VanEck Merk Gold ETF
For the period ended Jan 31, 2026. Filed Mar 27, 2026.
View on SEC.govAbout this filing
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.
FY2026 · Filed Mar 27, 2026
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 2025-01-31; filed 2025-03-28.
0001013762-25-004274
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-01-31; filed 2026-03-27.
0001213900-26-035486
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.
57 unchanged; 1 reworded; 5 added; 6 removed; 0 previous and 1 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
Effective May 28, 2024, the creation and redemption of new Baskets for the Trust typically will be settled on a “T+1” basis (i.e., one business day after the trade date), unless the Trust and Authorized Participant agree to a different settlement date. However, the Trust reserves the right to settle such transactions on a basis other than T+1 effective May 28, 2024, including in order to accommodate the non-U.S. market holiday schedules, and closures and settlement cycles. Further, an Authorized Participant and the Trust may agree in advance of order acceptance to a different settlement cycle than the standard securities transaction settlement cycle of one business day if the allocation or de-allocation, as the case may be, of Trust’s bullion would be expected to be delayed and prevent a one business day settlement cycle for the order.
Current report
NAV per Share increased 72.38% from $27.01 on January 31, 2025 to $46.56 on January 31, 2026. 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 $4,831,111 for the year, or 0.17% of the Trust’s net assets on an annualized basis.
Current report
The NAV per Share of $51.93 on January 29, 2026 was the highest during the year, compared with a low of $27.17 on February 3, 2025.
Current report
Net increase in net assets resulting from operations for the year ended January 31, 2026 was $1,092,864,123, resulting from a net realized gain of $12,284,110 from gold bullion distributed for redemptions and an increase in unrealized appreciation on gold of $1,085,411,124 offset by the Sponsor’s Fee of $4,831,111. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended January 31, 2026.
Current report
For the calendar year ended December 31, 2024, the Marketing Agent earned a fee of $630,549. For the calendar year ended December 31, 2025, the Marketing Agent earned a fee of $1,353,338. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2025 are $3,020,215, which at that time represented 2.01% of the Maximum Fee potentially payable to the Marketing Agent pursuant to the Marketing Agent Agreement.
Removed paragraphs (6)
Previous report
On March 22, 2017, the Securities and Exchange Commission adopted an amendment to reduce by one business day the standard settlement cycle for most broker-dealer securities transactions. Prior to the implementation of the shorter settlement cycle, the standard settlement cycle for such transactions was three business days, known as T+3. The amended rule shortens the settlement cycle to two business days, or T+2. This change in the settlement cycle affects both the creation and redemption procedures for Baskets and trading in the shares. Compliance with the new settlement cycle went into effect on September 5, 2017.
Previous report
The Trust’s NAV increased from $586,245,772 on January 31, 2022 to $656,592,798 on January 31, 2023, a 12% 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 33,599,843 Shares issued and outstanding on January 31, 2022 to 35,203,259 Shares issued and outstanding on January 31, 2023.
Previous report
NAV per Share increased 6.88% from $17.45 on January 31, 2022 to $18.65 on January 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 Fee, which was $1,557,794 for the year, or 0.24% of the Trust’s net assets on an annualized basis.
Previous report
The NAV per Share of $19.81 on March 8, 2022 was the highest during the year, compared with a low of $15.80 on November 3, 2022.
Previous report
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.
Previous report
For the calendar year ended December 31, 2021, the Marketing Agent earned a fee of $233,426. For the calendar year ended December 31, 2022, the Marketing Agent earned a fee of $322,287. The total fees earned by the Marketing Agent since the initiation of the Marketing Agent’s efforts through December 31, 2022 are $737,557, which at that time represented 0.97% 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 (1)
Previous wording
Due to the fact that the aforementioned creation and redemption procedures are addressed in the Authorized Participant Agreements by among the Authorized Participants, the Trustee and the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new T+2 settlement cycle and executed First Amendments to each of the Authorized Participant Agreements, effective as of September 5, 2017, and provided timely notice of such amendment to the Authorized Participants. Except for the foregoing amendments, the Authorized Participant Agreements remain in full force and effect on their existing terms.
Current wording
Due to the fact that the aforementioned creation and redemption procedures are addressed in the Authorized Participant Agreements by among the Authorized Participants, the Trustee and the Sponsor, the Trustee and the Sponsor exercised their rights to amend each such agreement to address the new T+1 settlement cycle and executed Second Amendments to each of the Authorized Participant Agreements, effective as of May 28, 2024, and provided timely notice of such amendment to the Authorized Participants. Except for the foregoing amendments, the Authorized Participant Agreements remain in full force and effect on their existing terms.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Trust’s NAV increased from $1,314,597,389 on January 31, 2025 to $2,903,285,926 on January 31, 2026, a 120.85% 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 48,664,686 Shares issued and outstanding on January 31, 2025 to 62,358,853 Shares issued and outstanding on January 31, 2026.