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Item 1. Financial Statements

2026-06-04 compared with 2025-12-08 · 134 added, 331 removed, 127 unchanged (79% of the section changed)

3 unchanged sentences

Investments in gold bullion (cost $ 1,455,818,249 and $ 1,384,168,533 , respectively) $ 2,825,460,928 $ 2,903,285,932

$ 2,282,329,687

$ 1,314,597,403

Capital shares receivable

2,282,818,848

1,328,355,965

Gold Bullion payable

Gold Bullion sold receivable - 108,022

Total assets $ 2,825,460,928 $ 2,903,393,954

Capital shares payable - 108,022

Sponsor’s fee payable 14 6

Total liabilities 14 108,028

$ 2,282,329,658

$ 1,314,597,389

Net assets $ 2,825,460,914 $ 2,903,285,926

Net assets consists of:

Paid-in-capital $ 1,435,688,375 $ 1,374,198,598

$ 1,224,998,741

$ 878,374,184

Accumulated earnings 1,389,772,539 1,529,087,328

$ 2,825,460,914 $ 2,903,285,926

$ 2,282,329,658

$ 1,314,597,389

Shares issued and outstanding ( no par value) 63,638,566 62,358,853

3 unchanged sentences

Statements of Operations

Three Months Ended

Nine Months Ended

Sponsor’s fees $ 1,799,698 $ 893,967

1 unchanged sentence

Net investment loss ( 1,799,698 ) ( 893,967 )

( 1,280,422 )

( 3,254,376 )

( 1,818,395 )

Net realized and unrealized gain (loss)

3 unchanged sentences

Net increase (decrease) in net assets resulting from operations $ ( 139,314,789 ) $ 237,960,710

$ 387,960,218

$ 127,858,849

$ 621,107,712

$ 289,097,254

See notes to unaudited financial statements.

2 unchanged sentences

Net assets, beginning of period $ 2,903,285,926 $ 1,314,597,389

$ 1,763,218,226

$ 1,018,106,177

$ 1,314,597,389

$ 780,184,347

( 18,913,456 )

( 29,839,734 )

( 1,541,736 )

Creations 83,854,081 118,514,599

Redemptions ( 22,364,304 ) ( 8,853,013 )

Net investment loss ( 1,799,698 ) ( 893,967 )

( 1,280,422 )

( 3,254,376 )

( 1,818,395 )

Net realized gain from gold bullion distributed for redemptions

Net realized gain (loss) from gold bullion distributed for redemptions 11,959,629 3,223,795

Net change in unrealized appreciation (depreciation) on investment in gold bullion ( 149,474,720 ) 235,630,882

Net assets, end of period $ 2,825,460,914 $ 1,662,219,685

$ 2,282,329,658

$ 1,241,717,488

$ 2,282,329,658

$ 1,241,717,488

See notes to unaudited financial statements.

1 unchanged sentence

Schedules of Investment

October 31, 2025 (unaudited)

$ 1,235,707,242

$ 2,282,329,687

April 30, 2026 (unaudited)

Ounces Cost Value % of Net

Gold bullion 612,011 $ 1,455,818,249 $ 2,825,460,928 100.00 %

Total investments 612,011 $ 1,455,818,249 $ 2,825,460,928 100.00 %

$ 1,235,707,242

$ 2,282,329,687

Liabilities in excess of other assets

$ 2,282,329,658

Liabilities in excess of other assets ( 14 ) ( 0.00 )%(a)

Net assets $ 2,825,460,914 100.00 %

January 31, 2026

$ 880,891,128

$ 1,314,597,403

Ounces Cost Value % of Net

Gold bullion 600,072 $ 1,384,168,533 $ 2,903,285,932 100.00 %

Total investments 600,072 $ 1,384,168,533 $ 2,903,285,932 100.00 %

$ 880,891,128

$ 1,314,597,403

Liabilities in excess of other assets

$ 1,314,597,389

Liabilities in excess of other assets ( 6 ) ( 0.00 )%(a)

Net assets $ 2,903,285,926 100.00 %

(a) Amount is less than 0.005%

3 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.

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

Maker, was the Initial Purchaser and contributed 1,000 Ounces of Gold in exchange for 100,000 shares on May 6, 2014.

At contribution,

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 Trust’s primary objective is to provide

investors with an opportunity to invest in gold through the shares and be able to take delivery of physical gold bullion and gold coins

(physical gold) in exchange for their shares (the “Shares”).

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.

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”).

Merk Investments, LLC (the “Sponsor) has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies, and has concluded that solely for reporting purposes (and not for any other purpose), the Trust is classified as an Investment Company (as defined in ASC 946).

The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

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 Maker, was the Initial Purchaser and contributed 1,000 Ounces of gold in exchange for 100,000 shares on May 6, 2014.

At contribution, 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 Trust’s primary objective is to provide investors with an opportunity to invest in gold through the shares and be able to take delivery of physical gold bullion and gold coins (physical gold) in exchange for their shares (the “Shares”).

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.

1 unchanged sentence

SIGNIFICANT ACCOUNTING POLICIES

In preparing financial statements in conformity

with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions

that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial

statements, as well as the reported amount of revenue and expenses reported during the period.

Actual results could differ from these

The accompanying audited and unaudited financial

statements were prepared in accordance with GAAP and with the instructions for the Form 10-Q 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

policies followed by the Trust.

In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period.

Actual results could differ from these estimates.

The accompanying audited and unaudited financial statements were prepared in accordance with GAAP and with the instructions for the Form 10-Q 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 policies followed by the Trust.

Valuation of Gold

Financial Accounting Standards Board Accounting

Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides a single definition

of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

Various inputs are used in determining the fair

value of the Trust’s assets or liabilities.

Financial Accounting Standards Board Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.

Various inputs are used in determining the fair value of the Trust’s assets or liabilities.

These inputs are categorized into three broad levels.

Level 1 includes unadjusted prices

in active markets for identical assets or liabilities.

Level 2 includes other significant observable market based inputs (including prices

for similar securities, interest rates, prepayment speed, and credit risk).

Level 3 includes unobservable inputs, which may include management’s

own assumptions in determining the fair value of investments.

The Trust does not hold any derivative instruments, and its assets only

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.

Level 1 includes unadjusted prices in active markets for identical assets or liabilities.

Level 2 includes other significant observable market based inputs (including prices for similar securities, interest rates, prepayment speed, and credit risk).

Level 3 includes unobservable inputs, which may include management’s own assumptions in determining the fair value of investments.

The Trust does not hold any derivative instruments, and its assets only 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.

VanEck Merk Gold ETF

Notes to Unaudited Financial Statements

The following table summarizes the inputs used

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

The following table summarizes the inputs used as of April 30, 2026 in determining the Trust’s investments at fair value for purposes of ASC 820:

Level 1 Level 2 Level 3

Investment in gold $ 2,825,460,928 $ — $ —

$ 2,282,329,687

The following table summarizes the inputs used

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

Total $ 2,825,460,928 $ — $ —

The following table summarizes the inputs used as of January 31, 2026 in determining the Trust’s investments at fair value for purposes of ASC 820:

Level 1 Level 2 Level 3

Investment in gold $ 2,903,285,932 $ — $ —

$ 1,314,597,403

London Gold Delivery Bars are held by JPMorgan

Chase Bank, N.A.

Total $ 2,903,285,932 $ — $ —

London Gold Delivery Bars are held by JPMorgan Chase Bank, N.A.

(the “Custodian”), on behalf of the Trust, at the London, United Kingdom vaulting premises.

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

the same methodology is applied independent

of the type of gold held by the Trust;

similarly, the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated

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 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 Trustee’s estimation of accrued but

unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Trust, and no revision or correction in any

computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

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 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

Date”), in determining the Trust’s NAV, the Trustee valued the gold held by the Trust based on the afternoon session of the

twice daily fix of the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE

Benchmark Administration as an independent third-party administrator (the “LBMA PM Gold Price”).

The Trustee also determines

the NAV per Share.

On the Index Change Date, the pricing index the

Sponsor uses in relation to the Shares issued by the Trust changed to the Solactive Gold Spot Index (the “Solactive Index”)

in lieu of the LBMA Gold Price.

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

the same methodology is applied independent of the type of gold held by the Trust;

similarly, the value of up to 430 Fine Ounces of unallocated gold the Trust may hold is calculated 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 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.

Prior to August 7, 2023 (the “Index Change Date”), in determining the Trust’s NAV, the Trustee valued the gold held by the Trust based on the afternoon session of the twice daily fix of the price of a Fine Ounce of gold which starts at 3:00 PM London, England time and is performed in London by the ICE Benchmark Administration as an independent third-party administrator (the “LBMA PM Gold Price”).

The Trustee also determines the NAV per Share.

On the Index Change Date, the pricing index the Sponsor uses in relation to the Shares issued by the Trust changed to the Solactive Gold Spot Index (the “Solactive Index”) in lieu of the LBMA Gold Price.

Since the Index Change Date, the Trustee values the gold held by the Trust based on the Solactive Index.

1 unchanged sentence

The 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 (“XAU”) and determined

for the close of trading on the New York Stock Exchange (“NYSE”).

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”)

Dollar denominated index that aims to provide a price fixing for the gold spot price quoted as U.S.

Dollars per Troy Ounce (“XAU”) and determined for the close of trading on the New York Stock Exchange (“NYSE”).

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 feed.

VanEck Merk Gold ETF

Notes to Unaudited Financial Statements

Specifically, the Solactive Index uses a TWAP

calculation to determine an average price that is time-weighted, using price values of actual transactions (“Trade Ticks”)

for two specified time periods around the scheduled close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived

for (1) the period ahead of the fixing (“Time Period 1”), which consists of the five minutes before the close of trading,

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 Solactive Index is calculated and published

by Solactive no later than 30 minutes following the close of trading on the NYSE, disseminated to major financial data providers, and

made publicly available via the Trust’s website.

The Solactive Index calculation is based on XAU

market data from IDS, which is a major provider of financial market data.

The data is available through IDS’s data streaming service,

which covers 2,700 spot rates and over 7,500 forwards and non-deliverable forwards, with an average of over 130 million updates per day

IDS compiles data from over 100 sources, including market makers, execution venues, banks and brokers from across the globe,

and every updating Trade Tick of spot streaming data is available via IDS’s Integrated Data Viewer service in a file-based format.

It is unlikely that, on any given trading day

for the Shares, there would be no Trade Ticks recorded for XAU in either Time Period 1 or Time Period 2, such that the Solactive Index

calculation could not be performed on such day.

Trade Ticks representing XAU are the closing prices for specific gold bullion transactions

posted in a 24-hour, global, over-the-counter gold bullion market, which is not subject to trading suspensions, trading halts, or market

However, in the unlikely event that IDS is unable to publish pricing information for XAU, for whatever reason, during either

Time Period 1 or Time Period 2 on a given trading day, the last available Solactive Index calculation will be used in accordance with

Solactive’s published and publicly available disruption policy.

If the Sponsor determines that such price becomes

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 issues shares to pay the Sponsor’s

Specifically, the Solactive Index uses a TWAP calculation to determine an average price that is time-weighted, using price values of actual transactions (“Trade Ticks”) for two specified time periods around the scheduled close of trading on the NYSE (generally, 4:00 PM Eastern Time).

The TWAP is derived for (1) the period ahead of the fixing (“Time Period 1”), which consists of the five minutes before the close of trading, 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 Solactive Index is calculated and published by Solactive no later than 30 minutes following the close of trading on the NYSE, disseminated to major financial data providers, and made publicly available via the Trust’s website.

The Solactive Index calculation is based on XAU market data from IDS, which is a major provider of financial market data.

The data is available through IDS’s data streaming service, which covers 2,700 spot rates and over 7,500 forwards and non-deliverable forwards, with an average of over 130 million updates per day for spot.

IDS compiles data from over 100 sources, including market makers, execution venues, banks and brokers from across the globe, and every updating Trade Tick of spot streaming data is available via IDS’s Integrated Data Viewer service in a file-based format.

It is unlikely that, on any given trading day for the Shares, there would be no Trade Ticks recorded for XAU in either Time Period 1 or Time Period 2, such that the Solactive Index calculation could not be performed on such day.

Trade Ticks representing XAU are the closing prices for specific gold bullion transactions posted in a 24-hour, global, over-the-counter gold bullion market, which is not subject to trading suspensions, trading halts, or market closures.

However, in the unlikely event that IDS is unable to publish pricing information for XAU, for whatever reason, during either Time Period 1 or Time Period 2 on a given trading day, the last available Solactive Index calculation will be used in accordance with Solactive’s published and publicly available disruption policy.

If the Sponsor determines that such price becomes 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.

The Trustee issues shares to pay the Sponsor’s fee;

the Sponsor pays the Trust’s ordinary expenses.

The NAV of the Trust is used to compute the Sponsor’s fee, and the Trustee

subtracts from the NAV of the Trust the amount of accrued Sponsor’s fee.

To the extent the Trust issues additional shares to pay

the Sponsor’s fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share will decrease.

deposits of gold, received in exchange for new shares issued by the Trust, would not reverse this trend.

The NAV of the Trust is used to compute the Sponsor’s fee, and the Trustee subtracts from the NAV of the Trust the amount of accrued Sponsor’s fee.

To the extent the Trust issues additional shares to pay the Sponsor’s fee or sells gold to cover expenses or liabilities, the amount of gold represented by each share will decrease.

New deposits of gold, received in exchange for new shares issued by the Trust, would not reverse this trend.

VanEck Merk Gold ETF

1 unchanged sentence

Creations and Redemptions of Shares

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”).

Authorized Participants

The Trust issues and redeems Baskets only to

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”).

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

only by 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.

Orders to create and redeem Baskets may be placed only by Authorized Participants.

An Authorized Participant must:

(1) be a registered broker-dealer or other securities market participant,

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.

Authorized Participants who make deposits with

the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either

the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale

(1) be a registered broker-dealer or other securities market participant, 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.

Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares.

Delivery Applicants

In exchange for its shares and payment of a processing

fee, a Delivery Applicant will be entitled to one or more bars or coins of physical gold having approximately the total Fine Ounces represented

by the shares on the day on which the Delivery Applicant’s broker-dealer submits his or her shares to the Trust in exchange for

physical gold.

As it is unlikely that the total Fine Ounces of physical gold will exactly correspond to the Fine Ounces represented by

a specific number of shares, a Delivery Applicant will likely receive some cash representing the net sale proceeds of any excess Fine

Ounces (the “Cash Proceeds”).

To minimize the Cash Proceeds of any exchange, the delivery application requires that the number

of shares submitted closely correspond in Fine Ounces to the Fine Ounces of physical gold that is held or that is to be acquired by the

Trust for which the delivery is sought.

In exchange for its shares and payment of a processing fee, a Delivery Applicant will be entitled to one or more bars or coins of physical gold having approximately the total Fine Ounces represented by the shares on the day on which the Delivery Applicant’s broker-dealer submits his or her shares to the Trust in exchange for physical gold.

As it is unlikely that the total Fine Ounces of physical gold will exactly correspond to the Fine Ounces represented by a specific number of shares, a Delivery Applicant will likely receive some cash representing the net sale proceeds of any excess Fine Ounces (the “Cash Proceeds”).

To minimize the Cash Proceeds of any exchange, the delivery application requires that the number of shares submitted closely correspond in Fine Ounces to the Fine Ounces of physical gold that is held or that is to be acquired by the Trust for which the delivery is sought.

Share submissions are processed in the order approved.

Changes in the shares for the nine-month period

ended October 31, 2025 are as follows:

Changes in the shares for the three-month period ended April 30, 2026 are as follows:

Shares Amount

Shares, beginning of period at February 1, 2026 62,358,853 $ 1,374,198,598

$ 878,374,184

Shares issued 1,738,673 83,854,081

Shares redeemed ( 458,960 ) ( 22,364,304 )

( 29,839,734 )

Shares, end of period at October 31, 2025

$ 1,224,998,741

Shares, end of period at April 30, 2026 63,638,566 $ 1,435,688,375

VanEck Merk Gold ETF

Notes to Unaudited Financial Statements

Changes in the shares for the year ended January

31, 2025 are as follows:

Changes in the shares for the year ending January 31, 2026 are as follows:

Shares Amount

Shares, beginning of period at February 1, 2025 48,664,686 $ 878,374,184

$ 657,109,274

Shares issued 14,686,006 527,308,972

Shares redeemed ( 991,839 ) ( 31,484,558 )

( 9,295,829 )

Shares, end of period at January 31, 2026 62,358,853 $ 1,374,198,598

$ 878,374,184

The Trust is treated as a “grantor trust”

The Trust is treated as a “grantor trust” for U.S.

federal tax purposes.

1 unchanged sentence

federal income tax.

Instead, the Trust’s income

and expenses “flow through” to the shareholders and the Trustee reports the Trust’s income, gains, losses and deductions

to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there

are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions

are required as of October 31, 2025.

Instead, the Trust’s income and expenses “flow through” to the shareholders and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there 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, 2026.

Revenue Recognition Policy

A gain or loss is recognized based on the difference

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

A gain or loss is recognized based on the difference between the selling price and the average cost method of the gold sold on a trade date basis.

2.6 Segment Reporting

The Trust adopted Financial Accounting Standards

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

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.

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.

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

The following represents the changes in Ounces

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

The following represents the changes in Ounces of gold and the respective fair value at April 30, 2026:

Ounces Fair Value

Beginning balance as of February 1, 2026 600,072 $ 2,903,285,932

$ 1,314,597,403

Gold bullion contributed 16,355 82,054,411

Gold bullion distributed ( 4,416 ) ( 22,364,324 )

( 29,839,721 )

Realized gain (loss) from gold distributed from in-kind - 11,959,629

Change in unrealized appreciation (depreciation) - ( 149,474,720 )

Ending balance as of October 31, 2025

$ 2,282,329,687

The following represents the changes in Ounces

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

Ending balance as of April 30, 2026 612,011 $ 2,825,460,928

The following represents the changes in Ounces of gold and the respective fair value at January 31, 2026:

Ounces Fair Value

Beginning balance as of February 1, 2025 469,450 $ 1,314,597,403

$ 780,184,353

Gold bullion contributed 140,180 522,477,839

Gold bullion distributed ( 9,558 ) ( 31,484,544 )

( 9,295,825 )

Realized gain (loss) from gold distributed from in-kind - 12,284,110

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Ending balance as of January 31, 2026 600,072 $ 2,903,285,932

$ 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.

Effective July 24, 2020, the Sponsor’s fee is payable at an annualized rate of

0.25 % of the Trust’s NAV, accrued on a daily basis computed on the prior business day’s NAV and paid monthly in arrears.

The Sponsor has agreed to assume the following

administrative and marketing expenses incurred by the Trust:

RELATED PARTIES—SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING FEES

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 0.25 % of the Trust’s NAV, accrued on a daily basis computed on the prior business day’s NAV and paid monthly in arrears.

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly fee and out-of-pocket expenses;

the Custodian’s

the Custodian’s fee;

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;

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printing and mailing costs;

expenses for the Trust’s website;

maintenance expenses for the Trust’s website;

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

Affiliates of the Trustee, as well as affiliates

of the Custodian may from time to time act as Authorized Participants to purchase or sell gold or shares for their own account, as agent

for their customers and for accounts over which they exercise investment discretion.

On October 22, 2015, the Sponsor, for the benefit

of the Trust, entered into a Marketing Agent Agreement (as amended to date, the “Marketing Agreement”) with Van Eck Securities

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

Affiliates of the Trustee, as well as affiliates of the Custodian may from time to time act as Authorized Participants to purchase or sell gold or shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

On October 22, 2015, the Sponsor, for the benefit of the Trust, entered into a Marketing Agent Agreement (as amended to date, the “Marketing Agreement”) with Van Eck Securities 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).

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

FINANCIAL HIGHLIGHTS

The following table presents per share performance

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.

Financial Highlights

Per Share Performance (for a share outstanding

throughout each period)

October 31, 2025

October 31, 2024

October 31, 2025

October 31, 2024

The following table presents per share performance data and other supplemental financial data for the three months ended April 30, 2026 and 2025.

This information has been derived from information presented in the financial statements.

Financial Highlights (unaudited)

Per Share Performance (for a share outstanding throughout each period)

(unaudited) (unaudited)

Net asset value per share, beginning of period $ 46.56 $ 27.01

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Net investment loss ( 0.25 )% ( 0.25 )%

Net expenses 0.25 % 0.25 %

(a) Calculated using average shares outstanding

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COMMITMENTS AND CONCENTRATION OF RISK

The Trust’s sole business activity is the

investment in gold bullion.

The Trust’s sole business activity is the investment in gold bullion.

Several factors could affect the price of gold:

(i) global gold supply and demand, which is influenced by

such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases

and sales, and production and cost levels in major gold-producing countries;

(ii) investors’ expectations with respect to the rate

of inflation;

(i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries;

(ii) investors’ expectations with respect to the rate of inflation;

(iii) currency exchange rates;

(iv) interest rates;

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

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

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

Under the Trust’s organizational documents,

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 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.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the

Trust that have not yet occurred.

Under the Trust’s organizational documents, 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 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.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

However, based on industry experience, management believes the risk of loss is remote.

SUBSEQUENT EVENTS

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

or additional disclosures.

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment or additional disclosures in the financial statements.

This report is submitted for the general information

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What changed 10-Q

Item 1. Financial Statements