The iShares Gold Trust (IAU) is a BlackRock-sponsored exchange-traded product that gives investors direct exposure to gold prices without requiring them to buy or store physical gold. Each share represents fractional ownership of actual gold bars held in custody by JPMorgan Chase Bank, with vaults in New York, London, and Toronto. The Trust does not trade gold for profit, use futures, or lend its holdings — it simply holds gold on behalf of shareholders, issues new shares when gold is deposited, redeems shares for gold, and sells small amounts of gold to cover expenses. The Trust charges a single annual Sponsor fee of 0.25% of NAV, accrued daily and paid to BlackRock's iShares Delaware Trust Sponsor LLC. This fee covers all operating costs, including custody, trustee, and listing fees. Fee revenue scales directly with both the gold price and shares outstanding. IAU is structured as a New York grantor trust, meaning shareholders are treated for U.S. tax purposes as directly owning a pro rata share of the gold. Shares trade on NYSE Arca and are created or redeemed in large blocks by a small group of authorized broker-dealers, whose arbitrage activity keeps the share price tightly aligned with the underlying gold NAV. Retail investors access shares through standard brokerage accounts.