ISHARES GOLD TRUST
For the period ended Jun 30, 2026. Filed Aug 6, 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.
Jun 30, 2026 · Filed Aug 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001437749-26-026002
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 19 previous paragraphs and 23 current paragraphs.
14 unchanged; 4 reworded; 1 added; 1 removed; 0 previous and 4 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
The Six-Month Period Ended June 30, 2026
Removed paragraphs (1)
Previous report
Item 2. Management**’s Discussion and Analysis of Financial Condition and Results of Operations.
Reworded paragraphs (4)
Previous 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.
Current wording
The Trust’s net asset value decreased from $70,606,085,334 at March 31, 2026 to $60,092,738,000 at June 30, 2026, a 14.89% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of gold, which fell 12.64% from $4,608.35 at March 31, 2026 to $4,026.05 at June 30, 2026, and was also affected by a decrease in the number of outstanding Shares, which fell from 814,100,000 Shares at March 31, 2026 to 793,600,000 Shares at June 30, 2026, a consequence of 19,100,000 Shares (382 Baskets) being created and 39,600,000 Shares (792 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The 12.69% decrease in the NAV from $86.73 at March 31, 2026 to $75.72 at June 30, 2026 is directly related to the 12.64% decrease 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 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.
Current wording
The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fee, which was $43,365,547 for the quarter, or 0.06% of the Trust’s average weighted assets of $69,574,765,644 during the quarter. The NAV of $91.65 on April 17, 2026 was the highest during the quarter, compared with a low during the quarter of $75.27 on June 25, 2026.
Previous 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.
Current wording
The net decrease in net assets resulting from operations for the quarter ended June 30, 2026 was $8,985,628,716, resulting from an unrealized loss on investment in gold bullion of $10,474,871,314 and a net investment loss of $43,365,547, partially offset by a net realized gain of $23,767,645 from gold bullion sold to pay expenses and a net realized gain of $1,508,840,500 on gold bullion distributed for the redemption of Shares. Other than the Sponsor’s fee of $43,365,547, the Trust had no expenses during the quarter.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The Trust’s net asset value decreased from $68,376,501,330 at December 31, 2025 to $60,092,738,000 at June 30, 2026, a 12.11% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of gold, which fell 6.54% from $4,307.95 at December 31, 2025 to $4,026.05 at June 30, 2026, and was also affected by a decrease in the number of outstanding Shares, which fell from 842,850,000 Shares at December 31, 2025 to 793,600,000 Shares at June 30, 2026, a consequence of 42,750,000 Shares (855 Baskets) being created and 92,000,000 Shares (1,840 Baskets) being redeemed during the period.
Current report — wording carried from elsewhere
The 6.67% decrease in the NAV from $81.13 at December 31, 2025 to $75.72 at June 30, 2026 is directly related to the 6.54% decrease in the price of gold.
Current report — wording carried from elsewhere
The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fee, which was $90,772,866 for the period, or 0.12% of the Trust’s average weighted assets of $73,227,718,592 during the period. The NAV of $101.77 on January 29, 2026 was the highest during the period, compared with a low during the period of $75.27 on June 25, 2026.
Current report — wording carried from elsewhere
The net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $4,074,055,842, resulting from an unrealized loss on investment in gold bullion of $8,244,396,007 and a net investment loss of $90,772,866, partially offset by a net realized gain of $48,682,619 from gold bullion sold to pay expenses and a net realized gain of $4,212,430,412 on gold bullion distributed for the redemption of Shares. Other than the Sponsor’s fee of $90,772,866, the Trust had no expenses during the period.