What changed in this filing

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Item 9A. Controls and Procedures

2025-03-28 compared with 2024-03-29 · 155 added, 218 removed, 535 unchanged (41% of the section changed)

23 unchanged sentences

Internal control over financial reporting includes those policies and procedures that:

to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally

accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate

authorizations;

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets

that could have a material effect on the financial statements.

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations;

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

13 unchanged sentences

as of January 31, 2025.

Cohen & Company, Ltd., the independent registered

public accounting firm that audited and reported on the financial statements as of and for the year ended January 31, 2024 included

in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s

internal control over financial reporting as of January 31, 2024.

Cohen & Company, Ltd., the independent registered public accounting

firm that audited and reported on the financial statements as of and for the year ended January 31, 2025 included in this Form 10-K,

as stated in their report which is included herein, and issued an attestation report on the effectiveness of the Trust’s internal

control over financial reporting as of January 31, 2025.

March 28, 2025

22 unchanged sentences

Merk is 55 years old.

Policies of the Sponsor

The Sponsor has adopted an insider trading policy to prevent the misuse

of material non-public information in accordance with federal securities laws, including provisions of the Investment Advisers Act of

This policy applies to the Sponsor, including its directors, officers, employees, and other individuals under its supervision.

Trust itself does not have a separate insider trading policy, as it does not engage in active management or trading.

The policy prohibits individuals subject to it from trading in any

securities while in possession of material non-public information obtained through their role at the Sponsor.

The Sponsor maintains a

list of restricted securities for which trading is not permitted due to potential access to confidential or non-public information.

Individuals covered by the policy are required to disclose all personal

securities accounts and provide reports of their securities transactions on a periodic basis.

The Sponsor’s compliance team monitors

trading activity to ensure adherence to the policy.

Any financial, business, or personal relationships that may provide access to non-public

information must be disclosed to the compliance team.

Violations of the policy may result in disciplinary action, including

termination of employment and, where applicable, referral to regulatory authorities.

The policy is reviewed periodically and updated as

needed to comply with applicable regulations and best practices.

A copy of the Sponsor’s insider trading policy is filed as Exhibit

19.1 to this report.

The Sponsor has adopted a code of ethics.

This code of ethics applies

to the Sponsor, including its officers.

The Trust itself does not have a separate code of ethics.

Executive Compensation

38 unchanged sentences

Second Amendment to the Depositary Trust Agreement, dated as of April 28, 2016, by and between Merk Investments LLC, as sponsor of the Trust, and The Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1(c) filed with Annual Report on Form 10-K/A on April 29, 2016)

Third Amendment to the Depository Trust Agreement, dated as of August 20, 2024, by and between Merk Investments LLC, as sponsor of the Trust and the Bank of New York Mellon, as trustee of the Trust (incorporated by reference to Exhibit 4.1 filed with the Current Report on Form 8-K on August 20, 2024).

Form of Authorized Participant Agreement (incorporated by reference to Exhibit 4.2 filed with Registration Statement No.

12 unchanged sentences

Consent of Cohen & Company, Ltd., Independent Registered Public Accounting Firm.

Consent of BBD, LLP, Independent Registered Public Accounting Firm.

Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

1 unchanged sentence

Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Incentive-Based Compensation Recovery Policy

Incentive-Based Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 of the Annual Report on Form 10-K filed by the Registrant on March 29, 2024)

Inline XBRL Instance Document

6 unchanged sentences

Form 10-K Summary.

VANECK MERK GOLD TRUST

VANECK MERK GOLD ETF

FINANCIAL STATEMENTS AS OF JANUARY 31, 2024

Report of Cohen & Company, Ltd., an Independent Registered Public Accounting Firm located in Philadelphia, PA (PCAOB # 925 ) F-2

Report of BBD, LLP, an Independent Registered Public Accounting Firm located in Philadelphia, PA (PCAOB #552) F-3

Audited Statements of Assets and Liabilities at January 31, 2025 and 2024 F-4

4 unchanged sentences

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Sponsor, Trustee and the Shareholders of

VanEck Merk Gold Trust

To the Sponsor, Trustee, and Shareholders of VanEck Merk Gold ETF

Opinions on the Financial Statements and Internal

Control over Financial Reporting

We have audited the accompanying statements of

assets and liabilities, including the schedules of investment, of VanEck Merk Gold Trust (the “Trust”) as of January 31, 2024

and 2023, and the related statements of operations and changes in net assets for each of the years in the two-year period ended January

31, 2024, and the related notes (collectively referred to as the “financial statements”).

We have also audited the Trust’s

internal control over financial reporting as of January 31, 2024, based on criteria established in Internal Control-Integrated Framework

(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements

present fairly, in all material respects, the financial position of the Trust as of January 31, 2024 and 2023, and the results of its

operations and changes in its net assets for each of the periods referred to above, in conformity with accounting principles generally

accepted in the United States of America.

Also, in our opinion, the Trust maintained, in all material respects, effective internal control

over financial reporting as of January 31, 2024, based on criteria established in Internal Control-Integrated Framework (2013) issued

The Trust’s financial statements and internal

control over financial reporting for the year ended January 31, 2022, were audited by other auditors whose report dated April 12, 2022,

expressed an unqualified opinion on those financial statements and internal control over financial reporting.

We have audited the accompanying statements of assets and liabilities,

including the schedules of investment, of VanEck Merk Gold ETF (formerly, VanEck Merk Gold Trust, the “Trust”) as of January

31, 2025 and 2024, and the related statements of operations and changes in net assets for each of the years in the three-year period ended

January 31, 2025, and the related notes (collectively referred to as the “financial statements”).

We have also audited the

Trust’s internal control over financial reporting as of January 31, 2025, based on criteria established in Internal Control—Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present

fairly, in all material respects, the financial position of the Trust as of January 31, 2025 and 2024, and the results of its operations

and changes in its net assets for each of the years in the three-year period ended January 31, 2025, in conformity with accounting principles

generally accepted in the United States of America.

Also, in our opinion, the Trust maintained, in all material respects, effective internal

control over financial reporting as of January 31, 2025, based on criteria established in Internal Control—Integrated Framework

(2013) issued by COSO.

Basis for Opinions

The Trust’s management is responsible for

these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness

of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial

Our responsibility is to express an opinion on the Trust’s financial statements and an opinion on the Trust’s internal

control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight

Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement whether due to error or fraud, and whether effective internal control over financial reporting

was maintained in all material respects.

Our audits of the financial statements included

performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing

procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures

in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management,

as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included

obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing

and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing

such other procedures as we considered necessary in the circumstances.

The Trust’s management is responsible

for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the

effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal

Control over Financial Reporting .

Our responsibility is to express an opinion on the Trust’s financial statements and an

opinion on the Trust’s internal control over financial reporting based on our audits.

We are a public accounting firm

registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be

independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are

free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained

in all material respects.

Our audits of the financial statements included performing procedures

to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that

respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining

an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating

the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other

procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

1 unchanged sentence

over Financial Reporting

A company’s internal control over financial reporting is a process

designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements

for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting

is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with generally accepted accounting principles.

A company's internal control over financial

reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately

and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions

are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and

that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition

of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly

reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded

as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts

and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s

assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial

reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject

to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or

procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from

the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,

subjective, or complex judgments.

Critical audit matters are matters arising from the current period

audit of the financial statements that were communicated or required to be communicated to those charged with governance and that:

relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective,

or complex judgments.

We determined that there are no critical audit matters.

We have served as the VanEck Merk Gold Trust’s

We have served as the VanEck Merk Gold ETF’s

auditor since 2023.

COMPANY, LTD.

COHEN & COMPANY, LTD .

1 unchanged sentence

March 28, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Sponsor, Trustee and the Shareholders

of VanEck Merk Gold Trust

Opinions on the Financial Statements and Internal

Control over Financial Reporting

We have audited the accompanying statements of

assets and liabilities of VanEck Merk Gold Trust (the “Trust”), including the schedules of investment, as of January 31, 2022

and 2021, and the related statements of operations and changes in net assets for each of the years in the three-year period ended January

31, 2022, the financial highlights for each of the years in the five-year period ended January 31, 2022, and the related notes (collectively

referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial

reporting as of January 31, 2022, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee

of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred

to above present fairly, in all material respects, the financial position of the Trust as of January 31, 2022 and 2021, and the results

of its operations, changes in its net assets and financial highlights for each of the periods referred to above, in conformity with accounting

principles generally accepted in the United States of America.

Also, in our opinion, the Trust maintained, in all material respects, effective

internal control over financial reporting as of January 31, 2022, based on criteria established in Internal Control-Integrated

Framework (2013) issued by COSO.

Basis for Opinion

The Trust’s management is responsible for

these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the

effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control

over Financial Reporting .

Our responsibility is to express an opinion on the Trust's financial statements and an opinion on the Trust's

internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial

reporting was maintained in all material respects.

Our audits of the financial statements included

performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing

procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures

in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management,

as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting

included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,

and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included

performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis

for our opinions.

Definition and Limitations of Internal Control

over Financial Reporting

A company's internal control over financial

reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with generally accepted accounting principles.

A company's internal control over

financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,

accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions

are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and

that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition

of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from

the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,

subjective, or complex judgments.

We determined that there are no critical audit matters.

We have served as the auditor of the VanEck

Merk Gold Trust since 2014.

Philadelphia, Pennsylvania

April 12, 2022

VanEck Merk Gold Trust

VanEck Merk Gold ETF

Statements of Assets and Liabilities

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Other receivable

1,328,355,965

Gold Bullion purchased payable

Sponsor’s fee payable

Other payables

Total Liabilities

11 unchanged sentences

See notes to financial statements.

VanEck Merk Gold Trust

VanEck Merk Gold ETF

Statements of Operations

8 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment in gold bullion

( 18,669,013 )

Net realized and unrealized gain (loss) from operations

( 16,912,157 )

Net Increase (Decrease) in Net Assets resulting from operations

1 unchanged sentence

See notes to financial statements.

VanEck Merk Gold Trust

VanEck Merk Gold ETF

Statements of Changes in Net Assets

12 unchanged sentences

Net change in unrealized appreciation (depreciation) on investment in gold bullion

( 18,669,013 )

Net Assets—end of year

3 unchanged sentences

See notes to financial statements.

VanEck Merk Gold Trust

VanEck Merk Gold ETF

Schedules of Investment

8 unchanged sentences

January 31, 2024

$ 572,123,322

$ 656,592,807

Total Investments

$ 572,123,322

$ 656,592,807

Liabilities in excess of other assets

$ 656,592,798

(a) Amount is less than 0.005%.

See notes to financial statements.

VanEck Merk Gold Trust

VanEck Merk Gold ETF

Notes to Financial Statements

The VanEck Merk Gold Trust (the “Trust”;

known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck Merk Gold Trust prior to April 28, 2016) is an investment

trust formed on May 6, 2014 under New York law pursuant to a depositary trust agreement.

After consideration of Financial Accounting Standards

Topic 946, Merk Investments LLC (the “Sponsor”) has concluded the Trust meets the fundamental characteristics of an investment

In addition, while the Trust does not currently possess all of the typical characteristics of an investment company, it believes

its activities are consistent with those of an investment company and will therefore apply the guidance in Financial Accounting Standards

Topic 946, including disclosure of the financial support contractually required to be provided by an investment company to any of its

The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”)

and the Trust’s principal service providers, including the preparation of financial statements.

The Trustee is responsible for the

day-to-day administration of the Trust.

The VanEck Merk Gold ETF (the “Trust”;

known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck Merk Gold Trust prior to April 28, 2016, and then as the

VanEck Merk Gold Trust prior to August 30, 2024) is an exchange-traded fund formed on May 6, 2014 under New York law pursuant to a depositary

trust agreement (the “Trust Agreement”).

After consideration of Financial Accounting Standards Topic 946, Merk Investments

LLC (the “Sponsor”) has concluded the Trust meets the fundamental characteristics of an investment company.

In addition, while

the Trust does not currently possess all of the typical characteristics of an investment company, it believes its activities are consistent

with those of an investment company and will therefore apply the guidance in Financial Accounting Standards Topic 946, including disclosure

of the financial support contractually required to be provided by an investment company to any of its investees.

The Sponsor is responsible

for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal

service providers, including the preparation of financial statements.

The Trustee is responsible for the day-to-day administration of

Virtu Financial, also known as the Lead Market

73 unchanged sentences

the NAV per Share.

Prior to the Index Change Date, if on a day when the Trust’s NAV was being calculated the LBMA PM Gold Price

for that day was 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 an independent third-party administrator (the “LBMA AM Gold Price,” and together with the LBMA PM Gold Price,

the “LBMA 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.

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.

On the Index Change Date, the pricing index the

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Solactive Index price.

For any calculation day t, the Solactive Index

(Indext), is determined in accordance with the following formula:

The Solactive Index is calculated and published by Solactive no later

than 30 minutes following the close of trading on the NYSE, disseminated to major financial data providers, and made publicly available

via the Trust's website.

The Solactive Index calculation is based on XAU market data from IDS,

which is a major provider of financial market data.

The data is available through IDS's data streaming service, which covers 2,700 spot

rates and over 7,500 forwards and non-deliverable forwards, with an average of over 130 million updates per day for spot.

data from over 100 sources, including market makers, execution venues, banks and brokers from across the globe, and every updating Trade

Tick of spot streaming data is available via IDS's Integrated Data Viewer service in a file-based format.

It is unlikely that, on any given trading day for the Shares, there

would be no Trade Ticks recorded for XAU in either Time Period 1 or Time Period 2, such that the Solactive Index calculation could not

be performed on such day.

Trade Ticks representing XAU are the closing prices for specific gold bullion transactions posted in a 24-hour,

global, over-the-counter gold bullion market, which is not subject to trading suspensions, trading halts, or market closures.

in the unlikely event that IDS is unable to publish pricing information for XAU, for whatever reason, during either Time Period 1 or Time

Period 2 on a given trading day, the last available Solactive Index calculation will be used in accordance with Solactive's published

and publicly available disruption policy.

The Solactive Index is calculated and published

by Solactive no later than 30 minutes following the close of trading on the NYSE, disseminated to major financial data providers, and

made publicly available via the Trust’s website.

The Solactive Index calculation is based on XAU

market data from IDS, which is a major provider of financial market data.

The data is available through IDS’s data streaming service,

which covers 2,700 spot rates and over 7,500 forwards and non-deliverable forwards, with an average of over 130 million updates per day

IDS compiles data from over 100 sources, including market makers, execution venues, banks and brokers from across the globe,

and every updating Trade Tick of spot streaming data is available via IDS’s Integrated Data Viewer service in a file-based format.

It is unlikely that, on any given trading day

for the Shares, there would be no Trade Ticks recorded for XAU in either Time Period 1 or Time Period 2, such that the Solactive Index

calculation could not be performed on such day.

Trade Ticks representing XAU are the closing prices for specific gold bullion transactions

posted in a 24-hour, global, over-the-counter gold bullion market, which is not subject to trading suspensions, trading halts, or market

However, in the unlikely event that IDS is unable to publish pricing information for XAU, for whatever reason, during either

Time Period 1 or Time Period 2 on a given trading day, the last available Solactive Index calculation will be used in accordance with

Solactive’s published and publicly available disruption policy.

If the Sponsor determines that such price becomes inappropriate to

61 unchanged sentences

( 9,295,829 )

( 28,535,208 )

Shares, end of year at January 31, 2025

17 unchanged sentences

( 6,035,537 )

( 98,749,384 )

Shares, end of year at January 31, 2023

13 unchanged sentences

between the selling price and the average cost method of the gold sold on a trade date basis.

Segment Reporting

The Trust adopted Financial Accounting Standards

Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during

the reporting period.

The Trust’s adoption of the new standard impacted financial statement disclosures only and did not affect

the Trust’s financial position or results of operations.

Operating segments are components of a public entity that engage in business

activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating

results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance

and making decisions about segment resources.

The Managing Member of the Sponsor acts as the Trust’s CODM.

The CODM monitors the operating

results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus.

The CODM has concluded

that the Trust operates as a single operating segment since the Trust has a single investment strategy.

The financial information provided

to and reviewed by the CODM is presented within the Trust’s financial statements.

INVESTMENT IN GOLD

30 unchanged sentences

Change in unrealized appreciation (depreciation)

( 18,669,013 )

Ending balance as of January 31, 2023

6 unchanged sentences

of the Trust’s NAV, accrued on a daily basis computed on the prior business day’s NAV and paid monthly in arrears.

July 24, 2020, the Sponsor’s fee accrued at an annualized rate of 0.40 % of the Trust’s NAV.

The Sponsor has agreed to assume the following

24 unchanged sentences

FINANCIAL HIGHLIGHTS

The following table presents per share

performance data and other supplemental financial data for the years ended January 31, 2024, 2023, 2022, 2021 and 2020 for the

shareholders.

The following table presents per share performance

data and other supplemental financial data for the years ended January 31, 2025, 2024, 2023, 2022 and 2021 for the shareholders.

This information has been derived from information presented in the financial statements.

VanEck Merk Gold Trust

VanEck Merk Gold ETF

Financial Highlights

48 unchanged sentences

MERK INVESTMENTS LLC

Sponsor of the VanEck Merk Gold Trust

Sponsor of the VanEck Merk Gold ETF

March 28, 2025

5 unchanged sentences

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 9A. Controls and Procedures