VanEck Merk Gold ETF
For the period ended Jul 31, 2026. Filed Sep 8, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Sep 8, 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-Q
Period ended 2026-04-30; filed 2026-06-04.
0001213900-26-065148
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-31; filed 2026-09-08.
0001213900-26-097973
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.
50 unchanged; 5 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, 2026 Compared to the Six Months Ended July 31, 2025
Reworded paragraphs (5)
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
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.
Current wording
The Trust’s NAV decreased from $2,825,460,914 at April 30, 2026 to $2,537,708,291 at July 31, 2026, a 10.18% decrease, compared to a 6.08% increase from $1,662,219,685 at April 30, 2025 to $1,763,218,226 at July 31, 2025. The decrease in the Trust’s NAV in the quarter ended July 31, 2026 resulted from a decrease in the value of investments in gold bullion. The number of outstanding Shares increased from 63,638,566 Shares at April 30, 2026 to 65,174,928 Shares at July 31, 2026 due to the creation of Shares by Authorized Participants and the creation of 41,566 Shares in the quarter for Sponsor’s fees, as compared to 33,986 Shares for such purpose in the quarter ended July 31, 2025. The number of outstanding Shares on July 31, 2025 was 55,607,168. 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 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.
Current wording
The Trust’s NAV per Share decreased 12.30% during the quarter ended July 31, 2026, starting at $44.40 per Share and ending at $38.94 per Share, compared to a decrease of 0.16%, from $31.76 to $31.71 during the quarter ended July 31, 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 41,566 Shares in total for the quarter ended July 31, 2026, compared with 33,986 Shares paid as Sponsor’s fees in the quarter ended July 31, 2025. The NAV per share of $45.53 on May 11, 2026 was the highest during the quarter, compared with a low of $38.24 on July 16, 2026.
Previous 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.
Current wording
The change in net assets from operations for the quarter ended July 31, 2026 was $(352,369,147), resulting from the Sponsor’s fees of $(1,679,188), a net realized gain of $7,912,563 from gold bullion distributed for redemptions, and a net change in unrealized depreciation on investment in gold bullion of $(358,602,522). In comparison, 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).
Previous 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.
Current wording
For the calendar quarter ended June 30, 2026, the Marketing Agent earned a fee of $629,901; since the initiation of the Marketing Agent’s efforts on behalf of the Trust on October 22, 2015, a total of $4,187,373 in Fees has been paid, representing 2.3% 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 decreased from $2,903,285,926 at January 31, 2026 to $2,537,708,291 at July 31, 2026, a 12.59% decrease, compared to a 34.13% increase from $1,314,597,389 at January 31, 2025 to $1,763,218,226 at July 31, 2025. The decrease in the Trust’s NAV in the six months ended July 31, 2026 resulted from a decrease in the value of investments in gold bullion. The number of outstanding Shares increased from 62,358,853 Shares at January 31, 2026 to 65,174,928 Shares at July 31, 2026 due to the redemption of 964,164 Shares offset by the creation of 3,780,239 Shares which include 80,239 Shares created for Sponsor’s fees in the six months ended July 31, 2026, as compared to 371,502 Shares redeemed, offset by 7,313,984 shares created which include 63,984 Shares created for Sponsor’s fees in the six months ended July 31, 2025. The number of outstanding Shares on July 31, 2025 was 55,607,168. 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 decreased approximately 16.37% during the six months ended July 31, 2026, starting at $46.56 per Share and ending at $38.94 per Share, compared to an increase of 17.40%, from $27.01 to $31.71 during the six months ended July 31, 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 80,239 Shares in total for the six months ended July 31, 2026, compared with 63,984 Shares paid as Sponsor’s fees in the six months ended July 31, 2025. The NAV per share of $51.34 on March 2, 2026 was the highest during the six months ended July 31, 2026, compared with a low of $38.24 on July 16, 2026.
Current report — wording carried from elsewhere
The change in net assets from operations for the six months ended July 31, 2026 was $(491,683,936), resulting from the Sponsor’s fees of $(3,478,886), a net realized gain of $19,872,192 from gold bullion distributed for redemptions and a net change in unrealized depreciation on investment in gold bullion of $(508,077,242). In comparison, 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.
Current report — wording carried from elsewhere
Other than the Sponsor’s fee, the Trust had no expenses during the six months ended July 31, 2026 or the six months ended July 31, 2025.