iShares Gold Trust (NYSE Arca: IAU) is a grantor trust that holds physical gold on behalf of its shareholders. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust, which consist primarily of gold held by JPMorgan Chase Bank N.A., London Branch, acting as custodian. The Trust was formed on January 21, 2005, under the laws of the State of New York, when an initial deposit of gold was made in exchange for three Baskets, each consisting of 50,000 Shares. The Sponsor is iShares Delaware Trust Sponsor LLC, a consolidated subsidiary of BlackRock, Inc. The Trustee is The Bank of New York Mellon. The Trust does not operate a business in the traditional sense; it exists solely to own gold transferred to it in exchange for Shares issued to investors. Shares trade on an exchange, giving investors exposure to the price of gold without directly holding the physical metal.

Revenue model

The Trust does not generate revenue in the conventional sense. It holds gold as its primary asset, and Share value moves with the price of gold. The filing excerpts do not disclose a sponsor fee or expense ratio figure.

Products and services

Shares in the iShares Gold Trust, each representing a fractional undivided beneficial interest in physical gold held by the Trust's custodian.

Customers and end markets

Investors seeking exchange-traded exposure to physical gold prices. The Trust issues Shares in Baskets of 50,000 Shares to authorized participants.

Value-chain role

Passive holding vehicle. The Trust acquires physical gold from authorized participants in exchange for Shares, then holds that gold through a custodian.

Geographic exposure

The Trust is organized under New York law. Gold custody is handled by JPMorgan Chase Bank N.A., London Branch, under an agreement governed by English law.

Source: SEC 10-K, filed 2026-02-27

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