10-QPeriod: Q2 FY2025

SPDR GOLD TRUST Quarterly Report for Q2 Ended Mar 31, 2025

Filed May 7, 2025For Securities:GLD

Summary

SPDR Gold Trust (GLD) reported a significant increase in Net Assets for the quarter ended March 31, 2025, reaching $93.45 billion, 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 billion 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 million 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.

Financial Statements
Beta
Operating Expenses$80.36M
Net Income$14.27B
EPS (Basic)$46.18
Shares Outstanding (Basic)309.07M

Key Highlights

  • 1Net Assets increased significantly to $93.45 billion as of March 31, 2025, from $73.70 billion as of September 30, 2024.
  • 2The fair value of the Trust's gold holdings grew substantially to $93.34 billion from $73.73 billion over the same period.
  • 3Net 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.
  • 4The Trust saw net creations of 22 million shares in the six months ended March 31, 2025, indicating positive investor sentiment.
  • 5The Net Asset Value (NAV) per Share increased to $287.28 from $243.01 over the reported periods.
  • 6Total expenses for the three months ended March 31, 2025, were $80.37 million, with the Trust maintaining its expense ratio at 0.40%.

Frequently Asked Questions

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.

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.

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.

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.