The iShares Gold Producers UCITS ETF USD (Acc) (IAUP) is an Ireland-domiciled equity ETF managed by BlackRock and traded on the London Stock Exchange.

The fund seeks to track the performance of the S&P Commodity Producers Gold Index, a benchmark composed of publicly traded companies worldwide involved in the exploration and production of gold and related products.

IAUP provides international exposure to the gold mining industry through equities of companies directly involved in the sector. The ETF follows a passive investment strategy and uses physical replication to track its benchmark. It operates under the UCITS framework and follows an accumulating income policy.

The S&P Commodity Producers Gold Index draws from the S&P Global BMI universe and includes companies classified within the Gold sub-industry under the Global Industry Classification Standard (GICS). The methodology applies minimum market capitalization and liquidity requirements and weights constituents by free float-adjusted market capitalization, subject to a 10% cap per company. The index is rebalanced semiannually.

Composition / Exposure Profile

IAUP is concentrated in the Materials sector and holds companies involved in the global gold industry, including:

• Gold producers.

• Precious metals mining companies.

• Companies involved in gold exploration and project development.

Geographically, the fund provides international exposure, with companies from markets including Canada, the United States, Australia, South Africa, China, and the United Kingdom. Country allocations vary according to the composition and weighting of the benchmark.

Although IAUP is linked to the gold industry, its portfolio consists of equities of gold-related companies rather than physical gold. Its performance therefore depends on company-specific factors such as production costs, operational efficiency, reserves, capital investment, and corporate results, in addition to movements in the price of gold.

Structure and Costs

IAUP has the U.S. dollar as both its fund base currency and share class currency and is traded on the London Stock Exchange.

The ETF has a total expense ratio (TER) of 0.55% per year, uses a physical structure, and is domiciled in Ireland under the UCITS framework. It is managed by BlackRock Asset Management Ireland Limited.

IAUP is an accumulating share class, meaning dividends and other income generated by portfolio companies are reinvested within the fund rather than distributed periodically to shareholders.

History and Evolution of the ETF

The iShares Gold Producers UCITS ETF USD (Acc) (IAUP) was launched in 2011 to provide exposure to global companies involved in gold exploration and production.

Since its launch, the fund has maintained a passive strategy linked to the S&P Commodity Producers Gold Index, tracking gold-industry companies across different regions of the world.

Throughout its history, the fund's performance has reflected both movements in the international gold market and factors specific to the mining industry, including production costs, operating conditions, supply and demand dynamics, and broader economic and geopolitical developments.

Additional Information

iShares Gold Producers UCITS ETF USD Acc (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $1.97 billion.

Over the past 12 months, iShares Gold Producers UCITS ETF USD Acc recorded a return of 11.59%, with its price trading between $31.59 and $52.43 during the same period.

The ETF is traded under the ticker IAUP.