VanEck Merk Gold ETF 10-K

Item 8. Financial Statements The audited financial statements required by Regulation S-X, with the report of the Trust’s independent registered public accounting firm, appear on pages F-1 to F-13 of this Report and are incorporated in this Item 8 by reference to such information. 44 VanEck Merk Gold ETF Quarterly Statements of Operations For the year ended January 31, 2025 (unaudited) Three Months ended April 30, 2024 Three Months ended July 31, 2024 Three Months ended October 31, 2024 Three Months ended January 31, 2025 Year ended January 31, 2025 EXPENSES Sponsor’s fees $ 516,393 $ 606,009 $ 695,993 $ 760,304 $ 2,578,699 Total expenses 516,393 606,009 695,993 760,304 2,578,699 Net Investment loss (516,393 ) (606,009 ) (695,993 ) (760,304 ) (2,578,699 ) Net Realized and Unrealized Gain (Loss) Net realized gain (loss) from gold bullion distributed for redemptions 62,679 133,437 216,650 2,375,765 2,788,531 Net change in unrealized appreciation (depreciation) on investment in gold bullion 97,950,683 64,214,008 128,338,192 22,435,417 312,938,300 Net realized and unrealized gain (loss) from operations 98,013,362 64,347,445 128,554,842 24,811,182 315,726,831 Net Increase (Decrease) in Net Assets resulting from operations $ 97,496,969 $ 63,741,436 $ 127,858,849 $ 24,050,878 $ 313,148,132 45 VanEck Merk Gold ETF Quarterly Statements of Operations For the year ended January 31, 2024 (unaudited) Three Months ended April 30, 2023 Three Months ended July 31, 2023 Three Months ended October 31, 2023 Three Months ended January 31, 2024 Year ended January 31, 2024 EXPENSES Sponsor’s fees $ 409,800 $ 458,754 $ 451,271 $ 479,055 $ 1,798,880 Total expenses 409,800 458,754 451,271 479,055 1,798,880 Net Investment loss (409,800 ) (458,754 ) (451,271 ) (479,055 ) (1,798,880 ) Net Realized and Unrealized Gain (Loss) Net realized gain (loss) from gold bullion distributed for redemptions 609,442 - 935,883 1,854,150 3,399,475 Net change in unrealized appreciation (depreciation) on investment in gold bullion 19,860,745 (4,488,011 ) 3,903,440 17,022,316 36,298,490 Net realized and unrealized gain (loss) from operations 20,470,187 (4,488,011 ) 4,839,323 18,876,466 39,697,965 Net Increase (Decrease) in Net Assets resulting from operations $ 20,060,387 $ (4,946,765 ) $ 4,388,052 $ 18,397,411 $ 37,899,085 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure There have been no changes in accountants and no disagreements with accountants during the year ended January 31, 2025.