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.

GLD 10-Q Quarterly Report Q1 FY2026 — Revenue, Net Income, EPS

Summary

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 billion, 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.

Financial Highlights

10 data points

Beta

Net Income

$15.49B

EPS (Diluted)

$42.49

Total Assets

$148.48B

Cash & Equivalents

$0.00

Free Cash Flow

$0.00

Financial Statements

Beta

Operating Expenses	$140.41M
Net Income	$15.49B
EPS (Basic)	$42.49
Shares Outstanding (Basic)	364.65M

Key Highlights

1Net Assets increased by approximately $23.7 billion, from $124.5 billion at September 30, 2025, to $148.2 billion at December 31, 2025.
2The Net Asset Value per Share rose from $352.09 to $396.12, a significant increase driven by the appreciation of gold.
3The Trust experienced substantial net unrealized gains on its investment in gold, totaling $10.84 billion for the quarter.
4Total created Shares for the quarter were 53.3 million, while redeemed Shares were 32.8 million, resulting in a net increase in shares outstanding.
5The Trust's Sponsor fees remained consistent at 0.40% of Net Asset Value, a standard expense ratio for the fund.
6The Trust holds 100% of its assets in allocated gold bullion, valued at fair value based on the LBMA Gold Price PM.

SPDR GOLD TRUST Quarterly Report for Q1 Ended Dec 31, 2025

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions