10-QPeriod: Q2 FY2026

ISHARES GOLD TRUST Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 6, 2026For Securities:IAU

Summary

The iShares Gold Trust (IAU) reported a decrease in Net Assets from $68,376,501,330 as of December 31, 2025, to $60,092,738,000 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 $75.72 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, 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.

Key Highlights

  • 1Net 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.
  • 2Net Asset Value (NAV) per Share declined to $75.72 as of June 30, 2026, from $81.13 as of December 31, 2025.
  • 3The Trust reported a net decrease in net assets from operations of $8,985,628,716 for the three months ended June 30, 2026.
  • 4For the six months ended June 30, 2026, the Trust reported a net decrease in net assets from operations of $4,074,055,842.
  • 5The primary driver of the decrease in net assets was a significant unrealized loss on gold bullion holdings, reflecting the decline in gold prices.
  • 6Outstanding Shares decreased from 842,850,000 at December 31, 2025, to 793,600,000 at June 30, 2026.
  • 7The 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.

Frequently Asked Questions

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.

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.

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.

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.