VanEck Merk Gold ETF
For the period ended Jul 31, 2025. Filed Sep 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Sep 8, 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-Q
Period ended 2025-04-30; filed 2025-06-06.
0001213900-25-052208
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-09-08.
0001213900-25-085549
Item 2. 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 55 previous paragraphs and 60 current paragraphs.
49 unchanged; 6 reworded; 1 added; 0 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 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 (1)
Current report
The Six Months Ended July 31, 2025 Compared to the Six Months Ended July 31, 2024
Reworded paragraphs (6)
Previous wording
For any calculation dayt, the Solactive Index (Indext), is determined in accordance with the following formula:
Current wording
For any calculation day t, the Solactive Index (Indext), is determined in accordance with the following formula:
Previous wording
On August 20, 2024, the Sponsor and the Trustee entered into a Third Amendment to Depository Trust Agreement (the “Third Trust Agreement”), 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 changed 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 $1,314,597,389 on January 31, 2025 to $1,662,219,685 on April 30, 2025, a 26.44% increase, compared to a 15.89% increase from $780,184,347 on January 31, 2024 to $904,160,052 on April 30, 2024. The increase in the Trust’s NAV in the quarter ended April 30, 2025 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 48,664,686 Shares on January 31, 2025 to 52,339,392 Shares on April 30, 2025 due to the creation of Shares by Authorized Participants and the creation of 29,998 Shares in the quarter for Sponsor’s fees, as compared to 24,407 Shares for such purpose in the quarter ended April 30, 2024. The number of outstanding Shares on April 30, 2024 was 40,835,640. 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.
Current wording
The Trust’s NAV increased from $1,662,219,685 at April 30, 2025 to $1,763,218,226 at July 31, 2025, a 6.08% increase, compared to a 12.60% increase from $904,160,052 at April 30, 2024 to $1,018,106,177 at July 31, 2024. The increase in the Trust’s NAV in the quarter ended July 31, 2025 resulted from an increase in gold bullion held by the Trust. The number of outstanding Shares increased from 52,339,392 Shares at April 30, 2025 to 55,607,168 Shares at July 31, 2025 due to the creation of Shares by Authorized Participants and the creation of 33,986 Shares in the quarter for Sponsor’s fees, as compared to 26,497 Shares for such purpose in the quarter ended July 31, 2024. 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. 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 17.59% during the quarter ended April 30, 2025, starting at $27.01 per Share and ending at $31.76 per Share, compared to an increase of 12.44%, from $19.69 to $22.14 during the quarter ended April 30, 2024. The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 29,998 Shares in total for the quarter ended April 30, 2025, compared with 24,407 Shares paid as Sponsor’s fees in the quarter ended April 30, 2024. The NAV per share of $32.99 on April 21, 2025 was the highest during the quarter, compared with a low of $27.17 on February 3, 2025.
Current wording
The Trust’s NAV per Share decreased 0.16% during the quarter ended July 31, 2025, starting at $31.76 per Share and ending at $31.71 per Share, compared to an increase of 6.87%, from $22.14 to $23.66 during the quarter ended July 31, 2024. 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 fees, which were 33,986 Shares in total for the quarter ended July 31, 2025, compared with 26,497 Shares paid as Sponsor’s fees in the quarter ended July 31, 2024. The NAV per share of $33.08 on June 13, 2025 was the highest during the quarter, compared with a low of $30.66 on May 14, 2025.
Previous wording
The change in net assets from operations for the quarter ended April 30, 2025 was $237,960,710, resulting from the Sponsor’s fees of $(893,967), a net realized gain of $3,223,795 from gold bullion distributed for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $235,630,882. In comparison, change in net assets from operations for the quarter ended April 30, 2024 was $97,496,969, resulting from the Sponsor’s fees of $(516,393), a net realized gain of $62,679 from gold bullion distributed for redemptions, and a net change in unrealized appreciation on investment in gold bullion of $97,950,683.
Current wording
The change in net assets from operations for the quarter ended July 31, 2025 was $(4,813,216), resulting from the Sponsor’s fees of $(1,079,987), a net realized gain of $816,815 from gold bullion distributed for redemptions, and a net change in unrealized depreciation on investment in gold bullion of $(4,550,044). In comparison, 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.
Previous wording
For the calendar quarter ended March 31, 2025, the Marketing Agent earned a fee of $190,571.74; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $1,857,449 in Fees has been paid, representing 1.58% 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 July 31 2025, the Marketing Agent earned a fee of $222,448 which was paid by the Sponsor on August 21, 2025; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $2,079,897 in Fees has been paid, representing 1.59% 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.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The Trust’s NAV increased from $1,314,597,389 at January 31, 2025 to $1,763,218,226 at July 31, 2025, a 34.13% increase, compared to a 30.50% increase from $780,184,347 at January 31, 2024 to $1,018,106,177 at July 31, 2024. The increase in the Trust’s NAV in the six months ended July 31, 2025 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 48,664,686 Shares at January 31, 2025 to 55,607,168 Shares at July 31, 2025 due to the redemption of 371,502 Shares offset by the creation of 7,313,984 Shares which include 63,984 Shares created for Sponsor’s fees in the six months ended July 31, 2025, as compared to 39,642 Shares redeemed, offset by 3,450,904 shares created which include 50,904 Shares created for Sponsor’s fees in the six months ended July 31, 2024. 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. 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 report — wording carried from elsewhere
The Trust’s NAV per Share increased approximately 17.40% during the six months ended July 31, 2025, starting at $27.01 per Share and ending at $31.71 per Share, compared to an increase of 20.16%, from $19.69 to $23.66 during the six months ended July 31, 2024. The Trust’s NAV per share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s fees, which were 63,984 Shares in total for the six months ended July 31, 2025, compared with 50,904 Shares paid as Sponsor’s fees in the six months ended July 31, 2024. The NAV per share of $33.08 on June 13, 2025 was the highest during the six months ended July 31, 2025, compared with a low of $27.17 on February 3, 2025.
Current report — wording carried from elsewhere
The change in net assets from operations for the six months ended July 31, 2025 was $233,147,494, resulting from the Sponsor’s fees of $(1,973,954), a net realized gain of $4,040,610 from gold bullion distributed for redemptions and a net change in unrealized appreciation on investment in gold bullion of $231,080,838. In comparison, 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.
Current report — wording carried from elsewhere
Other than the Sponsor’s fee, the Trust had no expenses during the six months ended July 31, 2025 or the six months ended July 31, 2024.