VanEck Merk Gold ETF 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements (Unaudited) VanEck Merk Gold ETF Statements of Assets and Liabilities April 30, 2026 January 31, 2026 (unaudited) Assets Investments in gold bullion (cost $ 1,455,818,249 and $ 1,384,168,533 , respectively) $ 2,825,460,928 $ 2,903,285,932 Gold Bullion sold receivable - 108,022 Total assets $ 2,825,460,928 $ 2,903,393,954 Liabilities Capital shares payable - 108,022 Sponsor’s fee payable 14 6 Total liabilities 14 108,028 Net assets $ 2,825,460,914 $ 2,903,285,926 Net assets consists of: Paid-in-capital $ 1,435,688,375 $ 1,374,198,598 Accumulated earnings 1,389,772,539 1,529,087,328 $ 2,825,460,914 $ 2,903,285,926 Shares issued and outstanding ( no par value) 63,638,566 62,358,853 Net asset value per share $ 44.40 $ 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 April 30, 2026 For the Three Months Ended April 30, 2025 (unaudited) (unaudited) Expenses Sponsor’s fees $ 1,799,698 $ 893,967 Total expenses 1,799,698 893,967 Net investment loss ( 1,799,698 ) ( 893,967 ) Net realized and unrealized gain (loss) Net realized gain from gold bullion distributed for redemptions 11,959,629 3,223,795 Net change in unrealized appreciation (depreciation) on investment in gold bullion ( 149,474,720 ) 235,630,882 Net realized and unrealized gain (loss) from operations ( 137,515,091 ) 238,854,677 Net increase (decrease) in net assets resulting from operations $ ( 139,314,789 ) $ 237,960,710 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 April 30, 2026 For the Three Months Ended April 30, 2025 (unaudited) (unaudited) Net assets, beginning of period $ 2,903,285,926 $ 1,314,597,389 Creations 83,854,081 118,514,599 Redemptions ( 22,364,304 ) ( 8,853,013 ) Net investment loss ( 1,799,698 ) ( 893,967 ) Net realized gain (loss) from gold bullion distributed for redemptions 11,959,629 3,223,795 Net change in unrealized appreciation (depreciation) on investment in gold bullion ( 149,474,720 ) 235,630,882 Net assets, end of period $ 2,825,460,914 $ 1,662,219,685 See