VanEck Merk Gold ETF

Previous wording

For any calculation day t, the Solactive Index (Indext), is determined in accordance with the following formula:

Current wording

For any calculation dayt, the Solactive Index (Indext), is determined in accordance with the following formula:

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.

Previous wording

The Trust is a trust formed on May 6, 2014 under New York law pursuant to the Trust Agreement. After consideration of Financial Accounting Standards Topic 946, however, the Sponsor has concluded that for financial statement reporting purposes 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, the Sponsor believes the Trust’s 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 a trust formed on May 6, 2014 under New York law pursuant to the Trust Agreement. The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies, and has concluded that solely for reporting purposes (and not for any other purpose), the Trust is classified as an Investment Company (as defined in ASC 946). The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. 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

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.

Current wording

The Trust’s NAV decreased from $2,903,285,926 on January 31, 2026 to $2,825,460,914 on April 30, 2026, a 2.68% decrease, compared to a 26.44% increase from $1,314,597,389 on January 31, 2025 to $1,662,219,685 on April 30, 2025. The decrease in the Trust’s NAV in the quarter ended April 30, 2026 resulted from a decrease in the value of investments in gold bullion as compared to the prior period. The number of outstanding Shares increased from 62,358,853 Shares on January 31, 2026 to 63,638,566 Shares on April 30, 2026 due to the creation of Shares by Authorized Participants and the creation of 38,673 Shares in the quarter for Sponsor’s fees, as compared to 29,998 Shares for such purpose in the quarter ended April 30, 2025. The number of outstanding Shares on April 30, 2025 was 52,339,392. 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 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.

Current wording

The Trust’s NAV per Share decreased 4.64% during the quarter ended April 30, 2026, starting at $46.56 per Share and ending at $44.40 per Share, compared to an increase of 17.59%, from $27.01 to $31.76 during the quarter ended April 30, 2025. 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 38,673 Shares in total for the quarter ended April 30, 2026, compared with 29,998 Shares paid as Sponsor’s fees in the quarter ended April 30, 2025. The NAV per share of $51.34 on March 02, 2026 was the highest during the quarter, compared with a low of $41.97 on March 26, 2026.

Previous 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.

Current wording

The change in net assets from operations for the quarter ended April 30, 2026 was $(139,314,789), resulting from the Sponsor’s fees of $(1,799,698), a net realized gain of $11,959,629 from gold bullion distributed for redemptions, and a net change in unrealized depreciation on investment in gold bullion of $(149,474,720). In comparison, 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.

Previous 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.

Current wording

For the calendar quarter ended March 31, 2026, the Marketing Agent earned a fee of $537,257; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $3,557,472 in Fees has been paid, representing 2.08% 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.