01—Abstract
Summary
Summary of the 10-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.
SPDR Gold Trust (GLD) reported its annual results for the fiscal year ending September 29, 2025.
The Trust's primary objective remains to reflect the performance of the price of gold bullion, less its expenses. The value of the Trust's holdings is directly tied to the market price of gold, which experienced significant appreciation during the reporting period. The Trust maintained substantial gold reserves, with its market value increasing substantially year-over-year.
Key operational aspects include the continuous oversight by the Sponsor, World Gold Trust Services, LLC, and the custodial services provided by HSBC and JPMorgan Chase Bank, N.A. The Trust operates as a passive investment vehicle, holding physical gold, and does not engage in derivative trading.
While the Trust's net asset value has grown, investors should remain aware of the ongoing expenses, which are paid through the sale of gold, leading to a gradual decrease in the amount of gold represented per share over time. The report also highlights the Trust's adherence to cybersecurity best practices through its Sponsor and service providers.
02—Key points
Key Highlights
- The Trust's Net Asset Value (NAV) significantly increased, reflecting the strong performance of gold prices during the fiscal year.
- Total assets, primarily comprised of physical gold, saw a substantial rise, indicating strong investor demand and gold price appreciation.
- The Trust continued to operate as a passive investment vehicle, holding allocated physical gold bullion with no derivative holdings.
- Sponsor fees remained consistent at 0.40% of daily NAV, covering ordinary operating expenses.
- The Trust's gold holdings were subjected to regular audits and counts by independent third parties to ensure existence and accuracy.
- Robust cybersecurity measures are in place, managed by the Sponsor and its service providers, to protect Trust operations.
- The market price of gold experienced a significant increase, reaching $3,825.30 per ounce by September 30, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 25, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Operating Expenses | $363.08M$242.09M | +50.0% |
| Net Income | $35.55B$20.36B | +74.6% |
| EPS (Basic) | $111.13$69.02 | +61.0% |
| Shares Outstanding (Basic) | 319.92M295.04M | +8.4% |
05—Questions
Frequently Asked Questions
What is the primary investment objective of the SPDR Gold Trust (GLD)?
The investment objective of the SPDR Gold Trust (GLD) is for its Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. It aims to provide investors with a convenient and cost-effective way to gain exposure to the gold market.
How does the Trust manage its gold holdings and custody?
The Trust holds allocated physical gold bullion. Custodial services are provided by HSBC Bank plc and JPMorgan Chase Bank, N.A. These custodians are responsible for the safekeeping of the Trust's gold. The gold is held in allocated accounts, and independent third parties conduct regular counts and audits to verify the holdings.
Are there any fees or expenses associated with holding GLD shares?
Yes, the Trust has ongoing expenses, including a sponsor fee of 0.40% of the daily Net Asset Value (NAV). These expenses are paid by selling gold held by the Trust. This sale of gold to cover expenses means that the amount of gold represented by each Share gradually decreases over time, even if the price of gold increases.
What are the main risks associated with investing in GLD?
The primary risk is the fluctuation in the price of gold, which directly impacts the value of the Shares. Other risks include potential losses due to the sale of gold to cover expenses, the possibility of large-scale sales of gold by central banks or other entities, and risks associated with the custody of the gold, although measures are in place to mitigate these. Investors should also be aware that GLD is not an investment company and does not offer the same protections.
06—Continue