What changed in this filing

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Item 1. Financial Statements

2025-06-06 compared with 2024-12-06 · 40 added, 44 removed, 406 unchanged (17% of the section changed)

6 unchanged sentences

Capital shares receivable

Other receivable

$ 1,662,219,706

Gold Bullion purchased payable

$ 1,328,355,965

Gold Bullion payable

Sponsor’s fee payable

16 unchanged sentences

Three Months Ended

Nine Months Ended

Sponsor’s fees

1 unchanged sentence

Net investment loss

( 1,818,395 )

( 1,319,825 )

Net realized and unrealized gain (loss)

4 unchanged sentences

$ 237,960,710

$ 289,097,254

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

( 8,853,013 )

$ 656,592,798

( 10,197,061 )

( 1,541,736 )

( 14,076,803 )

Net investment loss

( 1,818,395 )

( 1,319,825 )

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

2 unchanged sentences

$ 904,160,052

$ 1,241,717,488

$ 742,611,876

See notes to unaudited financial statements.

1 unchanged sentence

Schedules of Investment

October 31, 2024 (unaudited)

$ 830,446,680

April 30, 2025 (unaudited)

1,662,219,706

1 unchanged sentence

1,662,219,706

$ 1,241,717,538

Liabilities in excess of other assets

2 unchanged sentences

1,314,597,403

$ 780,184,353

Total investments

1,314,597,403

$ 780,184,353

Liabilities in excess of other assets

5 unchanged sentences

The VanEck Merk Gold ETF (the “Trust”;

known as the Merk Gold Trust prior to October 26, 2015, as the Van Eck Merk Gold Trust prior to April 28, 2016, and then as the VanEck

Merk Gold Trust prior to August 30, 2024) is an exchange-traded fund formed on May 6, 2014 under New York law pursuant to a depositary

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, and then as the

VanEck Merk Gold Trust prior to August 30, 2024) is an exchange-traded fund formed on May 6, 2014 under New York law pursuant to a depositary

trust agreement (the “Trust Agreement”).

55 unchanged sentences

The following table summarizes the inputs used

as of October 31, 2024 in determining the Trust’s investments at fair value for purposes of ASC 820:

as of April 30, 2025 in determining the Trust’s investments at fair value for purposes of ASC 820:

Investment in gold

74 unchanged sentences

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

73 unchanged sentences

Share submissions are processed in the order approved.

Changes in the shares for the nine-month period

ended October 31, 2024 are as follows:

Changes in the shares for the three-month period

ended April 30, 2025 are as follows:

Shares, beginning of period at February 1, 2025

3 unchanged sentences

( 8,853,013 )

Shares, end of period at October 31, 2024

Shares, end of period at April 30, 2025

$ 988,035,770

8 unchanged sentences

( 9,295,829 )

( 28,535,208 )

Shares, end of period at January 31, 2025

9 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, 2024.

are required as of April 30, 2025.

Revenue Recognition Policy

1 unchanged sentence

between the selling price and the average cost method of the gold sold on a trade date basis.

2.6 Segment Reporting

The Trust adopted Financial Accounting Standards

Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during

the reporting period.

The Trust’s adoption of the new standard impacted financial statement disclosures only and did not affect

the Trust’s financial position or results of operations.

Operating segments are components of a public entity that engage in business

activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating

results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance

and making decisions about segment resources.

The Managing Member of the Sponsor acts as the Trust’s CODM.

The CODM monitors the

operating results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus.

has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy.

The financial information

provided to and reviewed by the CODM is presented within the Trust’s financial statements.

INVESTMENT IN GOLD

The following represents the changes in Ounces

of gold and the respective fair value at October 31, 2024:

of gold and the respective fair value at April 30, 2025:

Beginning balance as of February 1, 2025

$ 1,314,597,403

Gold bullion contributed

Gold bullion distributed

( 8,853,007 )

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

Change in unrealized appreciation (depreciation)

Ending balance as of October 31, 2024

Ending balance as of April 30, 2025

$ 1,662,219,706

44 unchanged sentences

FINANCIAL HIGHLIGHTS

The following table represents per share performance

data and other supplemental financial data for the three and nine months ended October 31, 2024 and 2023.

This information has been derived

from information presented in the financial statements.

Financial Highlights

The following table presents per share performance

data and other supplemental financial data for the three months ended April 30, 2025 and 2024.

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)

For the Three

October 31, 2024

For the Three

October 31, 2023

October 31, 2024

October 31, 2023

Three Months Ended

Net asset value per share, beginning of period

47 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