What changed in this filing

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Item 2. Management’s Discussion and Analysis

2020-12-08 compared with 2020-09-04 · 76 added, 73 removed, 202 unchanged (42% of the section changed)

76 unchanged sentences

and the shares offered by the Trust were known as the “Van Eck Merk Gold Shares” (“Shares”).

October 22, 2015, the Sponsor, for the benefit of the Trust, entered into a Marketing Agent Agreement (as amended to date, the

“Marketing Agreement”) with Van Eck Securities Corporation (“VanEck” or “Marketing Agent”).

Pursuant to the Marketing Agreement, VanEck now provides assistance in the marketing of the Shares.

The obligations created by

the Marketing Agreement are obligations of the Sponsor of the Trust and any fees payable under the Marketing Agreement to VanEck

are payable from the Sponsor’s fee (as calculated and defined in the Trust Agreement).

The Trust will not incur additional

financial or other performance obligations pursuant to the Marketing Agreement.

October 22, 2015, the Sponsor, for the benefit of the Trust, entered into a Marketing Agent Agreement (the “Marketing Agreement”)

with Van Eck Securities Corporation (“VanEck” or “Marketing Agent”).

Pursuant to the Marketing Agreement,

VanEck now provides assistance in the marketing of the Shares.

The obligations created by the Marketing Agreement are obligations

of the Sponsor of the Trust and any fees payable under the Marketing Agreement to VanEck are payable from the Sponsor’s

fee (as calculated and defined in the Trust Agreement).

The Trust will not incur additional financial or other performance obligations

pursuant to the Marketing Agreement.

Sponsor entered into the First Trust Amendment and effectuated the name change of the Trust in satisfaction of a term of the Marketing

54 unchanged sentences

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

Three Months Ended July 31, 2020 Compared to the Three Months Ended July 31, 2019

Trust’s NAV increased from $253,914,693 at April 30, 2020 to $369,590,556 at July 31, 2020, an 45.6% increase, compared

to a 11.3% increase from $144,345,811 at April 30, 2019 to $160,696,297 at July 31, 2019.

The increase in the Trust’s NAV

in the quarter ended July 31, 2020 resulted from an increase in the value of investments in gold bullion as compared to the prior

The number of outstanding Shares increased from 15,271,116 Shares at April 30, 2020 to 19,280,650 Shares at July 31, 2020

Three Months Ended October 31, 2020 Compared to the Three Months Ended October 31, 2019

Trust’s NAV increased from $369,590,556 at July 31, 2020 to $416,830,640 at October 31, 2020, a 12.8% increase, compared

to an 8.6 % increase from $160,696,297 at July 31, 2019 to $174,523,023 at October 31, 2019.

The increase in the Trust’s

NAV in the quarter ended October 31, 2020 resulted from an increase in the value of investments in gold bullion as compared to

the prior period.

The number of outstanding Shares increased from 19,280,650 Shares at July 31, 2020 to 22,719,117 Shares at October

31, 2020 due to the creation of Shares by Authorized Participants and the creation of 13,601 Shares in the quarter for Sponsor’s

fees, as compared to 11,368 Shares for such purpose in the quarter ended July 31, 2019.

The number of outstanding Shares at July

31, 2019 was 11,493,707.

Effective July 24, 2020, the Sponsor’s fees are payable at an annualized rate of 0.25% of the Trust’s

NAV, accrued on a daily basis computed on the prior Business Day’s NAV and paid monthly in arrears.

Prior to July 24, 2020,

the Sponsor’s fees accrued at an annualized rate of 0.40% of the Trust’s NAV.

Due to the daily accrual but monthly

payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding

increases slightly.

Trust’s NAV per Share increased 15.27% during the quarter ended July 31, 2020, starting at $16.63 per Share and ending at

$19.17 per Share, compared to an increase of 11.22%, from $12.57 to $13.98 during the quarter ended July 31, 2019.

fees, as compared to 11,769 Shares for such purpose in the quarter ended October 31, 2019.

The number of outstanding Shares at

October 31, 2019 was 11,805,476.

Effective July 24, 2020, the Sponsor’s fees are payable at an annualized rate of 0.25%

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

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

Due to the daily

accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number

of Shares outstanding increases slightly.

Trust’s NAV per Share decreased 4.3% during the quarter ended October 31, 2020, starting at $19.17 per Share and ending

at $18.35 per Share, compared to an increase of 5.7%, from $13.98 to $14.78 during the quarter ended October 31, 2019.

NAV per share decreased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees,

which were 13,601 Shares in total for the quarter ended October 31, 2020, compared with 11,769 Shares paid as Sponsor’s

fees in the quarter ended October 31, 2019.

The NAV per share of $20.17 on August 6, 2020 was the highest during the quarter,

compared with a low of $18.14 on September 25, 2020.

change in net assets from operations for the quarter ended October 31, 2020 was $(17,754,861), resulting from the Sponsor’s

fees of $(252,814), a net realized gain from gold bullion distributed for redemptions was $993,857, offset by a net change in

unrealized depreciation on investment in gold bullion of $(18,495,904).

In comparison, the change in net assets from operations

for the quarter ended October 31, 2019 was $9,201,714, resulting from the Sponsor’s fees of $(173,817), no net realized

loss or gain from gold bullion distributed for redemptions and a net change in unrealized appreciation on investment in gold bullion

of $9,375,531.

than the Sponsor’s fee, the Trust had no expenses during the quarter ended October 31, 2020 or the quarter ended October

Nine Months Ended October 31, 2020 Compared to the Nine Months Ended October 31, 2019

Trust’s NAV increased from $198,479,743 at January 31, 2020 to $416,830,640 at October 31, 2020, a 110.0% increase, compared

to a 13.2% increase from $154,177,917 at January 31, 2019 to $174,523,023 at October 31, 2019.

The increase in the Trust’s

NAV in the nine months ended October 31, 2020 resulted from an increase in the value of investments in gold bullion as compared

to the prior period.

The number of outstanding Shares increased from 12,817,945 Shares at January 31, 2020 to 22,719,117 Shares

at October 31, 2020 due to the creation of new Shares by Authorized Participants and the creation of 42,696 Shares for Sponsor’s

fees, as compared to 34,730 Shares for such purpose in the nine months ended October 31, 2019.

The number of outstanding Shares

at October 31, 2019 was 11,805,476.

Effective July 24, 2020, the Sponsor’s fees are payable at an annualized rate of 0.25%

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

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

Due to the daily

accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number

of Shares outstanding increases slightly.

Trust’s NAV per Share increased 18.5% during the nine months ended October 31, 2020, starting at $15.48 per Share and ending

at $18.35 per Share, compared to an increase 13.8%, from $12.99 to $14.78 during the nine months ended October 31, 2019.

NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees,

which were 15,683 Shares in total for the quarter ended July 31, 2020, compared with 11,368 Shares paid as Sponsor’s fees

in the quarter ended July 31, 2019.

The NAV per share of $19.17 on July 31, 2020 was the highest during the quarter, compared

with a low of $16.43 on June 5, 2020.

change in net assets from operations for the quarter ended July 31, 2020 was $44,480,385, resulting from the Sponsor’s fees

of $(278,138), a net realized gain of $4,601,821 from gold bullion distributed for redemptions, and a net change in unrealized

which were 42,696 Shares in total for the nine months ended October 31, 2020, compared with 34,730 Shares paid as Sponsor’s

fees in the nine months ended October 31, 2019.

The NAV per share of $20.13 on August 6, 2020 was the highest during the nine

months ended October 31, 2020, compared with a low of $14.34 on March 19, 2020.

change in net assets from operations for the nine months ended October 31, 2020 was $43,025,419, resulting from the Sponsor’s

fees of $(746,046), a net realized gain from gold bullion distributed for redemptions of $5,626,134 and a net change in unrealized

appreciation on investment in gold bullion of $38,145,331.

In comparison, the change in net assets from operations for the quarter

ended July 31, 2019 was $16,197,432, resulting from the Sponsor’s fees of $(153,056) and a net change in unrealized appreciation

on investment in gold bullion of $16,350,488

Six Months Ended July 31, 2020 Compared to the Six Months Ended July 31, 2019

The Trust’s NAV increased from $198,479,743

at January 31, 2020 to $369,590,556 at July 31, 2020, an 86.2% increase, compared to a 4.2% increase from $154,177,917 at January

31, 2019 to $160,696,297 at July 31, 2019.

The increase in the Trust’s NAV in the six months ended July 31, 2020 resulted

from an increase in the value of investments in gold bullion as compared to the prior period.

The number of outstanding Shares

increased from 12,817,945 Shares at January 31, 2020 to 19,280,650 Shares at July 31, 2020 due to the redemption of 1,366,390

Shares offset by the creation of 7,829,095 Shares which include 29,095 Shares created for Sponsor’s fees in the six months

ended July 31, 2020, as compared to 402,549 Shares redeemed and 22,961 Shares created for Sponsor’s fees in the six months

ended July 31, 2019.

The number of outstanding Shares at July 31, 2019 was 11,493,707.

Effective July 24, 2020, the Sponsor’s

fees are payable at an annualized rate of 0.25% of the Trust’s NAV, accrued on a daily basis computed on the prior Business

Day’s NAV and paid monthly in arrears.

Prior to July 24, 2020, the Sponsor’s fees accrued at an annualized rate of

0.40% of the Trust’s NAV.

Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued

can vary and possibly decrease, even as the number of Shares outstanding increases slightly.

Trust’s NAV per Share increased approximately 23.84% during the six months ended July 31, 2020, starting at $15.48 per Share

and ending at $19.17 per Share, compared to an increase of 7.62%, from $12.99 to $13.98 during the six months ended July 31, 2019.

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

fees, which were 29,095 Shares in total for the six months ended July 31, 2020, compared with 22,961 Shares paid as Sponsor’s

fees in the six months ended July 31, 2019.

The NAV per share of $19.17 on July 31, 2020 was the highest during the six months

ended July 31, 2020, compared with a low of $14.40 on March 19, 2020.

change in net assets from operations for the six months ended July 31, 2020 was $60,780,280, resulting from the Sponsor’s

fees of $(493,232) and a net realized and unrealized gain on investment in gold bullion of $61,273,512.

In comparison, the change

in net assets from operations for the six months ended July 31, 2019 was $11,237,468, resulting from the Sponsor’s fees

of $(300,675), a net realized gain from gold bullion distributed for redemptions of 96,601 and a net change in unrealized depreciation

on investment in gold bullion of $11,441,542.

than the Sponsor’s fee, the Trust had no expenses during the quarter ended July 31, 2020 or the quarter ended July

the calendar quarter ended July 31 2020, the Marketing Agent earned a fee of $13,131 which was paid by the Sponsor on August 20,

In comparison, the change in net assets from operations for the nine

months ended October 31, 2019 was $20,439,182, resulting from the Sponsor’s fees of $(474,492), a net realized gain from

gold bullion distributed for redemptions of $96,601 and a net change in unrealized appreciation on investment in gold bullion

of $20,817,073.

than the Sponsor’s fee, the Trust had no expenses during the nine months ended October 31, 2020 or the nine months ended

October 31, 2019.

the calendar quarter ended September 30, 2020, the Marketing Agent earned a fee of $37,390 which was paid by the Sponsor on November

since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $126,813

1 unchanged sentence

Agent Agreement.

Effective July 24, 2020, the Sponsor and the Marketing Agent amended the fee structure under the Marketing

Agent Agreement, however the financial obligations created thereunder remain the obligations of the Sponsor of the Trust, any

fees payable thereunder remain payable from the Sponsor’s fee and the cap on the fees payable to the Marketing Agent remains

Effective July 24, 2020, the Sponsor and the Marketing Agent amended the fee structure under the Marketing Agent

Agreement, however the financial obligations created thereunder remain the obligations of the Sponsor of the Trust, any fees payable

thereunder remain payable from the Sponsor’s fee and the cap on the fees payable to the Marketing Agent remains unchanged.

and Capital Resources

8 unchanged sentences

Sponsor’s fee in Shares in lieu of cash.

At July 31, 2020 and July 31, 2019, the Trust did not have any cash balances.

At October 31, 2020 and October 31, 2019, the Trust did not have any cash balances.

Sheet Arrangements

52 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-Q

Item 2. Management’s Discussion and Analysis