SPDR Gold Shares

What they do

The Trust holds gold bullion with custodians and issues and redeems shares in Baskets (100,000 shares each) in exchange for gold deposits and distributions. It is not managed like an active fund; gold is sold only to pay expenses, upon liquidation, or as required by law. The shares trade on NYSE Arca and other exchanges, offering investors a cost-efficient way to gain gold exposure without direct storage.

Revenue drivers

• Gold price appreciation — Revenue (net income) is driven by changes in the fair value of gold; for fiscal 2025, net income was $35.55 billion, up from $20.36 billion in 2024, reflecting higher gold prices.
• Share issuance and redemption activity — The Trust generates revenue indirectly through the creation and redemption of Baskets, which affects the amount of gold held and the base for expense accruals; shares outstanding were 352.0 million at June 30, 2026.
• Expense fee on gold holdings — The Trust pays expenses from gold sales, but the sponsor's fee is accrued as accounts payable; at June 30, 2026, accounts payable to Sponsor was $45.4 million on net assets of $130.05 billion.

Recent performance

For the quarter ended June 30, 2026, the Trust reported net assets of $130.05 billion, up from $124.53 billion at September 30, 2025. Gold holdings were 32,314.2 ounces at a fair value of $130.10 billion, with a cost basis of $95.24 billion. Net asset value per share was $369.47, versus $352.09 at fiscal year-end 2025. Annual net income for fiscal 2025 was $35.55 billion, with diluted EPS of $111.13.

Strategy

The Trust's stated objective is to reflect the performance of the price of gold bullion, less expenses. It does not employ derivatives or active management. The Sponsor focuses on maintaining the Trust's listing on multiple exchanges and providing transparency through daily reporting of holdings and values. Marketing efforts aim to position the shares as a simple and cost-efficient alternative to physical gold ownership.

Risks

• Gold price volatility — The Trust's net income and share value are directly tied to gold prices, which can fluctuate significantly and cause large swings in reported earnings.
• Custody concentration — The Trust relies on HSBC and JPMorgan as custodians; any operational failure or insolvency could impair the safekeeping of gold.
• Regulatory and tax risks — Sales of gold by the Trust are taxable events to shareholders, and the Trust is not registered under the Investment Company Act of 1940, which could change with regulatory action.
• Liquidity and market risk — Shares trade on various exchanges, but liquidity may vary; large redemptions could force gold sales, though the Trust holds physical gold only.

Outlook

Management does not provide earnings guidance or a forward-looking outlook in filings. The Trust's performance will continue to depend on gold market conditions. The recent increase in gold fair value and net assets suggests continued investor demand for gold-backed securities.