IAUMHIGH SIGNALFINANCIAL10-K

IAUM experienced explosive growth with net assets increasing from $1.36B to over $4.2B and shares outstanding nearly tripling from 53.4M to 152.4M, while net income surged 462% to $1.6B.

This represents massive expansion in the gold trust, likely driven by strong investor demand for gold exposure amid market conditions favoring precious metals. The dramatic increase in both assets under management and share count indicates significant capital inflows, though higher operating losses suggest scaling challenges.

Comparing 2026-02-27 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

The trust experienced extraordinary growth with net income exploding 462% to $1.6B, while the cost basis of gold holdings quadrupled from $1.04B to $4.28B, reflecting massive asset inflows. However, operating income deteriorated from -$862K to -$2.4M, indicating higher operational costs accompanying this rapid expansion. Overall, this signals tremendous investor appetite for gold exposure through IAUM, though the increased operating losses warrant monitoring as the trust scales.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+461.8%
$284.6M→$1.6B

Net income grew 461.8% — bottom-line growth signals improving overall business health.

Operating Income
P&L
-172.9%
-$862K→-$2.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-19
ADDED
iaum20251231_10k.htm 0001759124 iShares Gold Trust Micro false --12-31 FY 2025 true true true false BlackRock s Board of Directors is actively engaged in the oversight of BlackRock s risk management program.
BlackRock s Board of Directors is actively engaged in the oversight of BlackRock s risk management program.
true Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC.
Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC.
false false false false true true 100.01 0.01 100.00 100.01 0.01 100.00 Cost of investment in gold bullion: $4,282,709,201 and $1,038,334,101, respectively.
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REMOVED
iaum20241231_10k.htm 0001759124 iShares Gold Trust Micro false --12-31 FY 2024 false false false false 100.01 0.01 100.00 100.01 0.01 100.00 Cost of investment in gold bullion: $1,038,334,101 and $1,105,542,600, respectively.
As of January 31, 2025, the Registrant had 53,450,000 Shares outstanding.
The Trust s net asset value grew from $1,221,830,170 at December 31, 2023 to $1,359,466,882 at December 31, 2024, the Trust s fiscal year end.
Outstanding Shares of the Trust decreased from 59,350,000 Shares outstanding at December 31, 2023 to 52,200,000 Shares outstanding at December 31, 2024.
acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust s gold is warehoused and was inventoried on December 6, 2024 and issued their reports summarizing their findings.
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