BAR — what changed in the latest 10-K
A section-by-section comparison of BAR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-08-13 vs the prior 10-K · 2025-08-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | 0 | 0 | ~8 | 102 |
| Risk factors | Text added/removed | +4 | −7 | ~3 | 78 |
| MD&A | Text added/removed | 0 | −1 | ~2 | 13 |
| Market risk (Item 7A) | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Risk factors
Text added vs the prior filing · source: 10-K · 2026-08-13
Beginning on February 28, 2026, the United States and Israel launched airstrikes against Iran, including strikes that killed Iran’s Supreme Leader and other senior officials. Iran responded with military strikes against Israel, US military installations, and US-allied states in the region, and moved…
We maintain, routinely review and evaluate our information technology and cybersecurity policies, practices and procedures (our “Cybersecurity Program”). The Cybersecurity Program has various policies and procedures, including an Information and Cybersecurity Policy and Business Continuity/Disaster …
As part of our overall risk management process, our management engages in a risk management review and evaluation, during which management reviews the principal risks relating to our business and operations. Included in this process is a review and evaluation of our risks relating to our Cybersecuri…
The management as a whole has responsibility for the Trust’s risk oversight. The oversight responsibility of the management is enabled by reporting processes that are designed to provide visibility to the management about the identification, assessment and management of critical risks and management…
Text removed vs the prior filing · source: 10-K · 2025-08-11
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 adver…
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 stat…
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 volat…
MD&A
Text removed vs the prior filing · source: 10-K · 2025-08-11
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 percen…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice