What changed in this filing

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Item 1. Financial Statements

2023-08-04 compared with 2023-05-05 · 250 added, 59 removed, 352 unchanged (47% of the section changed)

3 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2023 and December 31, 2022

At June 30, 2023 and December 31, 2022

Investment in gold bullion, at fair value (a)

25 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2023 and 2022

For the three and six months ended June 30, 2023 and 2022

Three Months Ended

Six Months Ended

Sponsor’s fees

$ 222,268  

$ 435,938  

$ 457,180  

$ 873,013  

Sponsor’s fees waiver

( 49,405 )  

( 232,480 )  

( 101,613 )  

Total expenses

172,863  

203,458  

355,567  

407,475  

Net investment loss

( 172,863 )  

( 203,458 )  

( 355,567 )  

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Gold bullion sold to pay expenses

14,814  

21,810  

13,383  

Gold bullion distributed for the redemption of Shares

9,029,427  

7,090,732  

23,605,837  

10,704,230  

Net realized gain

9,044,241  

7,099,299  

23,627,647  

10,717,613  

Net change in unrealized appreciation/depreciation

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.

( 42,090,064 )  

( 86,409,036 )  

35,110,738  

( 8,852,426 )

Net realized and unrealized gain (loss)

( 33,045,823 )  

( 79,309,737 )  

58,738,385  

1,865,187  

Net increase (decrease) in net assets resulting from operations

$ ( 33,218,686 )  

$ ( 79,513,195 )  

$ 58,382,818  

$ 1,457,712  

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

$ ( 0.66 )  

$ ( 1.29 )  

$ 1.10  

$ 0.02  

Net increase (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 months ended March 31, 2023

Three Months Ended

March 31, 2023

For the three and six months ended June 30, 2023

Six Months Ended

June 30, 2023

Net Assets at December 31, 2022

1,127,844,172

$ 1,127,844,172  

Net investment loss

Net realized gain

14,583,406  

Net change in unrealized appreciation/depreciation

77,200,802  

Net increase in net assets resulting from operations

91,601,504  

Capital Share Transactions:

Contributions for Shares issued

75,395,013  

Distributions for Shares redeemed

5 unchanged sentences

Net Assets at March 31, 2023

$ 963,872,250  

Net investment loss

Net realized gain

9,044,241  

Net change in unrealized appreciation/depreciation

( 42,090,064 )

Net decrease in net assets resulting from operations

( 33,218,686 )

Capital Share Transactions:

Contributions for Shares issued

102,276,250  

Distributions for Shares redeemed

( 116,382,514 )

Net decrease in net assets from capital share transactions

( 14,106,264 )

Decrease in net assets

( 47,324,950 )

Net Assets at June 30, 2023

$ 916,547,300  

Shares issued and redeemed

Shares issued

9,150,000  

Shares redeemed

( 23,450,000 )

Net decrease in Shares issued and outstanding

( 14,300,000 )

See notes to financial statements.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2022

Three Months Ended

March 31, 2022

For the three and six months ended June 30, 2022

Six Months Ended

June 30, 2022

Net Assets at December 31, 2021

$ 872,384,122  

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

( 49,444,381 )

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:

Contributions for Shares issued

Distributions for Shares redeemed

( 210,394,492 )

Net decrease in net assets from capital share transactions

( 210,394,492 )

Decrease in net assets

( 289,907,687 )

Net Assets at June 30, 2022

$ 1,035,816,693  

Shares issued and redeemed

Shares issued

22,900,000  

Shares redeemed

( 13,800,000 )

Net increase in Shares issued and outstanding

9,100,000  

See notes to financial statements.

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2023 and 2022

Three Months Ended

For the six months ended June 30, 2023 and 2022

Six Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 365,101  

$ 395,707  

Expenses –

Sponsor’s fees paid

( 365,101 )  

Net cash provided by operating activities

4 unchanged sentences

Net increase in net assets resulting from operations

$ 58,382,818  

$ 1,457,712  

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

365,101  

395,707  

Net realized (gain) loss

( 23,627,647 )  

( 10,717,613 )

Net change in unrealized appreciation/depreciation

( 35,110,738 )  

8,852,426  

Change in operating assets and liabilities:

Sponsor’s fees payable

( 9,534 )  

11,768  

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

$ 177,671,263  

$ 421,813,732  

Gold bullion distributed for Shares redeemed

$ ( 447,350,953 )  

$ ( 259,838,873 )

3 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2023 and December 31, 2022

March 31, 2023

At June 30, 2023 and December 31, 2022

June 30, 2023

479,333  

1 unchanged sentence

$ 916,602,313  

Total Investments –

Total Investments —

916,602,313  

Less Liabilities –

Net Assets –

Less Liabilities —

Net Assets —

$ 916,547,300  

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)

March 31, 2023

June 30, 2023

1 - Organization

29 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 March 31, 2023 and 2022:

Three Months Ended March 31, 2023

The following tables summarize activity in gold bullion for the three months ended June 30, 2023 and 2022:

Three Months Ended June 30, 2023

Beginning balance

15 unchanged sentences

( 175,069 )  

14,814  

Net realized gain

7 unchanged sentences

$ 9,044,241  

Three Months Ended March 31, 2022

Three Months Ended June 30, 2022

Beginning balance

3 unchanged sentences

Gold bullion contributed

Gold bullion distributed

( 112,427 )  

1 unchanged sentence

( 210,394,492 )  

7,090,732  

Gold bullion sold to pay expenses

( 116 )  

( 209,456 )  

( 218,023 )  

Net realized gain

7,099,299  

Net change in unrealized appreciation/depreciation

( 86,409,036 )  

Ending balance

570,104  

$ 1,030,934,832  

$ 1,035,878,456  

$ 7,099,299  

The following tables summarize activity in gold bullion for the six months ended June 30, 2023 and 2022:

Six Months Ended June 30, 2023

Beginning balance

622,347  

$ 1,120,732,110  

$ 1,127,908,719  

Gold bullion contributed

91,385  

177,671,263  

Gold bullion distributed

7 unchanged sentences

( 365,101 )  

21,810  

Net realized gain

7 unchanged sentences

$ 23,627,647  

Six Months Ended June 30, 2022

Beginning balance

479,334  

$ 858,638,067  

$ 872,434,117  

Gold bullion contributed

228,895  

421,813,732  

Gold bullion distributed

( 137,913 )  

( 249,134,643 )  

( 259,838,873 )  

10,704,230  

Gold bullion sold to pay expenses

( 212 )  

( 382,324 )  

( 395,707 )  

13,383  

Net realized gain

10,717,613  

Net change in unrealized appreciation/depreciation

( 8,852,426 )  

Ending balance

570,104  

$ 1,030,934,832  

$ 1,035,878,456  

$ 10,717,613  

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 March 31, 2023 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 June 30, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

8 unchanged sentences

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 .

For the six months ended June 30, 2023, the amount waived was $ 101,613 .

4 - Related Parties

23 unchanged sentences

8 - 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.

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

2023  and 

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

1 unchanged sentence

$ 19.41  

$ 18.10  

$ 18.19  

Net investment income (a)

( 0.00 ) (b)  

Net realized and unrealized gain (c)

Net increase in net assets from operations

( 0.00 ) (b)  

( 0.01 )  

Net realized and unrealized gain (loss) (c)

( 0.68 )  

( 1.25 )  

Net increase (decrease) in net assets from operations

( 0.68 )  

( 1.25 )  

Net asset value per Share, end of period

1 unchanged sentence

$ 18.16  

$ 19.09  

$ 18.16  

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

9.23 % 

6.71 % 

( 3.44 )%  

( 6.44 )%  

5.47 %  

Ratio to average net assets:

Net investment loss (f)

( 0.07 )% 

Total Expenses (f)

0.09 % 

0.15 % 

0.09 %  

0.15 %  

0.09 %  

Total expenses after fees waived

0.07 % 

Based on average Shares outstanding during the period.

Amount is greater than $( 0.005 ).

Amount is less 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.

2 unchanged sentences

Percentage is annualized.

Investment Valuation

9 - Investment Valuation

GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

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

At June 30, 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 (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 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. under the ticker symbol IAUM.

Shares of the Trust trade on NYSE Arca, Inc.

under the ticker symbol IAUM.

Valuation of Gold Bullion ;

24 unchanged sentences

Results of Operations

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.

The Quarter Ended June 30, 2023

The Trust’s net asset value decreased from $963,872,250 at March 31, 2023 to $916,547,300 at June 30, 2023, a 4.91% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding shares, which fell from 48,750,000 Shares at March 31, 2023 to 48,000,000 Shares at June 30, 2023, a consequence of 5,150,000 Shares (103 Baskets) being created and 5,900,000 Shares (118 Baskets) being redeemed during the quarter.

The Trust’s net asset value was also affected by a decrease in the price of gold, which fell 3.41% from $1,979.70 at March 31, 2023 to $1,912.25 at June 30, 2023.

The 3.44% decrease in the NAV from $19.77 at March 31, 2023 to $19.09 at June 30, 2023 is directly related to the 3.41% 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 $172,863 for the quarter, or 0.02% of the Trust’s average weighted assets of $990,300,818 during the quarter.

The NAV of $20.46 on April 13, 2023 was the highest during the quarter, compared with a low during the quarter of $18.97 on June 29, 2023.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2023 was $33,218,686, resulting from an unrealized loss on investment in gold bullion of $42,090,064 and a net investment loss of $172,863, partially offset by a net realized gain of $9,029,427 on gold distributed for the redemption of Shares and a net realized gain of $14,814 from gold bullion sold to pay expenses during the quarter. 

Other than the Sponsor’s fees of $172,863, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2023

The Trust’s net asset value decreased from $1,127,844,172 at December 31, 2022 to $916,547,300 at June 30, 2023, a 18.73% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 62,300,000 Shares at December 31, 2022 to 48,000,000 Shares at June 30, 2023, a consequence of 9,150,000 Shares (183 Baskets) being created and 23,450,000 Shares (469 Baskets) being redeemed during the period.

The decrease in the Trust’s net asset value was partially offset by an increase in the price of gold, which grew 5.51% from $1,812.35 at December 31, 2022 to $1,912.25 at June 30, 2023.

The 5.47% increase in the NAV from $18.10 at December 31, 2022 to $19.09 at June 30, 2023 is directly related to the 5.51% 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 $355,567 for the period, or 0.03% of the Trust’s average weighted assets of $1,023,473,428 during the period.

The NAV of $20.46 on April 13, 2023 was the highest during the period, compared with a low during the period of $18.09 on February 24, 2023.

Net increase in net assets resulting from operations for the six months ended June 30, 2023 was $58,382,818, resulting from an unrealized gain on investment in gold bullion of $35,110,738, and a net realized gain of $23,605,837 on gold distributed for the redemption of Shares, and a net realized gain of $21,810 from gold bullion sold to pay expenses during the period, partially offset by a net investment loss of $355,567.

Other than the Sponsor’s fees of $355,567, 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