iShares Gold Trust Micro

Previous wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Current wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑looking statements can be identified by terminology such as“may,”* “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor*’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Previous wording

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.

Current wording

The Trust’s net asset value increased from $6,306,659,686 at June 30, 2026 to $7,949,300,914 at September 30, 2026, a 26.05% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 157,200,000 Shares at June 30, 2026 to 191,050,000 Shares at September 30, 2026, a consequence of 35,250,000 Shares (705 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 rose 3.73% from $4,026.05 at June 30, 2026 to $4,176.30 at September 30, 2026.

Previous wording

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.

Current wording

The 3.71% increase in the NAV from $40.12 at June 30, 2026 to $41.61 at September 30, 2026 is directly related to the 3.73% increase in the price of gold.

Previous wording

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.

Current wording

The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fee, which was $1,279,328 for the quarter, or 0.02% of the Trust’s average weighted assets of $7,250,849,631 during the quarter. The NAV of $46.47 on August 24, 2026 was the highest during the quarter, compared with a low during the quarter of $39.79 on July 16, 2026.

Previous wording

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.

Current wording

The net increase in net assets resulting from operations for the quarter ended September 30, 2026 was $184,914,636, resulting from a net realized gain of $224,588 from gold bullion sold to pay expenses, a net realized gain of $11,069,618 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $174,899,758, partially offset by a net investment loss of $1,279,328. Other than the Sponsor’s fee of $1,279,328, the Trust had no expenses during the quarter.

Previous wording

The Six-Month Period Ended June 30, 2026

Current wording

The Nine-Month Period Ended September 30, 2026

Previous wording

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.

Current wording

The Trust’s net asset value increased from $6,029,172,796 at December 31, 2025 to $7,949,300,914 at September 30, 2026, a 31.85% 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 191,050,000 Shares at September 30, 2026, a consequence of 61,100,000 Shares (1,222 Baskets) being created and 10,450,000 Shares (209 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 3.06% from $4,307.95 at December 31, 2025 to $4,176.30 at September 30, 2026.

Previous wording

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.

Current wording

The 3.10% decrease in the NAV from $42.94 at December 31, 2025 to $41.61 at September 30, 2026 is directly related to the 3.06% decrease in the price of gold.

Previous wording

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.

Current wording

The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fee, which was $3,797,589 for the period, or 0.05% of the Trust’s average weighted assets of $7,253,788,895 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 $39.79 on July 16, 2026.

Previous wording

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.

Current wording

The net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $372,674,570, resulting from an unrealized loss on investment in gold bullion of $490,470,546 and a net investment loss of $3,797,589, partially offset by a net realized gain of $989,143 from gold bullion sold to pay expenses and a net realized gain of $120,604,422 on gold bullion distributed for the redemption of Shares. Other than the Sponsor’s fee of $3,797,589, the Trust had no expenses during the period.