ISHARES GOLD TRUST Quarterly Report for Q2 Ended Jun 30, 2015

Summary

The iShares Gold Trust (IAU) reported its financial results for the period ending June 30, 2015. During this quarter, the Trust saw an increase in its net asset value, primarily driven by an increase in the number of outstanding Shares. However, this growth was partially offset by a decline in the LBMA Gold Price PM. The Trust's assets consist almost entirely of gold bullion, exposing investors to the price fluctuations of this commodity. The Trust's operational performance for the quarter reflected a net investment loss due to sponsor fees, coupled with a net realized and unrealized loss on its gold holdings. The Trust continues to operate as a passive investment vehicle, aiming to mirror the price of gold, with its shares being created and redeemed in large blocks by authorized participants through exchanges of gold bullion.

Key Highlights

• 1Net Asset Value (NAV) per Share decreased to $11.32 as of June 30, 2015, from $11.61 at December 31, 2014, reflecting a decline in gold prices.
• 2The Trust's total assets, primarily composed of gold bullion, stood at $6,317,125,000 as of June 30, 2015.
• 3For the six months ended June 30, 2015, the Trust reported a net decrease in net assets of $172,591,809, largely due to a net change in unrealized depreciation on its gold holdings.
• 4Total expenses for the six months ended June 30, 2015, were $7,963,555, primarily consisting of sponsor fees.
• 5The number of Shares outstanding increased significantly from 535,400,000 at December 31, 2014, to 558,050,000 at June 30, 2015, indicating increased investor interest or creation activity.
• 6The Trust's investment in gold bullion is valued at fair value using the LBMA Gold Price PM, with a note about the transition from the London PM Fix benchmark.
• 7The Trust's primary risk factor is the concentration of its assets in gold bullion, making it susceptible to gold price volatility.

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