VanEck Merk Gold ETF
For the period ended Jan 31, 2025. Filed Mar 28, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 28, 2025
OUNZ$39.04-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-01-31; filed 2024-03-29.
0001213900-24-027921
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-01-31; filed 2025-03-28.
0001013762-25-004274
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 64 current paragraphs.
54 unchanged; 5 reworded; 5 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
For the calendar year ended December 31, 2023, the Marketing Agent earned a fee of $298,771. For the calendar year ended December 31, 2024, the Marketing Agent earned a fee of $630,549. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2024 are $1,666,878, which at that time represented 1.54% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement. The fee earned in a calendar quarter is paid in the subsequent calendar quarter.
Removed paragraphs (5)
Previous report
The Trust’s NAV increased from $442,483,105 on January 31, 2021 to $586,245,772 on January 31, 2022, a 32.49% 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 24,366,372 Shares issued and outstanding on January 31, 2021 to 33,599,843 Shares issued and outstanding on January 31, 2022.
Previous report
NAV per Share decreased 3.91% from $18.16 on January 31, 2021 to $17.45 on January 31, 2022. The Trust’s NAV per Share decreased slightly more than the price per Ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,271,275 for the year, or 0.22% of the Trust’s net assets on an annualized basis.
Previous report
The NAV per Share of $18.52 on June 2, 2021 was the highest during the year, compared with a low of $16.40 on March 30, 2021.
Previous report
Net decrease in net assets resulting from operations for the year ended January 31, 2022 was $18,183,432, resulting from a net realized gain of $1,756,856 from gold bullion distributed for redemptions and a decrease in unrealized appreciation on gold of $18,669,013 and by the Sponsor’s Fee of $1,271,275. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2022.
Previous report
For the calendar year ended December 31, 2020, the Marketing Agent earned a fee of $108,438. For the calendar year ended December 31, 2021, the Marketing Agent earned a fee of $233,426. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2021 are $415,270, which at that time represented 0.65% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement. The fee earned in a calendar quarter is paid in the subsequent calendar quarter.
Reworded paragraphs (5)
Previous wording
The Trust is an investment trust formed on May 6, 2014 under New York law pursuant to the Trust Agreement. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such act. 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. The Trustee is responsible for the day-to-day administration of the Trust.
Current wording
The Trust is an exchange-traded fund formed on May 6, 2014 under New York law pursuant to the Trust Agreement. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such act. 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. The Trustee is responsible for the day-to-day administration of the Trust.
Previous wording
In determining the Trust’s NAV, prior to the Index Change Date, the Trustee valued the gold held by the Trust based on the LBMA PM Gold Price, and after the Index Change Date, the Trustee valued the gold held by the Trust based on the Solactive Index. The Trustee also determines the NAV per Share. Prior to the Index Change Date, if on a day when the Trust’s NAV is being calculated the LBMA PM Gold Price for that day is not available, the Trustee will value the gold held by the Trust based on the LBMA AM Gold Price. If no fix is available for the day, the Trustee will value the Trust’s gold based on the most recently announced LBMA AM Gold Price or LBMA PM Gold Price. Prior to March 20, 2015, the Trustee utilized the daily fix of the price of a Fine Ounce of gold as performed by the five members of the London gold fix, which has now been replaced by the ICE Benchmark Administration as an independent third-party administrator.
Current wording
In determining the Trust’s NAV, prior to the Index Change Date, the Trustee valued the gold held by the Trust based on the LBMA PM Gold Price, and after the Index Change Date, the Trustee valued the gold held by the Trust based on the Solactive Index. 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.
Previous wording
On April 28, 2016, the Sponsor and the Trustee entered into a Second Amendment to Depositary Trust Agreement (the “Second Trust Amendment”), amending the Trust Agreement to effectuate a second change in the name of the Trust from “Van Eck Merk Gold Trust” to “VanEck Merk Gold Trust,” at the request of the Marketing Agent to reflect its rebranding as “VanEck”. As a result of the name change, all references to “Van Eck Merk Gold Trust” in the Trust Agreement were amended to read “VanEck Merk Gold Trust,” and the shares offered by the Trust are now known as the “VanEck Merk Gold Shares”. Except for the name change effected pursuant to the Second Trust Amendment, the Trust Agreement remains in full force and effect on its existing terms.
Current wording
On April 28, 2016, the Sponsor and the Trustee entered into a Second Amendment to Depositary Trust Agreement, amending the Trust Agreement to effectuate a second change in the name of the Trust from “Van Eck Merk Gold Trust” to “VanEck Merk Gold Trust,” at the request of the Marketing Agent to reflect its rebranding as “VanEck”. As a result of the name change, all references to “Van Eck Merk Gold Trust” in the Trust Agreement were amended to read “VanEck Merk Gold Trust,” and the shares offered by the Trust are now known as the “VanEck Merk Gold Shares”. On August 30, 2024, the Sponsor and the Trust entered into a Third Amendment to the Depository Trust Agreement (the “Third Trust Amendment”), amending the Trust Agreement to effectuate a third change in the name of the Trust from “VanEck Merk Gold Trust” to “VanEck Merk Gold ETF.” The shares offered by the Trust remain known as the “VanEck Merk Gold Shares.” Except for the name change effected pursuant to the Third Trust Amendment, the Trust Agreement remains in full force and effect on its existing terms.
Previous wording
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 and 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.
Current wording
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.
Previous wording
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 and by the Sponsor’s Fee of $1,557,794. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2023.
Current wording
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 $1,557,794. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2023.