VanEck Merk Gold ETF

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. 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.

Previous 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.

Current wording

The Trust’s NAV increased from $1,763,218,226 at July 31, 2025 to $2,282,329,658 at October 31, 2025, a 29.44% increase, compared to a 21.96% increase from $1,018,106,177 at July 31, 2024 to $1,241,717,488 at October 31, 2024. The increase in the Trust’s NAV in the quarter ended October 31, 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 55,607,168 Shares at July 31, 2025 to 59,260,422 Shares at October 31, 2025 due to the creation of Shares by Authorized Participants and the creation of 35,234 Shares in the quarter for Sponsor’s fees, as compared to 27,459 Shares for such purpose in the quarter ended October 31, 2024. The number of outstanding Shares on October 31, 2024 was 46,838,224. 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 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.

Current wording

The Trust’s NAV per Share increased 21.44% during the quarter ended October 31, 2025, starting at $31.71 per Share and ending at $38.51 per Share, compared to an increase of 12.05%, from $23.66 to $26.51 during the quarter ended October 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 35,234 Shares in total for the quarter ended October 31, 2025, compared with 27,459 Shares paid as Sponsor’s fees in the quarter ended October 31, 2024. The NAV per share of $42.16 on October 20, 2025 was the highest during the quarter, compared with a low of $31.94 on August 19, 2025.

Previous 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.

Current wording

The change in net assets from operations for the quarter ended October 31, 2025 was $387,960,218, resulting from the Sponsor’s fees of $(1,280,422), a net realized gain from gold bullion distributed for redemptions of $7,405,308 and a net change in unrealized appreciation on investment in gold bullion of $381,835,332. In comparison, 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.

Previous wording

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 wording

The Trust’s NAV increased from $1,314,597,389 at January 31, 2025 to $2,282,329,658 at October 31, 2025, a 73.61% increase, compared to a 59.16% increase from $780,184,347 at January 31, 2024 to $1,241,717,488 at October 31, 2024. The increase in the Trust’s NAV in the nine months ended October 31, 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 at January 31, 2025 to 59,260,422 Shares at October 31, 2025 due to the creation of Shares by Authorized Participants, and the creation of 99,218 Shares for Sponsor’s fees, as compared to 78,363 Shares for such purpose in the nine months ended October 31, 2024. The number of outstanding Shares at October 31, 2024 was 46,838,224. 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 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 wording

The Trust’s NAV per Share increased 42.58% during the nine months ended October 31, 2025, starting at $27.01 per Share and ending at $38.51 per Share, compared to an increase of 34.64%, from $19.69 to $26.51 during the nine months ended October 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 99,218 Shares in total for the nine months ended October 31, 2025, compared with 78,363 Shares paid as Sponsor’s fees in the nine months ended October 31, 2024. The NAV per share of $42.16 on October 20, 2025 was the highest during the nine months ended October 31, 2025, compared with a low of $27.17 on February 3, 2025.

Previous wording

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 wording

The change in net assets from operations for the nine months ended October 31, 2025 was $621,107,712, resulting from the Sponsor’s fees of $(3,254,376), a net realized gain from gold bullion distributed for redemptions of $11,445,918 and a net change in unrealized appreciation on investment in gold bullion of $612,916,170. In comparison, 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.

Previous wording

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.

Current wording

Other than the Sponsor’s fee, the Trust had no expenses during the nine months ended October 31, 2025 or the nine months ended October 31, 2024.

Previous 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.

Current wording

For the calendar quarter ended October 31, 2025, the Marketing Agent earned a fee of $391,454 which was paid by the Sponsor on November 25, 2025; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $2,471,351 in Fees has been paid, representing 1.69% 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.