GLDIUBS ETRACS Gold Shares Covered Call ETN
The index measures the return of a “covered call” strategy on the shares of the SPDR® Gold Trust (the “GLD Shares”) by reflecting changes in the price of the GLD Shares and the notional option premiums received from the sale of monthly call options on the GLD Shares less notional trading costs incurred in connection with the covered call strategy.
UBS AG · Since 2013 (13 years)
0.65%
#3117 out of 5,332 ETFs
$166M
#2254 out of 5,332 ETFs
20.53%
13 years
#1064 out of 5,332 ETFs
Performance
1 Year
+24.3%
3 Years
+20.0%
5 Years
+12.3%
What's inside
Risk profile
14.7%
Moderate
-14.9%
Worst peak-to-trough loss
1.35
Excellent risk-adjusted returns
1.87
Good downside protection
Similar ETFs
Our take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Covered call ETF — yield ≠ total return
The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.
Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Why we flagged this: strategy=option_income + option_income_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
Data updated on 2026-05-05