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Item 5. Market for Registrant’s Common Equity

2021-04-16 compared with 2020-04-10 · 10 added, 344 removed, 14 unchanged (96% of the section changed)

Market for Registrant’s

Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The Trust was formed on May 6, 2014 (the

“Date of Inception”) following an initial deposit of gold.

The Trust’s Shares have been listed on the NYSE Arca

under the symbol OUNZ since May 16, 2014.

Not applicable.

Although the Trust does not purchase Shares

directly from its investors in connection with Delivery Applications or the redemption of Baskets, the Trust redeemed Shares as

follows during the year ended January 31, 2020:

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Trust was formed on May 6, 2014 (the “Date of Inception”) following an initial deposit of gold.

Shares have been listed on the NYSE Arca under the symbol OUNZ since May 16, 2014.

the Trust does not purchase Shares directly from its investors in connection with Delivery Applications or the redemption of Baskets,

the Trust redeemed Shares as follows during the year ended January 31, 2021:

Average Ounces of

4 unchanged sentences

Selected Financial Data

The following selected financial data

for the reporting periods should be read in conjunction with the Trust’s financial statements and related notes and “Management’s

Discussion and Analysis of Financial Condition and Results of Operations.”

following selected financial data for the reporting periods should be read in conjunction with the Trust’s financial statements

and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

$ 442,483,105

1 unchanged sentence

$ 154,177,917

Ended January 31,

For the Year Ended

the Year Ended

Net investment loss

3 unchanged sentences

Net realized and unrealized gain (loss) from gold bullion per Share

Management’s Discussion

and Analysis of Financial Condition and Results of Operations

This information should be read together

with the financial statements and notes to the financial statements included in this Report.

The discussion and analysis that

follows may contain forward-looking statements, such as those that relate to future events or future performance.

In some cases,

such forward-looking statements can be identified by terminology such as “may,”

“should,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

or the negative of these terms or other comparable terminology.

Neither the Sponsor, nor any other person assumes responsibility

for the accuracy or completeness of forward-looking statements.

Except as required by applicable law, neither the Trust nor the

Sponsor is under a duty to update any of the forward-looking 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 not managed like a corporation or an active investment

It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required

to register under such act.

It will not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to

regulation as a commodity pool operator or a commodity trading adviser in connection with issuing shares.

After consideration

of Financial Accounting Standards Topic 946, however, 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 Trustee and the Trust’s principal service providers, including the preparation of financial statements.

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

The Initial Purchaser contributed 1,000

Ounces of gold in exchange for 100,000 Shares on May 6, 2014.

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.

The Trust’s primary objective is

to provide investors with an opportunity to invest in gold through the Shares and be able to take delivery of physical gold in

exchange for their Shares.

The Trust’s secondary objective is for the Shares to reflect the performance of the price of

gold less the expenses of the Trust’s operations.

The Trust is not actively managed.

The fiscal year end of the Trust is January

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:

NAV per Share vs.

1/100th Gold Fix from the Date of Inception

to January 31, 2020.

The divergence of the NAV per Share from

the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since

Significant Accounting Policies

In preparing financial statements in conformity

with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates

and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at

the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period.

results could differ from these estimates.

The following is a summary of significant

accounting policies followed by the Trust.

Please refer to Note 2 to the Financial Statements included elsewhere in this Report

for further discussion of our accounting policies.

Valuation of Gold

Various inputs are used in determining

the fair value of the Trust’s assets or liabilities.

These inputs are categorized into three broad levels.

Level 1 includes

unadjusted prices in active markets for identical assets or liabilities.

Level 2 includes other significant observable market

based inputs (including prices for similar securities, interest rates, prepayment speed, and credit risk).

Level 3 includes unobservable

inputs, which may include management’s own assumptions in determining the fair value of investments.

The Trust does not

hold any derivative instruments, and its assets only consist of allocated gold bullion and gold receivable;

representing gold

covered by contractually binding orders for the creation of shares where the gold has not yet been transferred to the Trust’s

account and, from time to time, cash, which is used to pay expenses.

London Gold Delivery Bars are held by

the Custodian, on behalf of the Trust, at the London, United Kingdom vaulting premises.

All gold is valued based on its Fine Ounce

content, calculated by multiplying the weight of gold by its purity;

the same methodology is applied independent of the type of

gold held by the Trust;

similarly, the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated by

multiplying the number of Fine Ounces with the price of gold determined by the Trustee as follows.

The Trustee determines the

NAV of the Trust on each day that NYSE Arca is open for regular trading, as promptly as practical after 4:00 PM New York time.

The NAV of the Trust is the aggregate value of the Trust’s assets less its estimated accrued but unpaid liabilities (which

include accrued expenses).

The Trustee computes the NAV per Share by dividing the net assets of the Trust by the number of the

shares outstanding on the date the computation is made.

In determining the Trust’s NAV,

the Trustee values the gold held by the Trust based on the LBMA PM Gold Price.

The Trustee also determines the NAV per Share.

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.

If the Sponsor determines that such price

is inappropriate to use, it shall identify an alternate basis for evaluation to be employed by the Trustee.

The Sponsor may instruct

the Trustee to use a different publicly available price which the Sponsor determines to fairly represent the commercial value

of the Trust’s gold.

Beginning balance as of February 1, 2019

$ 154,177,919

Gold bullion contributed

Gold bullion distributed

Realized gain from gold distributed from in-kind

Change in unrealized appreciation

Ending balance as of January 31, 2020

$ 198,479,752

Under the Custody Agreement, the Trustee,

the Sponsor and the Sponsor’s auditors and inspectors may visit the premises of the Custodian for the purpose of examining

the Trust’s gold and certain related records maintained by the Custodian.

The Sponsor exercised its right to visit

the Custodian’s premises and inspect the Trust’s gold and related records most recently on January 16, 2020.

On February 3, 2020, Inspectorate International

Limited, a leading commodity inspection and testing company, confirmed that as of January 31, 2020, the Custodian’s records

of gold held in the vault were accurate.

The vault audit prior to this date pertaining to the fiscal year ending January 31, 2020,

was done as of August 2, 2019.

Shareholder Ownership

Merk Hard Currency Fund owned a market

value of $3,845,856 which equates to 1.94% ownership in the Trust at January 31, 2020.

The Sponsor acts as investment advisor

to the Merk Hard Currency Fund.

Marketing Agent Agreement and Name

On October 22, 2015, the Sponsor and the

Trustee entered into a First Amendment To Depositary Trust Agreement (the “First Trust Amendment”), amending the Trust

Agreement to effectuate a change in the name of the Trust from “Merk Gold Trust”

to “Van Eck Merk Gold Trust,”

effective as of October 26, 2015.

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

Agreement were amended to read “Van Eck Merk Gold Trust,”

and the shares offered by the Trust were known as the “Van

Eck Merk Gold Shares”.

On 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.

The Sponsor entered into the First Trust

Amendment and effectuated the name change of the Trust in satisfaction of a term of the Marketing Agreement.

The Marketing Agreement

further grants VanEck the right to elect to replace Merk as the sponsor of the Trust under specific qualifying circumstances,

subject to the execution and consummation of definitive agreements addressing all regulatory requirements applicable to such transaction

and satisfaction of such requirements, and announcement and related reporting at such time.

Specifically, VanEck has a right of

first refusal for the purchase of the sponsorship of the Trust, and all rights attributable thereto, upon the earlier of a commitment

for a change of control of Merk or 15 years from the date of the Marketing Agreement.

Additionally, VanEck may elect to replace

Merk as the sponsor of the Trust upon the earlier of the average daily net assets of the Trust during a calendar quarter not attributable

to Shares held by Merk or its affiliates (“Third Party Assets”) equaling $500 million, or VanEck’s compensation

under the fee provisions of the Marketing Agreement reaching in aggregate 10% of the gross proceeds from sale of the Shares (the

“Maximum Fee”).

Merk further agreed that if the Third

Party Assets equal or exceed $500 million, for such period as Merk remains sponsor of the Trust, VanEck may propose the rate of

the Sponsor’s fee to Merk, which Merk shall not unreasonably reject and shall timely adopt if reasonable, provided, VanEck

acknowledges that only the formal named sponsor of the Trust shall have the right to set the Sponsor’s fee at any time.

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”.

for the name change effected pursuant to the Second Trust Amendment, the Trust Agreement remains in full force and effect on its

existing terms.

Change in Settlement Cycle and Amendment

to Authorized Participant Agreements

On March 22, 2017, the Securities and

Exchange Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities

transactions.

Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions

was three business days, known as T+3.

The amended rule shortens the settlement cycle to two business days, or T+2.

in the settlement cycle affects both the creation and redemption procedures for Baskets and trading in the shares.

with the new settlement cycle went into effect on September 5, 2017.

Due to the fact that the aforementioned

creation and redemption procedures are addressed in the Authorized Participant Agreements by among the Authorized Participants,

the Trustee and the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new

T+2 settlement cycle and executed First Amendments to each of the Authorized Participant Agreements, effective as of September

5, 2017, and provided timely notice of such amendment to the Authorized Participants.

Except for the foregoing amendments, the

Authorized Participant Agreements remain in full force and effect on their existing terms.

Review of Financial Results

The NAV of the Trust is obtained by subtracting

the Trust’s expenses and liabilities on any day from the value of the gold owned by the Trust on that day;

the NAV per Share

is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

Comparison of the Fiscal Years Ended

January 31, 2020 and 2019

The Trust’s NAV increased from $154,177,917

on January 31, 2019 to $198,479,743 on January 31, 2020, an 28.7% 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 11,873,295 Shares issued

and outstanding on January 31, 2019 to 12,817,945 Shares issued and outstanding on January 31, 2020.

NAV per Share increased 19.17% from $12.99

on January 31, 2019 to $15.48 on January 31, 2020.

The Trust’s NAV per Share increased more than the price per Ounce of

gold on a percentage basis due to the Sponsor’s Fee, which was $660,166 for the year, or 0.40% of the Trust’s assets

on an annualized basis.

The NAV per Share of $15.48 on January

31, 2020 was the highest during the year, compared with a low of $12.45 on April 23, 2019.

Net increase in net assets resulting from

operations for the year ended January 31, 2020 was $29,740,427, resulting from a net realized gain of $96,601 from gold bullion

distributed for redemptions and an increase in unrealized appreciation on gold of $30,303,992 and by the Sponsor’s Fee of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2020.

For the calendar year ended December 31, 2018,

the Marketing Agent earned a fee of $26,490.

For the calendar year ended December 31, 2019, the Marketing Agent earned a fee of

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

31, 2019 are $73,405, which at that time represented 0.3621% 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, 2019 and 2018

The Trust’s NAV increased from $142,168,245

on January 31, 2018 to $154,177,917 on January 31, 2019, an 8.45% 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 10,727,887 Shares issued

and outstanding on January 31, 2018 to 11,873,295 Shares issued and outstanding on January 31, 2019.

NAV per Share decreased 1.96% from $13.25

on January 31, 2018 to $12.99 on January 31, 2019.

The Trust’s NAV per Share fell slightly more than the price per Ounce

of gold on a percentage basis due to the Sponsor’s Fee, which was $563,414 for the year, or 0.40% of the Trust’s assets

on an annualized basis.

The NAV per Share of $13.32 on February

15, 2018 was the highest during the year, compared with a low of $11.58 on August 19, 2018.

Net decrease in net assets resulting from

operations for the year ended January 31, 2019 was $2,907,415, resulting from a net realized loss of $148,638 from gold bullion

distributed for redemptions and a decrease in unrealized appreciation on gold of $2,195,363 and by the Sponsor’s Fee of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2019.

For the calendar year ended December 31,

2017, the Marketing Agent earned a fee of $10,275.

For the calendar year ended December 31, 2018, the Marketing Agent earned a

fee of $26,490.

The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through

December 31, 2018 are $36,766, which at that time represented 0.19% 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, 2018 and 2017

The Trust’s NAV increased from $123,449,684

on January 31, 2017 to $142,168,245 on January 31, 2018, a 15.16% 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 10,290,267 Shares issued

and outstanding on January 31, 2017 to 10,727,887 Shares issued and outstanding on January 31, 2018.

NAV per Share increased 10.42% from $12.00

on January 31, 2017 to $13.25 on January 31, 2018.

The Trust’s NAV per Share grew slightly less than the price per Ounce

of gold on a percentage basis due to the Sponsor’s Fee, which was $525,570 for the year, or 0.40% of the Trust’s assets

on an annualized basis.

The NAV per Share of $13.35 on January

25, 2018 was the highest during the year, compared with a low of $11.85 on March 15, 2017.

Net increase in net assets resulting from

operations for the year ended January 31, 2018 was $13,184,232, resulting from a net gain of $29,173 from gold bullion distributed

for redemptions and an unrealized gain on gold of $13,680,629 offset by the Sponsor’s Fee of $525,570.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2018.

From October 22, 2015, the date of initiation

of the Marketing Agent’s efforts on behalf of the Trust, through December 31, 2016, no fees were earned by the Sponsor to

the Marketing Agent.

For the calendar year ended December 31, 2017, the Marketing Agent earned a fee of $10,275.

The total fees

earned paid to the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2017 are $10,275,

which at that time represented 0.06% of the Maximum Fee potentially payable to the Marketing Agent.

The fee earned in a calendar

quarter is paid in the subsequent calendar quarter.

Comparison of the Fiscal Years Ended

January 31, 2017 and 2016

The Trust’s NAV increased from $83,657,961

on January 31, 2016 to $123,449,684 on January 31, 2017, a 47.56% 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 7,576,528 Shares issued

and outstanding on January 31, 2016 to 10,290,267 Shares issued and outstanding on January 31, 2017.

NAV per Share increased 8.70% from $11.04

on January 31, 2016 to $12.00 on January 31, 2017.

The Trust’s NAV per Share grew slightly less than the price per Ounce

of gold on a percentage basis due to the Sponsor’s Fee, which was $532,642 for the year, or 0.40% of the Trust’s assets

on an annualized basis.

The NAV per Share of $13.55 on July 6,

2016 was the highest during the year, compared with a low of $11.14 on December 20, 2016.

Net increase in net assets resulting from

operations for the year ended January 31, 2017 was $2,931,423, resulting from a net loss of $2,758,495 from gold bullion distributed

for redemptions offset by an unrealized gain on gold of $6,222,560 and Sponsor’s Fee of $532,642.Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2017.

From October 22, 2015, the date of initiation

of the Marketing Agent’s efforts on behalf of the Trust, through January 31, 2017, the aggregate fees payable by the Sponsor

to the Marketing Agent equaled $0, which at that time represented 0% of the Maximum Fee potentially payable to the Marketing Agent

pursuant to the Marketing Agent Agreement.

The Trust is not aware of any trends,

demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

In exchange for

the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only expense

of the Trust during the period covered by this Report was the Sponsor’s Fee.

The Trustee will not sell gold to pay the Sponsor’s

Fee but will pay the Sponsor’s Fee through Share creation.

At January 31, 2020, the Trust did not have any cash balances.

Quantitative and Qualitative

Disclosures about Market Risk

Not applicable.

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 5. Market for Registrant’s Common Equity