01—Abstract
Summary
Summary of the 10-Q filed February 4, 2026. 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 December 31, 2025, driven by a substantial rise in the value of its gold holdings.
Net Assets grew from $124.5 billion to $148.2 billiona, reflecting the appreciation of gold prices during the period. This surge in asset value is primarily attributable to a significant unrealized gain on gold, indicating a favorable market environment for the precious metal. Investors should note that the Trust's performance is directly tied to the price of gold, and the reported period saw a strong positive correlation between gold price movements and the Trust's Net Asset Value per Share, which increased from $352.09 to $396.12.
02—Key points
Key Highlights
- Net Assets increased by approximately $23.7 billion, from $124.5 billion at September 30, 2025, to $148.2 billion at December 31, 2025.
- The Net Asset Value per Share rose from $352.09 to $396.12, a significant increase driven by the appreciation of gold.
- The Trust experienced substantial net unrealized gains on its investment in gold, totaling $10.84 billion for the quarter.
- Total created Shares for the quarter were 53.3 million, while redeemed Shares were 32.8 million, resulting in a net increase in shares outstanding.
- The Trust's Sponsor fees remained consistent at 0.40% of Net Asset Value, a standard expense ratio for the fund.
- The Trust holds 100% of its assets in allocated gold bullion, valued at fair value based on the LBMA Gold Price PM.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed February 4, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Operating Expenses | $140.41M$75.69M | +85.5% |
| Net Income | $15.49B-$604.33M | +2663.8% |
| EPS (Basic) | $42.49$-1.98 | +2246.0% |
| Shares Outstanding (Basic) | 364.65M305.43M | +19.4% |
05—Questions
Frequently Asked Questions
How did the SPDR Gold Trust's Net Assets change during the quarter?
The SPDR Gold Trust's Net Assets increased significantly from $124.5 billion at September 30, 2025, to $148.2 billion at December 31, 2025. This growth was primarily driven by an increase in the fair value of its gold holdings.
What is the main driver of the Trust's performance?
The Trust's performance is directly tied to the price of gold bullion. During the quarter ended December 31, 2025, a substantial increase in the price of gold led to significant unrealized gains, boosting the Trust's Net Assets and Net Asset Value per Share.
What are the key expenses for the Trust?
The primary recurring expense is the Sponsor's fee, which accrues daily at an annual rate of 0.40% of the daily Net Asset Value. This fee covers various operational costs, including those of the Trustee, Custodians, and marketing.
Does the Trust hold any cash?
No, the Trust aims to minimize its holdings of assets other than gold. When gold is sold to pay expenses, the Trust endeavors to sell the exact amount needed, resulting in no net cash flow from operations and typically a zero cash balance at the end of each reporting period.
06—Continue