What changed in this filing

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Item 1. Financial Statements

2023-12-08 compared with 2023-09-08 · 138 added, 138 removed, 302 unchanged (48% of the section changed)

6 unchanged sentences

Capital shares receivable

$ 742,241,508

$ 660,323,516

Gold Bullion purchased payable

16 unchanged sentences

Statements of Operations

Three Months Ended

Nine Months Ended

Sponsor’s fees

1 unchanged sentence

Net investment loss

( 1,319,825 )

( 1,184,211 )

Net realized and unrealized gain (loss)

Net realized gain from gold bullion distributed for redemptions

Net realized gain (loss) from gold bullion distributed for redemptions

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

1 unchanged sentence

( 61,481,257 )

( 21,422,729 )

Net realized and unrealized gain (loss) from operations

1 unchanged sentence

( 60,302,851 )

( 20,103,074 )

Net increase (decrease) in net assets resulting from operations

1 unchanged sentence

$ ( 61,487,062 )

$ ( 20,906,384 )

See notes to unaudited financial statements.

1 unchanged sentence

Statements of Changes in Net Assets

For the Three Months

Net assets, beginning of period

6 unchanged sentences

( 14,076,803 )

( 98,749,385 )

Net investment loss

Net realized gain from gold bullion distributed for redemptions

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

( 1,319,825 )

( 1,184,211 )

Net realized gain (loss) from gold bullion distributed for redemptions

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

( 40,058,528 )

( 61,481,257 )

Net assets, end of period

8 unchanged sentences

throughout each period)

Three Months Ended

Nine Months Ended

Net asset value per share, beginning of period

12 unchanged sentences

Schedules of Investment

July 31, 2023 (unaudited)

October 31, 2023 (unaudited)

$ 638,866,235

13 unchanged sentences

$ 656,592,798

(a) Amount is less than 0.005%

Amount is less than 0.005%

See notes to unaudited financial statements.

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

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

Investment in gold

22 unchanged sentences

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 afternoon session of the twice daily fix of the price of a Fine Ounce of gold which starts

at 3:00 PM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator

(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 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 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.

The Trustee issues shares to pay the Sponsor’s

the Sponsor pays the Trust’s ordinary expenses.

The NAV of the Trust is used to compute the Sponsor’s fee, and the Trustee

subtracts from the NAV of the Trust the amount of accrued Sponsor’s fee.

To the extent the Trust issues additional shares to pay

the Sponsor’s fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share will decrease.

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

Prior to August 7, 2023 (the “Index Change

Date”), in determining the Trust’s NAV, the Trustee valued the gold held by the Trust based on the afternoon session of the

twice daily fix of the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE

Benchmark Administration as an independent third-party administrator (the “LBMA PM Gold Price”).

The Trustee also determines

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

Sponsor uses in relation to the Shares issued by the Trust changed to the Solactive Gold Spot Index (the “Solactive Index”)

in lieu of the LBMA Gold Price.

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.

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

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

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

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 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

The Trustee issues shares to pay the Sponsor’s fee;

pays the Trust’s ordinary expenses.

The NAV of the Trust is used to compute the Sponsor’s fee, and the Trustee subtracts from

the NAV of the Trust the amount of accrued Sponsor’s fee.

To the extent the Trust issues additional shares to pay the Sponsor’s

fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share will decrease.

New deposits of gold,

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

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

Creations and Redemptions of Shares

43 unchanged sentences

Share submissions are processed in the order approved.

Changes in the shares for the six-month period

ended July 31, 2023 are as follows:

Changes in the shares for the nine-month period

ended October 31, 2023 are as follows:

Shares, beginning of period at February 1, 2023

3 unchanged sentences

( 14,076,803 )

Shares, end of period at July 31, 2023

Shares, end of period at October 31, 2023

$ 637,934,214

20 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 July 31, 2023.

are required as of October 31, 2023.

Revenue Recognition Policy

3 unchanged sentences

The following represents the changes in Ounces

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

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

Beginning balance as of February 1, 2023

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of July 31, 2023

Ending balance as of October 31, 2023

$ 742,611,894

10 unchanged sentences

$ 656,592,807

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

RELATED PARTIES—SPONSOR, TRUSTEE,

5 unchanged sentences

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

expenses incurred by the Trust:

The Sponsor has agreed to assume the following

administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly fee and out-of-pocket expenses;

the Custodian’s fee;

the marketing support

fees and expenses (including the fees and expenses of Foreside Fund Services, LLC);

expenses reimbursable under the Custody Agreement;

the Custodian’s

the marketing support fees and expenses (including the fees and expenses of Foreside Fund Services, LLC);

expenses reimbursable under

the Custody Agreement;

the precious metals dealer’s fees and expenses reimbursable under its agreement with the Sponsor;

exchange listing fees;

and Exchange Commission (the “SEC”) registration fees;

listing fees;

Securities and Exchange Commission (the “SEC”) registration fees;

printing and mailing costs;

maintenance expenses for the Trust’s

maintenance expenses

for the Trust’s website;

and up to $ 100,000 per annum in legal expenses.

VanEck Merk Gold Trust

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.

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.

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.

CONCENTRATION OF RISK

17 unchanged sentences

Trust’s financial position and results of operations.

UNCERTAINTY REGARDING THE EFFECT OF COVID-19

The price of the Shares could be adversely

affected by the effects of COVID-19.

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.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

INDEMNIFICATION

7 unchanged sentences

SUBSEQUENT EVENTS

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

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

of the shareholders.

It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus,

which includes information regarding the Trust’s risks, objectives, fees and expenses and other information.

Management has evaluated the events and transactions

that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements

or additional disclosures.

This report is submitted for the general information of the shareholders.

It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes

information regarding the Trust’s risks, objectives, fees and expenses and other information.

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