10-KPeriod: FY2023

ISHARES GOLD TRUST Annual Report, Year Ended Dec 31, 2023

Filed February 20, 2024For Securities:IAU

Summary

iShares Gold Trust (IAU) provides investors with a cost-effective and accessible way to gain exposure to the price performance of gold. The Trust holds physical gold bullion, with each Share representing a fractional undivided beneficial interest in the Trust's assets. The primary objective is to reflect the price of gold, less the Trust's expenses. For the year ended December 31, 2023, the Trust saw a net asset value increase of 1.03%, largely driven by a 13.80% rise in the price of gold. The number of outstanding Shares decreased, indicating more redemptions than creations during the year. The Trust's main expense is the Sponsor's fee, which was $67.77 million for 2023, representing 0.25% of average assets. The Trust is not actively managed and relies on the LBMA Gold Price for valuation.

Financial Highlights

6 data points
Beta

Net Income

$3.25B

EPS (Diluted)

$4.42

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$67.77M
Operating Income-$67.77M
Net Income$3.25B
EPS (Basic)$4.42

Key Highlights

  • 1The Trust's net asset value increased by 1.03% in 2023, reaching $26.42 billion, driven by a 13.80% increase in the price of gold.
  • 2Outstanding Shares decreased from 760.7 million at the end of 2022 to 677.05 million at the end of 2023, indicating net redemptions.
  • 3The Sponsor's fee remains the primary expense, totaling $67.77 million for 2023, consistent with the 0.25% annual rate on net asset value.
  • 4The Trust's performance is directly tied to the price of gold, valued daily using the LBMA Gold Price PM.
  • 5Shares are traded on NYSE Arca under the ticker symbol IAU, providing liquidity through secondary market trading.
  • 6The Trust is a passive investment vehicle and does not engage in active management or trading strategies.
  • 7Investors should be aware of risks associated with gold price volatility, potential discounts/premiums to NAV, and operational risks related to custodianship and benchmark pricing.

Frequently Asked Questions

iShares Gold Trust (IAU) aims to reflect the performance of the price of gold by holding physical gold bullion. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust, which primarily consist of gold held by its custodian.

For the year ended December 31, 2023, the Trust's net asset value increased by 1.03% to $26.42 billion. This was primarily driven by a 13.80% increase in the price of gold. The number of outstanding shares decreased during the year due to more redemptions than creations.

The primary recurring expense for iShares Gold Trust is the Sponsor's fee, which is accrued daily at an annualized rate of 0.25% of the Trust's net asset value. For 2023, this fee amounted to $67.77 million. The Sponsor also assumes certain administrative and marketing expenses.

The Trustee values the gold held by the Trust using the London Bullion Market Association (LBMA) Gold Price PM each business day. If this price is unavailable, the LBMA Gold Price AM is used. The Net Asset Value (NAV) is calculated by subtracting all accrued fees, expenses, and liabilities from the total value of the Trust's assets.