BAR 10-K & 10-Q changes, risk factors and insider trading

The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities.

Geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on the Trust.

On October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli civilians and soldiers and took hostages. In response to the attack, Israel declared war against Hamas, attacking Hamas and Islamic targets in Gaza. The conflict has escalated in the past year and Israel is fighting adversaries across the Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran. The responses of countries and political bodies to these events, the larger overarching tensions, Israel’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict, along with any global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict, could disturb the gold market.

In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. On March 7, 2022, the LBMA suspended its accreditation of six Russian precious metals refiners. The LBMA stated that existing bars produced by the refiners before their suspension will still be accepted as good delivery. Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022, and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.

The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict in Ukraine, along with global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.

The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises such as the coronavirus pandemic (the “COVID-19 pandemic”).

Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Sponsor and its service providers to operate. The COVID-19 pandemic or a similar public health threat could adversely impact the Trust by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets.

Fiscal year ended June 30, 2023

The Trust’s NAV decreased from $996,127,089 on June 30, 2022, to $935,811,456 on June 30, 2023, a 6.06% decrease for the year. The decrease in the Trust’s NAV resulted primarily from a reduction in outstanding Shares from 55,300,000 Shares on June 30, 2022, to 49,450,000 Shares on June 30, 2023, a result of 4,100,000 Shares (82 Baskets) being created and 9,950,000 Shares (199 Baskets) being redeemed during that period.

The NAV per Share increased 5.05% from $18.01 on June 30, 2022, to $18.92 on June 30, 2023. During that period the gold price increased 5.24% from $1,817.00 on June 30, 2022, to $1,912.25 on June 30, 2023. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,602,240 for the fiscal year, or 0.1749% of the Trust’s assets on an annualized basis.

The Trust’s net asset value increased from $1,285,913,636 on September 30, 2025, to $1,492,121,494 on December 31, 2025, a 16.0% increase. The increase in the Trust’s net asset value was due to a 12.6% increase in gold price from $3,825.30 on September 30, 2025, to $4,307.95 on December 31, 2025, as well as an increase in the number of shares outstanding from 34,100,000 to 35,150,000 over this period. The 1,050,000 shares increase was a result of 21 creation orders (50,000 shares per creation and redemption). There was no redemption order over the period considered.

The 12.57% increase in the Trust’s net asset value per share, from $37.71 on September 30, 2025, to $42.45 on December 31, 2025, is directly related to the 12.6% increase in the price of gold.

The Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $626,724 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,423,879,427 during the quarter. The net asset value per share of $44.16 on December 24, 2025, was the highest during the quarter, compared with a low during the quarter of $38.17 on October 01, 2025.

The net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $162,747,321, resulting primarily from an unrealized gain on investment in gold bullion of $163,047,183, a gain of $326,862 on metal sold to cover the Sponsor’s fees but decreased by the Sponsor’s fees of $626,724. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Six Months Ended December 31, 2025