What changed in this filing

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Item 1. Financial Statements

2024-06-07 compared with 2023-12-08 · 77 added, 80 removed, 360 unchanged (30% of the section changed)

6 unchanged sentences

Capital shares receivable

Gold Bullion purchased payable

Other receivable

$ 904,160,071

$ 786,090,962

Gold Bullion payable

Sponsor’s fee payable

Other payables

Total liabilities

15 unchanged sentences

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 (loss) from gold bullion distributed for redemptions

Net realized gain from gold bullion distributed for redemptions

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

( 40,058,528 )

( 61,481,257 )

Net realized and unrealized gain (loss) from operations

( 40,199,777 )

( 60,302,851 )

Net increase (decrease) in net assets resulting from operations

$ ( 40,580,678 )

$ ( 61,487,062 )

See notes to unaudited financial statements.

1 unchanged sentence

Statements of Changes in Net Assets

Three Months Ended

Net assets, beginning of period

2 unchanged sentences

( 3,879,742 )

$ 586,245,772

( 10,197,061 )

( 74,382,448 )

( 14,076,803 )

( 98,749,385 )

Net investment loss

( 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

1 unchanged sentence

$ 712,154,665

$ 742,611,876

$ 529,960,054

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Financial Highlights

Per Share Performance (for a share outstanding

throughout each period)

Three Months Ended

Nine Months Ended

Net asset value per share, beginning of period

Net investment loss (a)

Net realized and unrealized gain (loss) on investment in gold bullion

Net change in net assets from operations

Net asset value per share, end of period

Total return, at net asset value (b)

Ratio to average net assets (c)

Net investment loss

(a) Calculated using average shares outstanding

(b) Not annualized

See notes to unaudited financial statements.

VanEck Merk Gold Trust

Schedules of Investment

October 31, 2023 (unaudited)

April 30, 2024 (unaudited)

$ 685,441,413

13 unchanged sentences

$ 780,184,347

Amount is less than 0.005%

(a) Amount is less than 0.005%

See notes to unaudited financial statements.

1 unchanged sentence

Notes to Unaudited Financial Statements

The VanEck Merk Gold Trust (the “Trust”;

known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck Merk Gold Trust prior to April 28, 2016) is an investment

trust formed on May 6, 2014 under New York law pursuant to a depositary trust agreement.

After consideration of Financial Accounting Standards

Topic 946, Merk Investments LLC (the “Sponsor”) has concluded the Trust meets the fundamental characteristics of an investment

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

The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”)

and the Trust’s principal service providers, including the preparation of financial statements.

The Trustee is responsible for the

day-to-day administration of the Trust.

The VanEck Merk Gold Trust (the

known as the Merk Gold Trust prior to October 26, 2015 and then as the Van Eck Merk Gold Trust prior to April

28, 2016) is an investment trust formed on May 6, 2014 under New York law pursuant to a depositary trust agreement (the “Trust Agreement”).

consideration of Financial Accounting Standards Topic 946, Merk Investments LLC (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 Bank of New York Mellon (the “Trustee”) and the Trust’s principal

service providers, including the preparation of financial statements.

The Trustee is responsible for the day-to-day administration

of the Trust.

Virtu Financial, also known as the Lead Market

44 unchanged sentences

The following table summarizes the inputs used

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

as of April 30, 2024 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.

The Trustee’s estimation of accrued but

unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Trust, and no revision or correction in any

computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The Sponsor and the investors may rely on

any evaluation or determination of any amount made by the Trustee, and except for any determination by the Sponsor as to the price

to be used to evaluate gold, the Sponsor will have no responsibility for the evaluation’s accuracy.

The determinations the

Trustee makes will be made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in,

information reasonably available to it.

The Trustee will not be liable to the Sponsor, Authorized Participants (as defined below), the investors or

any other person for errors in judgment.

However, the preceding liability exclusion will not protect the Trustee against any

liability resulting from bad faith or gross negligence in the performance of its duties.

Prior to August 7, 2023 (the “Index Change

61 unchanged sentences

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.

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.

VanEck Merk Gold Trust

45 unchanged sentences

Share submissions are processed in the order approved.

Changes in the shares for the nine-month period

ended October 31, 2023 are as follows:

Changes in the shares for the three-month period

ended April 30, 2024 are as follows:

Shares, beginning of period at February 1, 2024

2 unchanged sentences

Shares redeemed

( 14,076,803 )

Shares, end of period at October 31, 2023

Shares, end of period at April 30, 2024

$ 683,588,010

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 October 31, 2023.

are required as of April 30, 2024.

Revenue Recognition Policy

3 unchanged sentences

The following represents the changes in Ounces

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

of gold and the respective fair value at April 30, 2024:

Beginning balance as of February 1, 2024

2 unchanged sentences

Gold bullion distributed

( 14,076,813 )

Realized gain (loss) from gold distributed from in-kind

Change in unrealized appreciation (depreciation)

Ending balance as of October 31, 2023

Ending balance as of April 30, 2024

$ 904,160,071

44 unchanged sentences

The Trust will not incur additional financial or other performance obligations pursuant to the Marketing Agreement.

FINANCIAL HIGHLIGHTS

The following table presents per share performance

data and other supplemental financial data for the three months ended April 30, 2024 and 2023.

This information has

been derived from information presented in the financial statements.

Financial Highlights (unaudited)

Per Share Performance (for a share outstanding

throughout each period)

Three Months Ended

Net asset value per share, beginning of period

Net investment loss (a)

Net realized and unrealized gain (loss) on investment in gold bullion

Net change in net assets from operations

Net asset value per share, end of period

Total return, at net asset value (b)

Ratio to average net assets (c)

Net investment loss

(a) Calculated using average shares outstanding

(b) Not annualized

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

CONCENTRATION OF RISK

17 unchanged sentences

Trust’s financial position and results of operations.

VanEck Merk Gold Trust

Notes to Unaudited Financial Statements

INDEMNIFICATION

10 unchanged sentences

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.

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