What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-05-05 compared with 2022-11-01 · 93 added, 264 removed, 318 unchanged (53% of the section changed)

3 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2022 and December 31, 2021

September 30,

At March 31, 2023 and December 31, 2022

Investment in gold bullion, at fair value (a)

25 unchanged sentences

Statements of Operations (Unaudited)

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

September 30,

For the three months ended March 31, 2023 and 2022

Three Months Ended

Sponsor’s fees

$ 390,507  

$ 200,617  

$ 1,263,520  

$ 201,169  

Sponsor’s fees waiver

( 208,273 )  

( 107,095 )  

( 673,811 )  

Total expenses

182,234  

93,522  

589,709  

94,035  

Net investment loss

( 182,234 )  

( 93,522 )  

( 589,709 )  

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Net realized gain from:

Gold bullion sold to pay expenses

( 5,509 )  

Gold bullion distributed for the redemption of Shares

( 724,706 )  

9,979,524  

Net realized gain (loss)

( 730,215 )  

9,987,398  

Net realized gain

Net change in unrealized appreciation/depreciation

( 83,956,087 )  

( 18,603,053 )  

( 92,808,513 )  

( 19,112,803 )

Net realized and unrealized loss

( 84,686,302 )  

( 18,602,631 )  

( 82,821,115 )  

( 19,112,381 )

Net decrease in net assets resulting from operations

$ ( 84,868,536 )  

$ ( 18,696,153 )  

$ ( 83,410,824 )  

$ ( 19,206,416 )

Net decrease in net assets per Share (a)

$ ( 1.42 )  

$ ( 0.61 )  

$ ( 1.35 )  

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

Net realized and unrealized gain

Net increase in net assets resulting from operations

Net increase in net assets per Share (a)

Net increase 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, six and nine months ended September 30, 2022

Nine Months Ended

September 30, 2022

For the three months ended March 31, 2023

Three Months Ended

March 31, 2023

Net Assets at December 31, 2022

$ 872,384,122  

1,127,844,172

Net investment loss

Net realized gain

3,618,314  

Net change in unrealized appreciation/depreciation

77,556,610  

Net increase in net assets resulting from operations

80,970,907  

Capital Share Transactions:

Contributions for Shares issued

421,813,732  

Distributions for Shares redeemed

( 330,968,439

Net increase in net assets from capital share transactions

372,369,351  

Increase in net assets

453,340,258  

Net Assets at March 31, 2022

$ 1,325,724,380  

Net investment loss

Net realized gain

7,099,299  

Net change in unrealized appreciation/depreciation

( 86,409,036 )

Net decrease in net assets resulting from operations

( 79,513,195 )

Capital Share Transactions:

Distributions for Shares redeemed

( 210,394,492 )

Net decrease in net assets from capital share transactions

2 unchanged sentences

( 163,971,922

Net Assets at June 30, 2022

$ 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  

Net Assets at March 31, 2023

Shares issued and redeemed

Shares issued

26,600,000  

Shares redeemed

( 14,400,000 )

Net increase in Shares issued and outstanding

12,200,000  

Net decrease in Shares issued and outstanding

See notes to financial statements.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

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 September 30,

Net Assets at June 15, 2021

Net investment loss

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

Decrease in net assets

Net Assets at June 30, 2021

For the three months ended March 31, 2022

Three Months Ended

March 31, 2022

Net Assets at December 31, 2021

Net investment loss

1 unchanged sentence

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at September 30, 2021

Net Assets at March 31, 2022

1,325,724,380

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 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,

For the three months ended March 31, 2023 and 2022

Three Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 581,118  

$ 59,228  

Expenses –

Sponsor’s fees paid

( 581,118 )  

Net cash provided by operating activities

3 unchanged sentences

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

Net decrease in net assets resulting from operations

$ ( 83,410,824 )  

$ ( 19,206,416 )

Net increase in net assets resulting from operations

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Proceeds from gold bullion sold to pay expenses

581,118  

59,228  

Net realized (gain) loss

( 9,987,398 )  

Net change in unrealized appreciation/depreciation

92,808,513  

19,112,803  

Change in operating assets and liabilities:

Sponsor’s fees payable

34,807  

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

$ 485,569,825  

$ 617,106,346  

Gold bullion distributed for Shares redeemed

$ ( 269,923,675 )  

( 330,968,439

See notes to financial statements.

2 unchanged sentences

Schedules of Investments (Unaudited)

At September 30, 2022 and December 31, 2021

September 30, 2022

At March 31, 2023 and December 31, 2022

March 31, 2023

486,907  

1 unchanged sentence

$ 963,929,469  

Total Investments – 

Total Investments –

963,929,469  

Less Liabilities – 

Net Assets – 

Less Liabilities –

Net Assets –

$ 963,872,250  

3 unchanged sentences

$ 1,127,908,719  

Total Investments – 

Total Investments –

1,127,908,719  

Less Liabilities – 

Net Assets – 

Less Liabilities –

Net Assets –

$ 1,127,844,172  

3 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2022

March 31, 2023

 Organization

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

11 unchanged sentences

Interim period results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

Significant Accounting Policies

Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S.

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP.

The preparation of financial statements in conformity with U.S.

10 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 September 30, 2022 and 2021:

Three Months Ended September 30, 2022

The following tables summarize activity in gold bullion for the three months ended March 31, 2023 and 2022:

Three Months Ended March 31, 2023

Beginning balance

10 unchanged sentences

( 330,968,439 )  

Gold bullion sold to pay expenses

14,576,410  

( 190,920 )  

( 185,411 )  

Net realized loss

( 730,215 )  

Net change in unrealized appreciation/depreciation

( 83,956,087 )  

Ending balance

600,975  

$ 1,083,690,497  

$ 1,004,678,034  

$ ( 730,215 )

Three Months Ended September 30, 2021

Beginning balance

$ 9,325,500  

$ 8,815,750  

Gold bullion contributed

343,472  

617,106,346  

Gold bullion distributed

Gold bullion sold to pay expenses

3 unchanged sentences

Net realized gain

14,583,406  

Net change in unrealized appreciation/depreciation

4 unchanged sentences

$ 963,929,469  

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

$ 14,583,406  

Three Months Ended March 31, 2022

Beginning balance

24 unchanged sentences

$ 3,618,314  

Period Ended September 30, 2021

Beginning balance

$ 9,325,500  

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

Net change in unrealized appreciation/depreciation

( 19,112,803 )  

Ending balance

348,439  

$ 626,373,040  

$ 607,260,237  

Calculation of Net Asset Value

8 unchanged sentences

provided , that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc.

(“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption represents the per Share amount of gold held by the Trust, after giving effect to its liabilities.

3 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 September 30, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Trust Expenses

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 analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

 Trust Expenses

The Sponsor’s fee is accrued daily at an annualized rate equal to 0.09 % of the net asset value of the Trust, paid monthly in arrears.

The Sponsor may, at its discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time.

The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver.

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, 2027.

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’

Although the Sponsor has no current intention of doing so, because the fee waiver is voluntary, the Sponsor may revert to the 0.09 % fee prior to June 

Should the Sponsor choose to revert to the 0.09 % fee (or an amount higher than 0.07 % but no greater than 0.09 % annualized), prior to June 

2027, 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.

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s fee and reimbursement for its reasonable out-of-pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and, effective January 31, 2022, up to $ 500,000 per annum in legal fees and expenses.

Prior to January 31, 2022, the Sponsor had agreed to assume up to $ 100,000 per annum in legal fees and expenses.

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

Related Parties

Prior to October 25, 2022, the Sponsor’s fee was accrued daily at an annualized rate equal to 0.15 % of the net asset value of the Trust, paid monthly in arrears.

For the period ended March 31, 2023, the amount waived was $ 52,208 .

 Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust.

The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

1 unchanged sentence

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold.

11 unchanged sentences

and investor confidence.

Financial Highlights

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,

 Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the 

three months ended March 31, 2023 and 2022.

Three Months Ended

Net asset value per Share, beginning of period

1 unchanged sentence

$ 18.19  

$ 18.65  

Net investment loss (a)

( 0.00 ) (b)  

Net investment income (a)

( 0.00 ) (b)  

( 0.01 )  

Net realized and unrealized gain (c)

( 1.46 )  

( 0.21 )  

( 1.48 )  

Net decrease in net assets from operations

( 1.46 )  

( 0.21 )  

( 1.49 )  

Net increase in net assets from operations

Net asset value per Share, end of period

1 unchanged sentence

$ 19.41  

$ 16.70  

$ 17.42  

Total return, at net asset value (d)(e)

( 8.04 )%  

( 1.19 )%  

( 8.19 )%  

9.23 % 

6.71 % 

Ratio to average net assets:

Net investment loss (f)

( 0.07 )%  

Total expenses (f)

0.15 %  

Total expenses after fees waived (f)

0.07 %  

0.09 % 

0.15 % 

Total expenses after fees waived

0.07 % 

Based on average Shares outstanding during the period.

12 unchanged sentences

The three levels of the fair value hierarchy are as follows:

Level 1 − 

Level 1  

− 

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

Level 2 − 

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;

Level 3 −

Level 3  

− 

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

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.

At March 31, 2023 and December 31, 2022, the value of the gold bullion held by the Trust is categorized as Level 1.

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 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 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 (as amended from time to time, 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.

5 unchanged sentences

A list of the current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on NYSE Arca, Inc.

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

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

Valuation of Gold Bullion ;

21 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” above.

Computation of Net Asset Value”

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 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.

The Quarter Ended March 31, 2023

The Trust’s net asset value decreased from $1,127,844,172 at December 31, 2022 to $963,872,250 at March 31, 2023, a 14.54% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding shares, which decreased from 62,300,000 Shares at December 31, 2022 to 48,750,000 Shares at March 31, 2023, a consequence of 4,000,000 Shares (80 Baskets) being created and 17,550,000 Shares (351 Baskets) being redeemed during the period, partially offset by an increase in the LMBA Gold Price, which grew 9.23% from $1,812.35 at December 31, 2022 to $1,979.70 at March 31, 2023.

The 9.23% increase in the NAV from $18.10 at December 31, 2022 to $19.77 at March 31, 2023 is directly related to the 9.23% increase in the price of gold.

The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $182,704 for the quarter, or 0.02% of the Trust’s average weighted assets of $1,057,014,574 during the quarter.

The NAV of $19.91 on March 24, 2023 was the highest during the quarter, compared with a low during the quarter of $18.09 on February 24, 2023.

Net decrease in net assets resulting from operations for the quarter ended March 31, 2023 was $91,601,504 resulting from an unrealized gain on investment in gold bullion of $77,200,802, a net realized gain of $14,576,410 on gold distributed for the redemption of Shares, a net realized gain of $6,996 from gold bullion sold to pay expenses during the quarter, and a net investment loss of $182,704.

Other than the Sponsor’s fees of $182,704, the Trust had no expenses during the quarter.

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.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

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