20 unchanged sentences
$ 2,282,329,658
+Added: $ 1,314,597,389
Shares issued and outstanding ( no par value)
3 unchanged sentences
Statements of Operations
−Removed: Ended July 31,
+Added: Three Months Ended
+Added: Three Months Ended
+Added: Nine Months Ended
+Added: Nine Months Ended
Sponsor’s fees
1 unchanged sentence
Net investment loss
+Added: ( 1,280,422 )
+Added: ( 3,254,376 )
+Added: ( 1,818,395 )
Net realized and unrealized gain (loss)
3 unchanged sentences
Net increase (decrease) in net assets resulting from operations
+Added: $ 387,960,218
+Added: $ 127,858,849
+Added: $ 621,107,712
+Added: $ 289,097,254
See notes to unaudited financial statements.
8 unchanged sentences
( 29,839,734 )
+Added: ( 1,541,736 )
Net investment loss
4 unchanged sentences
Net change in unrealized appreciation (depreciation) on investment in gold bullion
−Removed: ( 4,550,044 )
Net assets, end of period
6 unchanged sentences
Schedules of Investment
−Removed: July 31, 2025 (unaudited)
+Added: October 31, 2025 (unaudited)
$ 1,235,707,242
76 unchanged sentences
The following table summarizes the inputs used
−Removed: as of July 31, 2025 in determining the Trust’s investments at fair value for purposes of ASC 820:
+Added: as of October 31, 2025 in determining the Trust’s investments at fair value for purposes of ASC 820:
Investment in gold
40 unchanged sentences
the NAV per Share.
−Removed: VanEck Merk Gold ETF
−Removed: Notes to Unaudited Financial Statements
On the Index Change Date, the pricing index the
10 unchanged sentences
by taking Time Weighted Average Prices (“TWAP”) of XAU trading prices provided via ICE Data Services (“IDS”)
+Added: VanEck Merk Gold ETF
+Added: Notes to Unaudited Financial Statements
Specifically, the Solactive Index uses a TWAP
85 unchanged sentences
Share submissions are processed in the order approved.
−Removed: Changes in the shares for the six-month period
−Removed: ended July 31, 2025 are as follows:
+Added: Changes in the shares for the nine-month period
+Added: ended October 31, 2025 are as follows:
Shares, beginning of period at February 1, 2025
3 unchanged sentences
( 29,839,734 )
−Removed: Shares, end of period at July 31, 2025
+Added: Shares, end of period at October 31, 2025
$ 1,224,998,741
19 unchanged sentences
are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions
−Removed: are required as of July 31, 2025.
+Added: are required as of October 31, 2025.
Revenue Recognition Policy
19 unchanged sentences
The following represents the changes in Ounces
−Removed: of gold and the respective fair value at July 31, 2025:
+Added: of gold and the respective fair value at October 31, 2025:
Beginning balance as of February 1, 2025
5 unchanged sentences
Change in unrealized appreciation (depreciation)
−Removed: Ending balance as of July 31, 2025
+Added: Ending balance as of October 31, 2025
$ 2,282,329,687
10 unchanged sentences
$ 1,314,597,403
+Added: VanEck Merk Gold ETF
+Added: Notes to Unaudited Financial Statements
RELATED PARTIES—SPONSOR, TRUSTEE,
17 unchanged sentences
and up to $ 100,000 per annum in legal expenses.
−Removed: VanEck Merk Gold ETF
−Removed: Notes to Unaudited Financial Statements
Affiliates of the Trustee, as well as affiliates
11 unchanged sentences
The following table presents per share performance
−Removed: data and other supplemental financial data for the three and six months ended July 31, 2025 and 2024.
+Added: data and other supplemental financial data for the three and nine months ended October 31, 2025 and 2024.
This information has been derived
from information presented in the financial statements.
−Removed: Financial Highlights (unaudited)
+Added: Financial Highlights
Per Share Performance (for a share outstanding
throughout each period)
+Added: October 31, 2025
+Added: October 31, 2024
+Added: October 31, 2025
+Added: October 31, 2024
Net asset value per share, beginning of period
11 unchanged sentences
Notes to Unaudited Financial Statements
−Removed: CONCENTRATION OF RISK
+Added: COMMITMENTS AND CONCENTRATION OF RISK
The Trust’s sole business activity is the
19 unchanged sentences
each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees,
−Removed: affiliates) is indemnified against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct
+Added: affiliates) is indemnified against any loss, liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct
on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents.
11 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.