What changed in this filing

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Item 7. Management’s Discussion and Analysis

2025-03-28 compared with 2024-03-29 · 66 added, 58 removed, 267 unchanged (32% of the section changed)

12 unchanged sentences

statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The Trust is an investment trust formed on May

6, 2014 under New York law pursuant to the Trust Agreement.

The Trust is an exchange-traded fund formed on

May 6, 2014 under New York law pursuant to the Trust Agreement.

The Trust is not managed like a corporation or an active investment vehicle.

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The fiscal year end of the Trust is January 31st.

Shares of the Trust trade on the NYSE Arca

under the symbol “OUNZ.”

Investing in the Shares does not insulate the investor from certain risks, including price

The following table illustrates the movement in the NAV of the Shares against the corresponding gold price (per 1/100 of

Shares of the Trust trade on the NYSE Arca under

the symbol “OUNZ.”

Investing in the Shares does not insulate the

investor from certain risks, including price volatility.

The following table illustrates the movement in the NAV of the Shares against

the corresponding gold price (per 1/100 of an oz.

of gold) since inception:

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the Trustee valued the gold held by the Trust based on the Solactive Index.

The Trustee also determines the NAV per Share.

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 will value the gold held by the Trust based on the LBMA AM Gold Price.

If no fix is available for the day, the Trustee will value

the Trust’s gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price.

Prior to March 20, 2015, the Trustee

utilized the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which has now been

replaced by the ICE Benchmark Administration as an independent third-party administrator.

Prior to March 20, 2015, the Trustee utilized the daily fix

of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which has now been replaced by the ICE Benchmark

Administration as an independent third-party administrator.

If the Sponsor determines that such price is inappropriate

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Gold bullion contributed

$ 227,982,044

Gold bullion distributed

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Change in unrealized appreciation (depreciation)

$ 312,938,300

Ending balance as of January 31, 2025

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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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On April 28, 2016, the Sponsor and the Trustee

entered into a Second Amendment to Depositary Trust Agreement (the “Second Trust Amendment”), amending the Trust Agreement

to effectuate a second change in the name of the Trust from “Van Eck Merk Gold Trust” to “VanEck Merk Gold Trust,”

at the request of the Marketing Agent to reflect its rebranding as “VanEck”.

As a result of the name change, all references

to “Van Eck Merk Gold Trust” in the Trust Agreement were amended to read “VanEck Merk Gold Trust,” and the shares

offered by the Trust are now known as the “VanEck Merk Gold Shares”.

Except for the name change effected pursuant to the Second

Trust Amendment, the Trust Agreement remains in full force and effect on its existing terms.

entered into a Second Amendment to Depositary Trust Agreement, amending the Trust Agreement to effectuate a second change in the name

of the Trust from “Van Eck Merk Gold Trust” to “VanEck Merk Gold Trust,” at the request of the Marketing Agent

to reflect its rebranding as “VanEck”.

As a result of the name change, all references to “Van Eck Merk Gold Trust”

in the Trust Agreement were amended to read “VanEck Merk Gold Trust,” and the shares offered by the Trust are now known as

the “VanEck Merk Gold Shares”.

On August 30, 2024, the Sponsor and the Trust entered into a Third Amendment to the Depository

Trust Agreement (the “Third Trust Amendment”), amending the Trust Agreement to effectuate a third change in the name of the

Trust from “VanEck Merk Gold Trust” to “VanEck Merk Gold ETF.” The shares offered by the Trust remain known as

the “VanEck Merk Gold Shares.” Except for the name change effected pursuant to the Third Trust Amendment, the Trust Agreement

remains in full force and effect on its existing terms.

Change in Settlement Cycle and Amendment to

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31, 2025 and 2024

The Trust’s NAV increased from $780,184,347 on January 31, 2024

to $1,314,597,389 on January 31, 2025, a 68.50% increase for the fiscal year.

The increase in the Trust’s NAV resulted primarily

from the appreciation of gold.

There was also an increase in the number of Shares issued during the period, which rose from 39,626,030

Shares issued and outstanding on January 31, 2024 to 48,664,686 Shares issued and outstanding on January 31, 2025.

NAV per Share increased 37.18% from $19.69 on

January 31, 2024 to $27.01 on January 31, 2025.

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 $2,578,699 for the year, or 0.20% of the Trust’s net assets on an

annualized basis.

The NAV per Share of $27.01 on January 31, 2025

was the highest during the year, compared with a low of $19.25 on February 14, 2024.

Net increase in net assets resulting from operations for the year ended

January 31, 2025 was $313,148,132, resulting from a net realized gain of $2,788,531 from gold bullion distributed for redemptions and

an increase in unrealized appreciation on gold of $312,938,300 offset by the Sponsor’s Fee of $2,578,699.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2025.

For the calendar year ended December 31, 2023,

the Marketing Agent earned a fee of $298,771.

For the calendar year ended December 31, 2024, the Marketing Agent earned a fee of $630,549.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2024 are

$1,666,878, which at that time represented 1.54% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing

Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

Comparison of the Fiscal Years Ended January

31, 2024 and 2023

The Trust’s NAV increased from $656,592,798

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was the highest during the year, compared with a low of $17.55 on February 24, 2023.

Net increase in net assets resulting from operations

for the year ended January 31, 2024 was 37,899,085, resulting from a net realized gain of $3,399,475 from gold bullion distributed for

redemptions and an increase in unrealized appreciation on gold of $36,298,490 and by the Sponsor’s Fee of $1,798,880.

the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2024.

Net increase in net assets resulting from operations for the year ended

January 31, 2024 was $37,899,085, resulting from a net realized gain of $3,399,475 from gold bullion distributed for redemptions and an

increase in unrealized appreciation on gold of $36,298,490 offset by the Sponsor’s Fee of $1,798,880.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2024.

For the calendar year ended December 31, 2022,

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the highest during the year, compared with a low of $15.80 on November 3, 2022.

Net increase in net assets resulting from operations

for the year ended January 31, 2023 was $31,614,263, resulting from a net realized gain of $1,178,406 from gold bullion distributed for

redemptions and an increase in unrealized appreciation on gold of $31,993,651 and by the Sponsor’s Fee of $1,557,794.

the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2023.

For the calendar year ended December 31, 2021,

the Marketing Agent earned a fee of $233,426.

For the calendar year ended December 31, 2022, the Marketing Agent earned a fee of $322,287.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2022 are

$737,557, which at that time represented 0.97% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing

Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

Comparison of the Fiscal Years Ended January

31, 2022 and 2021

The Trust’s NAV increased from $442,483,105

on January 31, 2021 to $586,245,772 on January 31, 2022, a 32.49% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 24,366,372 Shares issued and outstanding

on January 31, 2021 to 33,599,843 Shares issued and outstanding on January 31, 2022.

NAV per Share decreased 3.91% from $18.16 on January

31, 2021 to $17.45 on January 31, 2022.

The Trust’s NAV per Share decreased slightly more than the price per Ounce of gold on a

percentage basis due to the Sponsor’s Fee, which was $1,271,275 for the year, or 0.22% of the Trust’s net assets on an annualized

The NAV per Share of $18.52 on June 2, 2021 was

the highest during the year, compared with a low of $16.40 on March 30, 2021.

Net decrease in net assets resulting from operations

for the year ended January 31, 2022 was $18,183,432, resulting from a net realized gain of $1,756,856 from gold bullion distributed for

redemptions and a decrease in unrealized appreciation on gold of $18,669,013 and by the Sponsor’s Fee of $1,271,275.

the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2022.

Net increase in net assets resulting from

operations for the year ended January 31, 2023 was $31,614,263, resulting from a net realized gain of $1,178,406 from gold bullion

distributed for redemptions and an increase in unrealized appreciation on gold of $31,993,651 offset by the Sponsor’s Fee of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2023.

For the calendar year ended December 31, 2021,

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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 7. Management’s Discussion and Analysis