ISHARES GOLD TRUST
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
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-K
Period ended 2024-12-31; filed 2025-02-19.
0001437749-25-004257
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0001437749-26-006055
Item 7. 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 32 previous paragraphs and 32 current paragraphs.
23 unchanged; 5 reworded; 4 added; 4 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.
Added paragraphs (4)
Current report
The Trust’s net asset value increased from $32,955,472,597 at December 31, 2024 to $68,376,501,330 at December 31, 2025, a 107.48% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which grew 65.00% from $2,610.85 at December 31, 2024 to $4,307.95 at December 31, 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 842,850,000 Shares at December 31, 2025, a consequence of 229,500,000 Shares (4,590 Baskets) being created and 55,300,000 Shares (1,106 Baskets) being redeemed during the year.
Current report
The 64.60% increase in the NAV from $49.29 at December 31, 2024 to $81.13 at December 31, 2025 is directly related to the 65.00% increase in the price of gold.
Current report
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $124,023,218 for the year, or 0.25% of the Trust’s average weighted assets of $49,606,572,632 during the year. The NAV of $84.39 on December 24, 2025 was the highest during the year, compared with a low of $49.71 on January 6, 2025.
Current report
Net increase in net assets resulting from operations for the year ended December 31, 2025 was $24,262,756,542, resulting from a net realized gain of $12,290 from litigation proceeds, a net realized gain of $51,911,694 from gold bullion sold to pay expenses, a net realized gain of $1,626,898,811 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $22,707,956,965, partially offset by a net investment loss of $124,023,218. Other than the Sponsor’s fees of $124,023,218, the Trust had no expenses during the year.
Removed paragraphs (4)
Previous report
The Trust’s net asset value decreased from $28,723,023,637 at December 31, 2021 to $26,154,892,134 at December 31, 2022, a 8.94% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 829,750,000 at December 31, 2021 to 760,700,000 at December 31, 2022, a consequence of 83,500,000 Shares (1,670 Baskets) being created and 152,550,000 Shares (3,051 Baskets) being redeemed during the year. The decrease in the Trust’s net asset value was also affected by a decrease in the price of gold, which fell 0.43% from $1,820.10 at December 31, 2021 to $1,812.35 at December 31, 2022.
Previous report
The 0.69% decrease in the NAV from $34.62 at December 31, 2021 to $34.38 at December 31, 2022 is directly related to the 0.43% decrease in the price of gold.
Previous report
The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fees, which were $71,451,301 for the year, or 0.25% of the Trust’s average weighted assets of $28,573,635,026 during the year. The NAV of $38.76 on March 8, 2022 was the highest during the year, compared with a low of $30.91 on November 3, 2022.
Previous report
Net decrease in net assets resulting from operations for the year ended December 31, 2022 was $538,963,594, resulting from an unrealized loss on investment in gold bullion of $1,051,283,081 and a net realized gain of $573,042,785 on gold bullion distributed for the redemption of Shares, a net realized gain of $10,728,003 from gold bullion sold to pay expenses, and a net investment loss of $71,451,301. Other than the Sponsor’s fees of $71,451,301, the Trust had no expenses during the year.
Reworded paragraphs (5)
Previous wording
This information should be read in conjunction with the financial statements and notes to financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as“may,”* “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor*’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.
Current wording
This information should be read in conjunction with the financial statements and notes to financial statements included with this report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.
Previous wording
Shares of the Trust trade on NYSE Arca under the ticker symbol IAU.
Current wording
Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol IAU.
Previous wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of gold.
Current wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fees. The Trust’s only source of liquidity is its sales of gold.
Previous wording
Net increase in net assets resulting from operations for the year ended December 31, 2024 was $6,552,363,855, resulting from an unrealized gain on investment in gold bullion of $5,471,556,691, a net realized gain of $1,130,759,508 on gold bullion distributed for the redemption of Shares, a net realized gain of $23,345,334 from gold bullion sold to pay expenses and a net realized gain of $86,528 from litigation proceeds during the year, partially offset by a net investment loss of $73,384,206. Other than the Sponsor’s fees of $73,384,206, the Trust had no expenses during the year.
Current wording
Net increase in net assets resulting from operations for the year ended December 31, 2024 was $6,552,363,855, resulting from a net realized gain of $86,528 from litigation proceeds, a net realized gain of $23,345,334 from gold bullion sold to pay expenses, a net realized gain of $1,130,759,508 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $5,471,556,691, partially offset by a net investment loss of $73,384,206. Other than the Sponsor’s fees of $73,384,206, the Trust had no expenses during the year.
Previous wording
Net increase in net assets resulting from operations for the year ended December 31, 2023 was $3,251,914,160, resulting from an unrealized gain on investment in gold bullion of $2,383,885,667, a net realized gain of $922,497,159 on gold bullion distributed for the redemption of Shares and a net realized gain of $13,298,183 from gold bullion sold to pay expenses, partially offset by a net investment loss of $67,766,849. Other than the Sponsor’s fees of $67,766,849, the Trust had no expenses during the year.
Current wording
Net increase in net assets resulting from operations for the year ended December 31, 2023 was $3,251,914,160, resulting from a net realized gain of $13,298,183 from gold bullion sold to pay expenses, a net realized gain of $922,497,159 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $2,383,885,667, partially offset by a net investment loss of $67,766,849. Other than the Sponsor’s fees of $67,766,849, the Trust had no expenses during the year.