Q - iShares Gold Trust Micro
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 5, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001437749-25-024888
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 19 previous paragraphs and 23 current paragraphs.
14 unchanged; 4 reworded; 2 added; 1 removed; 0 previous and 3 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.
Added paragraphs (2)
Current report
The Six-Month Period Ended June 30, 2025
Current report
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $743,758 for the period, or 0.03% of the Trust’s average weighted assets of $2,142,844,235 during the period. The NAV of $34.26 on June 13, 2025 was the highest during the period, compared with a low during the period of $26.27 on January 6, 2025.
Removed paragraphs (1)
Previous report
Item 2. Management**’s Discussion and Analysis of Financial Condition and Results of Operations.
Reworded paragraphs (4)
Previous 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.
Current wording
The Trust’s net asset value increased from $2,140,599,822 at March 31, 2025 to $3,040,481,372 at June 30, 2025, a 42.04% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 68,900,000 Shares at March 31, 2025 to 92,750,000 Shares at June 30, 2025, a consequence of 25,250,000 Shares (505 Baskets) being created and 1,400,000 Shares (28 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 5.53% from $3,115.10 at March 31, 2025 to $3,287.45 at June 30, 2025.
Previous 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.
Current wording
The 5.50% increase in the NAV from $31.07 at March 31, 2025 to $32.78 at June 30, 2025 is directly related to the 5.53% increase in the price of gold.
Previous 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.
Current wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $460,838 for the quarter, or 0.02% of the Trust’s average weighted assets of $2,641,998,547 during the quarter. The NAV of $34.26 on June 13, 2025 was the highest during the quarter, compared with a low during the quarter of $30.07 on April 7, 2025.
Previous 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.
Current wording
Net increase in net assets resulting from operations for the quarter ended June 30, 2025 was $107,864,601, resulting from a net realized gain of $103,547 from gold bullion sold to pay expenses, a net realized gain of $10,840,075 on gold bullion distributed for the redemption of Shares, and an unrealized gain on investment in gold bullion of $97,381,817, partially offset by a net investment loss of $460,838. Other than the Sponsor’s fees of $460,838, the Trust had no expenses during the quarter.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The Trust’s net asset value increased from $1,359,466,882 at December 31, 2024 to $3,040,481,372 at June 30, 2025, a 123.65% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 52,200,000 Shares at December 31, 2024 to 92,750,000 Shares at June 30, 2025, a consequence of 48,000,000 Shares (960 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 grew 25.91% from $2,610.85 at December 31, 2024 to $3,287.45 at June 30, 2025.
Current report — wording carried from elsewhere
The 25.88% increase in the NAV from $26.04 at December 31, 2024 to $32.78 at June 30, 2025 is directly related to the 25.91% increase in the price of gold.
Current report — wording carried from elsewhere
Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $398,105,870, resulting from a net realized gain of $167,750 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 $342,463,326, partially offset by a net investment loss of $743,758. Other than the Sponsor’s fees of $743,758, the Trust had no expenses during the period.