01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
ISHARES GOLD TRUST (IAU) filed its 10-K for the fiscal year ending December 31, 2025, reporting a significant increase in its net asset value, which rose by 107.48% to $68,376,501,330a.
This growth was primarily driven by a substantial 65.00% surge in the price of gold, which reached $4,307.95b per ounce by year-end. The Trust's objective is to mirror the performance of gold prices, and it achieved this by increasing its outstanding shares from 668,650,000 to 842,850,000, reflecting significant creation activity against redemptions. The Trust operates as a passive investment vehicle, with its primary assets being physical gold bullion held by a custodian.
The Sponsor, iShares Delaware Trust Sponsor LLC, a subsidiary of BlackRock, assumes most of the Trust's operational expenses, with its fees amounting to $124,023,218c for the year, representing 0.25% of the Trust's average assets. While the Trust aims to reflect gold's performance, investors should note that shares may trade at a premium or discount to their net asset value due to market supply and demand dynamics and differing trading hours between gold markets and the NYSE Arca.
02—Key points
Key Highlights
- Net asset value of the Trust increased by 107.48% to $68,376,501,330 as of December 31, 2025.
- The price of gold increased by 65.00% to $4,307.95 per ounce by December 31, 2025.
- Outstanding shares increased from 668,650,000 to 842,850,000 during the fiscal year.
- Sponsor's fees amounted to $124,023,218, representing 0.25% of the Trust's average assets.
- The Trust is a passive investment vehicle seeking to track the price of gold.
- Shares are listed on NYSE Arca under the ticker symbol IAU.
- The Trust is a grantor trust for U.S. federal income tax purposes, with income and expenses flowing through to shareholders.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Operating Expenses | $124.02M$73.38M | +69.0% |
| Operating Income | -$124.02M-$73.38M | −69.0% |
| Net Income | $24.26B$6.55B | +270.3% |
| EPS (Basic) | $31.96$10.06 | +217.7% |
05—Questions
Frequently Asked Questions
What is the primary objective of the iShares Gold Trust (IAU)?
The primary objective of the iShares Gold Trust (IAU) is to reflect generally the performance of the price of gold before the payment of the Trust's expenses and liabilities. It aims to provide a cost-effective and accessible way for investors to gain exposure to the gold market.
How is the Trust's Net Asset Value (NAV) calculated?
The Trust's NAV is calculated daily by the Trustee. It involves valuing the gold held by the Trust using the LBMA Gold Price PM (or LBMA Gold Price AM if PM is unavailable), subtracting all accrued fees, expenses, and liabilities of the Trust, and then dividing the net asset value by the number of Shares outstanding.
What are the main expenses of the Trust?
The Trust's primary ordinary recurring expense is the Sponsor's fee, which is accrued daily at an annualized rate of 0.25% of the net asset value. The Sponsor also assumes other administrative and marketing expenses, including trustee fees, custodian fees, listing fees, and a portion of legal fees.
Can shares of IAU trade at a price different from their NAV?
Yes, shares of IAU may trade on the NYSE Arca at, above, or below their Net Asset Value (NAV). This can be influenced by market supply and demand, as well as differences in trading hours between major gold markets and the stock exchange.
06—Continue