iShares Gold Trust

What they do

The Trust was formed on January 21, 2005 and holds gold transferred to it in exchange for shares; each share represents a fractional undivided beneficial interest in the Trust's net assets. Its activities are limited to issuing Baskets (50,000 shares each) in exchange for gold deposits, selling gold to cover the Sponsor's fee and expenses, and delivering gold for Basket redemptions. It is not actively managed, does not lend its gold, has no officers, directors or employees, and uses The Bank of New York Mellon as trustee and JPMorgan Chase Bank N.A., London Branch as custodian. It does not engage in activities designed to profit from or offset losses caused by gold price changes.

Revenue drivers

• Gold price exposure — The Trust's return is driven almost entirely by the price of the gold it holds; investment in gold bullion was carried at $60,106,036,722 at June 30, 2026 versus a cost basis of $33,832,180,660, so unrealized appreciation dominates results.
• Share creation activity — Outstanding shares moved from 842,850,000 at December 31, 2025 to 793,600,000 at June 30, 2026, and to 788,600,000 as of July 31, 2026, reflecting net redemptions over the period.
• Sponsor's fee accrual — The Trust's only recurring expense is the Sponsor's fee, which is paid by selling gold; the payable was $13,298,722 at June 30, 2026 and $14,427,908 at December 31, 2025.

Recent performance

Net assets fell from $68,376,501,330 at December 31, 2025 to $60,092,738,000 at June 30, 2026, with NAV per share declining from $81.13 to $75.72 and shares outstanding decreasing from 842,850,000 to 793,600,000. The Sponsor's fee was $43,365,547 for the three months ended June 30, 2026 versus $28,576,492 for the three months ended June 30, 2025, and $90,772,866 for the six months ended June 30, 2026. Investment in gold bullion was $60,106,036,722 at June 30, 2026, down from $68,390,929,238 at December 31, 2025. The filing also reports that net asset value had increased from $32,955,472,597 at December 31, 2024 to $68,376,501,330 at December 31, 2025.

Strategy

The Trust's stated objective is to reflect generally the performance of the price of gold before payment of Trust expenses and liabilities. It is not actively managed and does not attempt to profit from or ameliorate losses caused by gold price changes. It does not lend its gold, and the Custodian has no right to lend it. Operations consist solely of issuing Baskets for gold deposits, selling gold to pay the Sponsor's fee and other liabilities, and delivering gold on redemptions, with unexpected cash holdings not triggering new share issuance until after a distribution record date. The Sponsor publishes the Trust's gold bar list and the most recent inspection report for the warehouse premises on its website.

Risks

• Gold price risk — The Trust's net asset value and share value move with the price of gold, which the Trust does not hedge or actively manage.
• Benchmark integrity risk — The Trust's objective depends on the LBMA Gold Price AM/PM auctions administered by ICE Benchmark Administration, and disruptions, electronic failures or perceptions of manipulation in that benchmark could distort gold prices and the Trust's valuation.
• Share redemption and liquidity risk — Shares outstanding declined from 842,850,000 at December 31, 2025 to 788,600,000 at July 31, 2026, so net redemptions shrink the Trust and reduce assets over which the Sponsor's fee is spread.
• Counterparty and operational risk — The Trust relies on the Sponsor (an affiliate of BlackRock), The Bank of New York Mellon as trustee, and JPMorgan Chase Bank N.A., London Branch as custodian under an English-law agreement, with no officers or employees of its own.

Outlook

The filings state the Trust's objective of reflecting generally the performance of the gold price before expenses and liabilities, and give no forecast or guidance. The Trust is not actively managed and will continue to issue Baskets for gold deposits, sell gold to cover the Sponsor's fee and other liabilities, and deliver gold on redemptions. The most recent reported share count of 788,600,000 as of July 31, 2026 implies continued net share redemptions relative to year-end 2025. No management outlook beyond these mechanics is provided in the source materials.