What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-05-08 compared with 2023-11-03 · 156 added, 443 removed, 192 unchanged (76% of the section changed)

Financial Statements

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

Statements of Assets and Liabilities (Unaudited)

At September 30, 2023 and December 31, 2022

September 30,

At March 31, 2024 and December 31, 2023

Investment in gold bullion, at fair value (a)

$ 864,682,325  

$ 1,127,908,719  

864,682,325  

1,127,908,719  

Sponsor’s fees payable

51,161  

64,547  

$ 1,094,004,243 $ 1,221,895,792

1,094,004,243 1,221,895,792

Sponsor’s fees payable

62,627 65,622

Total Liabilities

51,161  

64,547  

62,627 65,622

Commitments and contingent liabilities (Note 6)

$ 864,631,164  

$ 1,127,844,172  

$ 1,093,941,616 $ 1,221,830,170

Shares issued and outstanding (b)

46,300,000  

62,300,000  

49,500,000 59,350,000

Net asset value per Share (Note 2C)

$ 18.67  

$ 18.10  

$ 22.10 $ 20.59

Cost of investment in gold bullion:

2 unchanged sentences

See notes to financial statements.

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2024 and 2023

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

$ 205,541  

$ 390,507  

$ 662,721  

$ 1,263,520  

Sponsor’s fees waiver

( 45,677 )  

( 208,273 )  

( 147,290 )  

Sponsor’s fees

$ 225,112 $ 234,912

Sponsor’s fees waiver

( 50,054 ) ( 52,208 )

Total expenses

159,864  

182,234  

515,431  

589,709  

175,058 182,704

Net investment loss

( 159,864 )  

( 182,234 )  

( 515,431 )  

( 175,058 ) ( 182,704 )

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Net realized gain from:

Gold bullion sold to pay expenses

( 5,509 )  

31,300  

Gold bullion distributed for the redemption of Shares

4,703,690  

( 724,706 )  

28,309,527  

9,979,524  

Net realized gain (loss)

4,713,180  

( 730,215 )  

28,340,827  

9,987,398  

24,829,432 14,576,410

Net realized gain

24,845,469 14,583,406

Net change in unrealized appreciation/depreciation

( 23,862,569 )  

( 83,956,087 )  

11,248,169  

50,143,311 77,200,802

Net realized and unrealized gain (loss)

( 19,149,389 )  

( 84,686,302 )  

39,588,996  

Net realized and unrealized gain

74,988,780 91,784,208

Net increase (decrease) in net assets resulting from operations

$ ( 19,309,253 )  

$ ( 84,868,536 )  

$ 39,073,565  

Net increase in net assets resulting from operations

$ 74,813,722 $ 91,601,504

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

$ ( 0.41 )  

$ ( 1.42 )  

$ 0.77  

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

Net increase in net assets per Share (a)

$ 1.54 $ 1.64

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

See notes to financial statements.

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

Statements of Changes in Net Assets (Unaudited)

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

Nine Months Ended

September 30, 2023

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

Net Assets at December 31, 2023

$ 1,127,844,172  

1,221,830,170

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, 2024

$ 963,872,250  

Net investment loss

Net realized gain

9,044,241  

Net change in unrealized appreciation/depreciation

1,093,941,616

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  

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

Shares issued

12,300,000  

Shares redeemed

( 28,300,000 )

Net decrease in Shares issued and outstanding

( 16,000,000 )

See notes to financial statements.

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

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.

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2023 and 2022

Nine Months Ended

September 30,

For the three months ended March 31, 2024 and 2023

Three Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 528,817  

$ 581,118  

Expenses –

Sponsor’s fees paid

( 528,817 )  

Expenses – Sponsor’s fees paid

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 increase (decrease) in net assets resulting from operations

$ 39,073,565  

$ ( 83,410,824 )

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

528,817  

581,118  

Net realized (gain) loss

( 28,340,827 )  

( 9,987,398 )

Net change in unrealized appreciation/depreciation

( 11,248,169 )  

92,808,513  

Change in operating assets and liabilities:

Sponsor’s fees payable

( 13,386 )  

Sponsor’s fees payable

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

$ 238,246,300  

$ 485,569,825  

Gold bullion distributed for Shares redeemed

$ ( 540,532,873 )  

( 259,797,084

( 330,968,439

See notes to financial statements.

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

Schedules of Investments (Unaudited)

At September 30, 2023 and December 31, 2022

September 30, 2023

462,274  

$ 846,257,547  

$ 864,682,325  

Total Investments –

864,682,325  

Less Liabilities –

Net Assets –

$ 864,631,164  

At March 31, 2024 and December 31, 2023

March 31, 2024

494,052 $ 927,507,740 $ 1,094,004,243

Total Investments – 100.01 %

1,094,004,243

Less Liabilities – (0.01) %

Net Assets – 100.00 %

$ 1,093,941,616

December 31, 2023

622,347  

$ 1,120,732,110  

$ 1,127,908,719  

Total Investments –

1,127,908,719  

Less Liabilities –

Net Assets –

$ 1,127,844,172  

592,464 $ 1,105,542,600 $ 1,221,895,792

Total Investments – 100.01 %

1,221,895,792

Less Liabilities – (0.01) %

Net Assets – 100.00 %

$ 1,221,830,170

See notes to financial statements.

iShares ®

Gold Trust Micro

iShares ® Gold Trust Micro

Notes to Financial Statements (Unaudited)

September 30, 2023

March 31, 2024

1 - Organization

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

The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust.

The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

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

The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust.

The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

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

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.

GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S.

Securities and Exchange Commission (the “SEC”).

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.

GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S.

Securities and Exchange Commission (the “SEC”).

In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made.

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.

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.

5 unchanged sentences

Actual results could differ from those estimates.

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

Fair value of the gold bullion held by the Trust is based on that day’s London Bullion Market Association (“LBMA”) Gold Price PM.

“LBMA Gold Price PM”

is the price per fine troy ounce of gold, stated in U.S.

dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30 - second rounds starting at 3:00 p.m.

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

Fair value of the gold bullion held by the Trust is based on that day’s London Bullion Market Association (“LBMA”) Gold Price PM.

“LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S.

dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30 - second rounds starting at 3:00 p.m.

(London time), on each day that the London gold market is open for business and published shortly thereafter.

If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at 10:30 a.m.

(London time) (“LBMA Gold Price AM”) unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

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, 2023 and 2022:

Three Months Ended September 30, 2023

Beginning balance

479,333  

$ 874,314,966  

$ 916,602,313  

Gold bullion contributed

31,451  

60,575,037  

Gold bullion distributed

( 48,426 )  

( 88,478,230 )  

( 93,181,920 )  

4,703,690  

Gold bullion sold to pay expenses

( 84 )  

( 154,226 )  

( 163,716 )  

Net realized gain

4,713,180  

Net change in unrealized appreciation/depreciation

( 23,862,569 )  

Ending balance

462,274  

$ 846,257,547  

$ 864,682,325  

$ 4,713,180  

Three Months Ended September 30, 2022

The following tables summarize activity in gold bullion for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024

Beginning balance

570,104  

$ 1,030,934,832  

$ 1,035,878,456  

Gold bullion contributed

36,971  

63,756,094  

63,756,093  

Gold bullion distributed

( 5,994 )  

( 10,809,509 )  

( 10,084,802 )  

Gold bullion sold to pay expenses

( 106 )  

( 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  

592,464 $ 1,105,542,600 $ 1,221,895,792 $ —

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

622,347  

$ 1,120,732,110  

$ 1,127,908,719  

Gold bullion contributed

122,836  

238,246,300  

27,448 57,094,808 57,094,808 —

Gold bullion distributed

( 282,635 )  

( 512,223,346 )  

( 540,532,873 )  

28,309,527  

( 125,773 ) ( 234,967,652 ) ( 259,797,084 ) 24,829,432

Gold bullion sold to pay expenses

( 274 )  

( 497,517 )  

( 528,817 )  

31,300  

( 87 ) ( 162,016 ) ( 178,053 ) 16,037

Net realized gain

28,340,827  

— — 24,845,469 —

Net change in unrealized appreciation/depreciation

11,248,169  

— — 50,143,311 —

Ending balance

462,274  

$ 846,257,547  

$ 864,682,325  

$ 28,340,827  

Nine Months Ended September 30, 2022

494,052 $ 927,507,740 $ 1,094,004,243 $ 24,845,469

Three Months Ended March 31, 2023

Beginning balance

479,334  

$ 858,638,067  

$ 872,434,117  

622,347 $ 1,120,732,110 $ 1,127,908,719 $ —

Gold bullion contributed

265,866  

485,569,825  

39,953 75,395,013 75,395,013 —

Gold bullion distributed

( 143,907 )  

( 259,944,151 )  

( 269,923,675 )  

9,979,524  

( 175,291 ) ( 316,392,029 ) ( 330,968,439 ) 14,576,410

Gold bullion sold to pay expenses

( 318 )  

( 573,244 )  

( 581,118 )  

( 102 ) ( 183,036 ) ( 190,032 ) 6,996

Net realized gain

9,987,398  

— — 14,583,406 —

Net change in unrealized appreciation/depreciation

( 92,808,513 )  

— — 77,200,802 —

Ending balance

600,975  

$ 1,083,690,497  

$ 1,004,678,034  

$ 9,987,398  

486,907 $ 879,552,058 $ 963,929,469 $ 14,583,406

Calculation of Net Asset Value

5 unchanged sentences

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”).

Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares;

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

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.

Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; 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.

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, 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 March 31, 2024 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.

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’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 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.

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

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 the 0.09 % fee prior to June 30, 2027.

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 30, 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.

For the period ended March 31, 2024, the amount waived was $ 50,054 .

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

the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $ 500,000 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.

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

1 unchanged sentence

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

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

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

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.

Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust.

4 unchanged sentences

global or regional political, economic or financial events and situations;

investors’

expectations with respect to the rate of inflation;

investors’ expectations with respect to the rate of inflation;

interest rates;

3 unchanged sentences

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.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2024 and 2023.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 19.09  

$ 18.16  

$ 18.10  

$ 18.19  

Net investment loss (a)

( 0.00 ) (b)  

( 0.01 )  

Net realized and unrealized gain (loss) (c)

( 0.42 )  

( 1.46 )  

Net increase (decrease) in net assets from operations

( 0.42 )  

( 1.46 )  

Net realized and unrealized gain (c)

Net increase in net assets from operations

Net asset value per Share, end of period

$ 18.67  

$ 16.70  

$ 18.67  

$ 16.70  

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

( 2.20 )%  

( 8.04 )%  

3.15 %  

Ratio to average net assets:

Net investment loss (f)

( 0.07 )%  

Total expenses (f)

0.09 %  

0.15 %  

0.09 %  

Total expenses after fees waived (f)

0.07 %  

Based on average Shares outstanding during the period.

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.

Amount is greater than $( 0.005 ).

Based on the change in net asset value of a Share during the period.

3 unchanged sentences

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.

The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities.

Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”).

These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes.

1 unchanged sentence

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

Level 1 – 

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;

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

Management ’

s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

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

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, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

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”

or the negative of these terms or other comparable terminology.

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.

These statements are only predictions.

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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.

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 (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.

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

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

The assets of the Trust consist primarily of gold bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of gold.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of gold.

The Trust issues and redeems Shares only in exchange for gold, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”).

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

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under the ticker symbol IAUM.

Valuation of Gold Bullion ;

Computation of Net Asset Value

Valuation of Gold Bullion ; Computation of Net Asset Value

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 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.

(London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Gold Price PM”).

(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”).

(London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Gold Price PM”).

If there is no announced LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at 10:30 a.m.

(London time) (such price, the “LBMA Gold Price AM”), unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

The LBMA Gold Price AM and LBMA Gold Price PM are used by the Trust because they are commonly used by the U.S.

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The use of indicators of the value of gold bullion other than the LBMA Gold Price AM and LBMA Gold Price PM could result in materially different fair value pricing of the gold held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.

Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the gold held by the Trust and other assets held by the Trust.

Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the gold and other assets held by the Trust.

The result is the net asset value of the Trust.

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In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of gold.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of gold.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

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.

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

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

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.

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, 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 $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 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 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.

The Quarter Ended March 31, 2024

The Trust’s net asset value decreased from $1,221,830,170 at December 31, 2023 to $1,093,941,616 at March 31, 2024, a 10.47% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 59,350,000 Shares at December 31, 2023 to 49,500,000 Shares at March 31, 2024, a consequence of 2,750,000 Shares (55 Baskets) being created and 12,600,000 Shares (252 Baskets) being redeemed during the quarter.

The decrease in the Trust’s net asset value was partially offset by an increase in the price of gold, which grew 7.37% from $2,062.40 at December 31, 2023 to $2,214.35 at March 31, 2024.

The 7.33% increase in the NAV from $20.59 at December 31, 2023 to $22.10 at March 31, 2024 is directly related to the 7.37% 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 $175,058 for the quarter, or 0.02% of the Trust's average weighted assets of $1,005,170,110 during the quarter.

The NAV of $22.10 on March 28, 2024 was the highest during the quarter, compared with a low during the quarter of $19.81 on February 14, 2024.

Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $74,813,722 resulting from an unrealized gain on investment in gold bullion of $50,143,311, a net realized gain of $24,829,432 on gold distributed for the redemption of Shares, and a net realized gain of $16,037 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $175,058.

Other than the Sponsor’s fees of $175,058, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

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What changed 10-Q

Item 1. Financial Statements