01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
The iShares Gold Trust (IAU) reported a decrease in Net Assets from $68,376,501,330 as of December 31, 2025, to $60,092,738,000a as of June 30, 2026.
This decline is primarily attributable to a significant decrease in the market value of its gold bullion holdings, reflecting a drop in gold prices during the period. The Net Asset Value (NAV) per Share also fell from $81.13 at the beginning of the year to $75.72b at the end of the quarter. For the three months ended June 30, 2026, the Trust experienced a net decrease in net assets of $8,985,628,716, driven by a substantial unrealized loss on its gold bullion investment.
This was partially offset by realized gains from gold bullion sold to cover expenses and distributed for share redemptions. For the six-month period, the net decrease in net assets was $4,074,055,842,c also largely due to unrealized losses on gold, despite realized gains. The Trust's operations are directly tied to the performance of gold prices, and its expenses are limited to the Sponsor's fee.
02—Key points
Key Highlights
- Net Assets decreased by approximately 12.11% to $60,092,738,000 as of June 30, 2026, from $68,376,501,330 as of December 31, 2025.
- Net Asset Value (NAV) per Share declined to $75.72 as of June 30, 2026, from $81.13 as of December 31, 2025.
- The Trust reported a net decrease in net assets from operations of $8,985,628,716 for the three months ended June 30, 2026.
- For the six months ended June 30, 2026, the Trust reported a net decrease in net assets from operations of $4,074,055,842.
- The primary driver of the decrease in net assets was a significant unrealized loss on gold bullion holdings, reflecting the decline in gold prices.
- Outstanding Shares decreased from 842,850,000 at December 31, 2025, to 793,600,000 at June 30, 2026.
- The Trust's only operational expense is the Sponsor's fee, which was $43,365,547 for the three months and $90,772,866 for the six months ended June 30, 2026.
03—Questions
Frequently Asked Questions
What is the primary investment of the iShares Gold Trust (IAU)?
The iShares Gold Trust's primary investment is gold bullion. The Trust seeks to reflect generally the performance of the price of gold before payment of its expenses and liabilities.
What caused the decrease in the Trust's Net Assets during the period?
The decrease in Net Assets is primarily due to a decline in the market value of the Trust's gold bullion holdings, which is a direct reflection of falling gold prices during the reporting period. This resulted in significant unrealized losses.
How are the Trust's expenses managed?
The Trust's primary operational expense is the Sponsor's fee. The Sponsor also covers other administrative and marketing expenses, including trustee fees, custodian fees, listing fees, and audit fees, reducing the direct expenses borne by the Trust.
How does an investor buy or sell shares of the iShares Gold Trust?
Individual investors cannot directly buy or sell shares with the Trust. Shares are issued and redeemed in large aggregations (Baskets) by Authorized Participants, who are registered broker-dealers. These shares are then traded on the NYSE Arca under the ticker symbol IAU.
04—Continue