What Is IAUM? iShares Gold Trust Micro

IAUM is the iShares Gold Trust Micro, BlackRock's low-fee gold ETF. It holds allocated physical gold bullion in vaults and tracks the spot gold price at a 0.09% expense ratio, the cheapest fee among major gold funds. It launched in June 2021 as a micro companion to the older, larger IAU, with a lower per-share price aimed at cost-focused and fractional buyers.

Like IAU, IAUM is a grantor trust, not a stock fund. Each share is a fractional claim on gold bars held by a custodian. There is no index of companies, no dividend, and no active management. The value simply follows gold, minus a very small fee, which makes IAUM one of the leanest ways to hold bullion through a brokerage account.

Approximate weights as of mid-2026; refresh quarterly from BlackRock iShares's fund page. Each ticker links to its individual stock guide in Walnut.

IAUM holds physical gold and essentially nothing else. There are no equities, futures, or swaps inside it. A custodian stores allocated gold bars, and the trust publishes its holdings so investors can verify the metal. A small cash reserve covers expenses, leaving the fund close to fully invested in gold.

Because it is pure bullion, IAUM produces no income and its return is the change in the gold price alone. Gold ran to record highs across 2025 and into 2026 on geopolitical tension, central-bank buying, and dollar weakness, lifting IAUM with it. The same purity means IAUM can stall or decline for extended periods when those drivers fade.

IAUM's headline advantage is cost. At 0.09% it is the cheapest major gold ETF, narrowly undercutting State Street's GLDM at 0.10% and sitting well below its own sibling IAU at 0.25% and the flagship GLD at 0.40%. All four hold physical gold, so the exposure is effectively the same; the difference is the fee you pay to hold it.

The trade-off for the micros is liquidity and options depth. IAU and GLD trade in far greater volume and have deep options markets that active traders and hedgers value. For a long-term buyer who just wants gold at the lowest ongoing cost and a low share price for fractional purchases, IAUM is purpose-built. For heavy trading or hedging, the larger funds still lead.

IAUM's performance is the gold price minus a 0.09% annual fee, so it has no separate story beyond the metal. Its ultra-low fee means it tracks gold slightly more closely over time than pricier peers, though the gap is small year to year. Gold's historic 2025 to 2026 rally to record highs pulled IAUM up alongside it.

The outlook is entirely a gold outlook. Banks published a wide range of 2026 gold targets, some bullish and some cautious about a sharp reversal after a big run. Gold pays no income and can underperform stocks and bonds for long stretches when risk appetite is high. IAUM will track gold up or down, minus its minimal fee.

Investors often use gold as a diversifier or potential hedge, and IAUM delivers that exposure at the lowest ETF fee available, which compounds in your favor over long holding periods. It produces no income, can be volatile, and receives collectibles tax treatment on gains in taxable accounts, so size and time horizon matter.

Whether IAUM fits your portfolio depends on your goals, risk tolerance, and existing gold exposure. Walnut is not an investment adviser, and this is not a recommendation to buy or sell IAUM. It is presented as one low-cost, physically backed way to hold gold so you can weigh it yourself.

IAUM trades like a stock during market hours on brokerages such as Robinhood, Fidelity, Schwab, and Public. Its low per-share price and wide fractional-share support make it well suited to dollar-cost averaging and small, regular purchases. There is no minimum beyond one share, or a fractional slice where offered.

With Walnut, you connect your existing brokerage account and Walnut tracks IAUM inside your baskets and target weights, showing how your gold sleeve fits alongside the rest of your holdings. Walnut never takes custody of your assets; trades and positions stay at your broker, and you approve every order.

IAUM is the cheapest way to hold physical gold in an ETF at 0.09%, undercutting GLDM (0.10%), IAU (0.25%), and GLD (0.40%). It is built for long-term, cost-sensitive holders and small or fractional purchases. Same gold exposure as IAU, just a lower fee and a lower share price, with no yield.

Whether IAUM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is IAUM a buy?

IAUM yields 0% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see IAUM dividend: yield and schedule.