VanEck Merk Gold ETF 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements (Unaudited) VanEck Merk Gold ETF Statements of Assets and Liabilities July 31, 2026 January 31, 2026 (unaudited) Assets Investments in gold bullion (cost $ 1,526,668,169 and $ 1,384,168,533 , respectively) $ 2,537,708,326 $ 2,903,285,932 Gold Bullion sold receivable – 108,022 Total Assets $ 2,537,708,326 $ 2,903,393,954 Liabilities Capital shares payable - 108,022 Sponsor’s fee payable 35 6 Total liabilities 35 108,028 Net assets $ 2,537,708,291 $ 2,903,285,926 Net assets consists of: Paid-in-capital $ 1,500,304,899 $ 1,374,198,598 Accumulated earnings 1,037,403,392 1,529,087,328 $ 2,537,708,291 $ 2,903,285,926 Shares issued and outstanding ( no par value) 65,174,928 62,358,853 Net asset value per share $ 38.94 $ 46.56 See notes to unaudited financial statements. Field: Page; Sequence: 4; Options: NewSection; Value: 1 Field: Sequence; Type: Arabic; Name: PageNo 1 Field: /Sequence Field: /Page VanEck Merk Gold ETF Statements of Operations For the Three Months Ended July 31, 2026 For the Three Months Ended July 31, 2025 For the Six Months Ended July 31, 2026 For the Six Months Ended July 31, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Expenses Sponsor’s fees $ 1,679,188 $ 1,079,987 $ 3,478,886 $ 1,973,954 Total expenses 1,679,188 1,079,987 3,478,886 1,973,954 Net investment loss ( 1,679,188 ) ( 1,079,987 ) ( 3,478,886 ) ( 1,973,954 ) Net realized and unrealized gain (loss) Net realized gain from gold bullion distributed for redemptions 7,912,563 816,815 19,872,192 4,040,610 Net change in unrealized appreciation (depreciation) on investment in gold bullion ( 358,602,522 ) ( 4,550,044 ) ( 508,077,242 ) 231,080,838 Net realized and unrealized gain (loss) from operations ( 350,689,959 ) ( 3,733,229 ) ( 488,205,050 ) 235,121,448 Net increase (decrease) in net assets resulting from operations $ ( 352,369,147 ) $ ( 4,813,216 ) $ ( 491,683,936 ) $ 233,147,494 See notes to unaudited financial statements. Field: Page; Sequence: 5; Value: 1 Field: Sequence; Type: Arabic; Name: PageNo 2 Field: /Sequence Field: /Page VanEck Merk Gold ETF Statements of Changes in Net Assets For the Three Months Ended July 31, 2026 For the Three Months Ended July 31, 2025 For the Six Months Ended July 31, 2026 For the Six Months Ended July 31, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net assets, beginning of period $ 2,825,460,914 $ 1,662,219