What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 42 added, 154 removed, 314 unchanged (38% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2025 and December 31, 2024

September 30,

At March 31, 2026 and December 31, 2025

Investment in gold bullion, at fair value (a)

1 unchanged sentence

7,153,964,871 6,029,526,835

Sponsor’s fees payable

Sponsor’s fee payable

459,384 354,039

13 unchanged sentences

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

Sponsor’s fee

$ 1,646,041 $ 363,705

Sponsor’s fees waived

Sponsor’s fee waived

( 365,770 ) ( 80,785 )

23 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2025

Nine Months Ended

September 30, 2025

For the three months ended March 31, 2026

Three Months Ended

March 31, 2026

Net Assets at December 31, 2025

1 unchanged sentence

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

( 1,280,271 )

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at March 31, 2025

$ 2,140,599,822

Net investment loss

Net realized gain

7 unchanged sentences

Increase in net assets

Net Assets at June 30, 2025

1,124,332,691

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

1,104,798,839

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

1,104,798,839

Increase in net assets

1,681,035,856

Net Assets at September 30, 2025

Net Assets at March 31, 2026

$ 7,153,505,487

7 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

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

Nine Months Ended

September 30, 2024

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Net Assets at December 31, 2024

8 unchanged sentences

( 171,439,526 )

Net decrease in net assets from capital share transactions

( 202,702,276 )

Decrease in net assets

( 127,888,554 )

Net Assets at March 31, 2024

$ 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

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

( 20,321,080 )

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

3 unchanged sentences

( 6,050,000 )

Net decrease in Shares issued and outstanding

( 4,050,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

Nine Months Ended

September 30,

For the three months ended March 31, 2026 and 2025

Three Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 1,215,150 $ 596,904

Expenses – Sponsor’s fees paid

( 1,215,150 ) ( 596,904 )

Expenses – Sponsor’s fee paid

Net cash provided by operating activities

4 unchanged sentences

Net increase in net assets resulting from operations

$ 974,342,887 $ 293,838,482

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

1,215,150 596,904

Net realized (gain) loss

( 56,515,292 ) ( 38,789,886 )

Net change in unrealized appreciation/depreciation

( 308,447,460

Change in operating assets and liabilities:

Sponsor’s fees payable

( 245,081,509

Change in operating assets and liabilities:

Sponsor’s fee payable

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

$ 2,602,329,119 $ 260,347,366

Gold bullion distributed for Shares redeemed

( 193,545,801

( 171,439,526

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At September 30, 2025 and December 31, 2024

September 30, 2025

At March 31, 2026 and December 31, 2025

March 31, 2026

1,552,392 $ 5,098,699,777 $ 7,153,964,871

1 unchanged sentence

7,153,964,871

Less Liabilities – (0.01) %

Liabilities in Excess of Other Assets — (0.01) %

Net Assets — 100.00 %

4 unchanged sentences

6,029,526,835

Less Liabilities – (0.01) %

Liabilities in Excess of Other Assets — (0.01) %

Net Assets — 100.00 %

3 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

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, 2025 and 2024:

Three Months Ended September 30, 2025

Beginning balance

924,926 $ 2,376,971,424 $ 3,040,649,073 $ —

Gold bullion contributed

309,586 1,104,798,839 1,104,798,839 —

Gold bullion distributed

Gold bullion sold to pay expenses

( 163 ) ( 428,561 ) ( 557,551 ) 128,990

Net realized gain

— — 128,990 —

Net change in unrealized appreciation/depreciation

— — 576,735,029 —

Ending balance

1,234,349 $ 3,481,341,702 $ 4,721,754,380 $ 128,990

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

The following tables summarize activity in gold bullion for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30, 2025

The following tables summarize activity in gold bullion for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

Beginning balance

12 unchanged sentences

1,552,392 $ 5,098,699,777 $ 7,153,964,871 $ 54,944,148

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

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, 2025 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, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

9 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, 2025, the amount waived was $ 391,688 .

For the three months ended March 31, 2026, the amount waived was $ 365,770 .

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

27 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, 2025 and 2024.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2026 and 2025.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 32.78 $ 23.26 $ 26.04 $ 20.59

Net investment loss (a)

( 0.01 ) ( 0.00 ) (b) ( 0.02 ) ( 0.01 )

Net realized and unrealized gain (c)

5.37 2.98 12.12 5.66

Net increase in net assets from operations

5.36 2.98 12.10 5.65

Net asset value per Share, end of period

$ 38.14 $ 26.24 $ 38.14 $ 26.24

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

16.35 % 12.81 % 46.47 % 27.44 %

Ratio to average net assets:

Net investment loss (f)

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

Total expenses (f)

0.09 % 0.09 % 0.09 % 0.09 %

Total expenses after fees waived (f)

0.07 % 0.07 % 0.07 % 0.07 %

Based on average Shares outstanding during the period.

15 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 September 30, 2025 and December 31, 2024, the value of the gold bullion held by the Trust is categorized as Level 1.

At March 31, 2026 and December 31, 2025, 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.

15 unchanged sentences

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”).

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 transactions (such broker-dealers, the “Authorized Participants”).

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

26 unchanged sentences

Results of Operations

The Quarter Ended September 30, 2025

The Trust’s net asset value increased from $3,040,481,372 at June 30, 2025 to $4,721,517,228 at September 30, 2025, a 55.29% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 92,750,000 Shares at June 30, 2025 to 123,800,000 Shares at September 30, 2025, a consequence of 31,050,000 Shares (621 Baskets) being created during the quarter.

The increase in the Trust’s net asset value also benefitted from an increase in the price of gold, which rose 16.36% from $3,287.45 at June 30, 2025 to $3,825.30 at September 30, 2025.

The 16.35% increase in the NAV from $32.78 at June 30, 2025 to $38.14 at September 30, 2025 is directly related to the 16.36% 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 $627,002 for the quarter, or 0.02% of the Trust’s average weighted assets of $3,554,078,804 during the quarter.

The NAV of $38.15 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter of $32.89 on July 31, 2025.

The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $576,237,017, resulting from a net realized gain of $128,990 from gold bullion sold to pay expenses and an unrealized gain on investment in gold bullion of $576,735,029 partially offset by a net investment loss of $627,002.

Other than the Sponsor’s fees of $627,002, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2025

The Trust’s net asset value increased from $1,359,466,882 at December 31, 2024 to $4,721,517,228 at September 30, 2025, a 247.31% 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 123,800,000 Shares at September 30, 2025, a consequence of 79,050,000 Shares (1,581 Baskets) being created and 7,450,000 Shares (149 Baskets) being redeemed during the period.

The increase in the Trust’s net asset value also benefitted from an increase in the price of gold, which rose 46.52% from $2,610.85 at December 31, 2024 to $3,825.30 at September 30, 2025.

The 46.47% increase in the NAV from $26.04 at December 31, 2024 to $38.14 at September 30, 2025 is directly related to the 46.52% 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 $1,370,760 for the period, or 0.05% of the Trust’s average weighted assets of $2,618,425,116 during the period.

The NAV of $38.15 on September 29, 2025 was the highest during the period, compared with a low during the period of $26.27 on January 6, 2025.

The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $974,342,887, resulting from a net realized gain of $296,740 from gold bullion sold to pay expenses, a net realized gain of $56,218,552 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $919,198,355, partially offset by a net investment loss of $1,370,760.

Other than the Sponsor’s fees of $1,370,760, the Trust had no expenses during the period.

The Quarter Ended March 31, 2026

The Trust’s net asset value increased from $6,029,172,796 at December 31, 2025 to $7,153,505,487 at March 31, 2026, a 18.65% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 140,400,000 Shares at December 31, 2025 to 155,750,000 Shares at March 31, 2026, a consequence of 19,600,000 Shares (392 Baskets) being created and 4,250,000 Shares (85 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 rose 6.97% from $4,307.95 at December 31, 2025 to $4,608.35 at March 31, 2026.

The 6.96% increase in the NAV from $42.94 at December 31, 2025 to $45.93 at March 31, 2026 is directly related to the 6.97% 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 fee, which was $1,280,271 for the quarter, or 0.02% of the Trust’s average weighted assets of $7,417,916,182 during the quarter.

The NAV of $53.88 on January 29, 2026 was the highest during the quarter, compared with a low during the quarter of $43.39 on January 2, 2026.

The net increase in net assets resulting from operations for the quarter ended March 31, 2026 was $362,111,337, resulting from a net realized gain of $394,945 from gold bullion sold to pay expenses, a net realized gain of $54,549,203 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $308,447,460, partially offset by a net investment loss of $1,280,271.

Other than the Sponsor’s fee of $1,280,271, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements