iShares Gold Trust Micro (IAUM) is an exchange-traded product sponsored by iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc., that holds physical gold bullion and seeks to reflect generally the performance of the price of gold, less the Trust's expenses and liabilities; the Trust is not registered as an investment company under the Investment Company Act of 1940 nor treated as a commodity pool under the Commodity Exchange Act. Shares, representing fractional undivided beneficial interests in the Trust's net assets consisting primarily of allocated physical gold bars held by the Custodian JPMorgan Chase Bank, N.A., London branch, in vaults located in London and other approved locations, trade on NYSE Arca under the ticker IAUM with a sponsor fee of 0.09% (temporarily waived to 0.07% through June 30, 2027); Baskets of 50,000 Shares are created and redeemed in exchange for gold by Authorized Participants, with the Trustee The Bank of New York Mellon valuing the Trust's gold daily based on the LBMA Gold Price PM and computing net asset value accordingly. The Trust, formed under a Depositary Trust Agreement dated June 15, 2021 with headquarters c/o the Sponsor at 400 Howard Street, San Francisco, CA 94105, serves investors seeking cost-efficient exposure to gold spot prices without the complexities of direct physical ownership; it targets retail and institutional investors globally via secondary market trading, with net assets exceeding $3 billion and holdings of approximately 924,926 ounces (28.77 tonnes) as of mid-2025. Recent institutional interest has driven significant fund inflows, including Envestnet Asset Management Inc. increasing its stake by 1,332% to 104,735 shares in Q2 2025, Sumitomo Mitsui Trust Group Inc. boosting holdings by 39.8% to 9.3 million shares valued at $306.8 million, and new positions by AlTi Global Inc. ($46.2 million) and AlphaCore Capital LLC ($19.1 million), alongside robust one-year fund flows of $2.79 billion reflecting strong investor demand amid gold price appreciation. No major acquisitions, partnerships, product launches, or structural changes have been reported in the last 1-2 years, with operations remaining focused on passive gold tracking and efficient expense management assumed by the Sponsor including Trustee, Custodian, listing, and regulatory costs.