IAUM 10-K & 10-Q changes, risk factors and insider trading

As of the date of this filing, the LBMA Gold Price AM and LBMA Gold Price PM have been subjected to the test of actual trading markets for approximately ten11 years. As with any innovation, it is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the system to produce, an LBMA Gold Price AM or LBMA Gold Price PM on any given day. In addition, if a perception were to develop that the LBMA Gold Price AM or LBMA Gold Price PM are vulnerable to manipulation attempts, or if the administrative proceedings surrounding the determination and publication of the LBMA Gold Price AM or LBMA Gold Price PM were seen as unfair, biased or otherwise compromised by the markets, the behavior of investors and traders in gold may change, and those changes may have an effect on the price of gold (and, consequently, the value of the Shares). In any of these circumstances, the intervention of extraneous events disruptive of the normal interaction of supply and demand of gold at any given time may result in distorted prices and losses on an investment in the Shares that, but for such extraneous events, might not have occurred.

Other effects of disruptions in the determination of the LBMA Gold Price AM or LBMA Gold Price PM or any inaccuracies in setting of the auction prices on the operations of the Trust include the potential for an incorrect valuation of the Trust’s gold, an inaccurate computation of the Sponsor’s fee,fees, and the sales of gold to cover Trust expenses at prices that do not accurately reflect the fundamentals of the gold market. Each of these events could have an adverse effect on the value of the Shares. The operation of the auction process which determines the LBMA Gold Price is also dependent on the continued operation of the LBMA and the IBA and their applicable systems.

The amount of gold represented by each Share will decrease over the life of the Trust due to the sales of gold necessary to pay the Sponsor’s feefees and other Trust expenses. Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline and you will lose money on your investment in Shares.

Because the Trust does not have any income, it needs to sell gold to cover the Sponsor’s feefees and expenses not assumed by the Sponsor. The Trust may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of gold held by the Trust. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trustee will still need to sell gold to pay the Sponsor’s fee.fees. The result of these sales is a decrease in the amount of gold represented by each Share. New deposits of gold, received in exchange for new Shares issued by the Trust, do not reverse this trend.

Upon termination of the Trust, the Trustee will sell gold in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the Trust. The remaining gold will be distributed among Authorized Participantsinvestors surrendering Shares. Any gold remaining in the possession of the Trustee after 90 days will be sold by the Trustee pursuant to the Sponsor’s direction, or, if the Sponsor does not provide any direction, as the Trustee determines, and the proceeds of the sale will be held by the Trustee until claimed by any remaining holders of Shares. Sales of gold in connection with the liquidation of the Trust at a time of low prices will likely result in losses, or adversely affect your gains, on your investment in Shares.

The Sponsor, ana indirectconsolidated subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust. The Sponsor relies on BlackRock’s enterprise risk management (“ERM”) framework for the Trust’s cybersecurity risk management and strategy. Although BlackRock has implemented policies and controls, and takes protective measures involving significant expense, to prevent and address potential data breaches, inadvertent disclosures, increasingly sophisticated cyber-attacks and cyber-related fraud, there can be no assurance that any of these measures proves fully effective. In addition, a successful cyber-attack may persist for an extended period of time before being detected, and it may take a considerable amount of time for an investigation to be completed and the severity and potential impact to be known. Furthermore, the Trust cannot control the cybersecurity plans and systems of its Service Providers. The Trust and its Shareholders could be negatively impacted as a result.

The Sponsor and the Trustee may agree to amend the Trust Agreement, including to increase the Sponsor’s fee,fees, without Shareholder consent. The Sponsor shall determine the contents and manner of delivery of any notice of any Trust Agreement amendment. If an amendment imposes new fees and charges or increases existing fees or charges, including the Sponsor’s feefees (except for taxes and other governmental charges, registration fees or other such expenses), or prejudices a substantial right of Shareholders, it will become effective for outstanding Shares 30 days after notice of such amendment is given to registered owners. Shareholders that are not registered owners (which most shareholders will not be) may not receive specific notice of a fee increase other than through an amendment to the prospectus. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders are deemed to agree to the amendment and to be bound by the Trust Agreement as amended without specific agreement to such increase (other than through the “negative consent” procedure described above).

Shares of the Trust trade on NYSE ArcaArca, Inc. under the ticker symbol IAUM.

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.fees. The Trust’s only source of liquidity is its sales of gold.

Net increase in net assets resulting from operations for the year ended December 31, 2024 was $284,556,077, resulting from ana unrealizednet realized gain onof investment$162,376 infrom gold bullion ofsold $204,861,131,to pay expenses, a net realized gain of $80,394,076 on gold bullion distributed for the redemption of Shares and aan net realizedunrealized gain ofon $162,376investment fromin gold bullion soldof to pay expenses,$204,861,131, partially offset by a net investment loss of $861,506. Other than the Sponsor’s fees of $861,506, the Trust had no expenses during the year.

Net increase in net assets resulting from operations for the year ended December 31, 2023 was $137,591,766, resulting from ana unrealizednet realized gain onof investment$40,838 infrom gold bullion ofsold $109,176,583,to pay expenses, a net realized gain of $29,060,925 on gold bullion distributed for the redemption of Shares and aan net realizedunrealized gain ofon $40,838investment fromin gold bullion soldof to pay expenses,$109,176,583, partially offset by a net investment loss of $686,580. Other than the Sponsor’s fees of $686,580, the Trust had no expenses during the year.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑lookingforward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The Quarter Ended MarchJune 31,30, 2026

The Trust’s net asset value increaseddecreased from $6,029,172,796 at December 31, 2025 to $7,153,505,487 at March 31, 2026 to $6,306,659,686 at June 30, 2026, aan 18.65%11.84% increase.decrease. The increasedecrease in the Trust’s net asset value resulted primarily from a decrease in the price of gold, which fell 12.64% from $4,608.35 at March 31, 2026 to $4,026.05 at June 30, 2026. The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 140,400,000 Shares at December 31, 2025 to 155,750,000 Shares at March 31, 2026 to 157,200,000 Shares at June 30, 2026, a consequence of 19,600,0006,250,000 Shares (392125 Baskets) being created and 4,250,0004,800,000 Shares (8596 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefitted from an increase in the price of gold, which rose 6.97% from $4,307.95 at December 31, 2025 to $4,608.35 at March 31, 2026.

The 6.96%12.65% increasedecrease in the NAV from $42.94 at December 31, 2025 to $45.93 at March 31, 2026 to $40.12 at June 30, 2026 is directly related to the 6.97%12.64% increasedecrease in the price of gold.

The NAV increaseddecreased slightly lessmore than the price of gold on a percentage basis due to the Sponsor’s fee, which was $1,280,271$1,237,990 for the quarter, or 0.02% of the Trust’s average weighted assets of $7,417,916,182$7,094,436,767 during the quarter. The NAV of $53.88$48.54 on JanuaryApril 29,17, 2026 was the highest during the quarter, compared with a low during the quarter of $43.39$39.88 on JanuaryJune 2,25, 2026.

The net increasedecrease in net assets resulting from operations for the quarter ended MarchJune 31,30, 2026 was $362,111,337,$919,700,543, resulting from an unrealized loss on investment in gold bullion of $973,817,764 and a net investment loss of $1,237,990, partially offset by a net realized gain of $394,945$369,610 from gold bullion sold to pay expenses,expenses and a net realized gain of $54,549,203$54,985,601 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $308,447,460, partially offset by a net investment loss of $1,280,271.Shares. Other than the Sponsor’s fee of $1,280,271,$1,237,990, the Trust had no expenses during the quarter.