10-QPeriod: Q2 FY2025

ISHARES GOLD TRUST Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 5, 2025For Securities:IAU

Summary

The iShares Gold Trust (IAU) reported a significant increase in its Net Asset Value (NAV) for the quarter and six months ended June 30, 2025, largely driven by a substantial appreciation in the price of gold. Total assets grew to $46.71 billion from $32.96 billion at the end of the previous year, reflecting a 41.70% increase in its gold bullion holdings. This surge is directly correlated with gold prices, which saw a notable rise during the period. Investor interest in IAU is demonstrated by the increase in outstanding shares, from 668.65 million at year-end 2024 to 753.40 million as of June 30, 2025. The Trust's operations generated a substantial net increase in assets, primarily due to unrealized gains from the appreciation of its gold holdings, alongside realized gains from gold sold to cover expenses and distributions for share redemptions. The Trust continues to operate with a low expense ratio, as the Sponsor covers most administrative costs.

Financial Highlights

6 data points
Beta

Net Income

$2.31B

EPS (Diluted)

$3.12

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$28.58M
Operating Income-$28.58M
Net Income$2.31B
EPS (Basic)$3.12

Key Highlights

  • 1The Trust's Net Assets increased by 41.70% to $46.70 billion as of June 30, 2025, compared to $32.96 billion at December 31, 2024.
  • 2Net increase in net assets from operations for the six months ended June 30, 2025, was $8.86 billion, significantly driven by an $8.23 billion unrealized gain on gold bullion.
  • 3Outstanding shares increased by approximately 12.68% to 753.40 million as of June 30, 2025, from 668.65 million as of December 31, 2024, indicating increased investor demand.
  • 4The Net Asset Value (NAV) per Share grew to $61.98 as of June 30, 2025, from $49.29 at December 31, 2024, representing a 25.75% total return for the six-month period.
  • 5The Sponsor's fees remain at an annualized rate of 0.25% of NAV, totaling $51.39 million for the six-month period, with the Sponsor covering most other operational expenses.
  • 6Gold bullion, valued at $46.71 billion as of June 30, 2025, constitutes essentially all of the Trust's assets, highlighting a significant concentration risk in gold price fluctuations.
  • 7The Trust experienced net realized gains from gold bullion sold to pay expenses ($20.31 million) and distributed for share redemptions ($667.62 million) during the six-month period.

Frequently Asked Questions

The primary driver of the iShares Gold Trust's performance is the price of gold. The significant increase in the Trust's Net Asset Value (NAV) and the appreciation of its gold bullion holdings during the period are directly correlated with the rising price of gold.

Investor demand appears to have increased, as evidenced by the rise in outstanding shares from 668.65 million at the end of 2024 to 753.40 million as of June 30, 2025. This suggests a net creation of Shares by Authorized Participants responding to investor interest.

The primary ongoing 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. The Sponsor has agreed to assume most other administrative and marketing expenses, such as trustee fees, custodian fees, and listing fees, mitigating direct costs to the Trust.

The Trust's assets consist almost entirely of gold bullion. This creates a significant concentration risk, meaning the value of an investment in IAU is highly dependent on the fluctuations in the price of gold. Any substantial decline in gold prices would adversely affect the value of the Trust's shares.