What changed in this filing

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Item 1. Financial Statements

2023-11-03 compared with 2023-08-04 · 118 added, 85 removed, 517 unchanged (28% of the section changed)

3 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2023 and December 31, 2022

At September 30, 2023 and December 31, 2022

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, 2023 and 2022

For the three and nine months ended September 30, 2023 and 2022

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

17 unchanged sentences

Net Realized and Unrealized Gain (Loss)

Net realized gain from:

Net realized gain (loss) from:

Gold bullion sold to pay expenses

1 unchanged sentence

31,300  

13,383  

Gold bullion distributed for the redemption of Shares

3 unchanged sentences

9,979,524  

Net realized gain

Net realized gain (loss)

4,713,180  

11 unchanged sentences

39,588,996  

1,865,187  

( 82,821,115 )

Net increase (decrease) in net assets resulting from operations

2 unchanged sentences

$ 39,073,565  

$ 1,457,712  

$ ( 83,410,824 )

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

2 unchanged sentences

$ 0.77  

$ 0.02  

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

3 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2023

Six Months Ended

June 30, 2023

For the three, six and nine months ended September 30, 2023

Nine Months Ended

September 30, 2023

Net Assets at December 31, 2022

36 unchanged sentences

$ 916,547,300  

Net investment loss

Net realized gain

4,713,180  

Net change in unrealized appreciation/depreciation

( 23,862,569 )

Net decrease in net assets resulting from operations

( 19,309,253 )

Capital Share Transactions:

Contributions for Shares issued

60,575,037  

Distributions for Shares redeemed

( 93,181,920 )

Net decrease in net assets from capital share transactions

( 32,606,883 )

Decrease in net assets

( 51,916,136 )

Net Assets at September 30, 2023

$ 864,631,164  

Shares issued and redeemed

9 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

9 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2023 and 2022

Six Months Ended

For the nine months ended September 30, 2023 and 2022

Nine Months Ended

September 30,

Cash Flows from Operating Activities

10 unchanged sentences

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

Net increase in net assets resulting from operations

$ 58,382,818  

Net increase (decrease) in net assets resulting from operations

$ 39,073,565  

$ ( 83,410,824 )

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

11 unchanged sentences

( 13,386 )  

11,768  

Net cash provided by (used in) operating activities

10 unchanged sentences

Schedules of Investments (Unaudited)

At June 30, 2023 and December 31, 2022

June 30, 2023

At September 30, 2023 and December 31, 2022

September 30, 2023

462,274  

19 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2023

1 - Organization

September 30, 2023

1 - 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, 2022, as filed with the SEC on February 23, 2023.

February 23, 2023.

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.

2 - Significant Accounting Policies

2 - 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. GAAP.

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

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 June 30, 2023 and 2022:

Three Months Ended June 30, 2023

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

Three Months Ended September 30, 2023

Beginning balance

15 unchanged sentences

( 163,716 )  

14,814  

Net realized gain

7 unchanged sentences

$ 4,713,180  

Three Months Ended June 30, 2022

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  

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

Six Months Ended June 30, 2023

$ ( 730,215 )

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

Nine Months Ended September 30, 2023

Beginning balance

25 unchanged sentences

$ 28,340,827  

Six Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Beginning balance

15 unchanged sentences

( 581,118 )  

13,383  

Net realized gain

23 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, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - 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.

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

4 - Related Parties

For the nine months ended September 30, 2023, the amount waived was $ 147,290 .

4 - 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.

5 - Indemnification

5 - 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.

6 - Commitments and Contingent Liabilities

6 - 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.

7 - Concentration Risk

7 - 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.

8 - Financial Highlights

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

2023  and 

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2023 and 2022.

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

3 unchanged sentences

$ 18.19  

Net investment income (a)

Net investment loss (a)

( 0.00 ) (b)  

25 unchanged sentences

0.09 %  

Total expenses after fees waived

Total expenses after fees waived (f)

0.07 %  

7 unchanged sentences

Percentage is annualized.

9 - 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.

11 unchanged sentences

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

At September 30, 2023 and December 31, 2022, the value of the gold bullion held by the Trust is categorized as Level 1.

Management ’

2 unchanged sentences

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward‑looking statements can be identified by terminology such as “

may, ”

should, ”

could, ”

expect, ”

plan, ”

anticipate, ”

believe, ”

estimate, ”

predict, ”

potential ”

In some cases, such forward‑looking statements can be identified by terminology such as “may,”

“should,”

“could,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

or the negative of these terms or other comparable terminology.

2 unchanged sentences

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor ’

s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor ’

s expectations or predictions.

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 (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.

30 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, 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 Quarter Ended September 30, 2023

The Trust’s net asset value decreased from $916,547,300 at June 30, 2023 to $864,631,164 at September 30, 2023, a 5.66% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 48,000,000 Shares at June 30, 2023 to 46,300,000 Shares at September 30, 2023, a consequence of 3,150,000 Shares (63 Baskets) being created and 4,850,000 Shares (97 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 2.18% from $1,912.25 at June 30, 2023 to $1,870.50 at September 30, 2023.

The 2.20% decrease in the NAV from $19.09 at June 30, 2023 to $18.67 at September 30, 2023 is directly related to the 2.18% 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 $159,864 for the quarter, or 0.02% of the Trust’s average weighted assets of $905,587,735 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. 

The NAV of $19.73 on July 20, 2023 was the highest during the quarter, compared with a low during the quarter of $18.67 on September 29, 2023.

Net decrease in net assets resulting from operations for the quarter ended September 30, 2023 was $19,309,253, resulting from an unrealized loss on investment in gold bullion of $23,862,569 and a net investment loss of $159,864, partially offset by a net realized gain of $4,703,690 on gold distributed for the redemption of Shares and a net realized gain of $9,490 from gold bullion sold to pay expenses during the quarter.

Other than the Sponsor’s fees of $159,864, 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 Nine-Month Period Ended September 30, 2023

The Trust’s net asset value decreased from $1,127,844,172 at December 31, 2022 to $864,631,164 at September 30, 2023, a 23.34% 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 46,300,000 Shares at September 30, 2023, a consequence of 12,300,000 Shares (246 Baskets) being created and 28,300,000 Shares (566 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 3.21% from $1,812.35 at December 31, 2022 to $1,870.50 at September 30, 2023.

The 3.15% increase in the NAV from $18.10 at December 31, 2022 to $18.67 at September 30, 2023 is directly related to the 3.21% 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 $515,431 for the period, or 0.05% of the Trust’s average weighted assets of $983,746,381 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.

Net increase in net assets resulting from operations for the nine months ended September 30, 2023 was $39,073,565, resulting from an unrealized gain on investment in gold bullion of $11,248,169, a net realized gain of $28,309,527 on gold distributed for the redemption of Shares, a net realized gain of $31,300 from gold bullion sold to pay expenses during the period, partially offset by a net investment loss of $515,431.

Other than the Sponsor’s fees of $515,431, 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