At a glance
IAUM charges 0.09% a year, below the 0.22% average of the 7 funds most like it (the cheapest of 7). It has $6.31B in assets, the 6th largest of that group. Over the past year it returned +1.8% with distributions reinvested (S&P 500: +11.5%), 2nd of those 8 funds; over three years it returned +26.4% a year. At its worst it fell 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low.
The short version
iShares Gold Trust Micro (IAUM) is a grantor trust from BlackRock's iShares that holds physical gold bars in vaults. It aims to follow the price of gold, minus its expenses. Its yearly sponsor fee of 0.09% was the lowest among the physically backed gold funds we compared. That is just below SPDR Gold MiniShares (0.10%) and far below SPDR Gold Shares (0.40%). Like gold itself, it pays no income.
Price history
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IAUM +1.8% 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 | |
|---|---|---|---|---|---|---|
| IAUM price data to Oct 27, 2026 | -5.9% | +1.8% | +26.4% | +17.6% | — | +16.8% |
- Over the year to Oct 27, 2026, IAUM returned +1.8%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +17.6%.
- Its worst full calendar year was 2022 (-0.5%); its best was 2025 (+64.3%).
- The deepest fall in its price history was 26.3% (Jan 29, 2026 to Jul 16, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.9% |
| 2025 | +64.3% |
| 2024 | +27.0% |
| 2023 | +13.1% |
| 2022 | -0.5% |
| 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 | Lost 7.1% over that stretch · deepest drop along the way 20.9%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $6.31B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
IAUM does not follow an index or use a manager's judgment. Its only aim is to reflect the price of gold, before expenses. The trust holds gold bars kept by JPMorgan Chase Bank, London Branch, in vaults in New York and London. The Bank of New York Mellon serves as trustee. Under the trust's rules, the gold must be "allocated" by the end of each business day, meaning specific bars are recorded as the trust's property. The trust does not lend its gold, and the custodian has no right to lend it either. iShares publishes the list of bars. Bureau Veritas inspected the vaults on December 5, 2025.
After 4 p.m. New York time each business day, the trustee values the gold at that day's LBMA Gold Price, a benchmark set in London. This gives the net asset value (NAV) per share. Large firms create or redeem shares in blocks of 50,000 by handing over or taking out gold. This tends to keep the share price close to NAV. Gaps can still widen after the London, Zurich and COMEX markets close. To pay the 0.09% fee, the trust gives up small amounts of gold, so the gold behind each share shrinks slowly over time.
The trust is not a 1940 Act investment company or a commodity pool, so holders miss some of the protections those rules give. The custodian's insurance protects the custodian, not the trust.
What it really costs
- IAUM charges 0.09% a year, versus an average of 0.22% for the similar funds below (1st of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
IAUM's value moves with the gold price rather than company profits or interest rates, but it pays no income and has had deep drops of its own.
IAUM can add an asset that does not depend on company earnings or bond interest. Its track record is short. It launched in June 2021, so it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 20.9% between March 8 and September 26, 2022, and took about 14 months to recover, by December 1, 2023. Its worst calendar year, 2022, was a loss of 0.5%. Its deepest drop came after a 64.3% gain in 2025: a 26.3% fall from January 29 to July 16, 2026, still not recovered as of October 27, 2026. A retiree who has to cash in shares during a slump like that locks in the loss. IAUM pays no distributions, so the only way to draw money from it is to cash in shares. The 0.09% fee is low. 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
- Cost-focused investors who want gold exposure: the 0.09% sponsor fee is below GLDM's 0.10%, IAU's 0.25% and GLD's 0.40%.
- Long-term holders who want an asset driven by the gold price rather than corporate earnings, and who accept that it pays no income.
- Investors who value allocated bars held by JPMorgan, a published bar list, yearly vault inspections and a no-lending policy.
Look elsewhere if
- Retirees who need regular cash flow: IAUM has recorded no distributions, so any spending money has to come from cashing in shares.
- Anyone uneasy with big swings: one-year volatility was 29%, and the price fell 26.3% between January and July 2026.
- Taxable-account investors who mind tax costs: long-term gains on physically backed gold trusts can be taxed at the collectibles rate of up to 28%.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IAUM this fund | 0.09% | $6.31B | +1.8% | +26.4% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
| AAAU Goldman Sachs Physical Gold ETF | 0.18% | $2.40B | +1.6% | +26.3% |
Compared head to head: IAU vs IAUM · all comparisons →
Questions investors ask
Does IAUM pay dividends?
No. IAUM has recorded no distributions. The trust holds only gold bars, which earn no interest or dividends. Its return depends entirely on changes in the gold price, minus the 0.09% yearly sponsor fee. The trust pays that fee by giving up small amounts of gold, so the gold behind each share shrinks slowly over time. To draw money from IAUM, an investor would have to cash in shares.
What's the difference between IAUM and IAU?
Both are physically backed gold trusts from BlackRock's iShares. The main difference is cost. IAUM charges a 0.09% sponsor fee, and IAU charges 0.25%. IAU is much larger, with about $60.1 billion in net assets as of June 30, 2026, against about $6.3 billion for IAUM. Their returns have been close: 26.4% a year over three years for IAUM as of October 27, 2026, and 25.7% for IAU as of October 29, 2026.
IAUM vs GLDM: which is cheaper?
IAUM is slightly cheaper. Its sponsor fee is 0.09%, compared with 0.10% for SPDR Gold MiniShares (GLDM). Both are grantor trusts that hold physical gold, so they are close alternatives. GLDM is larger, with about $27.3 billion in net assets as of June 30, 2026. Over three years, IAUM returned 26.4% a year as of October 27, 2026, and GLDM returned 26.0% as of October 29, 2026. A gap that small mostly comes down to fees and timing.
Is IAUM backed by physical gold?
Yes. The trust's assets are mainly gold bars held by JPMorgan Chase Bank, London Branch, in vaults in New York and London. The bars are allocated, meaning they are recorded as belonging to the trust. The trust does not lend its gold, and the custodian is not allowed to lend it either. iShares publishes the bar list and the latest vault inspection report. Bureau Veritas carried out the most recent inspection on December 5, 2025.
How is IAUM taxed?
In the US, IAUM is taxed as if you owned the gold directly, because it is a grantor trust holding physical metal. Long-term gains can be taxed at the collectibles rate of up to 28%, higher than the usual long-term capital-gains rates on stock funds. Because the trust pays no distributions, tax usually comes due only when shares are cashed in at a gain. Tax-advantaged accounts follow different rules, and a tax professional can explain how they apply.