01—Abstract
Summary
Summary of the 10-Q filed May 7, 2025. Cited figures are marked; the original filing is the authoritative source.
SPDR Gold Trust (GLD) reported a significant increase in Net Assets for the quarter ended March 31, 2025, reaching $93.45 billiona, up from $73.70 billion at the end of the previous fiscal year.
This growth was primarily driven by a substantial increase in the market value of its gold holdings, which rose to $93.34 billionb from $73.73 billion, reflecting an appreciation in gold prices. The Trust experienced robust activity in share creation and redemption, with net creations of 22,000,000 shares, translating to a net increase in the value of shares created and redeemed of $6.08 billion.
This indicates strong investor demand for gold exposure through the Trust. Despite a net investment loss of $80.4 millionc for the quarter, the Trust's overall performance was boosted by significant unrealized gains on its gold holdings, leading to a reported net income of $14.27 billion for the three months ended March 31, 2025.
02—Key points
Key Highlights
- Net Assets increased significantly to $93.45 billion as of March 31, 2025, from $73.70 billion as of September 30, 2024.
- The fair value of the Trust's gold holdings grew substantially to $93.34 billion from $73.73 billion over the same period.
- Net income for the three months ended March 31, 2025, was $14.27 billion, a considerable increase from $3.92 billion in the prior year's comparable period.
- The Trust saw net creations of 22 million shares in the six months ended March 31, 2025, indicating positive investor sentiment.
- The Net Asset Value (NAV) per Share increased to $287.28 from $243.01 over the reported periods.
- Total expenses for the three months ended March 31, 2025, were $80.37 million, with the Trust maintaining its expense ratio at 0.40%.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed May 7, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Operating Expenses | $80.36M$55.88M | +43.8% |
| Net Income | $14.27B$3.92B | +264.0% |
| EPS (Basic) | $46.18$13.40 | +244.6% |
| Shares Outstanding (Basic) | 309.07M292.49M | +5.7% |
05—Questions
Frequently Asked Questions
How has the Trust's overall value changed during the quarter?
The Trust's Net Assets increased significantly to $93.45 billion as of March 31, 2025, from $73.70 billion as of September 30, 2024. This growth is primarily attributed to the appreciation in the market value of its gold holdings.
What was the Trust's profitability in the latest quarter?
For the three months ended March 31, 2025, the Trust reported a net income of $14.27 billion. This was driven by a substantial net realized and change in unrealized gain/(loss) on its gold investment, which more than offset the net investment loss.
Has there been significant investor activity in GLD shares?
Yes, the Trust experienced robust activity in share creation and redemption, with net creations of 22,000,000 shares in the six months ended March 31, 2025, indicating strong investor demand for exposure to gold prices.
What is the Trust's expense ratio?
The Trust's expense ratio remains consistent at 0.40% of the average net assets, as detailed in the financial highlights. This covers all ordinary expenses of the Trust.
06—Continue