# iShares Gold Trust Micro > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/iShares Gold Trust Micro). ## Overview iShares Gold Trust Micro is a U.S.-formed grantor trust that issues shares representing fractional interests in gold bullion held by a custodian. Its structure is designed to give investors exposure to the price of gold through exchange-traded shares on NYSE Arca, with creation and redemption handled in large baskets by authorized participants. ## Products & services • Exchange-traded shares backed by physical gold • Basket creation and redemption mechanism • Gold custody and bullion storage structure • NAV-based exposure to the LBMA Gold Price - **Exchange-traded gold exposure** (100%) — Shares that provide fractional beneficial interests in gold bullion held by the Trust. - Exchange-traded shares backed by physical gold - Basket creation and redemption mechanism - Gold custody and bullion storage structure - NAV-based exposure to the LBMA Gold Price ## Customers The Trust is used by investors who want liquid, exchange-traded exposure to gold without holding bullion directly. Its shares are bought and sold in the secondary market by institutions and retail investors, while creations and redemptions are handled by authorized participants that transact in baskets of shares. The product is also relevant for traders seeking a gold-linked instrument for portfolio allocation, hedging, or tactical positioning. - **Retail investors** (primary) — Buy shares on NYSE Arca for convenient gold exposure through standard brokerage accounts. - **Institutional investors** (primary) — Use the Trust for portfolio diversification, inflation hedging, or tactical gold exposure. - **Authorized participants** (secondary) — Create and redeem baskets of shares in exchange for gold to support market liquidity. - **Secondary-market traders** (secondary) — Trade shares around NAV and use arbitrage opportunities tied to gold pricing. - Retail investors seeking simple gold exposure through a brokerage account - Institutional investors using gold as a portfolio diversifier or hedge - Authorized participants creating and redeeming baskets of shares - Secondary-market traders arbitraging share price vs NAV - Investors wanting bullion exposure without storage or custody logistics ## Geography The Trust is organized in New York, with the sponsor based in the United States and shares listed on NYSE Arca. The underlying gold is held by a custodian through a London branch arrangement, and the benchmark used to value the bullion is the LBMA Gold Price, which ties the product to global gold markets rather than a single operating geography. Because the Trust is a passive vehicle, geography matters mainly through custody, trading venue, and benchmark pricing rather than physical operations. - Formed under New York law in the United States - Shares trade on NYSE Arca in the U.S. market - Gold is custodied through JPMorgan Chase Bank N.A., London Branch - Valuation references the LBMA Gold Price in London - No operating manufacturing or sales footprint ## Strategy The Trust’s core strategy is to maintain a passive structure that tracks the price of gold as closely as possible through bullion holdings and daily NAV calculation. It relies on the LBMA Gold Price AM/PM benchmark and the creation/redemption process to keep share price and underlying gold value aligned. The structure is designed to provide efficient, exchange-traded access to gold while limiting operational activity to custody, valuation, and share issuance/redemption. - **Maintain close tracking to gold prices** (short-term) — The Trust exists to mirror bullion performance, so benchmark selection and NAV calculation are central. - **Preserve creation/redemption efficiency** (medium-term) — Basket transactions help keep market price near NAV and support liquidity in the shares. - **Maintain custody and benchmark integrity** (long-term) — Investor confidence depends on secure bullion storage and reliable pricing references. - Track gold prices through physical bullion ownership - Use LBMA Gold Price AM/PM as the valuation benchmark - Support liquidity through basket creation and redemption - Keep the structure passive rather than actively managed - Maintain exchange-traded access to gold exposure ## Risks The Trust is exposed to gold price volatility because its value is intended to move with bullion prices and it does not hedge or actively manage positions. It also depends on benchmark integrity, custody operations, and market liquidity; disruptions in any of these areas can affect NAV, trading spreads, or the ability to create and redeem shares efficiently. Cybersecurity, service-provider, and conflict-of-interest risks are relevant because the Trust relies on external administrators, custodians, and affiliated sponsor oversight. - **Gold price volatility** [high] — The Trust is passive and does not hedge against declines in bullion prices. - **Benchmark disruption or loss of confidence in LBMA Gold Price** [high] — NAV depends on the benchmark used to value the bullion each day. - **Premium/discount to NAV** [medium] — Secondary-market trading can diverge from underlying gold value due to liquidity and timing effects. - **Cybersecurity and service-provider disruption** [medium] — The Trust relies on external systems for custody, NAV calculation, and trading support. - **Sponsor conflict of interest** [medium] — The sponsor and affiliates manage other gold and precious-metals products. - Gold price declines directly reduce share value - Shares can trade at a premium or discount to NAV - Benchmark disruption could impair fair value pricing - Custody or cyber incidents could affect assets and NAV - Sponsor conflicts may arise with other gold-related products ## Accounting The key accounting issue is fair value measurement of gold bullion, which is marked using the LBMA Gold Price PM, or the AM price when PM is unavailable. Because the Trust’s NAV is derived from bullion value minus accrued fees and liabilities, small changes in the benchmark or in outstanding shares can materially affect reported per-share values. The Trust also has limited expense recognition complexity, but estimates around valuation, accrued fees, and any unexpected cash or other assets can affect reported results. - **Fair value measurement of gold bullion** — Directly affects NAV and per-share value - **Accrued fees and liabilities** — Affects net asset value and expense recognition - **Share creation/redemption accounting** — Affects share count, NAV per share, and gold holdings - Fair value of gold bullion is based on LBMA Gold Price PM - AM price may be used when PM is unavailable - NAV equals bullion value minus accrued fees and liabilities - Share count changes affect per-share NAV - Unexpected cash or other assets can create temporary balance-sheet items --- *Last updated: 2026-04-29T05:12:28.302317+00:00*