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Item 7. Management’s Discussion and Analysis

2026-03-27 compared with 2025-03-28 · 118 added, 119 removed, 214 unchanged (53% of the section changed)

Management’s Discussion and Analysis

of Financial Condition and Results of Operations

Management’s Discussion and

Analysis of Financial Condition and Results of Operations

This information should be read together with

the financial statements and notes to the financial statements included in this Report.

The discussion and analysis that follows may contain

forward-looking statements, such as those that relate to future events or future performance.

In some cases, such forward-looking statements

can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,”

“believe,” “estimate,” “predict,” “potential” or the negative of these terms or other

comparable terminology.

Neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of forward-looking

Except as required by applicable law, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking

statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The discussion and analysis that follows may

contain forward-looking statements, such as those that relate to future events or future performance.

In some cases, such forward-looking

statements can be identified by terminology such as “may,” “should,” “expect,” “plan,”

“anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative

of these terms or other comparable terminology.

Neither the Sponsor, nor any other person assumes responsibility for the accuracy or

completeness of forward-looking statements.

Except as required by applicable law, neither the Trust nor the Sponsor is under a duty to

update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations

or predictions.

The Trust is an exchange-traded fund formed on

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It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement.

not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such

It will not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool

operator or a commodity trading adviser in connection with issuing shares.

After consideration of Financial Accounting Standards Topic

946, however, 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 Trustee and the Trust’s principal service providers, including the preparation

of financial statements.

is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under

It will not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity

pool operator or a commodity trading adviser in connection with issuing shares.

After consideration of Financial Accounting Standards

Topic 946, however, the Sponsor has concluded the Trust meets the fundamental characteristics of an investment company.

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.

is responsible for, among other things, overseeing the performance of 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.

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investors with an opportunity to invest in gold through the Shares and be able to take delivery of physical gold in exchange for their

The Trust’s secondary objective is for the Shares to reflect the performance of the price of gold less the expenses of the

Trust’s operations.

The Trust’s secondary objective is for the Shares to reflect the performance of the price of gold less the expenses of

the Trust’s operations.

The Trust is not actively managed.

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of Inception to January 31, 2026.

The divergence of the NAV per Share from the gold

price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

The divergence of the NAV per Share from the

gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

Critical Accounting Policies

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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.

London Gold Delivery Bars are held by the Custodian,

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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 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.

In determining the Trust’s NAV, prior to

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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.

If the Sponsor determines that such price is 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.

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.

If the Sponsor determines that such price is

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

Beginning balance as of February 1, 2025

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gold and certain related records maintained by the Custodian.

The Sponsor exercised its right to visit the Custodian’s

premises and inspect the Trust’s gold and related records most recently on July 3, 2024.

The Sponsor exercised its right to visit the

Custodian’s premises and inspect the Trust’s gold and related records most recently on July 3, 2024.

During the fiscal year that ended January 31,

2025, Inspectorate International Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the Trust

on October 16, 2024.

Due to unavailability of time slots at the vault, Inspectorate was unable to perform a physical inspection of the

Trust’s gold on January 31, 2025.

2026, Inspectorate International Limited, a leading commodity inspection and testing company, conducted a physical gold audit of the

Trust on October 16, 2025.

Due to unavailability of time slots at the vault, Inspectorate was unable to perform a physical inspection

of the Trust’s gold on January 31, 2026.

Inspectorate was able to conduct a physical gold audit of the Trust on February 6, 2026.

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Sponsor uses in relation to the Shares issued by the Trust changed to reference the Solactive Index in lieu of the LBMA PM Gold Price.

Following the Index Change Date, the Trustee values

the gold held by the trust based on the Solactive Index.

Following the Index Change Date, the Trustee

values the gold held by the trust based on the Solactive Index.

Solactive will own, calculate, and disseminate the Solactive Index.

The Solactive

Index is a U.S.

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

and determined for the close of trading on the NYSE.

The Solactive Index calculates gold bullion fixing prices by taking TWAP of XAU trading

prices provided via IDS data feed.

per Troy Ounce and determined for the close of trading on the NYSE.

The Solactive Index calculates gold bullion fixing prices by taking

TWAP of XAU trading prices provided via IDS data feed.

Specifically, the Solactive Index uses a TWAP

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close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived for (1) the Time Period 1, which consists of the five

minutes before the close of trading, and (2) 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

The TWAP is derived for (1) the Time Period 1, which consists of the

five minutes before the close of trading, and (2) Time Period 2, which consists of the six seconds after the close of trading.

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.

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Solactive’s published and publicly available disruption policy.

If the Sponsor determines that such price is 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.

If the Sponsor determines that such price is

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’s estimation of accrued but

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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, 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, the investors or any other person for errors

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.

Marketing Agent Agreement and Name Change

On October 22, 2015, the Sponsor and the Trustee

entered into a First Amendment To Depositary Trust Agreement (the “First Trust Amendment”), amending the Trust Agreement to

effectuate a change in the name of the Trust from “Merk Gold Trust” to “Van Eck Merk Gold Trust,” effective as

of October 26, 2015.

entered into a First Amendment To Depositary Trust Agreement (the “First Trust Amendment”), amending the Trust Agreement

to effectuate a change in the name of the Trust from “Merk Gold Trust” to “Van Eck Merk Gold Trust,” effective

as of October 26, 2015.

As a result of the name change, all references to “Merk Gold Trust” in the Trust Agreement were amended

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Authorized Participant Agreements

On March 22, 2017, the Securities and Exchange

Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions.

Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions was three business days,

known as T+3.

The amended rule shortens the settlement cycle to two business days, or T+2.

This change in the settlement cycle affects

both the creation and redemption procedures for Baskets and trading in the shares.

Compliance with the new settlement cycle went into

effect on September 5, 2017.

Effective May 28, 2024, the creation and redemption

of new Baskets for the Trust typically will be settled on a “T+1” basis (i.e., one business day after the trade date), unless

the Trust and Authorized Participant agree to a different settlement date.

However, the Trust reserves the right to settle such transactions

on a basis other than T+1 effective May 28, 2024, including in order to accommodate the non-U.S.

market holiday schedules, and closures

and settlement cycles.

Further, an Authorized Participant and the Trust may agree in advance of order acceptance to a different settlement

cycle than the standard securities transaction settlement cycle of one business day if the allocation or de-allocation, as the case may

be, of Trust’s bullion would be expected to be delayed and prevent a one business day settlement cycle for the order.

Due to the fact that the aforementioned creation

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the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new T+1 settlement cycle and

executed First Amendments to each of the Authorized Participant Agreements, effective as of September 5, 2017, and provided timely notice

executed Second Amendments to each of the Authorized Participant Agreements, effective as of May 28, 2024, and provided timely notice

of such amendment to the Authorized Participants.

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31, 2026 and 2025

The Trust’s NAV increased from $780,184,347 on January 31, 2024

to $1,314,597,389 on January 31, 2025, a 68.50% increase for the fiscal year.

The increase in the Trust’s NAV resulted primarily

from the appreciation of gold.

There was also an increase in the number of Shares issued during the period, which rose from 39,626,030

Shares issued and outstanding on January 31, 2024 to 48,664,686 Shares issued and outstanding on January 31, 2025.

The Trust’s NAV increased from $1,314,597,389

on January 31, 2025 to $2,903,285,926 on January 31, 2026, a 120.85% increase for the fiscal year.

The increase in the Trust’s

NAV resulted primarily from the appreciation of gold.

There was also an increase in the number of Shares issued during the period, which

rose from 48,664,686 Shares issued and outstanding on January 31, 2025 to 62,358,853 Shares issued and outstanding on January 31, 2026.

NAV per Share increased 72.38% from $27.01 on

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The Trust’s NAV per Share increased slightly less than the price per Ounce of gold

on a percentage basis due to the Sponsor’s Fee, which was $2,578,699 for the year, or 0.20% of the Trust’s net assets on an

annualized basis.

on a percentage basis due to the Sponsor’s Fee, which was $4,831,111 for the year, or 0.17% of the Trust’s net assets on

an annualized basis.

The NAV per Share of $51.93 on January 29, 2026

was the highest during the year, compared with a low of $27.17 on February 3, 2025.

Net increase in net assets resulting from operations for the year ended

January 31, 2025 was $313,148,132, resulting from a net realized gain of $2,788,531 from gold bullion distributed for redemptions and

an increase in unrealized appreciation on gold of $312,938,300 offset by the Sponsor’s Fee of $2,578,699.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2025.

Net increase in net assets resulting from operations

for the year ended January 31, 2026 was $1,092,864,123, resulting from a net realized gain of $12,284,110 from gold bullion distributed

for redemptions and an increase in unrealized appreciation on gold of $1,085,411,124 offset by the Sponsor’s Fee of $4,831,111.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2026.

For the calendar year ended December 31, 2024,

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Agent Agreement.

The fee earned in a calendar quarter is paid in the subsequent calendar quarter.

Comparison of the Fiscal Years Ended January

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The Trust’s NAV increased from $780,184,347

on January 31, 2023 to $780,184,347 on January 31, 2024, an 18.82% increase for the fiscal year.

on January 31, 2024 to $1,314,597,389 on January 31, 2025, a 68.50% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 35,203,259 Shares issued and outstanding

on January 31, 2023 to 39,626,030 Shares issued and outstanding on January 31, 2024.

NAV per Share increased 5.58% from $18.65 on January

31, 2023 to $19.69 on January 31, 2024.

The Trust’s NAV per Share increased slightly less than the price per Ounce of gold on a

percentage basis due to the Sponsor’s Fee, which was $1,798,880 for the year, or 0.23% of the Trust’s net assets on an annualized

The NAV per Share of $20.10 on December 27, 2023

resulted primarily from the appreciation of gold.

There was also an increase in the number of Shares issued during the period, which

rose from 39,626,030 Shares issued and outstanding on January 31, 2024 to 48,664,686 Shares issued and outstanding on January 31, 2025.

NAV per Share increased 37.18% from $19.69 on

January 31, 2024 to $27.01 on January 31, 2025.

The Trust’s NAV per Share increased slightly less than the price per Ounce of gold

on a percentage basis due to the Sponsor’s Fee, which was $2,578,699 for the year, or 0.20% of the Trust’s net assets on

an annualized basis.

The NAV per Share of $27.01 on January 31, 2025

was the highest during the year, compared with a low of $19.25 on February 14, 2024.

Net increase in net assets resulting from operations for the year ended

January 31, 2024 was $37,899,085, resulting from a net realized gain of $3,399,475 from gold bullion distributed for redemptions and an

increase in unrealized appreciation on gold of $36,298,490 offset by the Sponsor’s Fee of $1,798,880.

Other than the Sponsor’s

Fee, the Trust had no expenses during the year ended January 31, 2024.

Net increase in net assets resulting from operations

for the year ended January 31, 2025 was $313,148,132, resulting from a net realized gain of $2,788,531 from gold bullion distributed

for redemptions and an increase in unrealized appreciation on gold of $312,938,300 offset by the Sponsor’s Fee of $2,578,699.

than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2025.

For the calendar year ended December 31, 2023,

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The Trust’s NAV increased from $656,592,798

on January 31, 2022 to $656,592,798 on January 31, 2023, a 12% increase for the fiscal year.

The increase in the Trust’s NAV resulted

primarily from an increase in the number of Shares issued during the period, which rose from 33,599,843 Shares issued and outstanding

on January 31, 2023 to $780,184,347 on January 31, 2024, an 18.82% increase for the fiscal year.

The increase in the Trust’s NAV

resulted primarily from an increase in the number of Shares issued during the period, which rose from 35,203,259 Shares issued and outstanding

on January 31, 2023 to 39,626,030 Shares issued and outstanding on January 31, 2024.

NAV per Share increased 6.88% from $17.45 on January

31, 2022 to $18.65 on January 31, 2023.

The Trust’s NAV per Share increased slightly less than the price per Ounce of gold on a

percentage basis due to the Sponsor’s Fee, which was $1,557,794 for the year, or 0.24% of the Trust’s net assets on an annualized

The NAV per Share of $19.81 on March 8, 2022 was

the highest during the year, compared with a low of $15.80 on November 3, 2022.

Net increase in net assets resulting from

operations for the year ended January 31, 2023 was $31,614,263, resulting from a net realized gain of $1,178,406 from gold bullion

distributed for redemptions and an increase in unrealized appreciation on gold of $31,993,651 offset by the Sponsor’s Fee of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2023.

NAV per Share increased 5.58% from $18.65 on

January 31, 2023 to $19.69 on January 31, 2024.

The Trust’s NAV per Share increased slightly less than the price per Ounce of gold

on a percentage basis due to the Sponsor’s Fee, which was $1,798,880 for the year, or 0.23% of the Trust’s net assets on

an annualized basis.

The NAV per Share of $20.10 on December 27, 2023

was the highest during the year, compared with a low of $17.55 on February 24, 2023.

Net increase in net assets resulting from operations

for the year ended January 31, 2024 was $37,899,085, resulting from a net realized gain of $3,399,475 from gold bullion distributed for

redemptions and an increase in unrealized appreciation on gold of $36,298,490 offset by the Sponsor’s Fee of $1,798,880.

than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2024.

For the calendar year ended December 31, 2022,

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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-K

Item 7. Management’s Discussion and Analysis