VanEck Merk Gold ETF

Previous wording

The VanEck Merk Gold ETF (the “Trust”), formerly known as the Merk Gold Trust prior to October 26, 2015, then as the Van Eck Merk Gold Trust prior to April 28, 2016, and then as 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 (as amended, 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 Bank of New York Mellon (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.

Current wording

The VanEck Merk Gold ETF (the “Trust”), formerly 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 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 (as amended, 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 Bank of New York Mellon (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.

Previous wording

Effective July 24, 2020, the Sponsor exercised its rights under the Trust Agreement to adjust the Sponsor’s fee upon written notice to the Trustee and publication of the proposed change on its website. Prior to July 24, 2020, the Sponsor’s fee accrued at an annualized rate of 0.40% of the Trust’s NAV. 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.

Current wording

Effective July 24, 2020, the Sponsor exercised its rights under the Trust Agreement to adjust the Sponsor’s fee upon written notice to the Trustee and publication of the proposed change on its website. 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.

Previous wording

On August 20, 2024, the Sponsor and the Trustee entered into a Third Amendment to Depositary Trust Agreement (the “Third Trust Amendment”), effective as of August 30, 2024, amending the Second Trust Agreement to effectuate a third change in the name of the Trust from “VanEck Merk Gold Trust” to “VanEck Merk Gold ETF.” As a result of the name change, all references to “VanEck Merk Gold Trust” in the Trust Agreement were amended to read “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.

Current wording

On August 20, 2024, the Sponsor and the Trustee entered into a Third Amendment to Depository Trust Agreement (the “Third Trust Amendment”), effective as of August 30, 2024, amending the Second Trust Agreement to effectuate a third change in the name of the Trust from “VanEck Merk Gold Trust” to “VanEck Merk Gold ETF.” As a result of the name change, all references to “VanEck Merk Gold Trust” in the Trust Agreement were amended to read “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

The Trust’s NAV increased from $904,160,052 at April 30, 2024 to $1,018,106,177 at July 31, 2024, a 12.60% increase, compared to a 4.22% increase from $712,154,665 at April 30, 2023 to $742,241,503 at July 31, 2023. The increase in the Trust’s NAV in the quarter ended July 31, 2024 resulted from an increase in gold bullion held by the Trust and in the price of gold per ounce as compared to the prior period. The number of outstanding Shares increased from 40,835,640 Shares at April 30, 2024 to 43,037,292 Shares at July 31, 2024 due to the creation of Shares by Authorized Participants and the creation of 26,497 Shares in the quarter for Sponsor’s fees, as compared to 24,319 Shares for such purpose in the quarter ended July 31, 2023. The number of outstanding Shares on July 31, 2024 was 43,037,292. Effective July 24, 2020, the Sponsor’s fees are 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. Prior to July 24, 2020, the Sponsor’s fees accrued at an annualized rate of 0.40% of the Trust’s NAV. Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.

Current wording

The Trust’s NAV increased from $1,018,106,177 at July 31, 2024 to $1,241,717,488 at October 31, 2024, a 21.96% increase, compared to a 0.05% increase from $742,241,503 at July 31, 2023 to $742,611,876 at October 31, 2023. The increase in the Trust’s NAV in the quarter ended October 31, 2024 resulted from an increase in the value of investments in gold bullion as compared to the prior period. The number of outstanding Shares increased from 43,037,292 Shares at July 31, 2024 to 46,838,224 Shares at October 31, 2024 due to the creation of Shares by Authorized Participants and the creation of 27,459 Shares in the quarter for Sponsor’s fees, as compared to 24,258 Shares for such purpose in the quarter ended October 31, 2023. The number of outstanding Shares on October 31, 2023 was 38,662,778. The Sponsor’s fees are 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. Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.

Previous wording

The Trust’s NAV per Share increased 6.87% during the quarter ended July 31, 2024, starting at $22.14 per Share and ending at $23.66 per Share, compared to a decrease of 0.68%, from $19.21 to $19.08 during the quarter ended July 31, 2023. The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 26,497 Shares in total for the quarter ended July 31, 2024, compared with 24,319 Shares paid as Sponsor’s fees in the quarter ended July 31, 2023. The NAV per share of $23.84 on July 16, 2024 was the highest during the quarter, compared with a low of $22.12 on June 7, 2024.

Current wording

The Trust’s NAV per Share increased 12.05% during the quarter ended October 31, 2024, starting at $23.66 per Share and ending at $26.51 per Share, compared to an increase of 0.68%, from $19.08 to $19.21 during the quarter ended October 31, 2023. The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 27,459 Shares in total for the quarter ended October 31, 2024, compared with 24,258 Shares paid as Sponsor’s fees in the quarter ended October 31, 2023. The NAV per share of $26.90 on October 30, 2024 was the highest during the quarter, compared with a low of $23.04 on August 7, 2024.

Previous wording

The change in net assets from operations for the quarter ended July 31, 2024 was $63,741,436, resulting from the Sponsor’s fees of $(606,009), a net realized gain of $133,437 from gold bullion distributed for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $64,214,008. In comparison, the change in net assets from operations for the quarter ended July 31, 2023 was $(4,946,765), resulting from the Sponsor’s fees of $(458,754) and a net change in unrealized depreciation on investment in gold bullion of $(4,488,011).

Current wording

The change in net assets from operations for the quarter ended October 31, 2024 was $127,858,849, resulting from the Sponsor’s fees of $(695,993), a net realized gain from gold bullion distributed for redemptions of $216,650 and a net change in unrealized appreciation on investment in gold bullion of $128,338,192. In comparison, the change in net assets from operations for the quarter ended October 31, 2023 was $4,388,052, resulting from the Sponsor’s fees of $(451,271), a net realized gain from gold bullion distributed for redemptions of $935,883, and a net change in unrealized appreciation on investment in gold bullion of $3,903,440.

Previous wording

The Trust’s NAV increased from $780,184,347 at January 31, 2024 to $1,018,106,177 at July 31, 2024, a 30.50% increase, compared to a 13.04% increase from $656,592,798 at January 31, 2023 to $742,241,503 at July 31, 2023. The increase in the Trust’s NAV in the six months ended July 31, 2024 resulted from an increase in the value of investments in gold bullion and also due to the creation of Shares as compared to the prior period. The number of outstanding Shares increased from 39,626,030 Shares at January 31, 2024 to 43,037,292 Shares at July 31, 2024 due to the redemption of 39,642 Shares offset by the creation of 3,450,904 Shares which include 50,904 Shares created for Sponsor’s fees in the six months ended July 31, 2024, as compared to 200,000 Shares redeemed, offset by 3,896,216 shares created which include 46,216 Shares created for Sponsor’s fees in the six months ended July 31, 2023. The number of outstanding Shares on July 31, 2023 was 38,899,475. Effective July 24, 2020, the Sponsor’s fees are 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. Prior to July 24, 2020, the Sponsor’s fees accrued at an annualized rate of 0.40% of the Trust’s NAV. Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.

Current wording

The Trust’s NAV increased from $780,184,347 at January 31, 2024 to $1,241,717,488 at October 31, 2024, a 59.16% increase, compared to a 13.1% increase from $656,592,798 at January 31, 2023 to $742,611,876 at October 31, 2023. The increase in the Trust’s NAV in the nine months ended October 31, 2024 resulted from an increase in the value of investments in gold bullion as compared to the prior period. The number of outstanding Shares increased from 39,626,030 Shares at January 31, 2024 to 46,838,224 Shares at October 31, 2024 due to the creation of Shares by Authorized Participants, and the creation of 78,363 Shares for Sponsor’s fees, as compared to 70,474 Shares for such purpose in the nine months ended October 31, 2023. The number of outstanding Shares at October 31, 2023 was 38,662,778. The Sponsor’s fees are 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. Due to the daily accrual but monthly payment, the number of Sponsor’s fee Shares issued can vary and possibly decrease, even as the number of Shares outstanding increases slightly.

Previous wording

The Trust’s NAV per Share increased approximately 20.16% during the six months ended July 31, 2024, starting at $19.69 per Share and ending at $23.66 per Share, compared to an increase of 2.31%, from $18.65 to $19.08 during the six months ended July 31, 2023. The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 50,904 Shares in total for the six months ended July 31, 2024, compared with 46,216 Shares paid as Sponsor’s fees in the six months ended July 31, 2023. The NAV per share of $23.84 on July 16, 2024 was the highest during the six months ended July 31, 2024, compared with a low of $19.25 on February 14, 2024.

Current wording

The Trust’s NAV per Share increased 34.64% during the nine months ended October 31, 2024, starting at $19.69 per Share and ending at $26.51 per Share, compared to an increase of 3%, from $18.65 to $19.21 during the nine months ended October 31, 2023. The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 78,363 Shares in total for the nine months ended October 31, 2024, compared with 70,474 Shares paid as Sponsor’s fees in the nine months ended October 31, 2023. The NAV per share of $26.90 on October 30, 2024 was the highest during the nine months ended October 31, 2024, compared with a low of $19.25 on February 14, 2024.

Previous wording

The change in net assets from operations for the six months ended July 31, 2024 was $161,238,405, resulting from the Sponsor’s fees of $(1,122,402), a net realized gain of $196,116 from gold bullion distributed for redemptions and a net change in unrealized appreciation on investment in gold bullion of $162,164,691. In comparison, the change in net assets from operations for the six months ended July 31, 2023 was $15,113,622, resulting from the Sponsor’s fees of $(868,554), a net realized gain of $609,442 from gold bullion distributed for redemptions and a net change in unrealized appreciation on investment in gold bullion of $15,372,734.

Current wording

The change in net assets from operations for the nine months ended October 31, 2024 was $289,097,254, resulting from the Sponsor’s fees of $(1,818,395), a net realized gain from gold bullion distributed for redemptions of $412,766 and a net change in unrealized appreciation on investment in gold bullion of $290,502,883. In comparison, the change in net assets from operations for the nine months ended October 31, 2023 was $19,501,674, resulting from the Sponsor’s fees of $(1,319,825), a net realized gain from gold bullion distributed for redemptions of $1,545,325 and a net change in unrealized appreciation on investment in gold bullion of $19,276,174.

Previous wording

Other than the Sponsor’s fee, the Trust had no expenses during the six months ended July 31, 2024 or the six months ended July 31, 2023.

Current wording

Other than the Sponsor’s fee, the Trust had no expenses during the nine months ended October 31, 2024 or the nine months ended October 31, 2023.

Previous wording

For the calendar quarter ended July 31 2023, the Marketing Agent earned a fee of $151,234.60 which was paid by the Sponsor on August 12, 2024; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $1,269,604.40 in Fees has been paid, representing 1.41% of the maximum fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement. Effective July 24, 2020, the Sponsor and the Marketing Agent amended the fee structure under the Marketing Agent Agreement, however the financial obligations created thereunder remain the obligations of the Sponsor of the Trust, any fees payable thereunder remain payable from the Sponsor’s fee and the cap on the fees payable to the Marketing Agent remains unchanged.

Current wording

For the calendar quarter ended October 31, 2024, the Marketing Agent earned a fee of $168,877.98 which was paid by the Sponsor on November 8, 2024; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $1,438,482.38 in Fees has been paid, representing 1.4% of the maximum fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement. Effective July 24, 2020, the Sponsor and the Marketing Agent amended the fee structure under the Marketing Agent Agreement, however the financial obligations created thereunder remain the obligations of the Sponsor of the Trust, any fees payable thereunder remain payable from the Sponsor’s fee and the cap on the fees payable to the Marketing Agent remains unchanged.