ISHARES GOLD TRUSTIAU
ISHARES GOLD TRUST Financial Overview 2021–2025
Updated Jul 10, 2026Driven by a massive 65.00% surge in gold prices to $4,307.95 per ounce, the iShares Gold Trust (IAU) saw its net asset value explode by 107.48% in FY2025. Because the Trust operates as a purely passive investment vehicle holding physical bullion, this dramatic expansion highlights its core investment thesis: providing direct, highly correlated exposure to global gold momentum without the operational variables of active management.
The fund's financial trajectory has completely reversed following years of early-decade contraction. Net asset value grew from $28.72 billion in FY2021 to $68.38 billion in FY2025. This recent asset boom was not purely price-driven, as fresh capital flowed heavily into the trust. Outstanding shares jumped from 668.65 million to 842.85 million during FY2025, signaling fierce creation activity from authorized participants. By the close of FY2025, shares traded at $81.17.
Operating costs remain structural and lean, anchored by a fixed 0.25% annual sponsor fee that slowly dilutes physical bullion backing over time. This low-cost efficiency allowed the trust to capture ongoing commodity momentum, pushing total assets even higher to $70.6 billion by the end of Q1 2026. This quarterly growth materialized despite outstanding shares pulling back to 814.1 million due to net redemptions, underscoring how heavily absolute price action dictates the trust's overall market footprint.
Recent Developments (Q4 2025 and Q1 2026)
During Q1 2026, the trust generated a $4.91 billion net increase from operations as net asset value per share climbed 6.90% to $86.73. This per-share expansion slightly trailed the underlying metal's 6.97% quarter-over-quarter gain due to operational drag, with sponsor expenses totaling $47.4 million for the three-month period compared to $124.0 million for all of FY2025. Additionally, a leadership transition occurred on March 31, 2026, when Jay Jacobs replaced Shannon Ghia as President and CEO of the sponsor entity.
Bulls can point to the gross issuance of 23.65 million new shares during the quarter as evidence of sustained market demand for physical gold exposure. Conversely, gross redemptions of 52.4 million shares indicate profit-taking behavior, and closing at $88.46 as of May 7, 2026, the stock appears richly valued relative to its Q1 2026 net asset value, exposing buyers to premium compression risks.
What to watch: strategic initiatives under the sponsor's new executive leadership; secondary market pricing premiums relative to underlying bullion value.
Rev
$-606.3M
FY2013
NI
$24.26B
FY2025
EPS
$31.96
FY2025
OCF
$0
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
ISHARES GOLD TRUST 8-K Report, Executive Changes (Mar 31, 2026)
This 8-K filing by iShares Gold Trust (IAU) primarily announces significant leadership changes within its sponsor, iShares Delaware Trust Sponsor LLC. Effective March 27, 2026, Jay Jacobs has been appointed to the Board of Directors and also assumes the roles of President and Chief Executive Officer of the Sponsor. Mr. Jacobs brings extensive experience in the ETF industry, having held senior positions at BlackRock, Inc., including his current role as U.S. Head of Equity ETFs. His background also includes founding and leading research and strategy at Global X ETFs and prior experience at the New York Stock Exchange. Concurrently, Shannon Ghia has resigned from her positions as Director, President, and Chief Executive Officer of the Sponsor. The filing explicitly states that Ms. Ghia's departure was amicable and not due to any disagreements regarding the Trust's operations or policies. These leadership transitions are material for investors as they reflect potential shifts in strategic direction and operational oversight for the Trust, which is backed by iShares Delaware Trust Sponsor LLC.
ISHARES GOLD TRUST 8-K Report, Executive Changes (Apr 26, 2024)
iShares Gold Trust (IAU) has filed an 8-K report on April 26, 2024, primarily detailing changes in its Board of Directors. Lindsey Haswell has been appointed to the Board of Directors of the Sponsor, iShares® Delaware Trust Sponsor LLC, and also appointed to the Sponsor's Audit Committee. Ms. Haswell brings extensive legal and administrative experience from various technology and crypto-asset companies, including MoonPay and Blockchain.com, which may be viewed as bringing a contemporary perspective to the Trust's governance.
ISHARES GOLD TRUST 8-K Report, Executive Changes (Jun 6, 2022)
This 8-K filing reports significant leadership changes within the Sponsor of the iShares Gold Trust (IAU). Effective June 3, 2022, Shannon Ghia has been appointed as the new President and CEO of the Sponsor, and Bryan Bowers has been appointed as the new Chief Financial Officer of the Sponsor. Mr. Bowers has also been appointed to the Sponsor's Board of Directors. These appointments follow the resignations of Paul Lohrey (President, CEO, and Director) and Trent W. Walker (CFO), effective the same date. The filing explicitly states that these resignations were not due to any disputes with the Trust. Investors should note the extensive experience of Ms. Ghia and Mr. Bowers within BlackRock's ETF and financial operations, suggesting a continuation of established operational practices.
ISHARES GOLD TRUST 8-K Report, Executive Changes (Mar 8, 2022)
iShares Gold Trust (IAU) filed an 8-K report on March 7, 2022, announcing a change in the Directorship of its sponsor, iShares® Delaware Trust Sponsor LLC. Shannon Ghia was appointed as a Director, effective March 2, 2022, replacing Rachel Aguirre. Ms. Ghia brings extensive experience from BlackRock, where she currently serves as Global Co-Head of ETF Markets, overseeing teams focused on investment integrity and product development within BlackRock's ETF and Index Investing organization. This leadership change within the sponsor entity is the primary information conveyed in this filing. Investors in IAU should note Ms. Ghia's background in ETF markets and product engineering, which suggests a continued focus on the operational integrity and market quality of the Trust's offerings. The departure of Ms. Aguirre was stated to be without any dispute or disagreement with the Trust.
ISHARES GOLD TRUST 8-K Report, Material Agreement (Jan 31, 2022)
The iShares Gold Trust (IAU) filed an 8-K on January 31, 2022, reporting a significant update to its governing agreement. The Trust, through its Sponsor iShares Delaware Trust Sponsor LLC and Trustee The Bank of New York Mellon, entered into a Fifth Amended and Restated Depositary Trust Agreement. This amendment is notable for two primary reasons: it transforms the Trust's term into a perpetual one, ensuring its continued operation indefinitely, and it increases the annual amount of legal fees and expenses the Sponsor will assume, from $100,000 to $500,000.
View all 8-K filings →