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iShares Gold Trust Micro
iShares Gold Trust Micro operates within BlackRock's exchange-traded fund ecosystem, designed as an accessible vehicle for gaining exposure to physical gold.
iShares Gold Trust Micro
iShares Gold Trust Micro operates within BlackRock's exchange-traded fund ecosystem, designed as an accessible vehicle for gaining exposure to physical gold. Unlike futures-based or equity gold-miner funds, this trust holds allocated London Good Delivery gold bars in vaults, with the micro share class representing a fraction of the standard iShares Gold Trust shares, making it structurally a lower-cost entry point for retail and institutional portfolios. The trust's underlying asset is physical bullion, and its shares are intended to track the spot price of gold less expenses. This is a single-asset, commodity-backed structure that does not deploy capital into companies, private deals, or operating businesses. Its geographic footprint is concentrated on the custody and trading infrastructure spanning London vaults and US exchange listings. BlackRock, the trust's sponsor, oversees the broader iShares platform, which is the largest ETF franchise globally. The iShares Gold Trust Micro is a subsequent innovation built on the existing iShares Gold Trust, lowering the dollar amount required to purchase a single share, thereby broadening the potential investor base without altering the trust's underlying mandate or physical redemption mechanisms. Gold trusts carry the structural distinction of being grantor trusts for tax purposes, meaning shareholders are typically taxed on gains as if they owned the gold directly — a collectibles tax rate rather than standard long-term capital gains. This differentiator from standard equity or commodity-futures ETFs has significant portfolio construction implications for taxable investors and is central to evaluating the vehicle's fit within institutional or high-net-worth allocations.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Larry Fink
Chairman and CEO, BlackRock
Robert Kapito
President, BlackRock
Sector focus
Frequently asked questions
What is the difference between iShares Gold Trust Micro and the standard iShares Gold Trust (IAU)?
The primary difference is the share price, which is set at a fraction of the standard IAU shares to allow investors to purchase gold-backed ETF shares with a smaller dollar outlay. The underlying assets and structure remain identical, with both holding physical London Good Delivery gold bars in vaults. This split lowers the barrier to entry, particularly for dollar-cost-averaging strategies or smaller retirement accounts.
Does the trust hold physical gold or gold futures?
It holds allocated physical gold bullion. The custodian stores London Good Delivery gold bars in secure vaults, and the trust publishes the serial numbers and weights of the bars, allowing investors to verify holdings directly. This is distinct from commodity-pool ETFs that achieve exposure through futures contracts and roll strategies.
How are shares of a gold trust taxed compared to a standard equity ETF?
Gold trusts are structured as grantor trusts, meaning shareholders are treated as owning a pro-rata share of the physical gold. Long-term gains are taxed at the collectibles rate, currently a maximum of 28%, rather than the standard long-term capital gains rate of 20%. This tax treatment is a critical consideration for taxable accounts and is distinct from most equity or fixed-income ETFs.
Who manages the iShares Gold Trust Micro?
The trust is sponsored by iShares Delaware Trust Sponsor LLC, a subsidiary of BlackRock. BlackRock, led by Chairman and CEO Larry Fink, is the world's largest asset manager, and its iShares platform is the largest global ETF franchise. The state street global markets and JPMorgan Chase Bank act as custodian and administrator for the underlying gold.
Can investors redeem shares for physical gold?
Retail investors cannot redeem shares for physical gold bars. Redemption of actual metal is limited to authorized participants, typically large financial institutions, and occurs in minimum basket sizes. Individual investors buy and sell shares on the secondary market at market prices, which tightly track the net asset value of the underlying gold.
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