iShares Gold Trust Micro

What they do

The Trust issues and redeems baskets of shares in exchange for physical gold held by JPMorgan Chase Bank N.A., London Branch, and does not engage in active management or lending. Its activities are limited to issuing shares for gold deposits, selling gold to cover sponsor fees and expenses, and delivering gold on redemptions. The Trust has no officers, directors, or employees.

Revenue drivers

• Creation and redemption activity — The Trust earns no revenue; its net income derives from increases in the fair value of its gold bullion holdings, which are directly tied to gold price movements.
• Gold bullion holdings — At June 30, 2026, the Trust held gold bullion with a fair value of $6.31 billion, up from $6.03 billion at December 31, 2025, driven primarily by gold price appreciation.
• Investor demand for gold exposure — Shares outstanding grew from 140.4 million at December 31, 2025 to 157.2 million at June 30, 2026, reflecting net creations as investors sought gold exposure.

Recent performance

For fiscal year 2025, the Trust reported net income of $1.60 billion, up from $284.6 million in 2024, and diluted EPS of $16.95 versus $5.53. Operating cash flow was $0.00 in all years because the Trust's gold is not cash and the custodian holds it in physical form. As of June 30, 2026, net assets were $6.31 billion, and net asset value per share was $40.12, down from $42.94 at December 31, 2025.

Strategy

The Trust's stated strategy is to provide a cost-effective way to invest in physical gold without the logistical burdens of buying and storing bullion. It does not seek profit from gold price changes and does not lend its gold. The Sponsor's focus is on maintaining the Trust's structure and operational efficiency to track gold prices before fees and expenses.

Risks

• Gold price volatility — The value of the Shares fluctuates with changes in the price of gold, and a decline in gold prices would reduce the Trust's net assets and per-share value.
• LBMA Gold Price benchmark disruptions — Electronic or administrative failures in the LBMA Gold Price AM/PM auctions could delay or distort gold pricing, adversely affecting the Trust's valuation and share value.
• Manipulation concerns — If the market perceives the gold benchmark as vulnerable to manipulation, investor behavior could change, potentially hurting gold prices and returns on the Shares.
• Custody and operational risks — The Trust depends on its custodian (JPMorgan) and trustee for safekeeping of gold, and any custody or settlement failure could result in losses.

Outlook

Management does not provide forward-looking guidance. The Trust's future performance is tied to the gold market, with net creations and redemptions reflecting investor demand. The Sponsor continues to publish gold bar lists and inspection reports to maintain transparency.