SPDR GOLD TRUSTGLD
SPDR GOLD TRUST Financial Overview 2021–2025
Updated Jul 10, 2026Driven by an unprecedented physical market surge that pushed gold to $3,825.30 per ounce by the end of FY2025, the SPDR Gold Trust has scaled into an undeniable heavyweight. As a purely passive vehicle holding allocated bullion, the fund operates without derivatives or active management, meaning this explosive commodity supercycle translates directly to shareholder value. Reflecting this massive structural tailwind, the Trust's net assets skyrocketed from $55.5 billion at the close of FY2021 to $124.5 billion by the end of FY2025.
The momentum only accelerated into the following year. By the end of Q2 2026, total assets reached $155.17 billion, fueled by $25.72 billion in net operational gains over a six-month stretch and heavy creation activity netting 12.7 million new shares. To sustain its operations, the fund applies a rigid 0.40% sponsor fee, periodically liquidating fractional amounts of its bullion reserves rather than carrying a cash balance. The market aggressively rewarded this direct exposure, with shares trading at $355.47 at the close of FY2025 as the underlying Net Asset Value marched relentlessly upward to $423.34 per share by the end of Q2 2026.
Recent Developments (Q1 and Q2 2026)
SPDR Gold Trust accumulated further assets through Q1 2026. The fund registered $10.84 billion in net unrealized gains on gold. This pushed the interim Net Asset Value to $396.12 per share. Market demand generated the creation of 53.3 million shares against 32.8 million redemptions during the quarter. Operations transitioned on February 9, 2026, when Jonathan D. Spiegel replaced Joseph R. Cavatoni as Principal Executive Officer of the Sponsor.
Bulls view the six-month operating expense load of $306.06 million as a standard carrying cost for unhedged gold exposure. Conversely, bears warn that holding a single non-yielding asset class leaves the trust vulnerable to sudden macroeconomic shifts. Valued at a $107.6 billion market cap and closing at $418.27 as of May 5, 2026, the fund tracks tightly to its underlying bullion.
What to watch: spot gold price stability; Spiegel's integration as Principal Executive Officer.
NI
$35.55B
FY2025
EPS
$111.13
FY2025
OCF
$0
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
SPDR GOLD TRUST 8-K Report, Executive Changes (Feb 9, 2026)
This 8-K filing from SPDR Gold Trust (GLD) announces a key leadership change within its sponsor, World Gold Trust Services, LLC. Effective February 9, 2026, Joseph R. Cavatoni is stepping down as Principal Executive Officer of the Sponsor to focus on expanded responsibilities at the World Gold Council. His departure is not attributed to any disagreements regarding the Trust's operations or policies. Jonathan D. Spiegel has been appointed as the new Principal Executive Officer of the Sponsor. Mr. Spiegel brings a wealth of experience in ETF product development and fund management, having previously held senior roles at New York Life Investment Management, Goldman Sachs Asset Management, and Morgan Stanley Investment Management. His background suggests a strong understanding of investment products and market strategies relevant to GLD.
SPDR GOLD TRUST 8-K Report, Corporate Update (May 29, 2024)
SPDR Gold Trust (GLD) has filed an 8-K report to announce amendments to its governing agreements, aligning with the industry-wide shift to a T+1 (trade date plus one business day) settlement cycle, effective May 28, 2024. This change shortens the settlement period from the previous T+2 standard and impacts the creation and redemption procedures for the Trust. The amendments affect key agreements including the Trust Indenture, Allocated Bullion Account Agreement with HSBC, Unallocated Bullion Account Agreement with HSBC, and Participant Agreements. These adjustments are designed to ensure smooth operational transitions and continued compliance with evolving market standards for gold ETF transactions. Investors in GLD can anticipate a more immediate settlement of their trades going forward.
SPDR GOLD TRUST 8-K Report, Executive Changes (Apr 1, 2024)
The SPDR Gold Trust (GLD) filed an 8-K on April 1, 2024, reporting a change in its leadership structure. Effective March 29, 2024, James Lam has stepped down from his positions as a member of the audit committee and board of directors of World Gold Trust Services, LLC, the sponsor of the Trust. This change is noted as not stemming from any disagreements regarding the Trust's operations, policies, or practices, which is a positive indicator of continuity and stability. For investors in GLD, this filing primarily signals a personnel change within the management entity responsible for the Trust. The absence of any stated disagreements suggests that this transition is expected to be smooth and should not materially impact the Trust's operational integrity or its investment objective of tracking the price of gold. Investors should continue to monitor the Trust's performance and any further announcements regarding board composition or sponsor management.
SPDR GOLD TRUST 8-K Report, Executive Changes (Sep 12, 2023)
This 8-K filing for SPDR Gold Trust (GLD) on September 12, 2023, primarily reports a significant change in its governance structure. World Gold Trust Services, LLC, the sponsor of GLD, has appointed James Lam to its Board of Directors and the Audit Committee, effective September 12, 2023. Mr. Lam brings extensive experience in risk management and corporate governance, having founded James Lam & Associates and held previous high-level positions at ERisk, Oliver Wyman, and Fidelity Investments. His expertise in enterprise risk management, coupled with a history of board leadership roles across various public and private companies, is expected to enhance the Sponsor's oversight and strategic direction. Investors may view this appointment as a positive step towards strengthening governance and risk oversight within the trust's operational framework.
SPDR GOLD TRUST 8-K Report, Executive Changes (Mar 29, 2023)
The SPDR Gold Trust (GLD) filed an 8-K report on March 29, 2023, to announce a change in its governance structure. Specifically, Sara Sprung has departed from her roles as a member of the audit committee and board of directors of World Gold Trust Services, LLC, the sponsor of the Trust. This departure is stated to be amicable and not due to any disagreements concerning the Trust's operations, policies, or practices. For investors in GLD, this change in personnel at the sponsor level is generally considered routine and is not expected to have a direct impact on the Trust's investment objective or the value of the gold bullion it holds. The filing confirms that the sponsor's operations remain unaffected by this change, assuring continuity for the Trust.
View all 8-K filings →