What changed in this filing

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Item 1. Business

2025-03-28 compared with 2024-03-29 · 71 added, 73 removed, 1084 unchanged (12% of the section changed)

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The Trust Agreement was further amended on April 28, 2016, to

effectuate a second name change to VanEck Merk Gold Trust.

The purpose of the Trust is to own gold transferred to the Trust in exchange

for shares issued by the Trust (the “Shares”).

Each Share represents a fractional undivided beneficial interest in and ownership

of the Trust.

Shares are issued by the Trust in blocks of 50,000 called “Baskets” in exchange for gold from certain registered

broker-dealers or other securities market participants (“Authorized Participants”).

Baskets may be redeemed by the Trust in

exchange for the amount of gold corresponding to their redemption value.

The Trust issues and redeems Baskets on an ongoing basis at net

asset value to Authorized Participants who have entered into a contract with the Sponsor and the Trustee.

The assets of the Trust are

anticipated to consist solely of gold bullion.

On May 6, 2014, the date the Trust was formed, Virtu Financial (the “Initial Purchaser”)

contributed 1,000 Ounces of gold in exchange for 100,000 Shares (or two Baskets).

At contribution, the value of the gold deposited with

the Trust was based on the price of an Ounce of gold of $1,306.25.

effectuate a second name change to VanEck Merk Gold Trust, and was further amended on August 20, 2024, to effectuate a third name change

to VanEck Merk Gold ETF.

The purpose of the Trust is to own gold transferred to the Trust in exchange for shares issued by the Trust (the

Each Share represents a fractional undivided beneficial interest in and ownership of the Trust.

Shares are issued

by the Trust in blocks of 50,000 called “Baskets” in exchange for gold from certain registered broker-dealers or other securities

market participants (“Authorized Participants”).

Baskets may be redeemed by the Trust in exchange for the amount of gold corresponding

to their redemption value.

The Trust issues and redeems Baskets on an ongoing basis at net asset value to Authorized Participants who

have entered into a contract with the Sponsor and the Trustee.

The assets of the Trust are anticipated to consist solely of gold bullion.

On May 6, 2014, the date the Trust was formed, Virtu Financial (the “Initial Purchaser”) contributed 1,000 Ounces of gold

in exchange for 100,000 Shares (or two Baskets).

At contribution, the value of the gold deposited with the Trust was based on the price

of an Ounce of gold of $1,306.25.

The Initial Purchaser is not affiliated with the Sponsor or the Trustee.

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2013 before falling to 44% in 2024.

In 2023, gold jewelry demand, as a proportion of total demand, increased by 2.0% from 2022.

In 2024, gold jewelry demand, as a proportion of total demand, decreased by 4.8% from 2023.

Industrial and medical demand

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Gold is also used for industrial decoration, such as gold plating and

Industrial use of gold is more common in the developed

world, whereas most of the gold fabrication in developing nations is typically for jewelry.

Demand for gold used in electronics manufacturing

fell sharply in 2009, down 11.7% from 2008, likely caused by weak economic conditions, but it rebounded 17.3% in 2010.

From 2010 thereafter,

demand for gold used in electronics fell every year between 2010 and 2016, before rising to 8.5 million Ounces in 2017, 8.6 million Ounces

in 2018, fell to 8.4 million Ounces in 2019, fell to 8.0 million Ounces in 2020, rising to 8.7 million Ounces in 2021, fell to 8.1 million

Ounces in 2022 and fell to 7.8 million Ounces in 2023.

Gold is primarily used for industrial purposes

in developed countries, while in developing nations, it is mainly used for jewelry.

Demand for gold in electronics manufacturing fell

sharply in 2009, dropping 11.7% from 2008 due to weak economic conditions, but rebounded by 17.3% in 2010.

From 2010 to 2016, electronics-related

gold demand declined annually before fluctuating in the following years:

8.7 million Ounces in 2017, 8.8 million in 2018, 8.6 million

in 2019, 8.2 million in 2020, 9.0 million in 2021, 8.3 million in 2022, 8.0 million in 2023, and rising again to 8.7 million Ounces in

Additionally, gold has long been used for medical

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World Gold Council (also for subsequent industry data, unless otherwise annotated)

Gold is also favored by the private sector as

a store of value and a means of investment.

Unlike equities, bonds and currencies, gold does not run the risk of issuers’ default

or mismanagement and is not a liability of any government or corporation.

Many investors may consider gold to be a safe haven investment,

a portfolio diversifier and inflation hedge.

Gold is a preferred store of value and investment in the private sector.

Unlike equities, bonds, and currencies, it carries no risk of issuer default or mismanagement and is independent of government or corporate

Many investors view gold as a safe-haven asset, a portfolio diversifier, and a hedge against inflation.

Over the past decade, there has been a steady

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Mine production

The largest portion of gold supply comes from mine production, including

gold produced both from primary deposits and from secondary deposits where the gold is mined as a by-product.

All the recorded gold ever

mined in human history amounts to approximately 6.8 billion Ounces, or 212,582 metric tons.

To put this in perspective, if every single

ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around 22 meters on each side, says

World Gold Council.

The largest portion of gold supply comes from

mine production, including gold produced both from primary deposits and from secondary deposits where the gold is mined as a by-product.

All the recorded gold ever mined in human history amounts to approximately 6.9 billion Ounces, or 216,265 metric tons.

To put this in

perspective, if every single ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around

22 meters on each side, says World Gold Council.

Gold is produced from mines on every continent

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In 2024, Kazakhstan decreased their gold reserves by 10.2 million Ounces and

Turkey decreased their gold reserves by 1.6 million Ounces, in 2023.

Turkey increased their gold reserves by 79.7 million Ounces, in 2024.

The gold market and price movement

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Futures and options exchanges

The major futures and options exchanges include

the New York Commodities Exchange (“COMEX”) (an affiliate of the Chicago Mercantile Exchange, Inc.), the Multi Commodity Exchange

of India (“MCX”), the Tokyo Commodities Exchange (“Tocom”), and the Shanghai Futures Exchange (“SHFE”).

Other leading exchanges for gold derivatives trading include NYSE Liffe and Dubai Gold & Commodities Exchange.

Gold futures and options

are traded on these exchanges in standardized transaction sizes and delivery dates.

Only a small portion of the gold futures market turnover

is typically physically delivered.

Major gold futures and options exchanges include

the New York Commodities Exchange (“COMEX”), an affiliate of the Chicago Mercantile Exchange, Inc., as well as the Multi Commodity

Exchange of India (“MCX”), the Tokyo Commodities Exchange (“Tocom”), and the Shanghai Futures Exchange (“SHFE”).

Other key exchanges for gold derivatives include NYSE Liffe and the Dubai Gold & Commodities Exchange.

Gold futures and options on

these platforms are traded in standardized sizes and delivery dates, with only a small fraction resulting in physical delivery.

The COMEX is the largest gold futures and options

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dollar per Ounce.

After reaching a 20-year low of just over $250

per Ounce in the summer of 1999, the price of gold gradually increased, as a result of the strong rise in physical demand, especially

in the major gold markets, including China, Egypt, India and Japan.

The upward price trend that began in 2001 continued through May 2006.

Gold hit a 20-year low of just over $250 per Ounce

in mid-1999 before gradually rising due to increasing physical demand, particularly in major markets like China, Egypt, India, and Japan.

This upward trend continued from 2001 until May 2006.

Following a peak around $725 per Ounce in May

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dollar weakness may have underpinned gold demand as a store of value through this period.

In 2023, Gold started off at the year at $1,824.02

The metal reached a high of $2,077.49 per Ounce on December 27 2023.

The low for 2023 was $1,811.04 on February 24, 2023 and

ended the year at $2,062.98 per Ounce.

Following its peak in September 2011, the gold price entered a period of decline, influenced by changing investor sentiment.

The Federal Reserve’s indications of monetary policy normalization, including potential reductions in asset purchases, contributed to the price softening.

By mid-2013, gold had fallen to $1,200 per Ounce, reflecting reduced demand for safe-haven assets amid a stronger economic outlook.

Between 2014 and 2018, gold prices fluctuated within a broad range, shaped by global economic conditions, central bank policies, and geopolitical events.

A strengthening U.S.

dollar and rising interest rates, particularly as the Federal Reserve increased benchmark rates between 2015 and 2018, placed some downward pressure on gold.

However, continued central bank purchases and periodic geopolitical uncertainties provided support.

In 2019, gold prices began trending upward, influenced by concerns over slowing global economic growth, ongoing trade tensions between the U.S.

and China, and central banks shifting toward more accommodative policies.

This trend continued into 2020 as the COVID-19 pandemic led to economic disruptions and increased stimulus measures, bringing gold above $2,000 per Ounce for the first time in August 2020.

After reaching its 2020 peak, gold prices saw periods of volatility between 2021 and 2023, reflecting inflationary pressures, changing interest rate expectations, and geopolitical developments.

While a stronger dollar and rising interest rates weighed on gold at times, economic uncertainty and renewed demand for safe-haven assets helped support prices leading into 2024.

In 2024, Gold started off at the year at $2,062.98 per Ounce.

The metal reached a high of $2,787.61 per Ounce on October 30, 2024.

The low for 2024 was $1,992.33 on February 14, 2024 and ended the year at $2,624.50 per Ounce.

Annualized Standard Deviation

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administrator (the “LBMA PM Gold Price”).

The Trustee also determined the NAV per Share.

Prior to the Index Change Date, if

on a day when the Trust’s NAV is being calculated the LBMA PM Gold Price for that day is not available, the Trustee valued the gold

held by the Trust based on that day’s morning session of the twice daily fix of the price of a Fine Ounce of gold, which starts

at 10:30 AM London, England time and is performed in London by the ICE Benchmark Administration as a independent third-party administrator

(the “LBMA AM Gold Price”).

If no fix was available for the day, the Trustee valued the Trust’s gold based on the most

recently announced LBMA AM Gold Price or LBMA PM Gold Price.

On the Index Change Date, the pricing index the

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organized under New York State law with trust powers, serves as the Trustee.

The Trustee has a trust office at 240 Greenwich Street, 22W, New York, NY 10286.

The Trustee is subject to supervision by the New York State Financial Services Department and the Board of Governors of

the Federal Reserve System.

Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees for the

creation and redemption of Baskets and the names of the parties that have executed an Authorized Participant Agreement may be obtained

The Trustee has a trust office at 240 Greenwich Street, 22W,

New York, NY 10286.

The Trustee is subject to supervision by the New York State Financial Services Department and the Board of Governors

of the Federal Reserve System.

Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees for

the creation and redemption of Baskets and the names of the parties that have executed an Authorized Participant Agreement may be obtained

from the Trustee.

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The Sponsor exercised its right to visit the Custodian’s

premises and inspect the Trust’s gold and related records most recently on August 22, 2022.

During the fiscal year that ended January 31, 2024, Inspectorate International

Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust on October 16, 2023.

unavailability of time slots at the vault, Inspectorate was unable to perform a physical inspection of the Trust’s gold on January

premises and inspect the Trust’s gold and related records most recently on July 3, 2024.

During the fiscal year that ended January 31,

2025, Inspectorate International Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust

on October 16, 2024.

Due to unavailability of time slots at the vault, Inspectorate was unable to perform a physical inspection of the

Trust’s gold on January 31, 2025.

Inspectorate was able to conduct a physical gold audit of the Trust on February 5, 2025.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business