10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2024

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from                            to

Commission File Number: 001-40521

iShares® Gold Trust Micro

(Exact name of registrant as specified in its charter)

New York	83-6527686
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o iShares Delaware Trust Sponsor LLC
400 Howard Street
San Francisco, California 94105

(Address of principal executive offices) (Zip Code)

(415) 670-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares	IAUM	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2024, the Registrant had 49,600,000 Shares outstanding.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Statements of Assets and Liabilities at March 31, 2024 and December 31, 2023	1
	Statements of Operations for the three months ended March 31, 2024 and 2023	2
	Statements of Changes in Net Assets for the three months ended March 31, 2024 and 2023	3
	Statements of Cash Flows for the three months ended March 31, 2024 and 2023	5
	Schedules of Investments at March 31, 2024 and December 31, 2023	6
	Notes to Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12
Item 4.	Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.	Defaults Upon Senior Securities	13
Item 4.	Mine Safety Disclosures	13
Item 5.	Other Information	13
Item 6.	Exhibits	14
SIGNATURES		15

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares® Gold Trust Micro

Statements of Assets and Liabilities (Unaudited)

At March 31, 2024 and December 31, 2023

	March 31, 2024		December 31, 2023
Assets
Investment in gold bullion, at fair value(a)	$	1,094,004,243	$	1,221,895,792
Total Assets		1,094,004,243		1,221,895,792
Liabilities
Sponsor’s fees payable		62,627		65,622
Total Liabilities		62,627		65,622
Commitments and contingent liabilities (Note 6)		—		—
Net Assets	$	1,093,941,616	$	1,221,830,170
Shares issued and outstanding(b)		49,500,000		59,350,000
Net asset value per Share (Note 2C)	$	22.10	$	20.59

(a)	Cost of investment in gold bullion: $927,507,740 and $1,105,542,600, respectively.
(b)	No par value, unlimited amount authorized.

See notes to financial statements.

1

iShares® Gold Trust Micro

Statements of Operations (Unaudited)

For the three months ended March 31, 2024 and 2023

	Three Months Ended March 31,
	2024			2023
Expenses
Sponsor’s fees	$	225,112		$	234,912
Sponsor’s fees waiver		(50,054	)		(52,208	)
Total expenses		175,058			182,704
Net investment loss		(175,058	)		(182,704	)
Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Gold bullion sold to pay expenses		16,037			6,996
Gold bullion distributed for the redemption of Shares		24,829,432			14,576,410
Net realized gain		24,845,469			14,583,406
Net change in unrealized appreciation/depreciation		50,143,311			77,200,802
Net realized and unrealized gain		74,988,780			91,784,208
Net increase in net assets resulting from operations	$	74,813,722		$	91,601,504
Net increase in net assets per Share(a)	$	1.54		$	1.64

(a) Net increase in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

2

iShares® Gold Trust Micro

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024

	Three Months Ended March 31, 2024
Net Assets at December 31, 2023	$	1,221,830,170
Operations:
Net investment loss		(175,058	)
Net realized gain		24,845,469
Net change in unrealized appreciation/depreciation		50,143,311
Net increase in net assets resulting from operations		74,813,722
Capital Share Transactions:
Contributions for Shares issued		57,094,808
Distributions for Shares redeemed		(259,797,084	)
Net decrease in net assets from capital share transactions		(202,702,276	)
Decrease in net assets		(127,888,554	)
Net Assets at March 31, 2024	$	1,093,941,616
Shares issued and redeemed
Shares issued		2,750,000
Shares redeemed		(12,600,000	)
Net decrease in Shares issued and outstanding		(9,850,000	)

See notes to financial statements.

3

iShares® Gold Trust Micro

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2023

	Three Months Ended March 31, 2023
Net Assets at December 31, 2022	$	1,127,844,172
Operations:
Net investment loss		(182,704	)
Net realized gain		14,583,406
Net change in unrealized appreciation/depreciation		77,200,802
Net increase in net assets resulting from operations		91,601,504
Capital Share Transactions:
Contributions for Shares issued		75,395,013
Distributions for Shares redeemed		(330,968,439	)
Net decrease in net assets from capital share transactions		(255,573,426	)
Decrease in net assets		(163,971,922	)
Net Assets at March 31, 2023	$	963,872,250
Shares issued and redeemed
Shares issued		4,000,000
Shares redeemed		(17,550,000	)
Net decrease in Shares issued and outstanding		(13,550,000	)

See notes to financial statements.

4

iShares® Gold Trust Micro

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2024 and 2023

	Three Months Ended March 31,
	2024			2023
Cash Flows from Operating Activities
Proceeds from gold bullion sold to pay expenses	$	178,053		$	190,032
Expenses – Sponsor’s fees paid		(178,053	)		(190,032	)
Net cash provided by operating activities		—			—
Increase (decrease) in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase in net assets resulting from operations	$	74,813,722		$	91,601,504
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from gold bullion sold to pay expenses		178,053			190,032
Net realized (gain) loss		(24,845,469	)		(14,583,406	)
Net change in unrealized appreciation/depreciation		(50,143,311	)		(77,200,802	)
Change in operating assets and liabilities:
Sponsor’s fees payable		(2,995	)		(7,328	)
Net cash provided by (used in) operating activities	$	—		$	—
Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued	$	57,094,808		$	75,395,013
Gold bullion distributed for Shares redeemed	$	(259,797,084	)	$	(330,968,439	)

See notes to financial statements.

5

iShares® Gold Trust Micro

Schedules of Investments (Unaudited)

At March 31, 2024 and December 31, 2023

March 31, 2024

Description	Ounces		Cost		Fair Value
Gold bullion		494,052	$	927,507,740	$	1,094,004,243
Total Investments – 100.01%						1,094,004,243
Less Liabilities – (0.01)%						(62,627	)
Net Assets – 100.00%					$	1,093,941,616

December 31, 2023

Description	Ounces		Cost		Fair Value
Gold bullion		592,464	$	1,105,542,600	$	1,221,895,792
Total Investments – 100.01%						1,221,895,792
Less Liabilities – (0.01)%						(65,622	)
Net Assets – 100.00%					$	1,221,830,170

See notes to financial statements.

6

iShares® Gold Trust Micro

Notes to Financial Statements (Unaudited)

March 31, 2024

1 - Organization

The iShares Gold Trust Micro (the “Trust”) was organized on June 15, 2021 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 20, 2024.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

2 - Significant Accounting Policies

A. Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

B. Gold Bullion

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

Fair value of the gold bullion held by the Trust is based on that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30-second rounds starting at 3:00 p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at 10:30 a.m. (London time) (“LBMA Gold Price AM”) unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

7

 

The following tables summarize activity in gold bullion for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		592,464		$	1,105,542,600		$	1,221,895,792		$	—
Gold bullion contributed		27,448			57,094,808			57,094,808			—
Gold bullion distributed		(125,773	)		(234,967,652	)		(259,797,084	)		24,829,432
Gold bullion sold to pay expenses		(87	)		(162,016	)		(178,053	)		16,037
Net realized gain		—			—			24,845,469			—
Net change in unrealized appreciation/depreciation		—			—			50,143,311			—
Ending balance		494,052		$	927,507,740		$	1,094,004,243		$	24,845,469

Three Months Ended March 31, 2023	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		622,347		$	1,120,732,110		$	1,127,908,719		$	—
Gold bullion contributed		39,953			75,395,013			75,395,013			—
Gold bullion distributed		(175,291	)		(316,392,029	)		(330,968,439	)		14,576,410
Gold bullion sold to pay expenses		(102	)		(183,036	)		(190,032	)		6,996
Net realized gain		—			—			14,583,406			—
Net change in unrealized appreciation/depreciation		—			—			77,200,802			—
Ending balance		486,907		$	879,552,058		$	963,929,469		$	14,583,406

C. Calculation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the gold and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

8

 

D. Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption represents the per Share amount of gold held by the Trust, after giving effect to its liabilities.

When gold bullion is exchanged in settlement of a redemption, it is considered a sale of gold bullion for accounting purposes.

E. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

The Sponsor’s fee is accrued daily at an annualized rate equal to 0.09% of the net asset value of the Trust, paid monthly in arrears. The Sponsor may, at its discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Sponsor has voluntarily agreed to waive a portion of the Sponsor’s fee so that the Sponsor’s fee after the fee waiver will not exceed 0.07% through June 30, 2027. Although the Sponsor has no current intention of doing so, because the fee waiver is voluntary, the Sponsor may revert to the 0.09% fee prior to June 30, 2027. Should the Sponsor choose to revert to the 0.09% fee (or an amount higher than 0.07% but no greater than 0.09% annualized), prior to June 30, 2027, it will provide shareholders with at least 30 days’ prior written notice of such change through either a prospectus supplement to its registration statement or through a report furnished on Form 8-K. For the period ended March 31, 2024, the amount waived was $50,054.

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

6 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

9

 

7 - Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions); a significant increase in the hedging activities of gold producers; significant changes in the attitude of speculators, investors and other market participants towards gold; global gold supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
	2024			2023
Net asset value per Share, beginning of period	$	20.59		$	18.10
Net investment loss(a)		(0.00	)(b)		(0.00	)(b)
Net realized and unrealized gain(c)		1.51			1.67
Net increase in net assets from operations		1.51			1.67
Net asset value per Share, end of period	$	22.10		$	19.77
Total return, at net asset value(d)(e)		7.33	%		9.23	%
Ratio to average net assets:
Net investment loss(f)		(0.07	)%		(0.07	)%
Total expenses(f)		0.09	%		0.09	%
Total expenses after fees waived(f)		0.07	%		0.07	%

(a)	Based on average Shares outstanding during the period.
(b)	Amount is greater than $(0.005).
(c)	The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.
(d)	Based on the change in net asset value of a Share during the period.
(e)	Percentage is not annualized.
(f)	Percentage is annualized.

9 - Investment Valuation

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1 –  Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 –  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 –  Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.

10

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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.

Introduction

The iShares Gold Trust Micro (the “Trust”) is a grantor trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of gold bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of gold.

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.

Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol IAUM.

Valuation of Gold Bullion; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust and the net asset value per Share (“NAV”). The Trustee values the gold held by the Trust using the price per fine troy ounce of gold determined in an electronic auction hosted by ICE Benchmark Administration (“IBA”) that begins at 3:00 p.m. (London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Gold Price PM”). If there is no announced LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at 10:30 a.m. (London time) (such price, the “LBMA Gold Price AM”), unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. The LBMA Gold Price AM and LBMA Gold Price PM are used by the Trust because they are commonly used by the U.S. gold market as indicators of the value of gold and are permitted to be used under the Trust Agreement. The use of indicators of the value of gold bullion other than the LBMA Gold Price AM and LBMA Gold Price PM could result in materially different fair value pricing of the gold held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares. Having valued the gold held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the gold and other assets held by the Trust. The result is the net asset value of the Trust. The Trustee computes NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of gold.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of gold bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Gold Bullion; Computation of Net Asset Value” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

11

Results of Operations

The Quarter Ended March 31, 2024

The Trust’s net asset value decreased from $1,221,830,170 at December 31, 2023 to $1,093,941,616 at March 31, 2024, a 10.47% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 59,350,000 Shares at December 31, 2023 to 49,500,000 Shares at March 31, 2024, a consequence of 2,750,000 Shares (55 Baskets) being created and 12,600,000 Shares (252 Baskets) being redeemed during the quarter. The decrease in the Trust’s net asset value was partially offset by an increase in the price of gold, which grew 7.37% from $2,062.40 at December 31, 2023 to $2,214.35 at March 31, 2024.

The 7.33% increase in the NAV from $20.59 at December 31, 2023 to $22.10 at March 31, 2024 is directly related to the 7.37% increase in the price of gold.

The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $175,058 for the quarter, or 0.02% of the Trust's average weighted assets of $1,005,170,110 during the quarter. The NAV of $22.10 on March 28, 2024 was the highest during the quarter, compared with a low during the quarter of $19.81 on February 14, 2024.

Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $74,813,722 resulting from an unrealized gain on investment in gold bullion of $50,143,311, a net realized gain of $24,829,432 on gold distributed for the redemption of Shares, and a net realized gain of $16,037 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $175,058. Other than the Sponsor’s fees of $175,058, the Trust had no expenses during the quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

12

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 20, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) 12,600,000 Shares (252 Baskets) were redeemed during the quarter ended March 31, 2024.

Period	Total Number of Shares Redeemed		Average Ounces of Gold Paid Per Share
01/01/24 to 01/31/24		12,600,000	$	0.0100
02/01/24 to 02/29/24		—		—
03/01/24 to 03/31/24		—		—
Total		12,600,000	$	0.0100

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

13

Item 6. Exhibits

Exhibit No.	Description
4.1	First Amended and Restated Depositary Trust Agreement incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on January 31, 2022
4.2	First Amendment to First Amended and Restated Depositary Trust Agreement incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on October 25, 2022
4.3	Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Registration Statement on Form S‑1 (File No. 333-253614) filed by the Registrant on June 21, 2021
10.1	Custodian Agreement between The Bank of New York Mellon and JP Morgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Registration Statement on Form S-1 (File No. 333-253614) filed by the Registrant on June 21, 2021
10.2	Sub-license Agreement is incorporated by reference to Exhibit 10.2 of the Registration Statement on Form S-1 (File No. 333-262546) filed by the Registrant on February 4, 2022
31.1*	Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
32.2*	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

* Filed herewith

14

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

iShares Delaware Trust Sponsor LLC,
Sponsor of the iShares Gold Trust Micro (registrant)

/s/ Shannon Ghia

Shannon Ghia
Director, President and Chief Executive Officer
(Principal executive officer)

Date: May 8, 2024

/s/ Bryan Bowers

Bryan Bowers
Director and Chief Financial Officer
(Principal financial and accounting officer)

Date: May 8, 2024

*    The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

15

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Shannon Ghia, certify that:

1. I have reviewed this report on Form 10-Q of iShares Gold Trust Micro;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024

/s/ Shannon Ghia

Shannon Ghia*
Director, President and Chief Executive Officer
(Principal executive officer)

*    The registrant is a trust and Ms. Ghia is signing in her capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Bryan Bowers, certify that:

1. I have reviewed this report on Form 10-Q of iShares Gold Trust Micro;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2024

/s/ Bryan Bowers

Bryan Bowers*
Director and Chief Financial Officer
(Principal financial and accounting officer)

*    The registrant is a trust and Mr. Bowers is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares Gold Trust Micro (the “Trust”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Shannon Ghia, Chief Executive Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Date: May 8, 2024

/s/ Shannon Ghia

Shannon Ghia*
Director, President and Chief Executive Officer
(Principal executive officer)

*    The registrant is a trust and Ms. Ghia is signing in her capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares Gold Trust Micro (the “Trust”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bryan Bowers, Chief Financial Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Date: May 8, 2024

/s/ Bryan Bowers

Bryan Bowers*
Director and Chief Financial Officer
(Principal financial and accounting officer)

*    The registrant is a trust and Mr. Bowers is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001759124
Entity Registrant Name	iShares Gold Trust Micro
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40521
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	83-6527686
Entity Address, Address Line One	400 Howard Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	670-2000
Title of 12(b) Security	Shares
Trading Symbol	IAUM
Security Exchange Name	NYSEArca
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,600,000

XML

Statements of Assets and Liabilities (Unaudited) - USD ($)		Mar. 31, 2024	Dec. 31, 2023
Assets
Investment in gold bullion, at fair value	[1]	$ 1,094,004,243	$ 1,221,895,792
Total Assets		1,094,004,243	1,221,895,792
Liabilities
Sponsor’s fees payable		62,627	65,622
Total Liabilities		62,627	65,622
Commitments and contingent liabilities (Note 6)
Net Assets		$ 1,093,941,616	$ 1,221,830,170
Shares issued and outstanding (in shares)	[2]	49,500,000	59,350,000
Net asset value per Share (Note 2C) (in dollars per share)		$ 22.1	$ 20.59

[1] Cost of investment in gold bullion: $927,507,740 and $1,105,542,600, respectively.

[2] No par value, unlimited amount authorized.

XML

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment in gold bullion, cost	$ 927,507,740	$ 1,105,542,600
Shares, par value (in dollars per share)	$ 0	$ 0
Shares, issued (in shares)	49,500,000	59,350,000

XML

Statements of Operations (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Expenses
Sponsor’s fees		$ 225,112	$ 234,912
Sponsor’s fees waiver		(50,054)	(52,208)
Total expenses		175,058	182,704
Net investment loss		(175,058)	(182,704)
Net Realized and Unrealized Gain (Loss)
Gold bullion sold to pay expenses		16,037	6,996
Gold bullion distributed for the redemption of Shares		24,829,432	14,576,410
Net realized gain		24,845,469	14,583,406
Net change in unrealized appreciation/depreciation		50,143,311	77,200,802
Net realized and unrealized gain		74,988,780	91,784,208
Net increase in net assets resulting from operations		$ 74,813,722	$ 91,601,504
Net increase in net assets per Share (in dollars per share)	[1]	$ 1.54	$ 1.64

[1] Net increase in net assets per Share based on average shares outstanding during the period.

XML

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Assets, Beginning of Period	$ 1,221,830,170	$ 1,127,844,172
Operations:
Net investment loss	(175,058)	(182,704)
Net realized gain	24,845,469	14,583,406
Net change in unrealized appreciation/depreciation	50,143,311	77,200,802
Net increase in net assets resulting from operations	74,813,722	91,601,504
Capital Share Transactions:
Contributions for Shares issued	57,094,808	75,395,013
Distributions for Shares redeemed	(259,797,084)	(330,968,439)
Net decrease in net assets from capital share transactions	(202,702,276)	(255,573,426)
Decrease in net assets	(127,888,554)	(163,971,922)
Net Assets, End of Period	$ 1,093,941,616	$ 963,872,250
Shares issued and redeemed
Shares issued (in shares)	2,750,000	4,000,000
Shares redeemed (in shares)	(12,600,000)	(17,550,000)
Net decrease in Shares issued and outstanding (in shares)	(9,850,000)	(13,550,000)

XML

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Proceeds from gold bullion sold to pay expenses	$ 178,053	$ 190,032
Expenses – Sponsor's fees paid	(178,053)	(190,032)
Net cash provided by (used in) operating activities	0	0
Increase (decrease) in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase in net assets resulting from operations	74,813,722	91,601,504
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from gold bullion sold to pay expenses	178,053	190,032
Net realized (gain) loss	(24,845,469)	(14,583,406)
Net change in unrealized appreciation/depreciation	(50,143,311)	(77,200,802)
Change in operating assets and liabilities:
Sponsor’s fees payable	(2,995)	(7,328)
Net cash provided by (used in) operating activities	0	0
Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued	57,094,808	75,395,013
Gold bullion distributed for Shares redeemed	$ (259,797,084)	$ (330,968,439)

XML

Schedules of Investments (Unaudited)

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Schedule of Investments [Text Block]

iShares® Gold Trust Micro

Schedules of Investments (Unaudited)

At March 31, 2024 and December 31, 2023

March 31, 2024

Description	Ounces		Cost		Fair Value
Gold bullion		494,052	$	927,507,740	$	1,094,004,243
Total Investments – 100.01%						1,094,004,243
Less Liabilities – (0.01)%						(62,627	)
Net Assets – 100.00%					$	1,093,941,616

December 31, 2023

Description	Ounces		Cost		Fair Value
Gold bullion		592,464	$	1,105,542,600	$	1,221,895,792
Total Investments – 100.01%						1,221,895,792
Less Liabilities – (0.01)%						(65,622	)
Net Assets – 100.00%					$	1,221,830,170

See notes to financial statements.

XML

Note 1 - Organization

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1 - Organization

The iShares Gold Trust Micro (the “Trust”) was organized on June 15, 2021 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the First Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 20, 2024.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

XML

Note 2 - Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2 - Significant Accounting Policies

A. Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

B. Gold Bullion

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

Fair value of the gold bullion held by the Trust is based on that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30-second rounds starting at 3:00 p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at 10:30 a.m. (London time) (“LBMA Gold Price AM”) unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in gold bullion for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		592,464		$	1,105,542,600		$	1,221,895,792		$	—
Gold bullion contributed		27,448			57,094,808			57,094,808			—
Gold bullion distributed		(125,773	)		(234,967,652	)		(259,797,084	)		24,829,432
Gold bullion sold to pay expenses		(87	)		(162,016	)		(178,053	)		16,037
Net realized gain		—			—			24,845,469			—
Net change in unrealized appreciation/depreciation		—			—			50,143,311			—
Ending balance		494,052		$	927,507,740		$	1,094,004,243		$	24,845,469

Three Months Ended March 31, 2023	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		622,347		$	1,120,732,110		$	1,127,908,719		$	—
Gold bullion contributed		39,953			75,395,013			75,395,013			—
Gold bullion distributed		(175,291	)		(316,392,029	)		(330,968,439	)		14,576,410
Gold bullion sold to pay expenses		(102	)		(183,036	)		(190,032	)		6,996
Net realized gain		—			—			14,583,406			—
Net change in unrealized appreciation/depreciation		—			—			77,200,802			—
Ending balance		486,907		$	879,552,058		$	963,929,469		$	14,583,406

C. Calculation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the gold and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

D. Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption represents the per Share amount of gold held by the Trust, after giving effect to its liabilities.

When gold bullion is exchanged in settlement of a redemption, it is considered a sale of gold bullion for accounting purposes.

E. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

XML

Note 3 - Trust Expenses

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Trust Expenses [Text Block]

3 - Trust Expenses

The Sponsor’s fee is accrued daily at an annualized rate equal to 0.09% of the net asset value of the Trust, paid monthly in arrears. The Sponsor may, at its discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. The Sponsor has voluntarily agreed to waive a portion of the Sponsor’s fee so that the Sponsor’s fee after the fee waiver will not exceed 0.07% through June 30, 2027. Although the Sponsor has no current intention of doing so, because the fee waiver is voluntary, the Sponsor may revert to the 0.09% fee prior to June 30, 2027. Should the Sponsor choose to revert to the 0.09% fee (or an amount higher than 0.07% but no greater than 0.09% annualized), prior to June 30, 2027, it will provide shareholders with at least 30 days’ prior written notice of such change through either a prospectus supplement to its registration statement or through a report furnished on Form 8-K. For the period ended March 31, 2024, the amount waived was $50,054.

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

XML

Note 4 - Related Parties

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

XML

Note 5 - Indemnification

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Indemnification [Text Block]

5 - Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

XML

Note 6 - Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

6 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

XML

Note 7 - Concentration Risk

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

7 - Concentration Risk

Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold. Accordingly, a decline in the price of gold will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of gold include large sales by the official sector (governments, central banks, and related institutions); a significant increase in the hedging activities of gold producers; significant changes in the attitude of speculators, investors and other market participants towards gold; global gold supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

XML

Note 8 - Financial Highlights

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Financial Highlights [Text Block]

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
	2024			2023
Net asset value per Share, beginning of period	$	20.59		$	18.10
Net investment loss(a)		(0.00	)(b)		(0.00	)(b)
Net realized and unrealized gain(c)		1.51			1.67
Net increase in net assets from operations		1.51			1.67
Net asset value per Share, end of period	$	22.10		$	19.77
Total return, at net asset value(d)(e)		7.33	%		9.23	%
Ratio to average net assets:
Net investment loss(f)		(0.07	)%		(0.07	)%
Total expenses(f)		0.09	%		0.09	%
Total expenses after fees waived(f)		0.07	%		0.07	%

(a)	Based on average Shares outstanding during the period.
(b)	Amount is greater than $(0.005).
(c)	The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.
(d)	Based on the change in net asset value of a Share during the period.
(e)	Percentage is not annualized.
(f)	Percentage is annualized.

XML

Note 9 - Investment Valuation

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

9 - Investment Valuation

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1 –  Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 –  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 –  Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.

XML

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

Item 5. Other Information.

Not applicable.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

XML

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

A. Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Investment, Policy [Policy Text Block]

B. Gold Bullion

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of gold bullion owned by the Trust.

Fair value of the gold bullion held by the Trust is based on that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30-second rounds starting at 3:00 p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced price of gold determined in an electronic auction hosted by IBA that begins at 10:30 a.m. (London time) (“LBMA Gold Price AM”) unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in gold bullion for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		592,464		$	1,105,542,600		$	1,221,895,792		$	—
Gold bullion contributed		27,448			57,094,808			57,094,808			—
Gold bullion distributed		(125,773	)		(234,967,652	)		(259,797,084	)		24,829,432
Gold bullion sold to pay expenses		(87	)		(162,016	)		(178,053	)		16,037
Net realized gain		—			—			24,845,469			—
Net change in unrealized appreciation/depreciation		—			—			50,143,311			—
Ending balance		494,052		$	927,507,740		$	1,094,004,243		$	24,845,469

Three Months Ended March 31, 2023	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		622,347		$	1,120,732,110		$	1,127,908,719		$	—
Gold bullion contributed		39,953			75,395,013			75,395,013			—
Gold bullion distributed		(175,291	)		(316,392,029	)		(330,968,439	)		14,576,410
Gold bullion sold to pay expenses		(102	)		(183,036	)		(190,032	)		6,996
Net realized gain		—			—			14,583,406			—
Net change in unrealized appreciation/depreciation		—			—			77,200,802			—
Ending balance		486,907		$	879,552,058		$	963,929,469		$	14,583,406

Calculation of Net Asset Value [Policy Text Block]

C. Calculation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the gold and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Offering of the Shares [Policy Text Block]

D. Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for gold bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.

The per Share amount of gold exchanged for a purchase or redemption represents the per Share amount of gold held by the Trust, after giving effect to its liabilities.

When gold bullion is exchanged in settlement of a redemption, it is considered a sale of gold bullion for accounting purposes.

Income Tax, Policy [Policy Text Block]

E. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

XML

Schedules of Investments (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Investment [Table Text Block]

Description	Ounces		Cost		Fair Value
Gold bullion		494,052	$	927,507,740	$	1,094,004,243
Total Investments – 100.01%						1,094,004,243
Less Liabilities – (0.01)%						(62,627	)
Net Assets – 100.00%					$	1,093,941,616

Description	Ounces		Cost		Fair Value
Gold bullion		592,464	$	1,105,542,600	$	1,221,895,792
Total Investments – 100.01%						1,221,895,792
Less Liabilities – (0.01)%						(65,622	)
Net Assets – 100.00%					$	1,221,830,170

XML

Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Activity in Gold Bullion [Table Text Block]

Three Months Ended March 31, 2024	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		592,464		$	1,105,542,600		$	1,221,895,792		$	—
Gold bullion contributed		27,448			57,094,808			57,094,808			—
Gold bullion distributed		(125,773	)		(234,967,652	)		(259,797,084	)		24,829,432
Gold bullion sold to pay expenses		(87	)		(162,016	)		(178,053	)		16,037
Net realized gain		—			—			24,845,469			—
Net change in unrealized appreciation/depreciation		—			—			50,143,311			—
Ending balance		494,052		$	927,507,740		$	1,094,004,243		$	24,845,469

Three Months Ended March 31, 2023	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		622,347		$	1,120,732,110		$	1,127,908,719		$	—
Gold bullion contributed		39,953			75,395,013			75,395,013			—
Gold bullion distributed		(175,291	)		(316,392,029	)		(330,968,439	)		14,576,410
Gold bullion sold to pay expenses		(102	)		(183,036	)		(190,032	)		6,996
Net realized gain		—			—			14,583,406			—
Net change in unrealized appreciation/depreciation		—			—			77,200,802			—
Ending balance		486,907		$	879,552,058		$	963,929,469		$	14,583,406

XML

Note 8 - Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Financial Highlights [Table Text Block]

	Three Months Ended March 31,
	2024			2023
Net asset value per Share, beginning of period	$	20.59		$	18.10
Net investment loss(a)		(0.00	)(b)		(0.00	)(b)
Net realized and unrealized gain(c)		1.51			1.67
Net increase in net assets from operations		1.51			1.67
Net asset value per Share, end of period	$	22.10		$	19.77
Total return, at net asset value(d)(e)		7.33	%		9.23	%
Ratio to average net assets:
Net investment loss(f)		(0.07	)%		(0.07	)%
Total expenses(f)		0.09	%		0.09	%
Total expenses after fees waived(f)		0.07	%		0.07	%

XML

Schedules of Investments (Unaudited) - Investments (Details)	Mar. 31, 2024 USD ($) oz	Dec. 31, 2023 USD ($) oz	Mar. 31, 2023 USD ($) oz	Dec. 31, 2022 USD ($) oz
Gold bullion (Ounce) | oz	494,052	592,464	486,907	622,347
Investment in gold bullion, cost	$ 927,507,740	$ 1,105,542,600	$ 879,552,058	$ 1,120,732,110
Gold bullion fair value	1,094,004,243	1,221,895,792
Less Liabilities	(62,627)	(65,622)
Net Assets	$ 1,093,941,616	$ 1,221,830,170	$ 963,872,250	$ 1,127,844,172

XML

Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals)	Mar. 31, 2024	Dec. 31, 2023
Total investment, percentage of net asset value	100.01%	100.01%
Less liabilities, percentage of net asset value	(0.01%)	(0.01%)
Net assets, percentage of net asset value	100.00%	100.00%

XML

Note 2 - Significant Accounting Policies (Details Textual)	Mar. 31, 2024 shares
Shares Prescribed Aggregation (in shares)	50,000

XML

Note 2 - Significant Accounting Policies - Activity in Gold Bullion (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) oz		Mar. 31, 2023 USD ($) oz
Beginning balance (Ounce) | oz	592,464		622,347
Beginning balance, average cost	$ 1,105,542,600		$ 1,120,732,110
Beginning balance, fair value	$ 1,221,895,792	[1]	$ 1,127,908,719
Gold bullion contributed (Ounce) | oz	27,448		39,953
Gold bullion contributed, average cost	$ 57,094,808		$ 75,395,013
Gold bullion contributed, fair value	$ 57,094,808		$ 75,395,013
Gold bullion distributed (Ounce) | oz	(125,773)		(175,291)
Gold bullion distributed, average cost	$ (234,967,652)		$ (316,392,029)
Gold bullion distributed, fair value	(259,797,084)		(330,968,439)
Gold bullion distributed, realized gain (loss)	$ 24,829,432		$ 14,576,410
Gold bullion sold to pay expenses (Ounce) | oz	(87)		(102)
Gold bullion sold to pay expenses, average cost	$ (162,016)		$ (183,036)
Gold bullion sold to pay expenses, fair value	(178,053)		(190,032)
Gold bullion sold to pay expenses, realized gain (loss)	16,037		6,996
Net realized gain (loss), fair value	24,845,469		14,583,406
Net change in unrealized appreciation/depreciation, fair value	$ 50,143,311		$ 77,200,802
Ending balance (Ounce) | oz	494,052		486,907
Ending balance, average cost	$ 927,507,740		$ 879,552,058
Ending balance, fair value	1,094,004,243	[1]	963,929,469
Ending balance, realized gain (loss)	$ 24,845,469		$ 14,583,406

[1] Cost of investment in gold bullion: $927,507,740 and $1,105,542,600, respectively.

XML

Note 3 - Trust Expenses (Details Textual) - USD ($)	3 Months Ended		72 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2027
Sponsors Fee Annualized Accrual Rate Based on Daily Net Asset Value	0.09%
Sponsor Fees Waived	$ 50,054	$ 52,208
Maximum [Member]
Legal Fees Per Year	$ 500,000
Maximum [Member] | Forecast [Member]
Sponsors Fee After Fee Waiver, Percentage			0.07%

XML

Note 8 - Financial Highlights (Details Textual) - $ / shares		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Investment Income (Loss) Per Share (in dollars per share)	[1],[2]	$ (0)	$ (0)
Minimum [Member]
Net Investment Income (Loss) Per Share (in dollars per share)		$ (0.005)

[1] Amount is greater than $(0.005).

[2] Based on average Shares outstanding during the period.

XML

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net asset value per Share, beginning of period (in dollars per share)		$ 20.59	$ 18.1
Net investment loss (in dollars per share)	[1],[2]	(0)	(0)
Net realized and unrealized gain (in dollars per share)	[3]	1.51	1.67
Net increase in net assets from operations (in dollars per share)		1.51	1.67
Net asset value per Share, end of period (in dollars per share)		$ 22.1	$ 19.77
Total return, at net asset value	[4],[5]	7.33%	9.23%
Ratio to average net assets:
Net investment loss	[6]	(0.07%)	(0.07%)
Total expenses	[6]	0.09%	0.09%
Total expenses after fees waived	[6]	0.07%	0.07%

[1] Amount is greater than $(0.005).

[2] Based on average Shares outstanding during the period.

[3] The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

[4] Based on the change in net asset value of a Share during the period.

[5] Percentage is not annualized.

[6] Percentage is annualized.