iShares Gold Trust Micro (IAUM) operates as a grantor trust holding physical gold, offering fractional ownership via shares traded on NYSE Arca. From December 2024 to December 2025, the Trust’s net asset value expanded over fourfold alongside a near tripling of outstanding shares, reflecting strong investor inflows amid rising gold prices. Its fee structure, backed by BlackRock’s voluntary waiver, remains highly competitive for gaining accessible gold exposure without the burdens of physical ownership. Key risks revolve around gold price volatility, benchmark pricing dependencies, and custodial insurance limitations.