The iShares Gold Trust Micro (IAUM) is an exchange-traded product sponsored by iShares Delaware Trust Sponsor, a BlackRock subsidiary, that gives investors exposure to gold prices without owning physical gold. The Trust holds physical gold bars in custody via JPMorgan Chase Bank and issues shares representing fractional ownership of that gold. Investors buy and sell IAUM shares on NYSE Arca through a standard brokerage account. The Trust is structured as a grantor trust under New York law, with The Bank of New York Mellon serving as Trustee and computing NAV daily. Only a small group of authorized participants — Goldman Sachs, J.P. Morgan Securities, Merrill Lynch Professional Clearing, and Virtu Americas — can create or redeem shares directly with the Trust in blocks of 50,000 shares, a mechanism designed to keep the share price aligned with the underlying gold NAV. The Trust's only revenue source is a Sponsor fee accrued at an annualized rate of 0.09% of NAV, currently waived to 0.07% through June 2027. This fee is paid by periodically selling small amounts of the Trust's gold, slowly eroding shareholders' gold exposure over time. The Trust does not lend gold or engage in any other investment activity, and is not actively managed. BlackRock, as Sponsor, earns this fee and in return covers most operating costs, including Trustee, custodian, and exchange listing fees.