI has demonstrated a capacity for upside capture, returning over 14% since its inception, distinguishing it from other options-based ETFs that may not perform as well over time [4] - Factors such as central bank demand and gold recycling trends are expected to influence the gold market, reinforcing its role as a portfolio diversifier amid market volatility [5]

Core Viewpoint - The introduction of the MLP & Energy Infrastructure High Income ETF (MLPI) by NEOS ETFs is timely in the current easing monetary policy environment, providing bond investors with an alternative income source through options income in the energy sector [1][2]. Group 1: Fund Overview - MLPI invests in master limited partnerships (MLPs) and energy infrastructure companies, generating income from premiums through writing call options on ETFs focused on energy infrastructure MLPs [2]. - The fund is actively managed with a management fee of 68 basis points, allowing portfolio managers to adjust holdings according to market conditions, which adds a risk management component [3]. Group 2: Market Context - The majority of capital markets are anticipating additional rate cuts, making the launch of MLPI and other income-focused ETFs by NEOS particularly relevant [2]. - NEOS has successfully gathered assets in 2025 by offering options-based high income strategies, expanding its lineup to include various investment styles [2][4]. Group 3: Tax Efficiency and Diversification - MLPI offers tax loss harvesting opportunities and tax efficiency through the pass-through benefits and tax deferrals associated with the MLP structure [3]. - NEOS provides a range of ETFs that cater to different investor needs, including options for income, tax efficiency, and diversification [4][5].

Core Insights - High-yield income funds are currently popular, with the NEOS Gold High Income ETF (IAUI) being a new entrant this year, providing exposure to gold and a monthly distribution averaging $0.54 since its inception [1] Group 1: Investment Strategy - The approach taken is long-term, focusing on macro investment ideas through low-risk ETFs and Closed-End Funds (CEFs) [1] - The individual has nearly ten years of experience trading stocks and currencies and currently manages a family fund [1] Group 2: Additional Investments - In addition to ETFs and CEFs, there is also investment activity in real estate [1]

Core Viewpoint - Gold prices have surged nearly 40% year-to-date, significantly outperforming other assets like the S&P 500 and Bitcoin, which are up 12% and 23% respectively [1] Group 1: Gold Investment Trends - The SPDR Gold Trust (GLD) has attracted nearly $11 billion in fresh net assets, while the SPDR Gold Minishares Trust (GLDM) has seen net inflows of $6.5 billion, contributing to a total of approximately $28 billion in net new money for physical gold ETFs this year [2] - This influx is a stark contrast to the sub-$3 billion intake in 2024, indicating a renewed investor interest in gold [2] Group 2: Market Drivers - Factors such as trade tensions, geopolitical risks, and economic uncertainty have positioned gold as a preferred safe haven and inflation hedge [3] - J.P. Morgan has raised its gold price forecasts, projecting an average of $4,068/oz in 2026, with potential peaks of $4,250 in Q4 2024, while Goldman Sachs has warned of a possible $5,000/oz if interest rate cuts lead to increased investment in gold [3] Group 3: Gold ETFs and Income Generation - Gold ETFs have benefited from macroeconomic support and growing investor appetite, with income-generating ETFs like the Simplify Gold Strategy Plus Income ETF (YGLD) up 60% this year and the NEOS Gold High Income ETF (IAUI) up over 9% this quarter [4] - These ETFs utilize options overlays to provide income, appealing to income-seeking investors [4] Group 4: Gold Miners Performance - Gold mining equities have experienced remarkable growth, with the Global X Gold Explorers ETF (GOEX) up 101% year-to-date, and other mining ETFs like Sprott Gold Miners ETF (SGDM) and VanEck Gold Miners ETF (GDX) up nearly 98% and 95% respectively [5][6] - Despite strong performance, miner ETFs have struggled to attract assets due to profit-taking and volatility concerns, although this trend may be changing as outflows decrease [6] Group 5: Future Outlook - The ongoing uncertainty regarding policy, regulation, and economic momentum suggests that the factors supporting gold prices are likely to persist, with forecasts indicating a potential 7-10% increase in gold prices from current levels [7] - There are various ETF options available for investors looking to capitalize on the gold market, including physical gold, income-generating gold, and equity-focused gold exposure [7]