At a glance
GLDI charges 0.65% a year, above the 0.29% average of the 7 funds most like it (the most expensive of 7). It has $113.3M in assets, the 8th largest of that group; it paid 29.55% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +17.8% a year. At its worst it fell 11.3% in the 2020 crash (S&P 500: 33.7%) and 14.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
GLDI is an exchange-traded note (ETN) from UBS that pays a return linked to a covered call strategy on gold, as its name says. It is unsecured UBS debt, not a fund, so it owns nothing on holders' behalf. It pays monthly, with a trailing 12-month yield of 29.55% as of October 27, 2026. It also charges 0.65% a year, the highest of the seven similar gold and silver products it is compared with.
Price history
The interactive chart needs JavaScript.
GLDI +5.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GLDI price data to Oct 27, 2026 | -2.3% | +5.3% | +17.8% | +11.2% | +8.5% | +4.1% |
- Over the year to Oct 27, 2026, GLDI returned +5.3%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +11.2% and its 10-year +8.5%.
- In the 2020 COVID crash it fell 11.3% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2015 (-6.2%); its best was 2025 (+34.2%).
- The deepest fall in its price history was 31.5% (Feb 6, 2013 to Dec 2, 2015), recovered by May 15, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.3% |
| 2025 | +34.2% |
| 2024 | +18.7% |
| 2023 | +8.9% |
| 2022 | -1.2% |
| 2021 | -3.4% |
| 2020 | +23.6% |
| 2019 | +14.2% |
| 2018 | -0.5% |
| 2017 | +8.8% |
| 2016 | +1.0% |
| 2015 | -6.2% |
| 2014 | -2.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 5.9% over that stretch · deepest drop along the way 11.3%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.2% over that stretch · deepest drop along the way 14.1%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $34.1252 | |
| 2025 | $28.0700 | +62.9% |
| 2024 | $17.2300 | +18.7% |
| 2023 | $14.5200 | -27.7% |
| 2022 | $20.0700 | +10.3% |
| 2021 | $18.2000 | -34.5% |
| 2020 | $27.8000 | +117.2% |
| 2019 | $12.8000 | +39.1% |
| 2018 | $9.2000 | -33.3% |
| 2017 | $13.8000 | -55.5% |
| 2016 | $31.0000 | +50.5% |
| 2015 | $20.6000 | -37.1% |
| 2014 | $32.7280 |
How it works
GLDI is an exchange-traded note, not a fund. An ETN is a promise from a bank, here UBS AG, to pay a return tied to an index, minus fees. Holders do not own any gold or options. They hold UBS's unsecured debt. Payment depends on UBS being able to pay, so the bank's credit matters as much as the price of gold.
The index behind the note follows a covered call strategy on gold. A covered call means holding an asset and selling someone else the right to buy it at a set price (the strike) by a set date. The seller collects a fee for this, called the option premium. That premium funds the note's monthly payments. The cost is that when gold rises above the strike, the strategy gives up the gains above that level. So it tends to lag plain gold in sharp rallies, while still falling with gold in declines, cushioned only by the premiums. The index's exact rules, such as how strikes and expiry dates are set, are in UBS's pricing supplement for the notes.
The notes launched on January 28, 2013, and are due February 2, 2033. UBS can redeem them early. The yearly fee is 0.65%, compared with a 0.29% average for similar products.
What it really costs
- GLDI charges 0.65% a year, versus an average of 0.29% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
GLDI offers high monthly income linked to gold, but it carries UBS credit risk, caps gold's upside and costs more than similar products, so it fits better as a small position than a core holding.
GLDI may add gold-linked income to a portfolio. Its trailing yield was 29.55% as of October 27, 2026, paid monthly. Much of that payout is option premium, not growth, so it does not mean the note gained that much. It held up fairly well in stock market selloffs. In the 2020 COVID crash it fell 11.3% and recovered in under a month. In the 2022 bear market it dropped 14.1% and took 14 months to recover. Its weakest calendar year was 2015, at -6.2%. Its deepest drop, though, was 31.5% from February 2013 to December 2015, and it took until May 2020 to recover. That is about 53 months below its old high, which could be hard on someone selling shares to cover spending. The 0.65% fee and UBS's credit are ongoing risks. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly cash payments tied to gold and accept giving up some of gold's gains in strong rallies in exchange.
- People comfortable holding UBS's unsecured debt and the risk that the notes are redeemed early or end at their 2033 maturity.
- Investors who want gold exposure that has moved less with stocks, with a one-year beta of 0.61 as of October 27, 2026.
Look elsewhere if
- Cost-conscious investors. GLDI's 0.65% fee is the highest of seven similar products, and GLDM charges 0.10%.
- People who want direct gold ownership with no bank credit risk. GLDI is a UBS note that holds no gold for investors.
- Investors who want gold's full upside. GLDI's 3-year annualized return of 17.8% trailed GLD's 24.3% through late October 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GLDI this fund | 0.65% | $113.3M | +5.3% | +17.8% |
| GLD SPDR Gold Shares | 0.4% | $93.50B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $41.90B | -1.6% | +25.4% |
| SLV iShares Silver Trust | 0.5% | $15.40B | +3.5% | +29.7% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $13.20B | -1.5% | +25.6% |
| PSLV The Sprott Physical Silver Trust | — | $6.20B | +13.7% | +30.7% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $4.80B | +1.7% | +26.3% |
| SIVR abrdn Physical Silver Shares ETF | 0.3% | $1.60B | +16.1% | +32.7% |
Questions investors ask
Is GLDI good for retirement income?
GLDI may suit retirees who want monthly cash tied to gold and can accept real trade-offs. Its trailing yield (the past 12 months of payments divided by the price) was 29.55% as of October 27, 2026. Covered-call payouts depend on option premiums, which rise and fall. The strategy gives up some upside when gold surges. Its 0.65% annual fee compares with a 0.29% average for similar funds. Every payment also depends on UBS AG being able to pay.
Does GLDI pay monthly dividends?
Yes, GLDI pays monthly, but the payments are not dividends in the usual sense. GLDI is a note, so the cash comes from UBS AG under the note's terms rather than from a portfolio. Payments over the 12 months to October 27, 2026, totaled about $40.46 per share, a 29.55% trailing yield. Covered-call payouts come largely from option premiums. A high yield is not the same as a high total return (price change plus payments), and future payments can rise or fall.
What's the difference between GLDI and GLD?
GLD (SPDR Gold Shares) is a plain gold investment with no option strategy. GLDI is a UBS AG note that owns no assets for investors, and its return follows a gold covered-call strategy. GLDI's fee is 0.65% a year, compared with 0.40% for GLD. Over three years, GLDI returned 17.8% a year as of October 27, 2026, against 25.2% for GLD as of November 2, 2026. That gap fits capped upside during a strong gold run. Over one year, on the same dates, GLDI did better: 5.3% versus -1.8%.
Is GLDI an ETF?
No. GLDI is an exchange-traded note (ETN), not a fund. It is unsecured debt of UBS AG, which means no collateral backs it, and it trades on an exchange like a stock. It owns no assets on investors' behalf. Instead, it promises to pay an index return minus fees. If UBS AG ran into financial trouble, holders could lose money no matter what gold did. The notes come due February 2, 2033, and UBS AG can redeem them early, possibly at an inconvenient time.
How much has GLDI dropped in past downturns?
GLDI's deepest drop was 31.5%, from February 6, 2013, to December 2, 2015. It took until May 15, 2020, to get back to that peak. Later drops were smaller. It fell 11.3% in the 2020 COVID crash and recovered by April 9, 2020. It fell 14.1% in 2022 and took about 14 months to recover. It also fell 15.6% in the year to October 27, 2026. Its weakest full calendar year was 2015, at -6.2%.