10-QPeriod: Q1 FY2025

ISHARES GOLD TRUST Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 7, 2025For Securities:IAU

Summary

The iShares Gold Trust (IAU) reported a significant increase in its Net Asset Value (NAV) for the quarter ending March 31, 2025, driven by a substantial rise in the price of gold. The Trust's NAV grew by 29.10% from $32,955,472,597 at the end of the prior year to $42,544,094,836. This performance is directly correlated with a 19.31% increase in the price of gold during the same period. The Trust also saw an increase in its outstanding shares, indicating investor demand for gold exposure through IAU. Operationally, the Trust generated a net increase in net assets of $6,550,636,621, primarily due to a large unrealized gain on its gold bullion holdings. The Trust's expenses, primarily sponsor fees, remained minimal at $22,812,750 for the quarter. Overall, the filing reflects a positive quarter for IAU, aligning with the upward trend in gold prices and demonstrating robust investor interest.

Financial Highlights

6 data points
Beta

Net Income

$6.55B

EPS (Diluted)

$9.53

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$22.81M
Operating Income-$22.81M
Net Income$6.55B
EPS (Basic)$9.53

Key Highlights

  • 1Net Asset Value (NAV) increased by 29.10% from $32,955,472,597 (December 31, 2024) to $42,544,094,836 (March 31, 2025).
  • 2The increase in NAV was driven by a 19.31% rise in the price of gold during the quarter.
  • 3Net increase in net assets from operations was $6,550,636,621, largely due to a $6,378,044,471 unrealized gain on gold bullion.
  • 4Outstanding shares increased from 668,650,000 to 723,900,000, reflecting net share creation.
  • 5Total return at net asset value was 19.23% for the quarter, outperforming the previous year's 7.30%.
  • 6Sponsor's fees amounted to $22,812,750 for the quarter, representing an annualized expense ratio of 0.25% of average net assets.

Frequently Asked Questions

The primary driver of IAU's performance was the significant increase in the price of gold. The Trust's Net Asset Value (NAV) closely tracks the price of gold, and the 19.31% rise in gold prices during the quarter directly contributed to the 29.10% increase in IAU's NAV.

Yes, the Trust experienced net share creation during the quarter. 64,050,000 Shares were issued, while 8,800,000 Shares were redeemed, resulting in a net increase of 55,250,000 Shares outstanding.

The primary expense for the 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. Other administrative and operating expenses are largely covered by the Sponsor.

The Trust's gold bullion is valued daily using the LBMA Gold Price PM, which is determined by an electronic auction hosted by ICE Benchmark Administration. If this price is unavailable, the LBMA Gold Price AM is used. This valuation method is consistent with industry standards for gold pricing.