ISHARES GOLD TRUST Quarterly Report Released - Here’s What You Should Know

iShares Gold Trust Quarterly Report Summary (Quarter Ended June 30, 2025)

Key Financial Metrics:

• Net Assets: $46,698,668,340 at June 30, 2025 (up from $32,955,472,597 at December 31, 2024 and $42,544,094,836 at March 31, 2025).
• Gold Bullion Held: 14,208,071 ounces, fair value $46,708,323,436; cost $26,671,492,201.
• Shares Outstanding: 753,400,000 at June 30, 2025 (up from 668,650,000 at December 31, 2024).
• Net Asset Value (NAV) per Share: $61.98 at June 30, 2025 (up from $49.29 at December 31, 2024).
• NAV Growth: 25.75% for the six months, 5.46% for the quarter.
• Net Increase in Net Assets from Operations: $2,312,441,717 for the quarter, $8,863,078,338 for the six months.
• Total Return: 25.75% (six months), 5.46% (quarter).
• Expense Ratio (annualized): 0.25%. Net investment loss ratio: (0.25)%.
• Sponsor’s Fees: $28,576,492 for the quarter; $51,389,242 for the six months.

Risks:

• Concentration Risk: Nearly all assets are held as gold bullion, exposing the Trust to fluctuations in gold prices. (“Substantially all of the Trust’s assets are holdings of gold bullion, which creates a concentration risk associated with fluctuations in the price of gold.”)
• No Material Change in Previously Reported Risks: No update or new risk factors were listed for the period. The Trust specifically notes, “There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report.”
• Operating Structure: The Trust’s value is highly dependent on the price of gold, with fees impacting returns. The NAV increased slightly less than the price of gold due to Sponsor’s fees. ("The NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees.")
• Liquidity: The Trust reports no trends, demands, or events likely to cause liquidity issues (“The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity position.”)
• Reliant on Service Providers: JPMorgan Chase Bank N.A., London branch, serves as custodian. There are indemnification provisions limiting the Trust’s recourse in the event of loss or damage due to service provider actions.

Management Discussion and Analysis:

• Performance: The increase in NAV directly reflects the rise in gold prices over the period. For the six months, NAV rose 25.75% from $49.29 to $61.98 per share, and net assets rose by more than $13.7 billion.
• Expenses: The Sponsor’s fee, annualized at 0.25% of NAV, is accrued and paid in physical gold, which marginally reduces NAV growth below that of gold spot price.
• Operational Activity: The Trust issued 111,800,000 shares and redeemed 27,050,000 shares in the first six months of 2025. Gold bullion contributed for shares issued totaled $6,466,275,204, while gold distributed for redemptions was $1,586,157,799.
• Net Investment Loss: All operating expenses continue to be sponsor’s fees, resulting in a net investment loss of $(51,389,242) for the first six months of 2025.
• No Legal Proceedings or Defaults: The Trust reported no legal proceedings or defaults.
• Redemptions: 18,250,000 shares were redeemed during the quarter at an average rate of 0.0189 ounces of gold per share.

Conclusion:
The iShares Gold Trust offers a transparent, passive vehicle for gold price exposure, with robust asset growth reflecting gold market strength in early 2025. Operating expenses remain low, but the single-asset focus exposes investors to gold price volatility. No new material risks or business changes were disclosed this quarter. The Trust continues to operate in line with its mandate, with no significant legal, operational, or liquidity issues reported.

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