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, 2025 January 31, 2025 (unaudited) Assets Investments in gold bullion (cost $ 1,098,431,123 and $ 880,891,128 , respectively) $ 1,763,218,236 $ 1,314,597,403 Capital shares receivable 374,858 13,758,562 Total Assets $ 1,763,593,094 $ 1,328,355,965 Liabilities Gold Bullion payable - 13,506,499 Sponsor’s fee payable 374,868 252,077 Total liabilities 374,868 13,758,576 Net assets $ 1,763,218,226 $ 1,314,597,389 Net assets consists of: Paid-in-capital $ 1,093,847,527 $ 878,374,184 Accumulated earnings 669,370,699 436,223,205 $ 1,763,218,226 $ 1,314,597,389 Shares issued and outstanding ( no par value) 55,607,168 48,664,686 Net asset value per share $ 31.71 $ 27.01 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, 2025 For the Three Months Ended July 31, 2024 For the Six Months Ended July 31, 2025 For the Six Months Ended July 31, 2024 (unaudited) (unaudited) (unaudited) (unaudited) Expenses Sponsor’s fees $ 1,079,987 $ 606,009 $ 1,973,954 $ 1,122,402 Total expenses 1,079,987 606,009 1,973,954 1,122,402 Net investment loss ( 1,079,987 ) ( 606,009 ) ( 1,973,954 ) ( 1,122,402 ) Net realized and unrealized gain (loss) Net realized gain from gold bullion distributed for redemptions 816,815 133,437 4,040,610 196,116 Net change in unrealized appreciation (depreciation) on investment in gold bullion ( 4,550,044 ) 64,214,008 231,080,838 162,164,691 Net realized and unrealized gain (loss) from operations ( 3,733,229 ) 64,347,445 235,121,448 162,360,807 Net increase (decrease) in net assets resulting from operations $ ( 4,813,216 ) $ 63,741,436 $ 233,147,494 $ 161,238,405 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, 2025 For the Three Months Ended July 31, 2024 For the Six Months Ended July 31, 2025 For the Six Months Ended July 31, 2024 (unaudited) (unaudited) (unaudited) (unaudited) Net assets, beginning of period $ 1,662,219,685 $ 904,160,052 $ 1,314,597,389 $