01—Abstract
Summary
Summary of the 10-Q filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.
The iShares Gold Trust (IAU) reported a net increase in assets for the quarter ended March 31, 2026, driven primarily by a rise in the price of gold.
Net assets grew to $70.6 billiona from $68.4 billion at the end of 2025, with the Net Asset Value (NAV) per share increasing to $86.73 from $81.13. This growth reflects a 6.97% increase in the price of gold during the quarter, slightly outpacing the NAV growth due to the 0.25% annualized sponsor's fee. The Trust saw significant activity in its capital shares, with a net decrease in outstanding shares.
While 23.65 million shares were issued, 52.4 million shares were redeemed, leading to a reduction in the total number of outstanding shares from 842.85 million to 814.1 million. The Trust's primary asset remains gold bullion, valued at $70.6 billionb as of March 31, 2026. The Trust continues to operate as a passive investment vehicle, aiming to mirror the performance of gold prices.
02—Key points
Key Highlights
- Net assets increased by approximately 3.26% to $70.6 billion as of March 31, 2026, from $68.4 billion as of December 31, 2025.
- Net Asset Value (NAV) per Share rose to $86.73 at quarter-end, up from $81.13 at the beginning of the period, reflecting a 6.90% increase.
- The value of gold bullion held by the Trust increased to $70.6 billion, representing 100.02% of total assets.
- The number of outstanding Shares decreased by approximately 3.4% to 814.1 million from 842.85 million, due to redemptions exceeding issuances.
- For the three months ended March 31, 2026, the Trust reported a net increase in net assets resulting from operations of $4.91 billion.
- The Trust's primary expense is the Sponsor's fee, which amounted to $47.4 million for the quarter, representing an annualized rate of 0.25% of average net assets.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 7, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Operating Expenses | $47.41M$22.81M | +107.8% |
| Operating Income | -$47.41M-$22.81M | −107.8% |
| Net Income | $4.91B$6.55B | −25.0% |
| EPS (Basic) | $5.84$9.53 | −38.7% |
05—Questions
Frequently Asked Questions
What is the primary asset held by the iShares Gold Trust (IAU)?
The primary asset held by the iShares Gold Trust is gold bullion. As of March 31, 2026, the Trust held approximately $70.6 billion worth of gold bullion.
How did the Trust's Net Asset Value (NAV) perform during the quarter ended March 31, 2026?
The Trust's NAV per Share increased by 6.90% from $81.13 at December 31, 2025, to $86.73 at March 31, 2026. This increase is closely correlated with the rise in the price of gold.
Did the number of outstanding shares increase or decrease during the quarter?
The number of outstanding shares decreased during the quarter ended March 31, 2026. While 23.65 million shares were issued, 52.4 million shares were redeemed, resulting in a net decrease of 28.75 million shares, bringing the total to 814.1 million outstanding shares.
What are the main expenses for the iShares Gold Trust?
The primary expense for the Trust is the Sponsor's fee, which is accrued daily at an annualized rate of 0.25% of the net asset value. For the three months ended March 31, 2026, this fee amounted to $47.4 million. The Sponsor also assumes other administrative and marketing expenses.
06—Continue