iShares Gold Trust Micro

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.