What changed in this filing

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Item 1. Financial Statements

2023-09-08 compared with 2023-06-06 · 117 added, 107 removed, 323 unchanged (41% of the section changed)

26 unchanged sentences

Statements of Operations

Three Months Ended

Sponsor’s fees

4 unchanged sentences

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

( 4,488,011 )

( 58,157,458 )

( 21,422,729 )

Net realized and unrealized gain (loss) from operations

( 4,488,011 )

( 56,892,184 )

( 20,103,074 )

Net increase (decrease) in net assets resulting from operations

$ ( 4,946,765 )

$ ( 57,298,926 )

$ ( 20,906,384 )

See notes to unaudited financial statements.

1 unchanged sentence

Statements of Changes in Net Assets

Three Months Ended

For the Three Months

Net assets, beginning of period

2 unchanged sentences

$ 656,592,798

$ 586,245,772

( 24,000,644 )

( 3,879,742 )

( 24,366,937 )

Net investment loss

1 unchanged sentence

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

( 4,488,011 )

( 58,157,458 )

( 21,422,729 )

Net assets, end of period

1 unchanged sentence

$ 623,229,731

$ 742,241,503

$ 623,229,731

See notes to unaudited financial statements.

3 unchanged sentences

throughout each period)

Three Months Ended

Net asset value per share, beginning of period

12 unchanged sentences

Schedules of Investment

April 30, 2023 (unaudited)

July 31, 2023 (unaudited)

$ 642,399,289

59 unchanged sentences

of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

Various inputs are used in determining the fair

value of the Trust’s assets or liabilities.

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.

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.

VanEck Merk Gold Trust

1 unchanged sentence

The following table summarizes the inputs used

as of April 30, 2023 in determining the Trust’s investments at fair value for purposes of ASC 820:

as of July 31, 2023 in determining the Trust’s investments at fair value for purposes of ASC 820:

Investment in gold

44 unchanged sentences

deposits of gold, received in exchange for new shares issued by the Trust, would not reverse this trend.

Creations and Redemptions of Shares

Shares are issued and redeemed by the Trust in blocks of 50,000 shares

called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market participants (“Authorized

Participants”).

Investors that are not Authorized Participants may also take delivery of physical gold in exchange for their shares

(“Delivery Applicants”).

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

Creations and Redemptions of Shares

Shares are issued and redeemed by the Trust in

blocks of 50,000 shares called “Baskets” in exchange for gold from certain registered broker-dealers or other securities market

participants (“Authorized Participants”).

Investors that are not Authorized Participants may also take delivery of physical

gold in exchange for their shares (“Delivery Applicants”).

Authorized Participants

37 unchanged sentences

Share submissions are processed in the order approved.

Changes in the shares for the three-month period

ended April 30, 2023 are as follows:

Changes in the shares for the six-month period

ended July 31, 2023 are as follows:

Shares, beginning of period at February 1, 2023

3 unchanged sentences

( 3,879,742 )

Shares, end of period at April 30, 2023

Shares, end of period at July 31, 2023

$ 641,951,893

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

Changes in the shares for the year ended January

8 unchanged sentences

$ 571,416,810

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

The Trust is treated as a “grantor trust”

7 unchanged sentences

are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions

are required as of April 30, 2023.

are required as of July 31, 2023.

Revenue Recognition Policy

3 unchanged sentences

The following represents the changes in Ounces

of gold and the respective fair value at April 30, 2023:

of gold and the respective fair value at July 31, 2023:

Beginning balance as of February 1, 2023

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of April 30, 2023

Ending balance as of July 31, 2023

$ 742,241,508

12 unchanged sentences

CUSTODIAN AND MARKETING FEES

Fees paid are to the Sponsor as compensation for services performed

under the Trust Agreement.

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

Fees paid are to the Sponsor as compensation for

services performed under the Trust Agreement.

Effective July 24, 2020, the Sponsor’s fee is 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.

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 administrative and marketing

13 unchanged sentences

Notes to Unaudited Financial Statements

Affiliates of the Trustee, as well as affiliates

of the Custodian may from time to time act as Authorized Participants to purchase or sell gold or shares for their own account, as agent

for their customers and for accounts over which they exercise investment discretion.

On 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 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.

Affiliates of the Trustee, as well as affiliates of the Custodian may

from time to time act as Authorized Participants to purchase or sell gold or shares for their own account, as agent for their customers

and for accounts over which they exercise investment discretion.

On 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 provides assistance in the marketing of the shares.

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.

CONCENTRATION OF RISK

20 unchanged sentences

affected by the effects of COVID-19.

COVID-19 has not had a significant impact on the Trust.

been some signs of increased demand for physical gold as well as some supply constraints for certain coins at times during the pandemic.

COVID-19 has not had a significant impact on the

There have been some signs of increased demand for physical gold as well as some supply constraints for certain coins at times

during the pandemic.

As a result, precious metals dealers have increased coin and bar premiums at times.

The Sponsor regularly updates available coins and

Processing Fees on merkgold.com/fees.

The Sponsor regularly updates

available coins and Processing Fees on merkgold.com/fees.

INDEMNIFICATION

7 unchanged sentences

SUBSEQUENT EVENTS

The pricing index the Sponsor uses in

relation to the Shares issued by the Trust intends to change to the Solactive Gold Spot Index (the “Solactive Index”) in

lieu of the LBMA Gold Price.

The change is expected to become effective July 11, 2023 or as soon as practicable thereafter

(“Index Change Date”).

Following the Index Change Date, the Trustee will value the gold held by the Trust based on the Solactive Index.

Solactive AG (“Solactive”)

will own, calculate, and disseminate the Solactive Index.

The Solactive Index is a U.S.

Dollar denominated index that aims to provide

a price fixing for the gold spot price quoted as U.S.

Dollars per Troy Ounce (“XAU”) and determined for the close of trading

on the New York Stock Exchange (“NYSE”).

The Solactive Index calculates gold bullion fixing prices by taking Time Weighted

Average Prices (“TWAP”) of XAU trading prices provided via ICE Data Services (“IDS”) data feed.

Specifically, the Solactive Index uses a TWAP

calculation to determine an average price that is time-weighted, using price values of actual transactions (“Trade Ticks”)

for two specified time periods around the scheduled close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived

for (1) the period ahead of the fixing (“Time Period 1”), which consists of the five minutes before the close of trading,

and (2) the period directly after the fixing (“Time Period 2”), which consists of the six seconds after the close of trading.

The TWAPs for Time Period 1 and Time Period 2 are then aggregated, with 90 % weighting given to Time Period 1 and 10 % weighting given to

Time Period 2, to calculate the Solactive Index.

The TWAPs for Time Period 1 and Time Period 2 are then added together to establish the Solactive Index price.

The pricing index the Sponsor uses in relation to the Shares issued

by the Trust has changed to the Solactive Gold Spot Index (the “Solactive Index”) in lieu of the LBMA Gold Price.

became effective August 7, 2023 (“Index Change Date”).

Since the Index Change Date, the Trustee values the gold held by the

Trust based on the Solactive Index.

Solactive AG (“Solactive”) owns, calculates, and disseminates the Solactive Index.

Solactive Index is a U.S.

Dollar denominated index that aims to provide a price fixing for the gold spot price quoted as U.S.

per Troy Ounce (“XAU”) and determined for the close of trading on the New York Stock Exchange (“NYSE”).

The Solactive

Index calculates gold bullion fixing prices by taking Time Weighted Average Prices (“TWAP”) of XAU trading prices provided

via ICE Data Services (“IDS”) data feed.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

For any calculation day t , the Solactive

Index ( Index t ), 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

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 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.

The Sponsor has given 60 day notice of the Index

Change Date by formally notifying the Trustee and issuing a press release and filing a Current Report on Form 8-K.

Management has evaluated the events and transactions

that have occurred through the date the financial statements were issued and, except as set forth above, noted no items requiring adjustment of the financial statements

or additional disclosures.

Specifically, the Solactive Index uses a TWAP calculation to determine

an average price that is time-weighted, using price values of actual transactions (“Trade Ticks”) for two specified time periods

around the scheduled close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived for (1) the period ahead of the

fixing (“Time Period 1”), which consists of the five minutes before the close of trading, and (2) the period directly after

the fixing (“Time Period 2”), which consists of the six seconds after the close of trading.

The TWAPs for Time Period 1 and

Time Period 2 are then aggregated, with 90 % weighting given to Time Period 1 and 10 % weighting given to Time Period 2, to calculate the

Solactive Index.

The TWAPs for Time Period 1 and Time Period 2 are then added together to establish the 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.

If the Sponsor determines that such price becomes 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.

Management has evaluated the events and transactions that have occurred

through the date the financial statements were issued and, except as set forth above, noted no items requiring adjustment of the financial

statements or additional disclosures.

This report is submitted for the general information

3 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 1. Financial Statements