ISHARES GOLD TRUST

Previous wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. 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 in Item 1 of Part I of this Form 10‑Q. 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

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.

Current wording

The Trust’s net asset value increased from $60,092,738,000 at June 30, 2026 to $62,220,971,453 at September 30, 2026, a 3.54% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of gold, which rose 3.73% from $4,026.05 at June 30, 2026 to $4,176.30 at September 30, 2026, and was also affected by a decrease in the number of outstanding Shares, which fell from 793,600,000 Shares at June 30, 2026 to 792,650,000 Shares at September 30, 2026, a consequence of 23,050,000 Shares (461 Baskets) being created and 24,000,000 Shares (480 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The 3.67% increase in the NAV from $75.72 at June 30, 2026 to $78.50 at September 30, 2026 is directly related to the 3.73% increase in the price of gold.

Previous 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.

Current wording

The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fee, which was $39,865,679 for the quarter, or 0.06% of the Trust’s average weighted assets of $63,267,356,326 during the quarter. The NAV of $87.68 on August 24, 2026 was the highest during the quarter, compared with a low during the quarter of $75.10 on July 16, 2026.

Previous 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.

Current wording

The net increase in net assets resulting from operations for the quarter ended September 30, 2026 was $2,136,893,204, resulting from a net realized gain of $18,003,586 from gold bullion sold to pay expenses, a net realized gain of $861,197,011 on gold bullion distributed for the redemption of Shares and an unrealized gain on investment in gold bullion of $1,297,558,286, partially offset by a net investment loss of $39,865,679. Other than the Sponsor’s fee of $39,865,679, the Trust had no expenses during the quarter.

Previous wording

The Six-Month Period Ended June 30, 2026

Current wording

The Nine-Month Period Ended September 30, 2026

Previous wording

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 wording

The Trust’s net asset value decreased from $68,376,501,330 at December 31, 2025 to $62,220,971,453 at September 30, 2026, a 9.00% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 842,850,000 Shares at December 31, 2025 to 792,650,000 Shares at September 30, 2026, a consequence of 65,800,000 Shares (1,316 Baskets) being created and 116,000,000 Shares (2,320 Baskets) being redeemed during the period. The decrease in the Trust’s net asset value was also affected by a decrease in the price of gold, which fell 3.06% from $4,307.95 at December 31, 2025 to $4,176.30 at September 30, 2026.

Previous wording

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 wording

The 3.24% decrease in the NAV from $81.13 at December 31, 2025 to $78.50 at September 30, 2026 is directly related to the 3.06% decrease in the price of gold.

Previous wording

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 wording

The NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor’s fee, which was $130,638,545 for the period, or 0.19% of the Trust’s average weighted assets of $69,871,112,993 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 $75.10 on July 16, 2026.

Previous wording

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.

Current wording

The net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $1,937,162,638, resulting from an unrealized loss on investment in gold bullion of $6,946,837,721 and a net investment loss of $130,638,545, partially offset by a net realized gain of $66,686,205 from gold bullion sold to pay expenses and a net realized gain of $5,073,627,423 on gold bullion distributed for the redemption of Shares. Other than the Sponsor’s fee of $130,638,545, the Trust had no expenses during the period.