IAU Fund Description

The iShares Gold Trust tracks the gold spot price, less expenses and liabilities, using gold bars held in vaults around the world.

IAU ETF.com Insight

IAU is the lowest-cost option in the segment, charging just 25 bps (15 bps less than segment powerhouse GLD). Although it has managed to build a nice asset base, it isn't as easy or cheapIAU is a well-managed fund with a competitive round-trip cost to trade as GLD. The fund's handle is 1/100th of an ounce of gold, which matters for investors who pay a per share fee, as it requires 10x as many shares of IAU to get the same exposure as GLD. It's a great choice for most retail investors, however, as its gold is vaulted around the world and its issuer is unlikely to close it down any time soon. It is a well-managed fund with a competitive round-trip cost that is the best choice for physical gold exposure for everyone except large traders and investors with specific vaulting requirements. For its broad appeal, IAU earns a spot on our Analyst Pick list. (Insight updated 07/24/2014)

1 Year
Performance [as of 12/17/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
IAU 0.26% -2.70% -1.46% -3.52% -9.60% 1.38% --
IAU (NAV) -- -3.34% -0.77% -3.18% -9.39% 60.65% --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

IAU Top 10 Contracts

IAU Summary Data

BlackRock

A company that produces and manages ETFs.

01/21/05

The first date of a fund's operations, as documented by the issuer.

Grantor Trust

The organizational structure of the fund or ETN.

0.25%

The net total annual fee a fund holder pays to the issuer.

$6.2 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$47.28 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.09%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

IAU Portfolio Data

Physically Held

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

Physically Held

Rolling strategy is the process by which a fund deals with contract expiration.

N/A

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

--

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to the current front month contract.

--

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to each holding's preceding contract.

1

The number of single commodities represented in the fund holdings.

IAU Index Data

Gold Spot

This is the benchmark an ETF is desigend to track or replicate.

Single Asset

A set of rules that the underlying index provider follows to weight its constituent securities.

Single Asset

A set of rules that the underlying index provider follows to select its constituent securities.

Gold Spot

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to IAU

GLD, UBG, AGOL, SGOL, DGL

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

IAU Commentary & News

13 December 2014 Search Keyword
26 August 2014 Gold ETFs | ETF.com

IAU ETF.com Efficiency Insight

IAU's strong Efficiency is a testament to its low expense ratio (25 bps) and grantor trust structure. It's a stable fund with more than $6B in AUM, so investors can plan to hold it indefinitely if need be. IAU has tended to lag its index by no more than its expense ratio, with only minor deviations between NAV and the price of gold. Beware of taxes: long-term gains max out at a 28% rate. (Insight updated 07/24/2014)

Total Return - 07/24/2014
Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
IAU -2.03% -0.08% 7.28% -2.26% -7.14% 6.03% --
IAU (NAV) -1.97% 0.03% 7.41% -3.44% -7.14% 6.00% --
Gold Spot -1.95% 0.10% 7.33% -3.16% -6.90% 6.32% 12.69%
Gold Spot -1.95% 0.10% 7.33% -3.16% -6.90% 6.32% 12.69%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

IAU Portfolio Management

0.25%

The net total annual fee a fund holder pays to the issuer.

-0.21%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.14%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.31%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

IAU Tax Exposure

28.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

IAU Fund Structure

Grantor Trust

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

IAU ETF.com Tradability Insight

IAU is extremely liquid, with high volume at tight spreads that are more than sufficient for long-term investors, but are inferior to GLD, and potentially unappealing to active traders. Institutions can trade blocks easily, but the lack of a developed options market means IAU is not likely to be the go-to choice for massive trading desks. (Insight updated 07/24/2014)



Average Spread
Premium/Discount
Volume

IAU ETF.com/ Block LiquidityAs of 12/18/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of IAU. IAU is rated a 5 out of 5.

IAU Tradability

4,086,882

It is the daily number of shares traded, averaged over the past 45 trading days.

$47.28 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

3,319,939

Median number of shares traded over the past 45 trading days.

$39.5 M

Median dollar value of shares traded over the past 45 trading days.

0.09%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.07%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

2.33% / -1.55%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

66.40

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.09%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

71,573

The total number of net outstanding options contracts for an ETF.

$11.57

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

IAU ETF.com Fit Insight

IAU is strong proxy for gold spot, lagging it only by the cost of running the portfolio. Its gold is vaulted around the world, so those particular about the location of their gold vaulting should look elsewhere (like SGOL or AGOL). Overall, IAU is a fantastic way to invest in gold bullion without having to find a place to store it. (Insight updated 07/24/2014)

IAU Sector Breakdown

IAU Segment Benchmark
100.00% 100.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

IAU Top 10 Contracts

IAU Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.01

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.01%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

IAU Top 5 Collateral Investments

No data available

IAU Expected Decay

IAU Segment Benchmark
CommodityWeightDecay
to Front
Decay to
Preceding
CommodityWeightDecay
to Front
Decay to
Preceding
Gold100.00%0.00%0.00%Gold100.00%0.00%0.00%
Weighted Average
Expected Decay:
Weighted Average
Expected Decay:

Expected Decay: Decay-to-front measures the annualized price difference between the price of a futures contract and the current front-month futures price for the commodity. Decay-to-front shows the annualized expected cost (appreciation) should the front month price not change between now and contract expiration. We annualize this cost to make it uniform for all contract months. Decay-to-preceding similarly measures the annualized price difference between a futures contract and the contract before it on the curve and shows the annualized expected cost (appreciation) should the spot prices and the shape of the curve remain intact. The figures are presented as decay, so a negative number implies an expected gain and a positive number implies an expected loss. Front month positions are evaluated against the next available contract ahead of it on the curve.

Term Structure