At a glance
IGLD charges 0.85% a year. It has $515.5M in assets; it paid 25.25% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.8% with distributions reinvested; over three years it returned +18.9% a year.
The short version
FT Vest Gold Strategy Target Income ETF (IGLD), from First Trust with sub-advisor Vest Financial, follows the price of the SPDR Gold Trust through one-year FLEX options and short-term Treasury bills, and pays income monthly. It sells short-dated call options to aim for income about 3.85% a year above one-month Treasury yields. The trade-off is that it takes gold's full losses but only part of its gains. Its expense ratio is 0.85%.
Price history
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IGLD -0.8% 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 | |
|---|---|---|---|---|---|---|
| IGLD official prospectus, to Dec 31, 2025 | — | +47.39% | — | — | — | +14.68% |
| IGLD price data to Oct 27, 2026 | -7.5% | -0.8% | +18.9% | — | — | +11.8% |
- Over the year to Oct 27, 2026, IGLD returned -0.8%.
- Its worst full calendar year was 2023 (+9.2%); its best was 2025 (+47.5%).
- The deepest fall in its price history was 23.9% (Mar 2, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.5% | — |
| 2025 | +47.5% | +47.39% |
| 2024 | +19.3% | +18.80% |
| 2023 | +9.2% | +10.95% |
| 2022 | — | -3.26% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Feb 24, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.7800 | |
| 2025 | $2.4700 | -36.8% |
| 2024 | $3.9100 | +158.9% |
| 2023 | $1.5100 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 151.53% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 151.53% |
By country
United States 151.53%By issuer
US Treasury 151.53%The bonds mature in 0.4 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $58.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.89%, -1.14%, -11.02%.
How it works
IGLD does not hold gold bars or shares of the SPDR Gold Trust (GLD). It holds short-term US Treasury bills and cash, plus a wholly owned subsidiary that holds FLEX options on GLD. FLEX options are exchange-traded options with custom terms, and the Options Clearing Corporation guarantees settlement. The fund buys call options and sells put options on GLD, each lasting about one year. Together they rise and fall with GLD. As of June 30, 2026, one Treasury bill maturing November 27, 2026 made up about 152% of net assets, offset by option positions worth about -54%.
For income, the fund sells at-the-money call options (calls with a strike price near GLD's price) that expire in about a month or less. It sizes these sales to target premiums about 3.85% a year above the one-month Treasury yield, before fees. Each call sold caps part of the upside. The fund expects to capture 50% to 100% of GLD's gains, and possibly less. It expects to take the full losses. At 75% participation, for example, a 10% gain in GLD would give the fund about 7.5%.
No index is involved. Vest manages the fund actively and resets the calls each month, so the share of gains it captures shifts with market volatility. The fund often creates and redeems shares for cash, which can make it less tax-efficient than ETFs that trade shares in kind. Its distributions may also exceed its income and gains.
What it really costs
- IGLD charges 0.85% a year.
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers gold exposure with monthly income, but it takes gold's full losses while capping part of the gains, and its swings have been large.
IGLD could add gold exposure that pays monthly cash. Its price history starts February 24, 2022, so it missed the 2008 and 2020 crashes and most of the 2022 bear market. Its prospectus shows a 3.26% loss in 2022, its only down calendar year through 2025, and a 47.39% gain in 2025. Its deepest drop was 23.9%, from March 2 to October 23, 2026, and it had not recovered as of October 27, 2026. Anyone who sold shares for spending during that slide would have locked in losses. The trailing yield was 25.25% as of October 27, 2026, paid monthly. Distributions can exceed what the fund earns, and option income is usually taxed as ordinary income. The 0.85% expense ratio is a further drag. Past results don't predict the future, 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 gold price exposure plus monthly distributions, and who accept giving up part of the upside when gold rallies sharply.
- People comfortable with an options-based fund built on FLEX options on the SPDR Gold Trust and Treasury bills, at a 0.85% expense ratio.
- Holders using tax-advantaged accounts, where option income being taxed as ordinary income matters less.
Look elsewhere if
- Investors who want all of gold's gains: the fund expects 50% to 100% of upside but takes the full losses.
- Anyone needing steady value: shares fell 23.9% from March 2 to October 23, 2026, and had not recovered by October 27.
- Investors seeking a long track record: price history begins in February 2022, missing the 2008 and 2020 crashes.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does IGLD pay monthly dividends?
Yes. IGLD pays distributions monthly. Over the 12 months to October 27, 2026, it paid $4.98 per share, a trailing yield of 25.25%. The fund sells call options to target income about 3.85% a year above the one-month Treasury yield, before fees. The prospectus warns that distributions may exceed the fund's income and gains. Option income is usually taxed as ordinary income rather than as qualified dividends.
What's the difference between IGLD and GLD?
GLD, the SPDR Gold Trust, is the fund IGLD's options track. IGLD doesn't own GLD shares. It holds Treasury bills and FLEX options on GLD, and it sells monthly call options to pay income. That means IGLD expects to capture only 50% to 100% of GLD's gains while taking the full losses. In return, it makes monthly distributions. IGLD's expense ratio is 0.85%.
Does IGLD own physical gold?
No. IGLD holds no gold bullion. As of June 30, 2026, its largest holding was a US Treasury bill maturing November 27, 2026. Its gold exposure comes from FLEX options on the SPDR Gold Trust, held through a wholly owned subsidiary. These options trade on an exchange, and the Options Clearing Corporation guarantees settlement. Holders still face risks tied to the options and to commodity prices.
How did IGLD perform in 2025?
IGLD returned 47.39% in 2025, according to its prospectus, which was also its one-year return as of December 31, 2025. Its average annual return since its March 2, 2021 launch was 14.68% as of that date. Results since then have been weaker. The fund was down 7.52% for 2026 through October 27, and it fell 23.9% from its March 2, 2026 peak to October 23, 2026.
Is IGLD good for retirement income?
It pays monthly income, but it carries gold's full downside, so it may suit only a small part of a retirement portfolio. The trailing yield was 25.25% as of October 27, 2026, but payouts can exceed what the fund earns. Volatility over one year was 25.5%. Share prices dropped 23.9% in 2026 without recovering by October 27, which would hurt anyone selling shares to cover spending.