iaum stock: iShares Gold Trust Micro

iShares Gold Trust Micro (IAUM)

iaum stock appears increasingly in conversations about low‑cost, share‑priced exposure to physical gold. This article explains what IAUM is, how the grantor trust structure works, the fund’s objective and mechanics, key identifiers, fees, tax treatment, trading behavior, risks, investor use cases, and where to find primary documentation. Readers will learn how iaum stock compares with other physical‑gold exchange‑traded products and practical steps for buying, holding and redeeming shares.

截至 2026-01-15，据 iShares (BlackRock) 产品页 报道，本文中列举的基金属性和披露信息以发行人最新公开资料为准。请在投资前查阅基金招募说明书和最新披露文件。

Overview

IAUM (iShares Gold Trust Micro) is an exchange‑traded product (ETP) issued by BlackRock’s iShares that provides market exposure intended to reflect the spot price of physical gold. The fund is structured as a physically backed grantor trust that holds allocated gold bullion and seeks to track the price of gold, less fees and liabilities. IAUM launched on June 15, 2021 and is primarily listed on U.S. exchanges (typical listings include NYSE Arca or NYSE American depending on data provider).

In the context of equities trading, iaum stock trades like a share on an exchange and is intended to give investors simple exposure to gold price movements without taking physical delivery.

Fund structure and mechanics

IAUM is a grantor trust and a physically backed ETP. Key structural and operational mechanics are:

• Physical backing: The trust holds allocated gold bars in custodial vaults on behalf of the trust. Each bar is separately identified and held in custody under standard precious‑metals custody agreements.
• Net asset value (NAV) determination: The trust’s NAV is calculated from the value of the allocated gold in the trust, typically based on an established benchmark price such as the LBMA Gold Price PM (or another widely used market gold reference) and adjusted for currencies and any trust liabilities. This NAV is the per‑share intrinsic value of the trust’s assets.
• Market trading: iaum stock trades on an exchange like a common equity. The market price may trade at a premium or discount to NAV depending on supply/demand, intraday liquidity, and trading conditions.
• Creation and redemption: Creation/redemption occurs via institutional baskets made with authorized participants (APs). APs can deliver or receive large blocks of shares in exchange for a corresponding value of physical gold or cash as permitted by the trust. These mechanics support arbitrage that tends to keep market price tethered to NAV, improving tradability and reducing persistent premiums/discounts.

These mechanics mean retail investors buy and sell iaum stock on the secondary market via a broker, while APs handle primary market creations and redemptions.

How NAV and market price interact

• NAV is updated periodically and reflects the trust’s underlying allocated gold valuation.
• An indicative intraday NAV (iNAV or indicative value) is often calculated and disseminated by market data providers to help traders assess fair value intraday.
• When market price diverges meaningfully from NAV, authorized participants and market makers can execute arbitrage (buy the cheaper side and sell the richer side) using the creation/redemption mechanism, which tends to compress persistent disparities over time.

Custody, audit and holdings

• Custody: The trust holds allocated gold bars in professional custodial vaults. Allocated bars are typically segregated and identifiable, not pooled or unallocated. Custodians are selected by the sponsor and are required to meet regulatory and industry standards for precious metals custody.
• Audits and reporting: Issuers typically arrange periodic audits or attestations to confirm inventory and bar identification. The trustee or custodian provides reports, and the issuer discloses ounces in trust in regular reporting (daily or periodic) and in regulatory filings.
• Holdings disclosure: IAUM publishes records of total ounces held, bar serial numbers (or aggregated serial lists), and other inventory statistics according to its disclosure schedule. These holdings determine NAV and are part of the fund’s transparency practice.

截至 2026-01-15，据 iShares 报道，投资者应检查发行人最新披露以确认保管人、审计频率与库存报告的当前形式（例如每日披露或月度审计）。

Investment objective and strategy

The fund’s stated objective is to reflect the performance of the spot price of gold, less the fund’s expenses and liabilities. IAUM pursues this via passive physical replication — the trust holds allocated gold and does not engage in active trading strategies or derivatives to change exposure.

Investor intent and suitability for iaum stock:

• Intended use: IAUM is designed for investors who want straightforward exposure to movements in the price of physical gold without the need to buy, store, or insure bullion directly.
• Cost and simplicity: As a physically backed, passive product, IAUM targets lower operational complexity relative to some structured or derivative products.
• Not for physical possession: Investors seeking to take delivery of bullion should note that IAUM is a securities product; physical delivery is generally not available to retail shareholders and creation/redemption is handled by authorized participants.

Key facts and identifiers

Below are core fund identifiers and common measurable facts investors use for comparison. Investors should verify the most recent numbers on the issuer’s product page or the prospectus.

• Ticker: IAUM (commonly referenced as iaum stock in trading terminals)
• CUSIP: 46436F103
• ISIN: US46436F1035 (investors should confirm the ISIN on the prospectus or issuer data)
• Inception date: June 15, 2021
• Expense ratio: 0.09% (stated management/trust fee; confirm current prospectus for exact current fee)
• Shares outstanding: varies daily; disclosed by issuer
• Indicative basket size / creation unit: IAUM supports institutional creation/redemption in specified basket sizes (check prospectus for current basket size and thresholds)
• Assets under management (AUM): fluctuates with price and flows — check issuer disclosures for up‑to‑date AUM values
• Primary exchange listing: NYSE Arca (or NYSE American depending on data source)

截至 2026-01-15，据 iShares 产品资料 报道，上述标识符和指标以发行人披露为准。请在交易前确认最新的招募说明书与每日披露。

Fees and expenses

IAUM charges a stated expense ratio (for example, 0.09%) that represents the sponsor’s fee and trust expenses deducted from fund assets. Material cost points:

• Expense ratio: reduces returns relative to the underlying spot price; check the prospectus for the exact annualized fee charged and whether it is billed daily.
• Trust‑level expenses: custody, audit, trustee fees and other operational costs are typically covered by the trust and reflected in NAV performance.
• Bid/ask cost: retail investors also pay trading costs — spreads and commissions charged by brokers or market makers when trading iaum stock.
• Premium/discount cost: when market price deviates from NAV, buying or selling at a persistent premium or discount can affect realized returns versus spot gold.

All fees and expenses are documented in the fund prospectus; investors should read the fee table carefully and compute net returns after fees.

Trading and market microstructure

iaum stock trades like a stock or ETF on an exchange and has these market microstructure characteristics:

• Exchange listing and ticker trading: IAUM trades under the ticker IAUM on major U.S. exchanges. Investors trade via broker‑provided market access; market orders, limit orders and conditional orders function as they do for other listed securities.
• Intraday liquidity and average volume: liquidity depends on market demand and can vary. Average daily share volume and dollar volume are reported by exchanges and market data providers; higher liquidity generally produces narrower spreads.
• Bid‑ask spreads: Spreads are influenced by market maker quoting, intraday volatility, and the underlying liquidity of spot gold. Micro ETPs like IAUM are designed to have affordable per‑share pricing, which can help retail participation but may affect relative spread measurements.
• Indicative intraday value (iNAV): Market data providers commonly publish an indicative intraday NAV that helps market participants assess fair value intraday. Differences between iNAV and last trade price indicate potential arbitrage opportunities.
• Premium/discount drivers: Persistent premiums or discounts can be driven by market stress, trading halts, very high volatility in the gold market, or procedural frictions in the creation/redemption process.

Market participants — including authorized participants and market makers — play an important role in providing liquidity and narrowing spreads. For retail investors, trading through a modern brokerage platform (including Bitget’s trading services where supported) can offer efficient execution and market data for iaum stock.

Performance and historical price behavior

IAUM’s performance is typically presented in several common ways:

• Price return: change in the market price of iaum stock over a period (YTD, 1‑year, since‑inception).
• NAV return: change in NAV per share over the same period; NAV return is the closest proxy to underlying gold return minus fees.
• Total return: for physical gold ETPs with no dividends, total return primarily reflects price/NAV changes minus fees.

When comparing IAUM to spot gold benchmarks (such as the LBMA Gold Price PM), typical analysis contrasts NAV return to the benchmark to identify tracking error. Investors also compare IAUM’s market‑price return to NAV return to assess premium/discount dynamics.

Performance highlights often presented include:

• YTD, 1‑year, 3‑year and since‑inception returns for price and NAV
• Annualized volatility and maximum drawdown statistics
• Comparison against peer ETPs and the LBMA benchmark

Historical behavior notes:

• IAUM should closely follow spot gold on an NAV basis, subject to daily fees and small tracking discrepancies.
• Market price can diverge intra‑day under stress but generally reverts via arbitrage.

截至 2026-01-15，据市场数据提供商与 iShares 披露，历史表现和当前回报请以发行人及权威数据服务的实时表格为准。

Tax treatment

Tax treatment for physically backed gold ETPs in the U.S. typically has specific features investors should be aware of:

• Collectibles tax treatment: Many U.S. tax authorities treat gains from sale of physical gold and certain gold ETPs as collectibles. Under U.S. federal tax rules, long‑term capital gains realized on collectibles may be taxed at a maximum rate higher than the standard long‑term capital gains rate applied to equities.
• Form 1099 / tax reporting: ETPs commonly provide tax reporting statements summarizing proceeds and any distributions. The trust-level and investor-level reporting differs from registered investment companies.
• Consult a professional: Tax rules are complex and change; investors should consult a tax professional for their specific circumstance.

This section provides general orientation, not tax advice.

Risks

Principal risks associated with IAUM/iaum stock include:

• Gold price volatility: The value of IAUM is directly tied to gold prices, which can be volatile.
• Tracking error: NAV may not perfectly match spot gold due to fees, operational costs, and valuation methodology.
• Premium/discount risk: Market price can trade away from NAV, exposing buyers to transitory mispricing.
• Custody and operational risk: Holding physical bullion introduces custody, audit, and operational risks including mis‑safekeeping or documentation issues.
• Liquidity and market risk: Trading liquidity can decline under stress, widening spreads and increasing transaction costs.
• Tax risk: Collectibles tax treatment may have unfavorable tax consequences for some investors.
• Counterparty and legal risk: While physical custody reduces some counterparty exposure, the trust structure and service providers introduce legal and counterparty dependencies.

Investors should read the prospectus’s risk section for a full description of risks and mitigants.

Use cases and investor suitability

Common use cases for iaum stock:

• Inflation hedge and store of value: Gold is often used as an inflation hedge or store of value; IAUM offers a tradable proxy without bullion handling.
• Portfolio diversification: Adding non‑correlated assets like gold can diversify equity and bond exposures.
• Tactical trading: Traders may use iaum stock for short‑term exposure to gold price volatility without dealing with physical logistics.

Who IAUM may suit:

• Investors who want liquid, exchange‑traded exposure to physical gold price moves.
• Cost‑sensitive investors preferring a low stated expense ratio.

Who IAUM may not suit:

• Investors who require physical possession of bullion or insured segregated storage in their own name.
• Tax‑sensitive investors for whom collectibles tax treatment is prohibitive.

Comparison with similar funds

When comparing IAUM to peer physical gold ETPs (for example, larger trusts and other physically backed ETPs), consider these metrics:

• Expense ratio: lower expense ratios reduce drag on returns; IAUM aims to offer a competitive low fee.
• Share price/denomination: Micro shares are intended to be more accessible for small retail positions.
• Liquidity and AUM: Larger AUM and higher average daily volume usually translate to tighter spreads and better execution.
• Tracking performance: Compare NAV tracking to LBMA or other gold benchmarks across time horizons.
• Tax considerations: Confirm whether peer products share similar tax treatment (collectibles status) or differ structurally.

A methodical comparison uses a side‑by‑side table of expense ratio, AUM, average daily volume, share price, and tracking error for each fund.

Notable history and milestones

Key dates and milestones for IAUM include:

• Launch: June 15, 2021 — IAUM began trading as a micro‑share physically backed gold trust to provide lower per‑share pricing.
• Asset growth milestones: IAUM has experienced inflows following periods of bullish interest in gold; investors should consult issuer disclosures for specific inflow and AUM milestone dates.
• Structural events: Any changes to fee structure, custodian appointments, or listing exchange changes are documented in issuer regulatory filings and press releases.

截至 2026-01-15，据 BlackRock/iShares 官方披露，投资者应查阅招募说明书和定期报告以获取完整的时间线与事件说明。

How to buy, hold and redeem

Practical steps and considerations for retail investors interested in iaum stock:

• Buying IAUM: Retail investors buy iaum stock through brokerage accounts that provide access to U.S. exchange trading (market orders, limit orders, etc.). Bitget’s brokerage and trading services can be used to view market quotes, place orders and monitor positions for IAUM where supported.
• Settlement and custody: When you buy iaum stock, the shares settle in your brokerage account under standard settlement cycles; the underlying gold remains held by the trust custodian.
• Redemptions: Only authorized participants can perform creation/redemption of the trust’s shares in institutional baskets. Retail investors cannot generally redeem shares for physical gold directly.
• Monitoring: Use issuer daily disclosures and market data to monitor ounces held, NAV, shares outstanding, and other trust metrics.

Regulatory and legal status

IAUM is structured as a grantor trust/physically backed ETP rather than a registered investment company. Important points:

• Regulatory filings: The trust files required disclosure documents with regulators; investors should read the prospectus and any statements of additional information.
• Legal documents: The prospectus, trust agreement, and related regulatory filings describe investor rights, custodian arrangements, audit schedules, and fee mechanics.
• Investor documents to review: prospectus, shareholder reports, periodic filings and daily holdings statements.

References and further reading

Below are authoritative primary sources and reputable market data references investors should consult to verify the current facts and figures:

• Issuer product page and prospectus for IAUM (BlackRock / iShares)
• Exchange quote pages (NYSE Arca / NYSE American) for real‑time market price and volume
• Regulatory filings and trust documents filed with the SEC
• Market data providers and ETF research services for historical performance and comparison metrics

截至 2026-01-15，据 iShares/BlackRock 官方披露与交易所数据，本文所引用的概念和结构性说明基于发行人标准披露与行业实践。

External links (suggested places to check; no URLs provided here)

• iShares product page for IAUM (check for the prospectus and latest daily holdings)
• The official prospectus and regulatory filings for trust governance details
• Exchange market pages for live quotes and trade volume
• ETF research services for comparative analytics and historical performance

Practical checklist before trading iaum stock

• Confirm the current expense ratio and fee schedule in the prospectus
• Verify current AUM, shares outstanding and indicative NAV
• Check average daily volume and recent bid‑ask spreads
• Understand tax treatment for your jurisdiction and consult a tax advisor
• Use limit orders and be mindful of spreads during volatile markets
• Consider Bitget’s market data and trading features to execute and monitor trades

Frequently asked questions (FAQ)

Q: Can retail investors redeem IAUM shares for physical gold? A: Typically no; redemptions for physical gold are handled by authorized participants in institutional basket sizes. Retail investors transact in the secondary market.

Q: How does IAUM differ from holding physical gold in a private vault? A: IAUM offers convenient exchange trading without physical handling, insurance arrangements for the trust are managed by the issuer, and custody is delegated to professional custodians. Physical possession requires separate arrangements and may have different tax and cost implications.

Q: Is IAUM insured against loss or theft of bullion? A: The trust’s custodian and insurance arrangements are described in prospectus documents; coverage terms vary and investors should review the trust’s disclosures.

Q: Where can I check the latest NAV and daily holdings? A: The issuer publishes NAV and holdings data according to its disclosure schedule; exchange data and market data providers also provide indicative intraday values.

Final notes and next steps

iaum stock — iShares Gold Trust Micro — offers a convenient, exchange‑traded way to obtain low‑barrier exposure to physical gold price movements through a grantor trust structure. Investors should weigh the benefits of simplicity, tradability and a low stated expense ratio against tax treatment, custody considerations and potential premium/discount dynamics.

For those looking to trade or monitor iaum stock, consider using a broker that offers robust market data and execution tools; Bitget provides trading interfaces and wallet solutions that can assist investors in accessing listed ETPs and managing positions. Always read the prospectus, confirm the latest issuer disclosures, and consult a qualified tax or financial advisor for personalized guidance.

进一步探索：查看 iShares 的官方招募说明书和每日披露，或使用 Bitget 平台获取实时行情与交易支持。