What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 128 added, 45 removed, 311 unchanged (36% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2026 and December 31, 2025

At June 30, 2026 and December 31, 2025

Investment in gold bullion, at fair value (a)

17 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

Sponsor’s fee

16 unchanged sentences

( 973,817,764 ) 97,381,817 ( 665,370,304 ) 342,463,326

Net realized and unrealized gain

Net realized and unrealized gain (loss)

( 918,462,553 ) 108,325,439 ( 555,070,945 ) 398,849,628

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 919,700,543 ) $ 107,864,601 $ ( 557,589,206 ) $ 398,105,870

Net increase in net assets per Share (a)

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

$ ( 5.84 ) $ 1.33 $ ( 3.59 ) $ 5.74

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, 2026

Three Months Ended

March 31, 2026

For the three and six months ended June 30, 2026

Six Months Ended

June 30, 2026

Net Assets at December 31, 2025

14 unchanged sentences

$ 7,153,505,487

Net investment loss

( 1,237,990 )

Net realized gain

Net change in unrealized appreciation/depreciation

( 973,817,764 )

Net decrease in net assets resulting from operations

( 919,700,543 )

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

( 213,761,023 )

Net increase in net assets from capital share transactions

Decrease in net assets

( 846,845,801 )

Net Assets at June 30, 2026

$ 6,306,659,686

Shares issued and redeemed

6 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

Net Assets at December 31, 2024

12 unchanged sentences

$ 2,140,599,822

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

( 43,182,134 )

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2025

$ 3,040,481,372

Shares issued and redeemed

6 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

Three Months Ended

For the six months ended June 30, 2026 and 2025

Six Months Ended

Cash Flows from Operating Activities

Proceeds from gold bullion sold to pay expenses

$ 2,488,996 $ 657,599

Expenses – Sponsor’s fee paid

( 2,488,996 ) ( 657,599 )

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 in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 557,589,206 ) $ 398,105,870

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

Net realized (gain) loss

Net change in unrealized appreciation/depreciation

2,488,996 657,599

Net realized gain

( 110,299,359 ) ( 56,386,302 )

Net change in unrealized appreciation/depreciation

665,370,304 ( 342,463,326 )

Change in operating assets and liabilities:

Sponsor’s fee payable

29,265 86,159

Net cash provided by (used in) operating activities

1 unchanged sentence

Gold bullion contributed for Shares issued

Gold bullion distributed for Shares redeemed

$ 1,242,382,920 $ 1,497,530,280

Gold bullion distributed for Shares redeemed

$ ( 407,306,824 ) $ ( 214,621,660 )

2 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2026 and December 31, 2025

March 31, 2026

At June 30, 2026 and December 31, 2025

June 30, 2026

1,566,559 $ 5,225,595,660 $ 6,307,042,990

14 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2026

June 30, 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 March 31, 2026 and 2025:

Three Months Ended March 31, 2026

The following tables summarize activity in gold bullion for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

Beginning balance

12 unchanged sentences

1,566,559 $ 5,225,595,660 $ 6,307,042,990 $ 55,355,211

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Beginning balance

12 unchanged sentences

924,926 $ 2,376,971,424 $ 3,040,649,073 $ 10,943,622

The following tables summarize activity in gold bullion for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026

Beginning balance

1,399,628 $ 4,282,709,201 $ 6,029,526,835 $ —

Gold bullion contributed

257,656 1,242,382,920 1,242,382,920 —

Gold bullion distributed

( 90,194 ) ( 297,772,020 ) ( 407,306,824 ) 109,534,804

Gold bullion sold to pay expenses

( 531 ) ( 1,724,441 ) ( 2,488,996 ) 764,555

Net realized gain

— — 110,299,359 —

Net change in unrealized appreciation/depreciation

— — ( 665,370,304 ) —

Ending balance

1,566,559 $ 5,225,595,660 $ 6,307,042,990 $ 110,299,359

Six Months Ended June 30, 2025

Beginning balance

520,730 $ 1,038,334,101 $ 1,359,548,424 $ —

Gold bullion contributed

478,719 1,497,530,280 1,497,530,280 —

Gold bullion distributed

( 74,307 ) ( 158,403,108 ) ( 214,621,660 ) 56,218,552

Gold bullion sold to pay expenses

( 216 ) ( 489,849 ) ( 657,599 ) 167,750

Net realized gain

— — 56,386,302 —

Net change in unrealized appreciation/depreciation

— — 342,463,326 —

Ending balance

924,926 $ 2,376,971,424 $ 3,040,649,073 $ 56,386,302

Calculation of Net Asset Value

13 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, 2026 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, 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 three months ended March 31, 2026, the amount waived was $ 365,770 .

For the six months ended June 30, 2026, the amount waived was $ 719,520 .

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

8 unchanged sentences

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.

Under the custodian agreement between the Trustee and the Custodian (the “Custodian Agreement”), the Trustee has agreed to indemnify the Custodian for certain costs, expenses, damages, liabilities and losses incurred in connection with the Custodian Agreement, except to the extent resulting from the Custodian's negligence, willful default or fraud.

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.

8 unchanged sentences

significant changes in the attitude of speculators, investors and other market participants towards gold;

global gold supply and demand;

supply and demand;

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

5 unchanged sentences

Financial Highlights

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

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026 and 2025.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

$ 45.93 $ 31.07 $ 42.94 $ 26.04

Net investment loss (a)

Net realized and unrealized gain (c)

Net increase in net assets from operations

( 0.01 ) ( 0.01 ) ( 0.02 ) ( 0.01 )

Net realized and unrealized gain (loss) (b)

( 5.80 ) 1.72 ( 2.80 ) 6.75

Net increase (decrease) in net assets from operations

( 5.81 ) 1.71 ( 2.82 ) 6.74

Net asset value per Share, end of period

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

$ 40.12 $ 32.78 $ 40.12 $ 32.78

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

( 12.65 )% 5.50 % ( 6.57 )% 25.88 %

Ratio to average net assets:

Net investment loss (f)

Total expenses (f)

Total expenses after fees waived (f)

Net investment loss (e)

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

Total expenses (e)

0.09 % 0.09 % 0.09 % 0.09 %

Total expenses after fees waived (e)

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

13 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, 2026 and December 31, 2025, the value of the gold bullion held by the Trust is categorized as Level 1.

At June 30, 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.

44 unchanged sentences

Results of Operations

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.

The Quarter Ended June 30, 2026

The Trust’s net asset value decreased from $7,153,505,487 at March 31, 2026 to $6,306,659,686 at June 30, 2026, an 11.84% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of gold, which fell 12.64% from $4,608.35 at March 31, 2026 to $4,026.05 at June 30, 2026.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 155,750,000 Shares at March 31, 2026 to 157,200,000 Shares at June 30, 2026, a consequence of 6,250,000 Shares (125 Baskets) being created and 4,800,000 Shares (96 Baskets) being redeemed during the quarter.

The 12.65% decrease in the NAV from $45.93 at March 31, 2026 to $40.12 at June 30, 2026 is directly related to the 12.64% 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 fee, which was $1,237,990 for the quarter, or 0.02% of the Trust’s average weighted assets of $7,094,436,767 during the quarter.

The NAV of $48.54 on April 17, 2026 was the highest during the quarter, compared with a low during the quarter of $39.88 on June 25, 2026.

The net decrease in net assets resulting from operations for the quarter ended June 30, 2026 was $919,700,543, resulting from an unrealized loss on investment in gold bullion of $973,817,764 and a net investment loss of $1,237,990, partially offset by a net realized gain of $369,610 from gold bullion sold to pay expenses and a net realized gain of $54,985,601 on gold bullion distributed for the redemption of Shares.

Other than the Sponsor’s fee of $1,237,990, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2026

The Trust’s net asset value increased from $6,029,172,796 at December 31, 2025 to $6,306,659,686 at June 30, 2026, a 4.60% 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 157,200,000 Shares at June 30, 2026, a consequence of 25,850,000 Shares (517 Baskets) being created and 9,050,000 Shares (181 Baskets) being redeemed during the period.

The increase in the Trust’s net asset value was partially offset by a decrease in the price of gold, which fell 6.54% from $4,307.95 at December 31, 2025 to $4,026.05 at June 30, 2026.

The 6.57% decrease in the NAV from $42.94 at December 31, 2025 to $40.12 at June 30, 2026 is directly related to the 6.54% 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 fee, which was $2,518,261 for the period, or 0.03% of the Trust’s average weighted assets of $7,255,282,885 during the period.

The NAV of $53.88 on January 29, 2026 was the highest during the period, compared with a low during the period of $39.88 on June 25, 2026.

The net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $557,589,206, resulting from an unrealized loss on investment in gold bullion of $665,370,304 and a net investment loss of $2,518,261, partially offset by a net realized gain of $764,555 from gold bullion sold to pay expenses and a net realized gain of $109,534,804 on gold bullion distributed for the redemption of Shares.

Other than the Sponsor’s fee of $2,518,261, the Trust had no expenses during the period.

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