ISHARES GOLD TRUST
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
IAU$76.38-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001437749-25-024887
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001437749-25-033433
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 23 previous paragraphs and 23 current paragraphs.
14 unchanged; 9 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (9)
Previous wording
The Trust’s net asset value increased from $42,544,094,836 at March 31, 2025 to $46,698,668,340 at June 30, 2025, a 9.77% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 5.53% from $3,115.10 at March 31, 2025 to $3,287.45 at June 30, 2025. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 723,900,000 Shares at March 31, 2025 to 753,400,000 Shares at June 30, 2025, a consequence of 47,750,000 Shares (955 Baskets) being created and 18,250,000 Shares (365 Baskets) being redeemed during the quarter.
Current wording
The Trust’s net asset value increased from $46,698,668,340 at June 30, 2025 to $59,153,326,540 at September 30, 2025, a 26.67% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 16.36% from $3,287.45 at June 30, 2025 to $3,825.30 at September 30, 2025. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 753,400,000 Shares at June 30, 2025 to 820,650,000 Shares at September 30, 2025, a consequence of 78,100,000 Shares (1,562 Baskets) being created and 10,850,000 Shares (217 Baskets) being redeemed during the quarter.
Previous wording
The 5.46% increase in the NAV from $58.77 at March 31, 2025 to $61.98 at June 30, 2025 is directly related to the 5.53% increase in the price of gold.
Current wording
The 16.30% increase in the NAV from $61.98 at June 30, 2025 to $72.08 at September 30, 2025 is directly related to the 16.36% increase in the price of gold.
Previous wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $28,576,492 for the quarter, or 0.06% of the Trust’s average weighted assets of $45,848,290,479 during the quarter. The NAV of $64.78 on June 13, 2025 was the highest during the quarter, compared with a low during the quarter of $56.87 on April 7, 2025.
Current wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $31,813,966 for the quarter, or 0.06% of the Trust’s average weighted assets of $50,486,706,330 during the quarter. The NAV of $72.11 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter of $62.19 on July 31, 2025.
Previous wording
Net increase in net assets resulting from operations for the quarter ended June 30, 2025 was $2,312,441,717, resulting from a net realized gain of $12,021,068 from gold bullion sold to pay expenses during the quarter, a net realized gain of $480,505,481 on gold bullion distributed for the redemption of Shares, an unrealized gain on Investment in gold bullion of $1,848,491,660, partially offset by a net investment loss of $28,576,492. Other than the Sponsor’s fees of $28,576,492, the Trust had no expenses during the quarter.
Current wording
The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $7,943,194,530, resulting from a net realized gain of $12,290 from litigation proceeds, a net realized gain of $13,174,107 from gold bullion sold to pay expenses, a net realized gain of $294,525,387 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $7,667,296,712, partially offset by a net investment loss of $31,813,966. Other than the Sponsor’s fees of $31,813,966, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2025
Current wording
The Nine-Month Period Ended September 30, 2025
Previous wording
The Trust’s net asset value increased from $32,955,472,597 at December 31, 2024 to $46,698,668,340 at June 30, 2025, a 41.70% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 25.91% from $2,610.85 at December 31, 2024 to $3,287.45 at June 30, 2025. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 668,650,000 Shares at December 31, 2024 to 753,400,000 Shares at June 30, 2025, a consequence of 111,800,000 Shares (2,236 Baskets) being created and 27,050,000 Shares (541 Baskets) being redeemed during the period.
Current wording
The Trust’s net asset value increased from $32,955,472,597 at December 31, 2024 to $59,153,326,540 at September 30, 2025, a 79.49% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 46.52% from $2,610.85 at December 31, 2024 to $3,825.30 at September 30, 2025. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 668,650,000 Shares at December 31, 2024 to 820,650,000 Shares at September 30, 2025, a consequence of 189,900,000 Shares (3,798 Baskets) being created and 37,900,000 Shares (758 Baskets) being redeemed during the period.
Previous wording
The 25.75% increase in the NAV from $49.29 at December 31, 2024 to $61.98 at June 30, 2025 is directly related to the 25.91% increase in the price of gold.
Current wording
The 46.24% increase in the NAV from $49.29 at December 31, 2024 to $72.08 at September 30, 2025 is directly related to the 46.52% increase in the price of gold.
Previous wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $51,389,242 for the period, or 0.12% of the Trust’s average weighted assets of $41,452,665,573 during the period. The NAV of $64.78 on June 13, 2025 was the highest during the period, compared with a low during the period of $49.71 on January 6, 2025.
Current wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $83,203,208 for the period, or 0.19% of the Trust’s average weighted assets of $44,497,104,216 during the period. The NAV of $72.11 on September 29, 2025 was the highest during the period, compared with a low during the period of $49.71 on January 6, 2025.
Previous wording
Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $8,863,078,338, resulting from a net realized gain of $20,307,537 from gold bullion sold to pay expenses during the period, a net realized gain of $667,623,912 on gold bullion distributed for the redemption of Shares, an unrealized gain on investment in gold bullion of $8,226,536,131, partially offset by a net investment loss of $51,389,242. Other than the Sponsor’s fees of $51,389,242, the Trust had no expenses during the period.
Current wording
The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $16,806,272,868, resulting from a net realized gain of $12,290 from litigation proceeds during the period, a net realized gain of $33,481,644 from gold bullion sold to pay expenses, a net realized gain of $962,149,299 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $15,893,832,843, partially offset by a net investment loss of $83,203,208. Other than the Sponsor’s fees of $83,203,208, the Trust had no expenses during the period.