What changed in this filing

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Item 9A. Controls and Procedures

2026-03-27 compared with 2025-03-28 · 209 added, 189 removed, 501 unchanged (44% of the section changed)

Controls and Procedures

Conclusion Regarding the Effectiveness of

Disclosure Controls and Procedures

Conclusion Regarding the Effectiveness

of Disclosure Controls and Procedures

The Trust maintains disclosure controls and procedures

that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and

reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated

that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized

and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated

to the principal executive officer and principal financial officer of the Sponsor, who performs functions similar to those a principal

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principles generally accepted in the United States.

Internal control over financial reporting includes those policies and procedures that:

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations;

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Internal control over financial reporting includes those policies and procedures

pertain to the maintenance of records that, in reasonable detail, accurately

and fairly reflect the transactions and dispositions of the Trust’s assets;

provide reasonable assurance that transactions are recorded as necessary

to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s

receipts and expenditures are being made only in accordance with appropriate authorizations;

provide reasonable assurance regarding prevention or timely detection

of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

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Framework (2013).

His assessment included an evaluation of the design of the Trust’s internal control over financial reporting and

testing of the operational effectiveness of its internal control over financial reporting.

His assessment included an evaluation of the design of the Trust’s internal control over financial reporting

and testing of the operational effectiveness of its internal control over financial reporting.

Based on his assessment and those criteria,

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as of January 31, 2026.

Cohen & Company, Ltd., the independent registered public accounting

firm that audited and reported on the financial statements as of and for the year ended January 31, 2025 included in this Form 10-K,

as stated in their report which is included herein, and issued an attestation report on the effectiveness of the Trust’s internal

control over financial reporting as of January 31, 2025.

Cohen & Company, Ltd., the independent registered

public accounting firm that audited and reported on the financial statements as of and for the year ended January 31, 2026 included

in this Form 10-K, as stated in their report which is included herein, and issued an attestation report on the effectiveness of

the Trust’s internal control over financial reporting as of January 31, 2026.

March 27, 2026

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The biography of the President and Chief Investment Officer of the Sponsor is set out below:

Axel Merk, President and Chief Investment Officer

Axel Merk, President and Chief Investment

Merk is the founder of the Sponsor

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and directs the Sponsor’s business and operations, including its fulfillment of its obligations to the Trust.

Merk founded Merk

Investments AG in 1994, and served as Chief Investment Officer from 1994 to 2001, during which time he provided investment advisory services.

Merk Investments AG in 1994, and served as Chief Investment Officer from 1994 to 2001, during which time he provided investment advisory

In October 2001, Merk Investments AG transferred its advisory functions to the Sponsor, where Mr.

Merk continues to provide advisory services

and, since 2005, manages a family of currency mutual funds.

Merk continues to provide

advisory services and, since 2005, manages a family of currency mutual funds.

Merk earned a B.A.

in Economics (magna cum laude) and a M.

Science from Brown University in 1991 and 1992, respectively.

in Economics (magna cum laude) and

in Computer Science from Brown University in 1991 and 1992, respectively.

Merk is 56 years old.

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This policy applies to the Sponsor, including its directors, officers, employees, and other individuals under its supervision.

Trust itself does not have a separate insider trading policy, as it does not engage in active management or trading.

The Trust itself does not have a separate insider trading policy, as it does not engage in active management or trading.

The policy prohibits individuals subject to it from trading in any

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termination of employment and, where applicable, referral to regulatory authorities.

The policy is reviewed periodically and updated as

needed to comply with applicable regulations and best practices.

A copy of the Sponsor’s insider trading policy is filed as Exhibit

19.1 to this report.

The policy is reviewed periodically and updated

as needed to comply with applicable regulations and best practices.

A copy of the Sponsor’s insider trading policy is filed as

Exhibit 19.1 to this report.

The Sponsor has adopted a code of ethics.

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Security Ownership of Certain Beneficial

Owners and Management and Related Stockholder Matters Security Ownership of Certain Beneficial Owners

Owners and Management and Related Stockholder Matters

Securities Ownership of Certain Beneficial

Owners and Management

Not applicable.

Change of Control Arrangements

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Specifically, VanEck has a right of first refusal for the purchase of the sponsorship

of the Trust, and all rights attributable thereto, upon the earlier of a commitment for a change of control of Merk or 15 years from the

date of the Marketing Agreement.

Additionally, VanEck may elect to replace Merk as the sponsor of the Trust upon the earlier of the Third

Party Assets equaling $500 million, or VanEck’s compensation under the fee provisions of the Marketing Agreement reaching in aggregate

10% of the gross proceeds from sale of the Shares.

of the Trust, and all rights attributable thereto, upon the earlier of a commitment for a change of control of Merk or 15 years from

the date of the Marketing Agreement.

Additionally, VanEck may elect to replace Merk as the sponsor of the Trust upon the earlier of the

Third Party Assets equaling $500 million, or VanEck’s compensation under the fee provisions of the Marketing Agreement reaching

in aggregate 10% of the gross proceeds from sale of the Shares.

See “Marketing Agent Agreement and Name Change” under Item

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Amendment to Marketing Agent Agreement, dated as of July 24, 2020, by and between Merk Investments LLC and Van Eck Securities Corporation (incorporated by reference to Exhibit 10.4.1 filed with Quarterly Report on Form 10-Q for the quarter ending July 31, 2020 on September 4, 2020)

Sponsor’s Insider Trading Policy

Consent of Cohen & Company, Ltd., Independent Registered Public Accounting Firm.

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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*Filed herewith

Form 10-K Summary.

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Notes to Financial Statements F-8

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Sponsor, Trustee, and Shareholders of VanEck Merk Gold ETF

REPORT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor, Trustee, and Shareholders

of VanEck Merk Gold ETF

Opinions on the Financial Statements and Internal

Control Over Financial Reporting

We have audited the accompanying statements of assets and liabilities,

including the schedules of investment, of VanEck Merk Gold ETF (formerly, VanEck Merk Gold Trust, the “Trust”) as of January

31, 2025 and 2024, and the related statements of operations and changes in net assets for each of the years in the three-year period ended

January 31, 2025, and the related notes (collectively referred to as the “financial statements”).

We have also audited the

Trust’s internal control over financial reporting as of January 31, 2025, based on criteria established in Internal Control—Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present

fairly, in all material respects, the financial position of the Trust as of January 31, 2025 and 2024, and the results of its operations

and changes in its net assets for each of the years in the three-year period ended January 31, 2025, in conformity with accounting principles

generally accepted in the United States of America.

Also, in our opinion, the Trust maintained, in all material respects, effective internal

control over financial reporting as of January 31, 2025, based on criteria established in Internal Control—Integrated Framework

(2013) issued by COSO.

We have audited the accompanying statements of

assets and liabilities, including the schedules of investment, of VanEck Merk Gold ETF (the “Trust”)

as of January 31, 2026 and 2025, the related statements of operations and changes in net assets for each of the years in the three-year

period ended January 31, 2026, and the related notes (collectively referred to as the “financial statements”).

audited the Trust’s internal control over financial reporting as of January 31, 2026, based on criteria established in Internal

Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred

to above present fairly, in all material respects, the financial position of the Trust as of January 31, 2026 and 2025, and the results

of its operations, and changes in its net assets for each of the years in the three-year period ended January 31, 2026, in conformity

with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Trust maintained, in all material

respects, effective internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated

Framework (2013) issued by COSO.

Basis for Opinions

The Trust’s management is responsible

for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the

effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal

Control over Financial Reporting .

Our responsibility is to express an opinion on the Trust’s financial statements and an

opinion on the Trust’s internal control over financial reporting based on our audits.

We are a public accounting firm

registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be

independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations

of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are

free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained

in all material respects.

Our audits of the financial statements included performing procedures

to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that

respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining

an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating

the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other

procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

The Trust’s management is responsible for

these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness

of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial

Our responsibility is to express an opinion on the Trust’s financial statements and an opinion on the Trust’s

internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the

financial statements are free of material misstatement whether due to error or fraud, and whether effective internal control over financial

reporting was maintained in all material respects.

Our audits of the financial statements included

performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing

procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures

in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management,

as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included

obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing

and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing

such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our

Definition and Limitations of Internal Control

over Financial Reporting

A company’s internal control over financial reporting is a process

designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements

for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting

includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly

reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded

as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts

and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s

assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial

reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject

to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or

procedures may deteriorate.

A company’s internal control over financial

reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation

of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal

control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable

detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and

directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,

use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal

control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from the current period

audit of the financial statements that were communicated or required to be communicated to those charged with governance and that:

relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective,

or complex judgments.

Critical audit matters are matters arising from

the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,

subjective, or complex judgments.

We determined that there are no critical audit matters.

We have served as the VanEck Merk Gold ETF’s

auditor since 2023.

We have served as the Trust’s auditor since 2023.

/s/ COHEN & COMPANY, LTD .

COHEN & COMPANY, LTD.

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Capital shares receivable

Other receivable

Gold bullion sold receivable

2,903,393,954

1,328,355,965

Capital shares payable

Gold bullion purchased payable

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$ 2,903,285,926

$ 1,314,597,389

Shares issued and outstanding ( no par value)

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

1,085,411,124

Net realized and unrealized gain (loss) from operations

1,097,695,234

Net Increase (Decrease) in Net Assets resulting from operations

$ 1,092,864,123

$ 313,148,132

See notes to financial statements.

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

1,085,411,124

Net Assets—end of year

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January 31, 2025

$ 880,891,128

$ 1,314,597,403

Total investments

$ 880,891,128

$ 1,314,597,403

Liabilities in excess of other assets

$ 1,314,597,389

(a) Amount is less than 0.005% .

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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

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 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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The accompanying audited financial statements

were prepared in accordance with GAAP and with the instructions for the Form 10-K and the rules and regulations of the United 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.

were prepared in accordance with GAAP and with the instructions for the Form 10-K and the rules and regulations of the United 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.

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.

The following table summarizes the inputs used

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(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

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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.

Prior to August 7, 2023 (the “Index Change

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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

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

Specifically, the Solactive Index uses a TWAP

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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

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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

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Share submissions are processed in the order approved.

Changes in the shares for the year ending January

Changes in the shares for the year ended January

31, 2026 are as follows:

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$ 1,374,198,598

Changes in the shares for the year ending January

Changes in the shares for the year ended January

31, 2025 are as follows:

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( 9,295,829 )

( 28,535,208 )

Shares, end of year at January 31, 2025

$ 878,374,184

Changes in the shares for the year ending January

Changes in the shares for the year ended January

31, 2024 are as follows:

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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 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

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.

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.

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

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Change in unrealized appreciation (depreciation)

1,085,411,124

Ending balance as of January 31, 2026

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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

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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.

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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.

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(a) Calculated using average shares outstanding.

CONCENTRATION OF RISK

COMMITMENTS AND CONCENTRATION OF RISK

The Trust’s sole business activity is the

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(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

1 unchanged sentence

each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees,

affiliates) is indemnified against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct

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.

4 unchanged sentences

Management has evaluated the events and transactions

that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements.

that have occurred through the date the financial statements were issued and noted no items requiring adjustment or additional disclosure

in the financial statements.

This report is submitted for the general information

12 unchanged sentences

Principal Financial Officer)

The Registrant is a trust and the person is signing in his capacity as an officer of Merk Investments LLC, the Sponsor of the Registrant.

The Registrant is a trust and the person is signing in his capacity

as an officer of Merk Investments LLC, the Sponsor of the Registrant.

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 9A. Controls and Procedures