iShares Gold Trust Micro (IAUM) is a grantor trust that owns 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 the Trust's custodian, JPMorgan Chase Bank N.A. The Trust was formed on June 15, 2021 under the laws of the State of New York, when iShares Delaware Trust Sponsor LLC, a consolidated subsidiary of BlackRock, Inc., and The Bank of New York Mellon signed the Depository Trust Agreement. The Sponsor manages the Trust; the Trustee is The Bank of New York Mellon. The Trust does not generate operating revenue in the conventional sense. Shareholders gain economic exposure to the price of gold through share ownership rather than through any business activity conducted by the Trust. The Trust is a passthrough vehicle: assets are gold, liabilities are minimal, and the share price tracks the underlying metal.

Revenue model

The Trust does not earn operating revenue. It is a grantor trust that passes gold price exposure to shareholders. The Sponsor charges a management fee, accrued against Trust assets, which reduces the gold backing per share over time. No dividend or income is distributed to shareholders.

Products and services

Shares of the iShares Gold Trust Micro (IAUM), each representing a fractional undivided beneficial interest in physical gold held by JPMorgan Chase Bank N.A. as custodian on behalf of the Trust.

Customers and end markets

Investors seeking low-cost exposure to the spot price of gold through an exchange-traded vehicle. End market is financial services and investment products. No disclosed customer concentration data in the filing excerpts.

Value-chain role

Passthrough investment vehicle. The Trust sits between the gold market and retail or institutional investors, holding physical gold in custody and issuing shares that represent fractional ownership of that gold.

Geographic exposure

Trust formed under New York State law, sponsored by a Delaware limited liability company. No geographic revenue breakdown disclosed in the filing excerpts.

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

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