Wed, May 7, 9:14 PM (11 days ago)
**iShares Gold Trust Micro (IAUM) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue & Profit Margins:** The Trust's net asset value (NAV) surged by 57.46%, from $1,359,466,882 to $2,140,599,822, driven by a 19.31% increase in gold prices and a rise in outstanding shares. - **Cash Flow:** The Trust's cash flow is primarily driven by gold bullion transactions. Net cash provided by operating activities was not explicitly stated but is implied to be zero due to the nature of the Trust's operations. - **Earnings Changes:** Net increase in net assets resulting from operations was $290,241,269, primarily due to unrealized gains on gold bullion and realized gains from share redemptions. **Quarterly Performance & Trends:** - **Gold Bullion:** The Trust's investment in gold bullion increased from 520,730 ounces to 687,205 ounces, with a corresponding increase in fair value from $1,359,548,424 to $2,140,712,819. - **Share Activity:** 22,750,000 shares were issued, and 6,050,000 shares were redeemed, resulting in a net increase of 16,700,000 shares. - **Expenses:** Sponsor's fees were $282,920, or 0.02% of average weighted assets. The Sponsor waived $80,785 of fees. **Uncertainties & Future Operations:** - **Market Risk:** The Trust's value is heavily dependent on gold prices, which can be volatile. - **Fee Waiver:** The Sponsor has agreed to waive a portion of fees until June 30, 2027, but may revert to the full fee of 0.09% with 30 days' notice. - **Liquidity:** The Trust's liquidity is tied to gold sales, and it has no other sources of income or liquidity. **Impact on Future Operations:** - **Gold Price Volatility:** Fluctuations in gold prices will directly impact the Trust's NAV and share price. - **Share Issuance and Redemption:** The Trust's share count and NAV will continue to be influenced by share issuance and redemption activities. - **Fee Waiver:** The potential reversion to the full sponsor's fee could increase expenses and impact net asset growth.