iShares Gold Trust Micro is a grantor trust formed under the laws of the State of New York that owns gold transferred to the Trust in exchange for shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust, which consist primarily of gold held by the Trust’s custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of gold before payment of the Trust’s expenses and liabilities, providing investors with a simple and cost-effective means of gaining exposure to the gold market through the securities market.

The Trust generates revenue through the creation and redemption of Baskets, each consisting of 50,000 Shares, in exchange for gold deposited with or delivered by the Custodian. The Sponsor earns fees accrued daily at an annualized rate of 0.09% of the Trust’s net asset value, paid monthly in arrears, from which it assumes certain administrative and marketing expenses including the Trustee’s fee, Custodian’s fee, NYSE Arca listing fees, SEC registration fees, and audit fees. The Trustee may sell gold as necessary to cover the Sponsor’s fees, Trust expenses not assumed by the Sponsor, and other liabilities, with such sales conducted at the LBMA Gold Price PM used for valuation.

The company operates through the following segments:

• Trust Operations: This segment involves the issuance and redemption of Baskets in exchange for gold, the safekeeping of gold by the Custodian, and the valuation of gold holdings using the LBMA Gold Price PM. The Trust does not engage in active management or profit-seeking activities based on gold price changes. The Custodian, JPMorgan Chase Bank N. A., London Branch, holds the Trust’s gold in allocated form in New York, London, and other authorized locations, and does not have the right to lend the Trust’s gold.

iShares Gold Trust Micro operates in the exchange-traded product industry, specifically within the precious metals sector, where it competes with other gold-backed exchange-traded funds and trusts such as SPDR Gold Shares and iShares Gold Trust. Its competitive advantage lies in its low expense ratio, the physical backing of its Shares by allocated gold, and the accessibility of its Shares through traditional brokerage accounts on NYSE Arca under the ticker symbol IAUM. The Trust’s structure allows investors to gain exposure to gold without the logistical challenges of physical ownership, such as storage, insurance, and transportation.

The Trust serves retail and institutional investors who seek exposure to gold through a security traded on a national exchange. These investors include individuals, financial institutions, broker-dealers, and other market participants who purchase and sell Shares through traditional brokerage accounts. The Shares are listed and traded on NYSE Arca, enabling broad accessibility to investors seeking a cost-efficient alternative to direct investment in physical gold.