Here are the 10-K annual reports from iShares Gold Trust (IAU) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow IAU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IAU filings page.
iShares Gold Trust is a New York grantor trust that holds physical gold to track the price of gold, before expenses, through exchange‑traded Shares. Each Share represents a fractional undivided interest in the Trust’s gold, held mainly in London and New York by JPMorgan as custodian.
The Trust’s net asset value rose from $32,955,472,597 at December 31, 2024 to $68,376,501,330 at December 31, 2025, while outstanding Shares increased from 668,650,000 to 842,850,000. As of June 30, 2025, Shares held by non‑affiliates had an aggregate market value of $46,389,389,528, and as of January 30, 2026 there were 850,200,000 Shares outstanding.
The Trust charges a Sponsor’s fee accruing daily at an annualized 0.25% of NAV, paid in kind by selling small amounts of gold, so the gold per Share declines over time unless gold prices rise. Shares are issued and redeemed only in 50,000‑Share Baskets through Authorized Participants, using LBMA Good Delivery gold.
The Trust is not registered as an investment company and is not a commodity pool, so Investment Company Act and CEA protections do not apply. It is treated as a grantor trust for U.S. tax purposes, so U.S. investors are taxed as if they directly own gold, generally subject to the collectible 28% long‑term capital gains rate. Key risks include gold price volatility, premiums or discounts versus NAV, operational and cybersecurity risks at service providers, and custody risks, though no material cybersecurity impacts were reported as of December 31, 2025.