What changed in this filing

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Item 1. Financial Statements

2024-08-08 compared with 2024-05-08 · 115 added, 88 removed, 260 unchanged (44% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2024 and December 31, 2023

At June 30, 2024 and December 31, 2023

Investment in gold bullion, at fair value (a)

17 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2024 and 2023

For the three and six months ended June 30, 2024 and 2023

Three Months Ended

Six Months Ended

Sponsor’s fees

9 unchanged sentences

Gold bullion sold to pay expenses

35,311 14,814 51,348 21,810

Gold bullion distributed for the redemption of Shares

4 unchanged sentences

48,899,779 ( 42,090,064 ) 99,043,090 35,110,738

Net realized and unrealized gain

Net realized and unrealized gain (loss)

58,074,780 ( 33,045,823 ) 133,063,560 58,738,385

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ 57,871,524 $ ( 33,218,686 ) $ 132,685,246 $ 58,382,818

Net increase in net assets per Share (a)

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

$ 1.15 $ ( 0.66 ) $ 2.69 $ 1.10

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

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

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

Net Assets at December 31, 2023

14 unchanged sentences

$ 1,093,941,616

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

( 44,906,237 )

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2024

$ 1,201,326,993

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 14,500,000 )

Net decrease in Shares issued and outstanding

( 7,700,000 )

See notes to financial statements.

1 unchanged sentence

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

13 unchanged sentences

Net Assets at March 31, 2023

$ 963,872,250

Net investment loss

Net realized gain

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

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

1 unchanged sentence

Shares redeemed

( 23,450,000 )

Net decrease in Shares issued and outstanding

( 14,300,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2024 and 2023

Three Months Ended

For the six months ended June 30, 2024 and 2023

Six Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 375,971 $ 365,101

Expenses – Sponsor’s fees paid

( 375,971 ) ( 365,101 )

Net cash provided by operating activities

4 unchanged sentences

Net increase in net assets resulting from operations

$ 132,685,246 $ 58,382,818

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

375,971 365,101

Net realized (gain) loss

( 34,020,470 ) ( 23,627,647 )

Net change in unrealized appreciation/depreciation

( 99,043,090 ) ( 35,110,738 )

Change in operating assets and liabilities:

Sponsor’s fees payable

2,343 ( 9,534 )

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

Gold bullion distributed for Shares redeemed

$ 151,514,898 $ 177,671,263

Gold bullion distributed for Shares redeemed

$ ( 304,703,321 ) $ ( 447,350,953 )

2 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2024 and December 31, 2023

March 31, 2024

At June 30, 2024 and December 31, 2023

June 30, 2024

515,421 $ 985,998,676 $ 1,201,394,958

14 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2024

June 30, 2024

1 - Organization

28 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, 2024 and 2023:

Three Months Ended March 31, 2024

The following tables summarize activity in gold bullion for the three months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024

Beginning balance

12 unchanged sentences

515,421 $ 985,998,676 $ 1,201,394,958 $ 9,175,001

Three Months Ended March 31, 2023

Three Months Ended June 30, 2023

Beginning balance

12 unchanged sentences

479,333 $ 874,314,966 $ 916,602,313 $ 9,044,241

The following tables summarize activity in gold bullion for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30, 2024

Beginning balance

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

Gold bullion contributed

67,865 151,514,898 151,514,898 —

Gold bullion distributed

( 144,735 ) ( 270,734,199 ) ( 304,703,321 ) 33,969,122

Gold bullion sold to pay expenses

( 173 ) ( 324,623 ) ( 375,971 ) 51,348

Net realized gain

— — 34,020,470 —

Net change in unrealized appreciation/depreciation

— — 99,043,090 —

Ending balance

515,421 $ 985,998,676 $ 1,201,394,958 $ 34,020,470

Six Months Ended June 30, 2023

Beginning balance

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

Gold bullion contributed

91,385 177,671,263 177,671,263 —

Gold bullion distributed

( 234,209 ) ( 423,745,116 ) ( 447,350,953 ) 23,605,837

Gold bullion sold to pay expenses

( 190 ) ( 343,291 ) ( 365,101 ) 21,810

Net realized gain

— — 23,627,647 —

Net change in unrealized appreciation/depreciation

— — 35,110,738 —

Ending balance

479,333 $ 874,314,966 $ 916,602,313 $ 23,627,647

Calculation of Net Asset Value

3 unchanged sentences

Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash.

Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash.

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

7 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, 2024 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, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

5 unchanged sentences

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 .

For the six months ended June 30, 2024, the amount waived was $ 108,124 .

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

9 unchanged sentences

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.

The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

6 - Commitments and Contingent Liabilities

15 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, 2024 and 2023.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2024 and 2023.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

$ 22.10 $ 19.77 $ 20.59 $ 18.10

Net investment loss (a)

Net realized and unrealized gain (c)

Net increase in net assets from operations

) (b) ( 0.01 ) ( 0.01 )

Net realized and unrealized gain (loss) (c)

1.16 ( 0.68 ) 2.68 1.00

Net increase (decrease) in net assets from operations

1.16 ( 0.68 ) 2.67 0.99

Net asset value per Share, end of period

$ 23.26 $ 19.09 $ 23.26 $ 19.09

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

5.25 % ( 3.44 )% 12.97 % 5.47 %

Ratio to average net assets:

Net investment loss (f)

( 0.07 )% ( 0.07 )% ( 0.07 )% ( 0.07 )%

Total expenses (f)

Total expenses after fees waived (f)

0.09 % 0.09 % 0.09 % 0.09 %

Total expenses after fees waived

0.07 % 0.07 % 0.07 % 0.07 %

Based on average Shares outstanding during the period.

Amount is greater than $( 0.005 ).

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

Amount is more 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 Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

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

12 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 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.

These statements are only predictions.

Actual events or results may differ materially.

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 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.

Shares of the Trust trade on NYSE Arca, Inc.

under the ticker symbol IAUM.

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”).

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.

gold market as indicators of the value of gold and are permitted to be used under the Trust Agreement.

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 and other assets held by the Trust.

The result is the net asset value of the Trust.

The Trustee computes NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

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.

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.

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 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.

Not applicable.

At June 30, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.

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