SGDM Nearly Doubled Gold’s Gains While IAUI Capped Upside for a 12.52% Yield and One Choice Depends Entirely on 2026

The article compares two ways to express a bullish view on gold: miner-equity exposure via Sprott Gold Miners ETF (SGDM) and an income-focused, options-collar NEOS Gold High Income ETF (IAUI). Over the past 12 months SGDM returned 89.14%, roughly double SPDR Gold Shares’ (GLD) 42.39% gain, while IAUI has returned 28.6% since its June 5, 2025 inception because short calls capped upside to generate a 12.52% distribution. SGDM leverages miner operating leverage and concentrated quality producers (Agnico Eagle, Newmont, Wheaton), producing higher returns when bullion rallies. IAUI holds mostly T-bills and GLD, using collars to harvest premium and deliver yield but sacrificing upside—making it suitable for income-focused or risk-averse investors. The piece frames a clear trade-off: choose SGDM for amplified growth if you expect a sustained gold bull market, or IAUI for yield if you expect sideways gold or want cash flow through 2026.