01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
The iShares Gold Trust (IAU) reported strong performance for the nine months ended September 30, 2025, with net assets increasing significantly by 79.49% from $32.96 billion to $59.15 billiona.
This growth was primarily driven by a substantial increase in the price of gold, which rose 46.52% during the period, coupled with a notable increase in outstanding shares as investors created new units in the Trust. The Trust's Net Asset Value (NAV) per Share experienced a robust gain, moving from $49.29 at the beginning of the period to $72.08b by September 30, 2025. This growth in NAV closely tracked the appreciation of gold prices, with only a minor reduction due to the Trust's sponsor fees.
The primary driver of the Trust's performance remains its direct holding of gold bullion, which experienced significant unrealized appreciation. Significant share creation activity by Authorized Participants also contributed to the Trust's asset growth.
02—Key points
Key Highlights
- Net assets of the iShares Gold Trust (IAU) surged by 79.49% to $59.15 billion as of September 30, 2025, up from $32.96 billion at the end of 2024.
- The Net Asset Value (NAV) per Share increased by 46.24% from $49.29 to $72.08 for the nine months ended September 30, 2025.
- This performance was largely attributed to a 46.52% increase in the price of gold bullion during the period.
- The Trust saw substantial share creation, with 189.9 million new Shares issued and 37.9 million Shares redeemed, resulting in a net increase of 152 million Shares outstanding.
- For the nine months ended September 30, 2025, the Trust reported a net increase in net assets from operations of $16.81 billion, driven by $15.89 billion in unrealized appreciation of gold bullion.
- Sponsor's fees remained consistent at an annualized rate of 0.25% of net asset value, totaling $83.2 million for the nine-month period.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Operating Expenses | $31.81M$18.64M | +70.7% |
| Operating Income | -$31.81M-$18.64M | −70.7% |
| Net Income | $7.94B$3.54B | +124.3% |
| EPS (Basic) | $10.23$5.58 | +83.3% |
05—Questions
Frequently Asked Questions
What was the primary driver of the iShares Gold Trust's performance in the first nine months of 2025?
The primary driver was the significant increase in the price of gold bullion, which appreciated by 46.52% during the nine months ended September 30, 2025. This led to a substantial unrealized gain on the Trust's holdings.
How did the Trust's net assets and NAV per Share change during the period?
Net assets grew by 79.49% to $59.15 billion from $32.96 billion. The NAV per Share increased by 46.24% from $49.29 to $72.08, closely mirroring the rise in gold prices.
What is the sponsor fee for the iShares Gold Trust, and how did it impact the Trust?
The sponsor fee is 0.25% of the Trust's net asset value, paid monthly. For the nine months ended September 30, 2025, these fees amounted to $83.2 million. While the NAV per Share increased significantly, it rose slightly less on a percentage basis than the price of gold due to these fees.
How does an investor buy or sell Shares of the iShares Gold Trust?
Individual investors cannot directly buy or sell Shares with the Trust. Instead, they must transact through registered broker-dealers known as Authorized Participants, who interact with the Trust for the creation and redemption of Shares in large aggregations (Baskets).
06—Continue