What changed in this filing

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Item 1. Financial Statements

2025-09-08 compared with 2025-06-06 · 123 added, 126 removed, 320 unchanged (44% of the section changed)

25 unchanged sentences

Statements of Operations

Three Months Ended

Ended July 31,

Sponsor’s fees

6 unchanged sentences

Net increase (decrease) in net assets resulting from operations

$ 237,960,710

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

$ 1,314,597,389

$ 780,184,347

( 2,073,265 )

( 10,926,278 )

Net investment loss

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

( 1,079,987 )

( 1,973,954 )

( 1,122,402 )

Net realized gain from gold bullion distributed for redemptions

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

( 4,550,044 )

Net assets, end of period

1 unchanged sentence

$ 1,018,106,177

$ 1,763,218,226

$ 1,018,106,177

See notes to unaudited financial statements.

1 unchanged sentence

Schedules of Investment

April 30, 2025 (unaudited)

July 31, 2025 (unaudited)

$ 1,098,431,123

$ 1,763,218,236

Total investments

$ 1,098,431,123

$ 1,763,218,236

Liabilities in excess of other assets

2 unchanged sentences

$ 880,891,128

$ 1,314,597,403

Total investments

$ 880,891,128

$ 1,314,597,403

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, 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”).

After 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

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”).

After consideration of Financial Accounting Standards Topic 946, Merk

Investments LLC (the “Sponsor”) has concluded the Trust meets the fundamental characteristics of an investment company.

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

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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 Initial Purchaser is not

affiliated with the Sponsor or the Trustee.

The Trust’s primary objective is to provide

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States Securities and Exchange Commission.

In the opinion of the Trust’s management, all adjustments (which consists of normal recurring

adjustments) necessary to present fairly the financial position and the results of operations, as presented, have been made.

In the opinion of the Trust’s management, all adjustments (which consists of normal

recurring adjustments) necessary to present fairly the financial position and the results of operations, as presented, have been made.

The following is a summary of significant accounting

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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.

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 ETF

1 unchanged sentence

The following table summarizes the inputs used

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

as of July 31, 2025 in determining the Trust’s investments at fair value for purposes of ASC 820:

Investment in gold

9 unchanged sentences

(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;

valued based on its Fine Ounce content, calculated by multiplying the weight of gold by its purity;

the same methodology is applied independent

2 unchanged sentences

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

The Trustee determines the net asset

value (the “NAV”) of the Trust on each day that NYSE Arca is open for regular trading, as promptly as practical after 4:00

The Trustee determines the net

asset value (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.

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.

The Trustee’s estimation of accrued but

2 unchanged sentences

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

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.

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

4 unchanged sentences

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.

VanEck Merk Gold ETF

Notes to Unaudited Financial Statements

On the Index Change Date, the pricing index the

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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 ETF

Notes to Unaudited Financial Statements

by taking Time Weighted Average Prices (“TWAP”) of XAU trading prices provided via ICE Data Services (“IDS”)

Specifically, the Solactive Index uses a TWAP

4 unchanged sentences

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 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 Solactive Index is calculated and published

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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”).

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

The Trust issues and redeems Baskets only to Authorized

Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by

the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined

Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to create

or redeem Baskets is properly received.

The Trust issues and redeems Baskets only to

Authorized Participants.

The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution

by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined

Fine Ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to

create or redeem Baskets is properly received.

Orders to create and redeem Baskets may be placed

3 unchanged sentences

such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer

to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated

account in London or have an existing unallocated account meeting the standards described herein.

To become an Authorized Participant,

a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides

the procedures for the creation and redemption of Baskets and for the delivery of the gold required for such creations and redemptions.

The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without

the consent of any investor or Authorized Participant.

A transaction fee of $ 500 will be assessed on all creation and redemption transactions.

Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is

able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold

at the close of a business day.

to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an

unallocated account in London or have an existing unallocated account meeting the standards described herein.

To become an Authorized

Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee.

The Authorized Participant

Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the gold required for such creations

and redemptions.

The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the

Sponsor, without the consent of any investor or Authorized Participant.

A transaction fee of $ 500 will be assessed on all creation and

redemption transactions.

Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below

and that the Custodian is able to allocate gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more

than 430 Fine Ounces of gold at the close of a business day.

Authorized Participants who make deposits with

13 unchanged sentences

Share submissions are processed in the order approved.

Changes in the shares for the three-month period

ended April 30, 2025 are as follows:

Changes in the shares for the six-month period

ended July 31, 2025 are as follows:

Shares, beginning of period at February 1, 2025

3 unchanged sentences

( 10,926,278 )

Shares, end of period at April 30, 2025

Shares, end of period at July 31, 2025

$ 1,093,847,527

19 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, 2025.

are required as of July 31, 2025.

Revenue Recognition Policy

3 unchanged sentences

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.

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

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.

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.

The CODM 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 April 30, 2025:

of gold and the respective fair value at July 31, 2025:

Beginning balance as of February 1, 2025

5 unchanged sentences

Change in unrealized appreciation (depreciation)

Ending balance as of April 30, 2025

Ending balance as of July 31, 2025

$ 1,763,218,236

10 unchanged sentences

$ 1,314,597,403

VanEck Merk Gold ETF

Notes to Unaudited Financial Statements

RELATED PARTIES—SPONSOR, TRUSTEE,

CUSTODIAN AND MARKETING FEES

Fees paid are to the Sponsor as compensation for

services performed under the Trust Agreement.

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

5 unchanged sentences

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

expenses reimbursable under

the Custody Agreement;

expenses reimbursable

under the Custody Agreement;

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

listing fees;

exchange listing fees;

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

printing and mailing costs;

maintenance expenses

for the Trust’s website;

expenses for the Trust’s website;

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

VanEck Merk Gold ETF

Notes to Unaudited Financial Statements

Affiliates of the Trustee, as well as affiliates

4 unchanged sentences

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).

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

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

1 unchanged sentence

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.

data and other supplemental financial data for the three and six months ended July 31, 2025 and 2024.

This information has been derived

from information presented in the financial statements.

Financial Highlights (unaudited)

1 unchanged sentence

throughout each period)

Three Months Ended

Net asset value per share, beginning of period

22 unchanged sentences

(iv) interest rates;

(v) investment and trading activities of hedge funds and commodity funds;

(v) investment and trading activities of hedge funds and commodity

and (vi) global or regional political, economic or financial events and situations.

In addition, there is no assurance that gold will

maintain its long-term value in terms of purchasing power in the future.

In the event that the price of gold declines, the Sponsor expects

the value of an investment in the shares to decline proportionately.

Each of these events could have a material adverse effect on the

Trust’s financial position and results of operations.

In addition, there is no assurance that gold

will maintain its long-term value in terms of purchasing power in the future.

In the event that the price of gold declines, the Sponsor

expects the value of an investment in the shares to decline proportionately.

Each of these events could have a material adverse effect

on the Trust’s financial position and results of operations.

INDEMNIFICATION

15 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