ISHARES GOLD TRUST
For the period ended Mar 31, 2026. Filed May 7, 2026.
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.
Mar 31, 2026 · Filed May 7, 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-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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001437749-26-015532
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 19 current paragraphs.
13 unchanged; 5 reworded; 1 added; 2 removed; 3 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 (1)
Current report
Item 2. Management**’s Discussion and Analysis of Financial Condition and Results of Operations.
Removed paragraphs (2)
Previous report
The Nine-Month Period Ended September 30, 2025
Previous report
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.
Reworded paragraphs (5)
Previous wording
The Trust issues and redeems Shares only in exchange for gold, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”). A list of the current Authorized Participants is available from the Sponsor or the Trustee.
Current wording
The Trust issues and redeems Shares only in exchange for gold, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such transactions (such broker-dealers, the “Authorized Participants”). A list of the current Authorized Participants is available from the Sponsor or the Trustee.
Previous 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.
Current wording
The Trust’s net asset value increased from $68,376,501,330 at December 31, 2025 to $70,606,085,334 at March 31, 2026, a 3.26% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which rose 6.97% from $4,307.95 at December 31, 2025 to $4,608.35 at March 31, 2026, partially offset by a decrease in the number of outstanding Shares, which fell from 842,850,000 Shares at December 31, 2025 to 814,100,000 Shares at March 31, 2026, a consequence of 23,650,000 Shares (473 Baskets) being created and 52,400,000 Shares (1,048 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The 6.90% increase in the NAV from $81.13 at December 31, 2025 to $86.73 at March 31, 2026 is directly related to the 6.97% 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 $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.
Current wording
The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fee, which was $47,407,319 for the quarter, or 0.06% of the Trust’s average weighted assets of $76,921,259,905 during the quarter. The NAV of $101.77 on January 29, 2026 was the highest during the quarter, compared with a low during the quarter of $81.97 on January 2, 2026.
Previous 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.
Current wording
The net increase in net assets resulting from operations for the quarter ended March 31, 2026 was $4,911,572,874, resulting from a net realized gain of $24,914,974 from gold bullion sold to pay expenses, a net realized gain of $2,703,589,912 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $2,230,475,307, partially offset by a net investment loss of $47,407,319. Other than the Sponsor’s fee of $47,407,319, the Trust had no expenses during the quarter.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
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.