iShares Gold Trust Micro
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
IAUM$40.51-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-19.
0001437749-25-004258
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0001437749-26-006057
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 32 previous paragraphs and 32 current paragraphs.
24 unchanged; 4 reworded; 4 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
The Trust’s net asset value increased from $1,359,466,882 at December 31, 2024 to $6,029,172,796 at December 31, 2025, a 343.50% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 52,200,000 Shares at December 31, 2024 to 140,400,000 Shares at December 31, 2025, a consequence of 105,000,000 Shares (2,100 Baskets) being created and 16,800,000 Shares (336 Baskets) being redeemed during the year. The increase in the Trust’s net asset value also benefitted from an increase in the price of gold, which rose 65.00% from $2,610.85 at December 31, 2024 to $4,307.95 at December 31, 2025.
Current report
The 64.90% increase in the NAV from $26.04 at December 31, 2024 to $42.94 at December 31, 2025 is directly related to the 65.00% increase in the price of gold.
Current report
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $2,350,779 for the year, or 0.07% of the Trust’s average weighted assets of $3,358,344,407 during the year. The NAV of $44.67 on December 24, 2025 was the highest during the year, compared with a low during the year of $26.27 on January 6, 2025.
Current report
Net increase in net assets resulting from operations for the year ended December 31, 2025 was $1,598,557,846, resulting from a net realized gain of $541,887 from gold bullion sold to pay expenses, a net realized gain of $174,763,427 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $1,425,603,311, partially offset by a net investment loss of $2,350,779. Other than the Sponsor’s fees of $2,350,779, the Trust had no expenses during the year.
Removed paragraphs (4)
Previous report
The Trust’s net asset value increased from $872,384,122 at December 31, 2021 to $1,127,844,172 at December 31, 2022, a 29.28% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 47,950,000 at December 31, 2021 to 62,300,000 at December 31, 2022, a consequence of 31,300,000 Shares (626 Baskets) being created and 16,950,000 Shares (339 Baskets) being redeemed during the year. The increase in the Trust’s net asset value was partially offset by a decrease in the price of gold, which fell 0.43% from $1,820.10 at December 31, 2021 to $1,812.35 at December 31, 2022.
Previous report
The 0.49% decrease in the NAV from $18.19 at December 31, 2021 to $18.10 at December 31, 2022 is directly related to the 0.43% decrease in the price of gold.
Previous report
The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $773,425 for the year, or 0.07% of the Trust’s average weighted assets of $1,105,463,005 during the year. The NAV of $20.38 on March 8, 2022 was the highest during the year, compared with a low of $16.27 on November 3, 2022.
Previous report
Net increase in net assets resulting from operations for the year ended December 31, 2022 was $2,422,092, resulting from an unrealized loss on investment in gold bullion of $6,619,441, a net realized gain of $9,817,439 on gold bullion distributed for the redemption of Shares, a net realized loss of $2,481 from gold bullion sold to pay expenses, and a net investment loss of $773,425. Other than the Sponsor’s fees of $773,425, the Trust had no expenses during the year.
Reworded paragraphs (4)
Previous wording
Shares of the Trust trade on NYSE Arca under the ticker symbol IAUM.
Current wording
Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol IAUM.
Previous wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of gold.
Current wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fees. The Trust’s only source of liquidity is its sales of gold.
Previous wording
Net increase in net assets resulting from operations for the year ended December 31, 2024 was $284,556,077, resulting from an unrealized gain on investment in gold bullion of $204,861,131, a net realized gain of $80,394,076 on gold bullion distributed for the redemption of Shares and a net realized gain of $162,376 from gold bullion sold to pay expenses, partially offset by a net investment loss of $861,506. Other than the Sponsor’s fees of $861,506, the Trust had no expenses during the year.
Current wording
Net increase in net assets resulting from operations for the year ended December 31, 2024 was $284,556,077, resulting from a net realized gain of $162,376 from gold bullion sold to pay expenses, a net realized gain of $80,394,076 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $204,861,131, partially offset by a net investment loss of $861,506. Other than the Sponsor’s fees of $861,506, the Trust had no expenses during the year.
Previous wording
Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from an unrealized gain on investment in gold bullion of $109,176,583, a net realized gain of $29,060,925 on gold bullion distributed for the redemption of Shares and a net realized gain of $40,838 from gold bullion sold to pay expenses, partially offset by a net investment loss of $686,580. Other than the Sponsor’s fees of $686,580, the Trust had no expenses during the year.
Current wording
Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from a net realized gain of $40,838 from gold bullion sold to pay expenses, a net realized gain of $29,060,925 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $109,176,583, partially offset by a net investment loss of $686,580. Other than the Sponsor’s fees of $686,580, the Trust had no expenses during the year.