Highlights

  • Exposure focus: Physical gold exposure through a listed trust.
  • Official net Assets were USD 59,873,177,264 as at 4 November 2026.
  • The listed net annual expense ratio is 0.25%.
  • Its reference measure is LBMA Gold Price.

iShares Gold Trust (NYSEARCA:IAU) provides exposure to gold bullion through trust shares. The reference benchmark is the LBMA Gold Price. Its underlying exposure is the metal itself, so the economic drivers differ from those of Mining companies, which also face operating costs, management decisions and project-specific risks.

Investment approach and market coverage

iShares Gold Trust (NYSEARCA:IAU) is structured as a trust. Its objective is linked to the underlying asset price, with LBMA Gold Price serving as the reference measure. The exposure differs from a portfolio of operating companies or conventional bonds. Shareholders hold exchange-traded securities rather than direct title to a personally selected quantity of the underlying asset. Fees and the operation of the trust can cause the Shareholder experience to differ from a simple quoted spot price.

Holdings and underlying exposure

The underlying exposure is physical gold bullion. This gives IAU a different source of risk from funds holding mining shares, whose prices also depend on production costs, operating execution and company financing. A bullion allocation does not provide corporate Earnings or bond coupons. The trust structure packages ownership exposure into listed shares, while its custody arrangements and operating expenses remain relevant to the value represented by each share.

Fees distributions and share pricing

iShares Gold Trust (NYSEARCA:IAU) has a listed gross annual expense ratio of 0.25% and net annual expense ratio of 0.25%. At the net rate, USD 10,000 held at a constant value for a full year would imply approximately USD 25.00 in annual fund expenses. This is an illustrative fee calculation, excluding changes in value, brokerage costs and bid-ask spreads. Expenses are reflected within the product rather than quoted as a promised Investment outcome.

The underlying asset does not generate a contractual income stream. This exposure should therefore be understood primarily through changes in asset value after expenses, rather than as a scheduled income allocation. Trust expenses and asset sales used to meet them can affect the quantity of underlying exposure represented by a share over time.

iShares reported net asset value of USD 75.88 per share as at 4 November 2026. NAV measures the underlying net asset value allocated to a share; it is not an exchange closing-price quotation. Shares trade on NYSE Arca, where the transaction price can differ from NAV and where the bid-ask spread adds to the cost of entering or exiting a position.

Bullion prices and the trust structure

Gold generates no corporate earnings or contractual interest payment. Its price can respond to real interest rates, currency movements and shifts in Demand for bullion. Holding a listed trust avoids personal storage arrangements, while custody and the trust operating structure remain relevant. Ongoing expenses reduce the economic exposure attributable to a share over time. Gold does not provide a guaranteed hedge against Inflation over every holding period.

Key Insights

iShares Gold Trust (NYSEARCA:IAU) is defined by its underlying asset and trust structure. Its holdings explain the actual exposure, while the fee schedule and distribution arrangements explain important ownership mechanics. These features need to be considered together: broad coverage, a particular style or a specified Maturity band each changes the risks a shareholder takes. The investment objective remains a target, and the value of the shares can decline.

Data checked on 5 November 2026. Each numerical observation uses the specific source date stated above.