10-K: iShares Gold Trust Micro Reports Strong 2025 Growth

iShares Gold Trust Micro's net assets surged 343.50% to over $6 billion in 2025, driven by a significant increase in shares outstanding and a 65% rise in gold prices.

Summary

• Net assets increased from $1,359,466,882 at December 31, 2024, to $6,029,172,796 at December 31, 2025, representing a 343.50% increase.
• Outstanding Shares grew from 52,200,000 at December 31, 2024, to 140,400,000 at December 31, 2025, with 105,000,000 shares created and 16,800,000 shares redeemed during the year.
• The price of gold increased by 65.00% from $2,610.85 at December 31, 2024, to $4,307.95 at December 31, 2025.
• Net Asset Value (NAV) per Share increased by 64.90% from $26.04 at December 31, 2024, to $42.94 at December 31, 2025.
• Net increase in net assets resulting from operations for the year ended December 31, 2025, was $1,598,557,846.
• The Trust is a passive investment vehicle designed to reflect the performance of the price of gold before expenses and liabilities.
• The Sponsor has voluntarily waived a portion of its fees, resulting in an annualized rate of 0.07% of the Trust's net asset value through June 30, 2027.
• BlackRock's Board of Directors and its Risk Committee are actively engaged in the oversight of BlackRock's risk management program, including cybersecurity threats, which also applies to the Trust.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive report, highlighting exceptional growth in net assets and shares outstanding, driven by a strong gold market and competitive fee structure. The robust cybersecurity framework also adds to confidence.

Positives

• Net assets experienced a substantial growth of 343.50%, reaching $6,029,172,796 by December 31, 2025.
• Outstanding shares significantly increased from 52,200,000 to 140,400,000 in 2025, indicating strong investor demand.
• The price of gold appreciated by 65.00% in 2025, directly contributing to the Trust's asset value.
• NAV per Share closely tracked the gold price increase, rising by 64.90% to $42.94.
• The Sponsor's fee waiver to 0.07% through June 30, 2027, makes the investment a cost-efficient alternative for gold exposure.
• Management assessed and confirmed the effectiveness of the Trust's internal control over financial reporting as of December 31, 2025, which was also audited by PricewaterhouseCoopers LLP.
• A private letter ruling from the IRS confirms that purchasing Shares by an IRA or tax-qualified plan account will not constitute the acquisition of a collectible under Code Section 408(m).

Negatives

• The amount of gold represented by each Share will continuously decrease over the Trust's life due to sales of gold to cover Sponsor fees and other Trust expenses, requiring gold price increases to maintain share value.
• The Trust is a passive investment vehicle and does not actively manage its gold holdings, meaning it cannot employ hedging techniques to mitigate losses from price decreases.
• Shares may trade at a discount or premium to their Net Asset Value (NAV), particularly during non-concurrent trading hours between major gold markets and NYSE Arca.
• The Trust's exclusive holding of gold results in a lack of diversification, making its net asset value potentially more volatile than a broadly diversified portfolio.
• Shareholders do not receive the regulatory protections afforded to investors in registered investment companies or commodity pools.
• The Custodian's liability for loss or damage to the Trust's gold is limited to specific circumstances (negligence, fraud, willful default), and the Trust is not a beneficiary of the Custodian's insurance.
• The Sponsor may revert to a higher fee (0.09%) prior to June 30, 2027, with 30 days' notice, which would increase expenses for shareholders.

Risks

• Actual or perceived disruptions in the processes used to determine the LBMA Gold Price PM, or lack of confidence in that benchmark, may adversely affect the return on investment.
• Future governmental decisions, such as those impacting gold supply and demand, may significantly decrease or increase the value of the Trust's net assets.
• Because the Trust holds only gold, an investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.
• The market price of the Shares will be as unpredictable as the price of gold, creating potential for losses if gold prices decline.
• The amount of gold represented by each Share will decrease over the life of the Trust due to sales of gold necessary to pay the Sponsor's fees and other Trust expenses.
• The price received upon the sale of Shares may be less than the value of the gold represented by them due to market supply and demand dynamics.
• An investment in the Shares may be adversely affected by competition from other methods of investing in gold.
• The liquidation of the Trust may occur at a time when the disposition of the Trust's gold will result in losses to investors.
• The liquidity of the Shares may be affected by the withdrawal of Authorized Participants, potentially decreasing the market price.
• Redemptions of Baskets may be suspended during periods of market disruption or emergency, leading to potential losses for Authorized Participants and reduced secondary market liquidity.
• Holders of 75% of the Shares have the power to terminate the Trust, which could force investors to find alternative gold investment vehicles.
• The lack of an active trading market for the Shares may result in losses at the time of disposition.
• If the process of creation and redemption of Baskets encounters unanticipated difficulties, arbitrage opportunities may not exist, and the price of Shares may diverge from NAV.
• As an owner of Shares, investors will not have the rights normally associated with ownership of other types of shares (e.g., voting, dividends).
• The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Custodian.
• The Trust is exposed to various operational risks, including human error, information technology failures, and non-compliance with formal procedures.
• The Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and markets.
• The Trust relies on the information and technology systems of its service providers, which could be adversely affected by information systems interruptions, cybersecurity incidents, or other disruptions.
• Conflicts of interest may occur as the Sponsor and its affiliates manage other accounts, funds, or trusts that invest in gold bullion or other precious metals.
• The Sponsor and the Trustee may agree to amend the Trust Agreement without Shareholder consent, potentially increasing fees or prejudicing substantial rights.
• The gold bullion custody operations of the Custodian are not subject to specific governmental regulatory supervision.
• The value of the Shares will be adversely affected if gold owned by the Trust is lost or damaged in circumstances where the Trust cannot recover the corresponding loss.
• A court hearing any legal dispute concerning the Custodian Agreement (governed by English law) may disregard that choice of law and apply U.S. law, potentially limiting the Trust's ability to seek legal redress.
• Shareholders and Authorized Participants lack the right under the Custodian Agreement to assert claims directly against the Custodian.
• Gold transferred to the Trust in connection with the creation of Baskets may not be of the quality required under the Trust Agreement, potentially affecting NAV.
• The Trust's lack of insurance protection and the Shareholders' limited rights of legal recourse against service providers expose Shareholders to the risk of loss of the Trust's gold for which no person is liable.

Future Outlook

The Sponsor does not guarantee the accuracy of its forward-looking statements and is not obligated to update them. The Sponsor has voluntarily committed to a fee waiver, maintaining an annualized rate of 0.07% through June 30, 2027, but retains the discretion to revert to the higher 0.09% fee with 30 days' prior written notice. The Trust does not anticipate a material impact on the gold market or its operations from the removal of new Russian gold bars.

Management Comments

• The Trust seeks to reflect generally the performance of the price of gold, before payment of the Trust's expenses and liabilities.
• The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold.
• Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.
• Neither the Trust nor the Sponsor is under any duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the expectations or predictions.
• The Sponsor has voluntarily agreed to waive a portion of the Sponsors fees so that the Sponsors fees after the fee waiver will not exceed 0.07% through June 30, 2027.
• As of December 31, 2025, BlackRock is not aware of any cybersecurity risks that have materially affected or are reasonably likely to materially affect BlackRock's business strategy, results of operations or financial condition.

Industry Context

StockSavvy.ai notes that the iShares Gold Trust Micro (IAUM) operates within the highly competitive gold exchange-traded product (ETP) market. Its significant asset growth and share issuance in 2025 suggest strong investor demand for gold exposure, potentially driven by macroeconomic uncertainties or inflation concerns, aligning with broader trends of increased interest in safe-haven assets. The Trust's passive management strategy and reliance on the LBMA Gold Price PM are standard for physical gold ETFs, positioning it as a direct competitor to other major gold ETFs like SPDR Gold Shares (GLD) and iShares Gold Trust (IAU), which also aim to track gold prices. The fee waiver to 0.07% makes it highly competitive on cost, a critical factor in the commoditized ETF space.

Comparison to Industry Standards

• The Trust's expense ratio of 0.07% (after fee waiver) is highly competitive within the gold ETF market, significantly lower than larger peers such as SPDR Gold Shares (GLD) with an expense ratio of 0.40% and iShares Gold Trust (IAU) with 0.25%. This positions IAUM as a cost-effective option for micro-exposure to gold.
• The 343.50% growth in net assets in 2025 for IAUM substantially outpaced the general growth rates observed across the broader gold ETF market, indicating strong market capture and investor preference.
• IAUM's NAV per share increase of 64.90% closely mirrored the 65.00% rise in the price of gold in 2025, demonstrating its effectiveness in achieving its objective of tracking gold performance, consistent with the operational standards of physical gold-backed ETPs.

Corporate Governance

Related Party Transactions

• The Sponsor (iShares Delaware Trust Sponsor LLC) and the Trustee (The Bank of New York Mellon) are considered related parties to the Trust.
• The Trustee's fee is paid by the Sponsor and is not a separate expense of the Trust.
• BlackRock Financial Management, Inc., an affiliate of the Sponsor, acted as the Seed Capital Investor by contributing gold for initial shares.
• Certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest in Malaysia Airport Holdings Berhad in March 2025. Malaysia Airport Holdings Berhad had activities with Iran Airtour in November 2025.

Stakeholder Impact

• **Shareholders**: Benefit from significant asset growth and gold price appreciation, but are exposed to risks of gold price volatility, decreasing gold per share due to expenses, and limited regulatory protections.
• **Authorized Participants**: Benefit from the creation/redemption mechanisms but face risks of redemption suspensions and potential difficulties in arbitrage.
• **Sponsor (iShares Delaware Trust Sponsor LLC)**: Benefits from increased assets under management and earns fees from the Trust, while assuming most administrative and marketing expenses.
• **Custodian (JPMorgan Chase Bank N.A., London Branch)**: Responsible for safekeeping the Trust's gold, with its liability limited and its insurance not directly benefiting the Trust.
• **Trustee (The Bank of New York Mellon)**: Administers the Trust, with its fee paid by the Sponsor.

Next Steps

• The Sponsor will provide shareholders with at least 30 days prior written notice through a prospectus supplement or Form 8-K if it chooses to revert to the 0.09% fee prior to June 30, 2027.
• The CISO and TRCC members will continue to monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through BlackRock's incident response plan.

Key Dates

Recommendation

The iShares Gold Trust Micro demonstrated exceptional growth in net assets and NAV per share in 2025, directly benefiting from a substantial increase in gold prices and strong investor inflows. Its competitive fee structure (0.07% after waiver) makes it an attractive vehicle for gold exposure. However, as a passive investment in a single commodity, it inherently carries significant volatility and concentration risk. The continuous decrease in gold per share due to expenses, even with a fee waiver, is a long-term drag on returns. While the strong performance is positive, the fundamental risks associated with a non-diversified, passively managed gold trust remain. A 'hold' recommendation is appropriate for investors seeking direct gold exposure, acknowledging both the strong recent performance and the inherent risks.

Keywords

Gold ETF, iShares Gold Trust Micro, IAUM, Gold Bullion, SEC 10-K, Financial Report, Investment Trust, Precious Metals, BlackRock, LBMA Gold Price, Cybersecurity Risk, Grantor Trust, Net Asset Value, Shareholder Report