What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2024-11-07 · 123 added, 119 removed, 246 unchanged (50% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2024 and December 31, 2023

September 30,

At March 31, 2025 and December 31, 2024

Investment in gold bullion, at fair value (a)

17 unchanged sentences

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2024 and 2023

For the three months ended March 31, 2025 and 2024

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

Sponsor’s fees waiver

$ 363,705 $ 225,112

Sponsor’s fees waived

( 80,785 ) ( 50,054 )

Total expenses

282,920 175,058

Net investment loss

( 282,920 ) ( 175,058 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Gold bullion sold to pay expenses

64,203 16,037

Gold bullion distributed for the redemption of Shares

Net realized gain

Net change in unrealized appreciation/depreciation

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

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

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

See notes to financial statements.

iShares ® Gold Trust Micro

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2024

Nine Months Ended

September 30, 2024

Net Assets at December 31, 2023

45,378,477 24,829,432

Net investment loss

Net realized gain

45,442,680 24,845,469

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

245,081,509 50,143,311

Net decrease in net assets from capital share transactions

Net realized and unrealized gain

290,524,189 74,988,780

Decrease in net assets

Net increase in net assets resulting from operations

$ 290,241,269 $ 74,813,722

Net Assets at March 31, 2024

Net increase in net assets per Share (a)

$ 5.04 $ 1.54

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

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2024

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

See notes to financial statements.

iShares ® Gold Trust Micro

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Net Assets at December 31, 2024

$ 1,359,466,882

6 unchanged sentences

Distributions for Shares redeemed

( 171,439,526 )

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at September 30, 2024

Net Assets at March 31, 2025

$ 2,140,599,822

2 unchanged sentences

Shares redeemed

Net decrease in Shares issued and outstanding

( 6,050,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

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

13 unchanged sentences

Net Assets at March 31, 2024

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

$ 1,093,941,616

Net decrease in net assets from capital share transactions

Decrease in net assets

Net Assets at June 30, 2023

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net decrease in net assets from capital share transactions

Decrease in net assets

Net Assets at September 30, 2023

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 12,600,000 )

Net decrease in Shares issued and outstanding

( 9,850,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2024 and 2023

Nine Months Ended

September 30,

For the three months ended March 31, 2025 and 2024

Three Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 251,465 $ 178,053

Expenses – Sponsor’s fees paid

( 251,465 ) ( 178,053 )

Net cash provided by operating activities

4 unchanged sentences

Net increase in net assets resulting from operations

$ 290,241,269 $ 74,813,722

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

251,465 178,053

Net realized (gain) loss

( 45,442,680 ) ( 24,845,469 )

Net change in unrealized appreciation/depreciation

2 unchanged sentences

Sponsor’s fees payable

31,455 ( 2,995 )

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

Gold bullion distributed for Shares redeemed

$ 662,331,197 $ 57,094,808

Gold bullion distributed for Shares redeemed

$ ( 171,439,526 ) $ ( 259,797,084 )

2 unchanged sentences

Schedules of Investments (Unaudited)

At September 30, 2024 and December 31, 2023

September 30, 2024

At March 31, 2025 and December 31, 2024

March 31, 2025

687,205 $ 1,574,416,987 $ 2,140,712,819

14 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2024

1 - Organization

March 31, 2025

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

27 unchanged sentences

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

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

Three Months Ended September 30, 2024

Beginning balance

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

Gold bullion contributed

44,401 108,832,468 108,832,468 —

Gold bullion distributed

( 7,982 ) ( 15,596,465 ) ( 20,321,080 ) 4,724,615

Gold bullion sold to pay expenses

( 91 ) ( 176,132 ) ( 220,933 ) 44,801

Net realized gain

— — 4,769,416 —

Net change in unrealized appreciation/depreciation

— — 156,618,421 —

Ending balance

551,749 $ 1,079,058,547 $ 1,451,073,250 $ 4,769,416

Three Months Ended September 30, 2023

Beginning balance

479,333 $ 874,314,966 $ 916,602,313 $ —

Gold bullion contributed

31,451 60,575,037 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 ) 9,490

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

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

Nine Months Ended September 30, 2024

The following tables summarize activity in gold bullion for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

Beginning balance

12 unchanged sentences

687,205 $ 1,574,416,987 $ 2,140,712,819 $ 45,442,680

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

Beginning balance

27 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, 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 March 31, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance.

The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

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 nine months ended September 30, 2024, the amount waived was $ 175,158 .

For the three months ended March 31, 2025, the amount waived was $ 80,785 .

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

12 unchanged sentences

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.

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

Concentration Risk

12 unchanged sentences

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, 2024 and 2023.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2025 and 2024.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 26.04 $ 20.59

Net investment loss (a)

Net realized and unrealized gain (loss) (c)

Net increase (decrease) in net assets from operations

Net realized and unrealized gain (c)

Net increase in net assets from operations

Net asset value per Share, end of period

$ 31.07 $ 22.10

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

19.32 % 7.33 %

Ratio to average net assets:

Net investment loss (f)

( 0.07 )% ( 0.07 )%

Total expenses (f)

Total expenses after fees waived

0.09 % 0.09 %

Total expenses after fees waived (f)

0.07 % 0.07 %

Based on average Shares outstanding during the period.

12 unchanged sentences

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

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

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; and

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

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; and

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, 2025 and December 31, 2024, 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, 2025

The Trust’s net asset value increased from $1,359,466,882 at December 31, 2024 to $2,140,599,822 at March 31, 2025, a 57.46% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 52,200,000 Shares at December 31, 2024 to 68,900,000 Shares at March 31, 2025, a consequence of 22,750,000 Shares (455 Baskets) being created and 6,050,000 Shares (121 Baskets) being redeemed during the quarter.

The increase in the Trust’s net asset value also benefitted from an increase in the price of gold, which grew 19.31% from $2,610.85 at December 31, 2024 to $3,115.10 at March 31, 2025.

The 19.32% increase in the NAV from $26.04 at December 31, 2024 to $31.07 at March 31, 2025 is directly related to the 19.31% increase in the price of gold.

The NAV moved in line with the price of gold on a percentage basis.

The Sponsor’s fees were $282,920 for the quarter, or 0.02% of the Trust’s average weighted assets of $1,638,143,764 during the quarter.

The NAV of $31.07 on March 31, 2025 was the highest during the quarter, compared with a low during the quarter of $26.27 on January 6, 2025.

Net increase in net assets resulting from operations for the quarter ended March 31, 2025 was $290,241,269, resulting from an unrealized gain on investment in gold bullion of $245,081,509, a net realized gain of $45,378,477 on gold bullion distributed for the redemption of Shares, and a net realized gain of $64,203 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $282,920.

Other than the Sponsor’s fees of $282,920, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

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