10-QPeriod: Q3 FY2025

SPDR GOLD TRUST Quarterly Report for Q3 Ended Jun 30, 2025

Filed August 6, 2025For Securities:GLD

Summary

SPDR Gold Trust (GLD) reported substantial growth in its Net Assets for the nine months ending June 30, 2025, increasing from $73.7 billion to $100.6 billion. This growth was primarily driven by a significant increase in the fair value of its gold holdings, which rose from $73.7 billion to $100.9 billion, reflecting a strong upward trend in gold prices during the period. The Trust experienced substantial inflows of gold through share creations, totaling $35.4 billion, outpacing redemptions of $27.1 billion over the nine-month period. This indicates strong investor demand for gold exposure via the GLD ETF. Net income for the nine months ending June 30, 2025, reached $18.7 billion, a notable increase from $12.2 billion in the prior year's comparable period. This rise in profitability is largely attributable to the substantial unrealized gains on gold holdings, which amounted to $10.1 billion for the period. Investors in GLD benefit from this performance, as the ETF's Net Asset Value per Share increased significantly from $243.01 at the beginning of the period to $302.87 at the end. The Trust continues to operate with a consistent expense ratio of 0.40%, as the Sponsor absorbs ordinary expenses in exchange for the management fee.

Financial Highlights

10 data points
Beta

Net Income

$5.06B

EPS (Diluted)

$15.43

Total Assets

$100.92B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$98.83M
Net Income$5.06B
EPS (Basic)$15.43
Shares Outstanding (Basic)327.69M

Key Highlights

  • 1Net Assets increased significantly by 36.6% to $100.64 billion as of June 30, 2025, from $73.70 billion as of September 30, 2024.
  • 2The fair value of the Trust's gold holdings surged by 37.0% to $100.92 billion as of June 30, 2025, from $73.73 billion as of September 30, 2024.
  • 3Net income for the nine months ended June 30, 2025, was $18.72 billion, up from $12.21 billion for the same period in 2024, driven by unrealized gains on gold.
  • 4The Trust experienced substantial net share creations, with $35.36 billion in creations versus $27.15 billion in redemptions for the nine months ended June 30, 2025.
  • 5Net Asset Value (NAV) per Share rose to $302.87 as of June 30, 2025, from $243.01 as of September 30, 2024.
  • 6The expense ratio remains consistently at 0.40%, with the Sponsor covering ordinary expenses.
  • 7The Trust experienced a significant increase in gold payable to $242.3 million as of June 30, 2025, from nil as of September 30, 2024, indicating increased redemption activity or outstanding obligations.

Frequently Asked Questions

The primary driver of GLD's recent financial performance is the appreciation in the market value of its gold holdings. The substantial increase in the fair value of gold, coupled with net inflows of gold through share creations, has led to significant growth in Net Assets and Net Income.

Investor demand for GLD appears to be strong. For the nine months ended June 30, 2025, the Trust saw significantly more value in gold created into shares ($35.36 billion) than gold redeemed from shares ($27.15 billion). This net creation indicates a positive investor sentiment and a desire to increase exposure to gold through the Trust.

The Trust has a consistent expense ratio of 0.40% per annum. The Sponsor of the Trust assumes ordinary operating expenses in exchange for this fee. This structure aims to provide investors with a cost-effective way to gain exposure to gold, as the management fee covers most operational costs.

As of June 30, 2025, the Trust reported a 'Gold payable' of $242.3 million, which was nil as of September 30, 2024. This increase suggests outstanding gold delivery obligations related to share redemptions or other transactions that had not yet settled by the period end.