美國
證券交易委員會
華盛頓特區20549
表格
| | 根據1934年證券交易法第13或15(d)節的季度報告 |
|
| 截至季度結束日期的財務報告 |
或者
| | 根據1934年證券交易法第13或15(d)節的轉型報告書 |
|
| 過渡期從 to |
委託文件編號：001-39866
iShares MSCI新興市場ETF - 歷史收盤價值® 黃金 trust 微
(根據其章程規定的註冊人準確名稱)
| | |
| （國家或其他管轄區的 公司成立或組織） | （IRS僱主 唯一識別號碼） |
收件人：iShares Delaware Trust Sponsor LLC
（總部地址）（郵政編碼）
(
(註冊人電話號碼，包括區號)
N/A
（前名稱、地址及財政年度，如果自上次報告以來有更改）
在法案第12(b)條的規定下注冊的證券：
| 每一類的名稱 | 交易標誌 | 在其上註冊的交易所的名稱 |
| | | |
請用複選標記指示註冊商（1）是否在過去12個月內（或註冊商被要求提交此類報告的較短時期）已提交證券交易所法案第13或15(d)條規定的所有報告，並且（2）過去90天內一直受到此類提交要求的約束。
請勾選是否已按照《S-t法規》第405條規定提交註冊要求提交的所有交互式數據文件，包括過去12個月（或註冊人需要提交此類文件的較短期間）。
請用勾號表示，註冊者是大型加速歸檔者、加速歸檔者、非加速歸檔者、較小的報告公司還是新興增長公司。請參閱《交易所法》規則120億.2中對「大型加速歸檔者」、「加速歸檔者」、「較小的報告公司」和「新興增長公司」的定義。
| | 加速申報人 ☐ |
|
| 非加速申報人 ☐ | 較小的報告公司 | 新興成長型公司 |
如果是新興成長公司，請勾選是否選擇不使用根據交易所法案第13（a）條提供的任何新的或修訂的財務會計準則的延長過渡期來遵守。 ☐
請用複選標記表示，註冊申報人是否爲殼公司（如《交易法》規則120億.2所定義）。 是
截至2024年10月31日，註冊人持有
|
|
||
| 項目1。 | ||
| 事項二 | ||
| 第3項。 | ||
| 事項4。 | ||
| 項目1。 | ||
| 項目1A。 | ||
| 事項二 | ||
| 第3項。 | ||
| 事項4。 | ||
| 項目5。 | ||
| 項目6。 | ||
iShares MSCI新興市場ETF - 歷史收盤價值® 黃金 trust 微
資產負債表（未經審計）
2024年9月30日和2023年12月31日
| 9月30日， | 12月31日, | |||||||
| 資產 | ||||||||
| 投資黃金金條，按公允價值計量(a) | $ | $ | ||||||
| 總資產 | ||||||||
| 負債 | ||||||||
| 贊助費用應付 | ||||||||
| 總負債 | ||||||||
| 承諾和或有負債（注6） | — | — | ||||||
| 淨資產 | $ | $ | ||||||
| 已發行和流通的股份(b) | ||||||||
| 每股淨資產價值（附註2C） | $ | $ | ||||||
| (a) |
黃金投資成本分別爲1,079,058,547美元和1,105,542,600美元。 |
| (b) |
無面值，授權數量不限。 |
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值® 黃金 trust 微
損益表（未經審計）
截至2024年9月30日和2023年的三個月和九個月
| 三個月結束 |
九個月結束 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 費用 |
||||||||||||||||
| 贊助費用 |
$ | $ | $ | $ | ||||||||||||
| 贊助費用減免 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 總支出 |
||||||||||||||||
| 淨投資虧損 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 已實現淨收益和未實現淨損失 |
||||||||||||||||
| 來自實現的淨收益： |
||||||||||||||||
| 黃金金條出售以支付費用 |
||||||||||||||||
| 黃金金條用於贖回股份 |
||||||||||||||||
| 已實現的淨收益 |
||||||||||||||||
| 未實現升值/貶值淨變化 |
( |
) | ||||||||||||||
| 淨實現和未實現的收益（損失） |
( |
) | ||||||||||||||
| 經營活動產生的淨資產增減額 |
$ | $ | ( |
) | $ | $ | ||||||||||
| 每股資產淨增長（減少）(a) |
$ | $ | ( |
) | $ | $ | ||||||||||
| (a) |
根據該期間的平均已發行股數，每股淨資產淨增加（減少）。 |
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值® 黃金 trust 微
資產淨值變動表（未經審計）
截至2024年9月30日的三、六和九個月
| 九個月已結束 |
||||
| 截至 2023 年 12 月 31 日的淨資產 |
$ | |||
| 操作： |
||||
| 淨投資損失 |
( |
) | ||
| 已實現淨收益 |
||||
| 未實現升值/折舊的淨變動 |
||||
| 運營導致的淨資產淨增加 |
||||
| 股本交易： |
||||
| 對已發行股票的供款 |
||||
| 已贖回股份的分配 |
( |
) | ||
| 股本交易淨資產淨減少 |
( |
) | ||
| 淨資產減少 |
( |
) | ||
| 截至 2024 年 3 月 31 日的淨資產 |
$ | |||
| 操作： |
||||
| 淨投資損失 |
( |
) | ||
| 已實現淨收益 |
||||
| 未實現升值/折舊的淨變動 |
||||
| 運營導致的淨資產淨增加 |
||||
| 股本交易： |
||||
| 對已發行股票的供款 |
||||
| 已贖回股份的分配 |
( |
) | ||
| 資本份額交易淨資產淨增加 |
||||
| 淨資產增加 |
||||
| 截至2024年6月30日的淨資產 |
$ | |||
| 操作： |
||||
| 淨投資損失 |
( |
) | ||
| 已實現淨收益 |
||||
| 未實現升值/折舊的淨變動 |
||||
| 運營導致的淨資產淨增加 |
||||
| 股本交易： |
||||
| 對已發行股票的供款 |
||||
| 已贖回股份的分配 |
( |
) | ||
| 資本份額交易淨資產淨增加 |
||||
| 淨資產增加 |
||||
| 截至 2024 年 9 月 30 日的淨資產 |
$ | |||
| 已發行和贖回的股票 |
||||
| 已發行的股票 |
||||
| 已贖回的股票 |
( |
) | ||
| 已發行和流通股票的淨減少 |
( |
) | ||
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值® 黃金 trust 微
資產淨值變動表（未經審計）
截至2023年9月30日爲止的三、六和九個月
| 九個月結束 |
||||
| 2022年12月31日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
||||
| 經營活動產生的淨資產增長 |
||||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 資產淨額由股本交易淨額減少 |
( |
) | ||
| 淨資產減少 |
( |
) | ||
| 2023年3月31日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
( |
) | ||
| 經營活動減少淨資產 |
( |
) | ||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 資產淨額由股本交易淨額減少 |
( |
) | ||
| 淨資產減少 |
( |
) | ||
| 2023年6月30日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
( |
) | ||
| 經營活動導致淨資產減少 |
( |
) | ||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 資產淨額由股本交易淨額減少 |
( |
) | ||
| 淨資產減少 |
( |
) | ||
| 2023年9月30日的淨資產 |
$ | |||
| 已發行和贖回的股份 |
||||
| 發行股份 |
||||
| 贖回股份 |
( |
) | ||
| 已發行和流通股份的淨減少 |
( |
) | ||
See notes to financial statements.
Statements of Cash Flows (Unaudited)
For the nine months ended September 30, 2024 and 2023
| Nine Months Ended |
||||||||
| 2024 |
2023 |
|||||||
| Cash Flows from Operating Activities |
||||||||
| Proceeds from gold bullion sold to pay expenses |
$ | $ | ||||||
| Expenses – Sponsor’s fees paid |
( |
) | ( |
) | ||||
| 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 |
$ | $ | ||||||
| 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 |
||||||||
| Net realized (gain) loss |
( |
) | ( |
) | ||||
| Net change in unrealized appreciation/depreciation |
( |
) | ( |
) | ||||
| Change in operating assets and liabilities: |
||||||||
| Sponsor’s fees payable |
( |
) | ||||||
| Net cash provided by (used in) operating activities |
$ | $ | ||||||
| Supplemental disclosure of non-cash information: |
||||||||
| Gold bullion contributed for Shares issued |
$ | $ | ||||||
| Gold bullion distributed for Shares redeemed |
$ | ( |
) | $ | ( |
) | ||
See notes to financial statements.
Schedules of Investments (Unaudited)
At September 30, 2024 and December 31, 2023
| September 30, 2024 | ||||||||||||
| Description | Ounces | Cost | Fair Value | |||||||||
| Gold bullion | $ | $ | ||||||||||
| Total Investments – % | ||||||||||||
| Less Liabilities – % | ( | ) | ||||||||||
| Net Assets – % | $ | |||||||||||
| December 31, 2023 | ||||||||||||
| Description | Ounces | Cost | Fair Value | |||||||||
| Gold bullion | $ | $ | ||||||||||
| Total Investments – % | ||||||||||||
| Less Liabilities – % | ( | ) | ||||||||||
| Net Assets – % | $ | |||||||||||
See notes to financial statements.
Notes to Financial Statements (Unaudited)
September 30, 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.
The following tables summarize activity in gold bullion for the three months ended September 30, 2024 and 2023:
| Three Months Ended September 30, 2024 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Gold bullion contributed | — | |||||||||||||||
| Gold bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Gold bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| Three Months Ended September 30, 2023 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Gold bullion contributed | — | |||||||||||||||
| Gold bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Gold bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | ( | ) | — | |||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
The following tables summarize activity in gold bullion for the nine months ended September 30, 2024 and 2023:
| Nine Months Ended September 30, 2024 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Gold bullion contributed | — | |||||||||||||||
| Gold bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Gold bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| Nine Months Ended September 30, 2023 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Gold bullion contributed | — | |||||||||||||||
| Gold bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Gold bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| |
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 |
Shares are issued and redeemed continuously in aggregations of
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 September 30, 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
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 $
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.
The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.
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.
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 and nine months ended September 30, 2024 and 2023.
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Net asset value per Share, beginning of period |
$ | $ | $ | $ | ||||||||||||
| Net investment loss(a) |
( |
)(b) | ( |
)(b) | ( |
) | ( |
) | ||||||||
| Net realized and unrealized gain (loss)(c) |
( |
) | ||||||||||||||
| Net increase (decrease) in net assets from operations |
( |
) | ||||||||||||||
| Net asset value per Share, end of period |
$ | $ | $ | $ | ||||||||||||
| Total return, at net asset value(d)(e) |
% | ( |
)% | % | % | |||||||||||
| Ratio to average net assets: |
||||||||||||||||
| Net investment loss(f) |
( |
)% | ( |
)% | ( |
)% | ( |
)% | ||||||||
| Total expenses(f) |
% | % | % | % | ||||||||||||
| Total expenses after fees waived |
% | % | % | % | ||||||||||||
| (a) |
Based on average Shares outstanding during the period. |
| (b) |
Amount is greater than $( |
| (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 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 September 30, 2024 and December 31, 2023, the value of the gold bullion held by the Trust is categorized as Level 1.
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.
Results of Operations
The Quarter Ended September 30, 2024
The Trust’s net asset value increased from $1,201,326,993 at June 30, 2024 to $1,450,991,617 at September 30, 2024, a 20.78% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 12.83% from $2,330.90 at June 30, 2024 to $2,629.95 at September 30, 2024. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 51,650,000 Shares at June 30, 2024 to 55,300,000 Shares at September 30, 2024, a consequence of 4,450,000 Shares (89 Baskets) being created and 800,000 Shares (16 Baskets) being redeemed during the quarter.
The 12.81% increase in the NAV from $23.26 at June 30, 2024 to $26.24 at September 30, 2024 is directly related to the 12.83% 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 $234,601 for the quarter, or 0.02% of the Trust’s average weighted assets of $1,336,096,237 during the quarter. The NAV of $26.58 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $23.24 on July 1, 2024.
Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $161,153,236 resulting from an unrealized gain on investment in gold bullion of $156,618,421, a net realized gain of $4,724,615 on gold bullion distributed for the redemption of Shares, and a net realized gain of $44,801 from gold bullion sold to pay expenses during the quarter, partially offset by a net investment loss of $234,601. Other than the Sponsor’s fees of $234,601, the Trust had no expenses during the quarter.
The Nine-Month Period Ended September 30, 2024
The Trust’s net asset value increased from $1,221,830,170 at December 31, 2023 to $1,450,991,617 at September 30, 2024, a 18.76% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 27.52% from $2,062.40 at December 31, 2023 to $2,629.95 at September 30, 2024. The increase in the Trust’s net asset value was partially offset by a decrease in the number of outstanding Shares, which fell from 59,350,000 Shares at December 31, 2023 to 55,300,000 Shares at September 30, 2024, a consequence of 11,250,000 Shares (225 Baskets) being created and 15,300,000 Shares (306 Baskets) being redeemed during the period.
The 27.44% increase in the NAV from $20.59 at December 31, 2023 to $26.24 at September 30, 2024 is directly related to the 27.52% 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 $612,915 for the period, or 0.05% of the Trust’s average weighted assets of $1,170,686,108 during the period. The NAV of $26.58 on September 26, 2024 was the highest during the period, compared with a low during the period of $19.81 on February 14, 2024.
Net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $293,838,482, resulting from an unrealized gain on investment in gold bullion of $255,661,511, a net realized gain of $38,693,737 on gold bullion distributed for the redemption of Shares, and a net realized gain of $96,149 from gold bullion sold to pay expenses during the period, partially offset by a net investment loss of $612,915. Other than the Sponsor’s fees of $612,915, the Trust had no expenses during the period.
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.
None.
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) 800,000 Shares (16 Baskets) were redeemed during the quarter ended September 30, 2024.
| Period |
Total Number of Shares |
Average Ounces of |
||||||
| 07/01/24 to 07/31/24 |
— | $ | — | |||||
| 08/01/24 to 08/31/24 |
— | — | ||||||
| 09/01/24 to 09/30/24 |
800,000 | 0.0100 | ||||||
| Total |
800,000 | $ | 0.0100 | |||||
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures.
Not applicable.
| Exhibit No. |
Description |
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| 4.1 |
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| 4.2 |
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| 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 |
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| 10.2 |
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| 31.1* |
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| 31.2* |
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| 32.1* |
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| 32.2* |
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| 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
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,
/s/ Shannon Ghia |
| Shannon Ghia Director, President and Chief Executive Officer (Principal executive officer) |
Date: November 7, 2024
| /s/ Bryan Bowers |
| Bryan Bowers
Date: November 7, 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.