What changed in this filing

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Item 1. Financial Statements

2022-11-01 compared with 2022-08-04 · 137 added, 97 removed, 445 unchanged (34% of the section changed)

3 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2022 and December 31, 2021

At September 30, 2022 and December 31, 2021

September 30,

Investment in gold bullion, at fair value (a)

25 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2022 and the period from June 15, 2021 (Date of Inception) to June 30, 2021

Three Months Ended

June 30, 2022

June 15, 2021

Inception) to

June 30, 2021

Six Months Ended

June 30, 2022

June 15, 2021

For the three and nine months ended September 30, 2022, the three months ended September 30, 2021 and the period from June 15, 2021 (Date of Inception) to September 30, 2021

September 30,

2021 (Date of

Inception) to

June 30, 2021

September 30,

Sponsor’s fees

1 unchanged sentence

$ 200,617  

$ 1,263,520  

$ 201,169  

Sponsor’s fees waiver

5 unchanged sentences

93,522  

589,709  

94,035  

Net investment loss

3 unchanged sentences

Net Realized and Unrealized Gain (Loss)

Net realized gain from:

Net realized gain (loss) from:

Gold bullion sold to pay expenses

3 unchanged sentences

9,979,524  

Net realized gain

Net realized gain (loss)

( 730,215 )  

4 unchanged sentences

( 92,808,513 )  

Net realized and unrealized gain (loss)

( 19,112,803 )

Net realized and unrealized loss

( 84,686,302 )  

1 unchanged sentence

( 82,821,115 )  

Net increase (decrease) in net assets resulting from operations

( 19,112,381 )

Net decrease in net assets resulting from operations

$ ( 84,868,536 )  

2 unchanged sentences

$ ( 19,206,416 )

Net increase (decrease) in net assets per Share (a)

Net decrease in net assets per Share (a)

$ ( 1.42 )  

1 unchanged sentence

$ ( 1.35 )  

Net increase in net assets per Share based on average

Net decrease in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2022

Six Months Ended

June 30, 2022

For the three, six and nine months ended September 30, 2022

Nine Months Ended

September 30, 2022

Net Assets at December 31, 2021

26 unchanged sentences

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

6 unchanged sentences

$ 1,035,816,693  

Net investment loss

Net realized loss

Net change in unrealized appreciation/depreciation

( 83,956,087 )

Net decrease in net assets resulting from operations

( 84,868,536 )

Capital Share Transactions:

Contributions for Shares issued

63,756,093  

Distributions for Shares redeemed

( 10,084,802 )

Net increase in net assets from capital share transactions

53,671,291  

Decrease in net assets

( 31,197,245 )

Net Assets at September 30, 2022

$ 1,004,619,448  

Shares issued and redeemed

4 unchanged sentences

Net increase in Shares issued and outstanding

( 9,100,000 )

12,200,000  

See notes to financial statements.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the period from June 15, 2021 (Date of Inception) to June 30, 2021

For the period from

For the three months ended September 30, 2021 and the period from June 15, 2021 (Date of Inception) to September 30, 2021

June 15, 2021

(Date of Inception)

to June 30, 2021

to September 30,

Net Assets at June 15, 2021

$ 9,325,000  

Net investment loss

3 unchanged sentences

Net Assets at June 30, 2021

$ 8,815,198  

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at September 30, 2021

Shares issued and redeemed

Shares issued

Shares redeemed

Net increase in Shares issued and outstanding

3 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2022 and the period from June 15, 2021 (Date of Inception) to June 30, 2021

Six Months Ended

June 30, 2022

June 15, 2021

(Date of Inception)

to June 30, 2021

For the nine months ended September 30, 2022 and the period from June 15, 2021 (Date of Inception) to September 30, 2021

September 30,

of Inception)

to September 30,

Cash Flows from Operating Activities

1 unchanged sentence

$ 581,118  

$ 59,228  

Expenses –

6 unchanged sentences

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

Net increase (decrease) in net assets resulting from operations

Net decrease in net assets resulting from operations

$ ( 83,410,824 )  

3 unchanged sentences

581,118  

59,228  

Net realized (gain) loss

10 unchanged sentences

$ 485,569,825  

$ 617,106,346  

Gold bullion distributed for Shares redeemed

4 unchanged sentences

Schedules of Investments (Unaudited)

At June 30, 2022 and December 31, 2021

June 30, 2022

At September 30, 2022 and December 31, 2021

September 30, 2022

600,975  

1 unchanged sentence

$ 1,004,678,034  

Total Investments –

1,004,678,034  

Less Liabilities –

Net Assets –

Less Liabilities – 

Net Assets – 

$ 1,004,619,448  

3 unchanged sentences

$ 872,434,117  

Total Investments –

872,434,117  

Less Liabilities –

Net Assets –

Less Liabilities – 

Net Assets – 

$ 872,384,122  

3 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2022

1 - Organization

September 30, 2022

The iShares Gold Trust Micro (the “Trust”) was organized on June 15, 2021 as a New York trust.

2 unchanged sentences

The Trust is governed by the provisions of the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of gold.

23 unchanged sentences

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in gold bullion for the three months ended June 30, 2022 and the period from June 15, 2021 ( Date of Inception) to June 30, 2021:

Three Months Ended June 30, 2022

The following tables summarize activity in gold bullion for the three months ended September 30, 2022 and 2021:

Three Months Ended September 30, 2022

Beginning balance

3 unchanged sentences

Gold bullion contributed

Gold bullion distributed

36,971  

1 unchanged sentence

63,756,093  

Gold bullion distributed

( 5,994 )  

( 10,809,509 )  

( 10,084,802 )  

Gold bullion sold to pay expenses

2 unchanged sentences

( 185,411 )  

Net realized gain

Net realized loss

( 730,215 )  

5 unchanged sentences

$ 1,004,678,034  

$ 7,099,299  

Period Ended June 30, 2021

$ ( 730,215 )

Three Months Ended September 30, 2021

Beginning balance

2 unchanged sentences

Gold bullion contributed

343,472  

617,106,346  

Gold bullion distributed

Gold bullion sold to pay expenses

( 33 )  

( 58,806 )  

( 59,228 )  

Net realized gain

4 unchanged sentences

$ 626,373,040  

The following tables summarize activity in gold bullion for the six months ended June 30, 2022 and the period from June 15, 2021 ( Date of Inception) to June 

Six Months Ended June 30, 2022

$ 607,260,237  

The following tables summarize activity in gold bullion for the nine months ended September 30, 2022 and the period from June 15, 2021 ( Date of Inception) to September 30, 2021:

Nine Months Ended September 30, 2022

Beginning balance

15 unchanged sentences

( 581,118 )  

13,383  

Net realized gain

7 unchanged sentences

$ 9,987,398  

Period Ended June 30, 2021

Period Ended September 30, 2021

Beginning balance

2 unchanged sentences

Gold bullion contributed

343,472  

617,106,346  

Gold bullion distributed

Gold bullion sold to pay expenses

( 33 )  

( 58,806 )  

( 59,228 )  

Net realized gain

4 unchanged sentences

$ 626,373,040  

$ 607,260,237  

Calculation of Net Asset Value

14 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Trust Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.15 % of the net asset value of the Trust, paid monthly in arrears.

During the period, the Trust paid to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.15 % of the net asset value of the Trust, paid monthly in arrears.

The Sponsor has voluntarily agreed to waive a portion of the Sponsor’s Fee so that the Sponsor’s Fee after the fee waiver will not exceed 0.07 % through June 30, 2024.

Although the Sponsor has no current intention of doing so, because the fee waiver is voluntary, the Sponsor may revert to the 0.15 % fee prior to June 30, 2024.

Should the Sponsor choose to revert to the 0.15 % fee (or an amount higher than 0.07 % but no greater than 0.15 % annualized), prior to June 30, 2024, it will provide shareholders with at least 30 days’

Although the Sponsor has no current intention of doing so, because the fee waiver is voluntary, the Sponsor may revert to a higher fee prior to June 30, 2024.

Should the Sponsor choose to do so (or an amount higher than 0.07 % but no greater than the then current Sponsor’s fee as set forth in the Trust Agreement), prior to June 30, 2024, it will provide shareholders with at least 30 days’

prior written notice of such change through either a prospectus supplement to its registration statement or through a report furnished on Form 8 -K.

3 unchanged sentences

The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust. The amount waived is included in Sponsor’s fees waived in the Statement of Operations.

For the period ended June 30, 2022, the amount waived was $ 465,538 . 

For the period ended September 30, 2022, the amount waived was $ 673,811 . 

Related Parties

23 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2022 and 2021.

Three Months Ended

June 30, 2022

June 15, 2021

(Date of Inception)

to June 30, 2021

Six Months Ended

June 30, 2022

June 15, 2021

(Date of Inception)

to June 30, 2021

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 

2022, the three months ended September 30, 2021 and the period from June 15, 2021 ( Date of Inception) to September 30, 2021.

September 30,

2021 (Date of

Inception) to

September 30,

Net asset value per Share, beginning of period

7 unchanged sentences

( 0.01 )  

Net realized and unrealized (loss) (c)

Net realized and unrealized gain (c)

( 1.46 )  

1 unchanged sentence

( 1.48 )  

Net increase (decrease) in net assets from operations

Net decrease in net assets from operations

( 1.46 )  

24 unchanged sentences

Based on average Shares outstanding during the period.

Amount is less than $( 0.005 ).

Amount is greater than $( 0.005 ).

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

12 unchanged sentences

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 −

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

1 unchanged sentence

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At June 30, 2022 and December 31, 2021, the value of the gold bullion held by the Trust is categorized as Level 1.

At September 30, 2022 and December 31, 2021, the value of the gold bullion held by the Trust is categorized as Level 1.

 Subsequent Events

Management’s evaluation of the impact of all subsequent events on the Trust’s financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 24, 2022, the Sponsor's Fee paid by the Trust was reduced from an annualized rate of 0.15 % to 0.09 % of the net asset value of the Trust.

Additionally effective on October 24, 2022, the Sponsor has extended the voluntarily waiver on the Sponsor Fee from June 30, 2024 to June 30, 2027.

Management ’

23 unchanged sentences

The iShares Gold Trust Micro (the “Trust”) is a grantor trust formed under the laws of the State of New York.

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

6 unchanged sentences

Shares of the Trust trade on NYSE Arca, Inc.

under the ticker symbol IAUM.

(“NYSE Arca”) under the ticker symbol IAUM.

Valuation of Gold Bullion ;

1 unchanged sentence

On each business day, as soon as practicable after 4:00 p.m.

(New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust and the NAV.

(New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust and the net asset value per Share (“NAV”).

The Trustee values the gold held by the Trust using the price per fine troy ounce of gold determined in an electronic auction hosted by ICE Benchmark Administration (“IBA”) that begins at 3:00 p.m.

17 unchanged sentences

Below is a description of the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Gold Bullion;

Computation of Net Asset Value”

Computation of Net Asset Value” above.

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended June 30, 2022

The Trust’s net asset value decreased from $1,325,724,380 at March 31, 2022 to $1,035,816,693 at June 30, 2022 a 21.87% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding shares, which fell from 68,300,000 Shares at March 31, 2022 to 57,050,000 Shares at June 30, 2022, a consequence of 11,250,000 Shares (225 Baskets) being redeemed during the period.

The Trust’s net asset value was also affected by a decrease in the LMBA Gold Price, which fell 6.44% from $1,942.15 at March 31, 2022 to $1,817.00 at June 30, 2022.

The 6.44% decrease in the NAV from $19.41 at March 31, 2022 to $18.16 at June 30, 2022 is directly related to the 6.44% decrease in the price of gold.

The NAV decreased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $203,458 for the quarter, or 0.02% of the Trust’s average weighted assets of $1,162,407,111 during the quarter.

The NAV of $19.76 on April 13, 2022 was the highest during the quarter, compared with a low during the quarter of $18.08 on May 16, 2022.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2022 was $79,513,195, resulting from an unrealized loss on investment in gold bullion of $86,409,036, a net realized gain of $7,090,732 on gold distributed for the redemption of Shares, a net realized gain of $8,567 from gold bullion sold to pay expenses during the quarter, and a net investment loss of $203,458.

The Quarter Ended September 30, 2022

The Trust’s net asset value decreased from $1,035,816,693 at June 30, 2022 to $1,004,619,448 at September 30, 2022 a 3.01% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Gold Price, which fell 7.99% from $1,817.00 at June 30, 2022 to $1,671.75 at September 30, 2022.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding shares, which rose from 57,050,000 Shares at June 30, 2022 to 60,150,000 Shares at September 30, 2022, a consequence of 3,700,000 Shares (74 Baskets) being created and 600,000 Shares (12 Baskets) being redeemed during the quarter.

The 8.04% decrease in the NAV from $18.16 at June 30, 2022 to $16.70 at September 30, 2022 is directly related to the 7.99% decrease in the price of gold.

The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $182,234 for the quarter, or 0.02% of the Trust’s average weighted assets of $1,032,539,060 during the quarter.

The NAV of $17.96 on July 1, 2022 was the highest during the quarter, compared with a low during the quarter of $16.33 on September 27, 2022.

Net decrease in net assets resulting from operations for the quarter ended September 30, 2022 was $84,868,536, resulting from an unrealized loss on investment in gold bullion of $83,956,087, a net realized loss of $724,706 on gold distributed for the redemption of Shares, a net realized loss of $5,509 from gold bullion sold to pay expenses during the quarter, and a net investment loss of $182,234.

Other than the Sponsor’s fees of $182,234, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2022

The Trust’s net asset value increased from $872,384,122 at December 31, 2021 to $1,035,816,693 at June 30, 2022, a 18.73% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding shares, which rose from 47,950,000 Shares at December 31, 2021 to 57,050,000 Shares at June 30, 2022, a consequence of 22,900,000 Shares (458 Baskets) being created and 13,800,000 Shares (276 Baskets) being redeemed during the period.

The increase in the Trust’s net asset value was partially offset by a decrease in the LMBA Gold Price, which fell 0.17% from $1,820.10 at December 31, 2021 to $1,817.00 at June 30, 2022.

The 0.16% decrease in the NAV from $18.19 at December 31, 2021 to $18.16 at June 30, 2022 is directly related to the 0.17% decrease in the price of gold.

The NAV decreased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $407,475 for the period, or 0.03% of the Trust’s average weighted assets of $1,174,392,076 during the period.

The NAV of $20.38 on March 8, 2022 was the highest during the period, compared with a low during the period of $17.87 on January 28, 2022.

Net increase in net assets resulting from operations for the six months ended June 30, 2022 was $1,457,712, resulting from an unrealized loss on investment in gold bullion of $8,852,426, a net realized gain of $10,704,230 on gold distributed for the redemption of Shares, a net realized gain of $13,383 from gold bullion sold to pay expenses during the period, and a net investment loss of $407,475.

The Nine-Month Period Ended September 30, 2022

The Trust’s net asset value increased from $872,384,122 at December 31, 2021 to $1,004,619,448 at September 30, 2022, a 15.16% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding shares, which rose from 47,950,000 Shares at December 31, 2021 to 60,150,000 Shares at September 30, 2022, a consequence of 26,600,000 Shares (532 Baskets) being created and 14,400,000 Shares (288 Baskets) being redeemed during the period.

The increase in the Trust’s net asset value was partially offset by a decrease in the LBMA Gold Price, which fell 8.15% from $1,820.10 at December 31, 2021 to $1,671.75 at September 30, 2022.

The 8.19% decrease in the NAV from $18.19 at December 31, 2021 to $16.70 at September 30, 2022 is directly related to the 8.15% decrease in the price of gold.

The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $589,709 for the period, or 0.05% of the Trust’s average weighted assets of $1,126,588,129 during the period.

The NAV of $20.38 on March 8, 2022 was the highest during the period, compared with a low during the period of $16.33 on September 27, 2022.

Net decrease in net assets resulting from operations for the nine months ended September 30, 2022 was $83,410,824, resulting from an unrealized loss on investment in gold bullion of $92,808,513, a net realized gain of $9,979,524 on gold distributed for the redemption of Shares, a net realized gain of $7,874 from gold bullion sold to pay expenses during the period, and a net investment loss of $589,709.

Other than the Sponsor’s fees of $589,709, the Trust had no expenses during the period.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements