iShares Gold Trust Micro
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
IAUM$40.51-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001437749-24-033817
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001437749-25-015167
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 19 current paragraphs.
14 unchanged; 5 reworded; 0 added; 3 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (3)
Previous report
The Nine-Month Period Ended September 30, 2024
Previous report
The 27.44% increase in the NAV from $20.59 at December 31, 2023 to $26.24 at September 30, 2024 is directly related to the 27.52% increase in the price of gold.
Previous report
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $612,915 for the period, or 0.05% of the Trust’s average weighted assets of $1,170,686,108 during the period. The NAV of $26.58 on September 26, 2024 was the highest during the period, compared with a low during the period of $19.81 on February 14, 2024.
Reworded paragraphs (5)
Previous wording
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
Item 2. Management**’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
The Trust’s net asset value increased from $1,201,326,993 at June 30, 2024 to $1,450,991,617 at September 30, 2024, a 20.78% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 12.83% from $2,330.90 at June 30, 2024 to $2,629.95 at September 30, 2024. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 51,650,000 Shares at June 30, 2024 to 55,300,000 Shares at September 30, 2024, a consequence of 4,450,000 Shares (89 Baskets) being created and 800,000 Shares (16 Baskets) being redeemed during the quarter.
Current wording
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.
Previous wording
The 12.81% increase in the NAV from $23.26 at June 30, 2024 to $26.24 at September 30, 2024 is directly related to the 12.83% increase in the price of gold.
Current wording
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.
Previous wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $234,601 for the quarter, or 0.02% of the Trust’s average weighted assets of $1,336,096,237 during the quarter. The NAV of $26.58 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $23.24 on July 1, 2024.
Current wording
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.
Previous wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $161,153,236 resulting from an unrealized gain on investment in gold bullion of $156,618,421, a net realized gain of $4,724,615 on gold bullion distributed for the redemption of Shares, and a net realized gain of $44,801 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $234,601. Other than the Sponsor’s fees of $234,601, the Trust had no expenses during the quarter.
Current wording
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.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The Trust’s net asset value increased from $1,221,830,170 at December 31, 2023 to $1,450,991,617 at September 30, 2024, a 18.76% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 27.52% from $2,062.40 at December 31, 2023 to $2,629.95 at September 30, 2024. The increase in the Trust’s net asset value was partially offset by a decrease in the number of outstanding Shares, which fell from 59,350,000 Shares at December 31, 2023 to 55,300,000 Shares at September 30, 2024, a consequence of 11,250,000 Shares (225 Baskets) being created and 15,300,000 Shares (306 Baskets) being redeemed during the period.
Previous report — wording carried elsewhere
Net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $293,838,482, resulting from an unrealized gain on investment in gold bullion of $255,661,511, a net realized gain of $38,693,737 on gold bullion distributed for the redemption of Shares, and a net realized gain of $96,149 from gold bullion sold to pay expenses during the period, partially offset by a net investment loss of $612,915. Other than the Sponsor’s fees of $612,915, the Trust had no expenses during the period.