iShares Gold Trust Micro Quarterly Report Released - Here’s What You Should Know

iShares® Gold Trust Micro Quarterly Report – June 30, 2025

Key Financial Metrics

• Net Asset Value (NAV): Increased to $3,040,481,372 at June 30, 2025 from $1,359,466,882 at December 31, 2024.
• NAV Per Share: $32.78 at June 30, 2025, up from $26.04 at December 31, 2024.
• Shares Outstanding: 92,750,000 at June 30, 2025, compared to 52,200,000 at December 31, 2024.
• Gold Bullion Held: 924,926 ounces at cost of $2,376,971,424 and fair value of $3,040,649,073 at June 30, 2025.
• Investment Performance:
  • Total Return (NAV) for Six Months Ended June 30, 2025: 25.88% (compared to 12.97% for the prior year period).
  • Net Increase in Assets from Operations for Six Months Ended June 30, 2025: $398,105,870.
  • Net Increase Per Share from Operations: $5.74 for six months.
• Net Realized and Unrealized Gain: $398,849,628 for six months ended June 30, 2025.
• Sponsor’s Fees: $956,281 for six months ended June 30, 2025; $212,523 of fees were waived.
• Operating Expenses Ratio (annualized): 0.09% of average net assets, reduced to 0.07% after fee waivers.

Risks

• Concentration Risk: Substantially all Trust assets are held in gold bullion, exposing the Trust exclusively to fluctuations in the price of gold. The report specifically cites that “all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk.”
• Sponsor Fee Impact: Sponsor’s fees reduce the NAV growth slightly relative to the underlying price appreciation of gold. The management notes that the increase in NAV was “slightly less than the price of gold on a percentage basis due to the Sponsor’s fees.”
• Liquidity: The Trust states there are currently no trends or events anticipated to impact liquidity materially but does acknowledge that redemptions are executed solely in gold.
• No Change in Risk Factors: The Trust reports that there have been no material changes to the risk factors previously disclosed.

Management Discussion and Analysis

• Performance Drivers: The Trust’s NAV increases correlate directly with gold price movements. For the quarter, NAV increased 5.50% (from $31.07 to $32.78), and for the six months, NAV increased 25.88% (from $26.04 to $32.78). The report directly states that “the 25.88% increase in NAV… is directly related to the increase in the price of gold."
• Capital Activity: During the first six months of 2025, the Trust issued 48,000,000 shares and redeemed 7,450,000 shares, resulting in net share growth of 40,550,000.
• Gold Movements: For the first half of 2025, 478,719 ounces of gold were contributed (issued), and 74,307 ounces were distributed (redeemed), consistent with net share issuance.
• Expense Ratio: The low sponsor fee keeps expenses minimal, with an annualized total expense ratio of 0.09% (and 0.07% after waivers), favorable for investors seeking cost efficiency.
• Controls and Internal Procedures: Management reports no changes or deficiencies in internal controls during the period.

Other Information

• No Legal Proceedings or Defaults were reported.
• No unregistered equity sales, and one redemption involving 1,400,000 shares occurred in Q2.
• The Trust is structured as a passive, grantor trust; it does not actively manage gold positions.

Investor Considerations

The iShares Gold Trust Micro offers direct exposure to gold price movements with very low fees and transparent operations. Gains in NAV are aligned closely to gold, with minimal drag from expenses, but investors should consider that performance will track gold prices and that there are no diversification or hedging mechanisms within the Trust. All financial data and metrics reflect strong alignment with its investment mandate and significant net asset and share growth in the reporting period.

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