VanEck Merk Gold ETF 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements (Unaudited) VanEck Merk Gold ETF Statements of Assets and Liabilities October 31, 2025 January 31, 2025 (unaudited) Assets Investments in gold bullion (cost $ 1,235,707,242 and $ 880,891,128 , respectively) $ 2,282,329,687 $ 1,314,597,403 Capital shares receivable 489,161 13,758,562 Total assets 2,282,818,848 1,328,355,965 Liabilities Gold Bullion payable - 13,506,499 Sponsor’s fee payable 489,190 252,077 Total liabilities 489,190 13,758,576 Net assets $ 2,282,329,658 $ 1,314,597,389 Net assets consists of: Paid-in-capital $ 1,224,998,741 $ 878,374,184 Accumulated earnings 1,057,330,917 436,223,205 Net Assets $ 2,282,329,658 $ 1,314,597,389 Shares issued and outstanding ( no par value) 59,260,422 48,664,686 Net asset value per share $ 38.51 $ 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 October 31, 2025 For the Three Months Ended October 31, 2024 For the Nine Months Ended October 31, 2025 For the Nine Months Ended October 31, 2024 (unaudited) (unaudited) (unaudited) (unaudited) Expenses Sponsor’s fees $ 1,280,422 $ 695,993 $ 3,254,376 $ 1,818,395 Total expenses 1,280,422 695,993 3,254,376 1,818,395 Net investment loss ( 1,280,422 ) ( 695,993 ) ( 3,254,376 ) ( 1,818,395 ) Net realized and unrealized gain (loss) Net realized gain from gold bullion distributed for redemptions 7,405,308 216,650 11,445,918 412,766 Net change in unrealized appreciation (depreciation) on investment in gold bullion 381,835,332 128,338,192 612,916,170 290,502,883 Net realized and unrealized gain (loss) from operations 389,240,640 128,554,842 624,362,088 290,915,649 Net increase (decrease) in net assets resulting from operations $ 387,960,218 $ 127,858,849 $ 621,107,712 $ 289,097,254 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 October 31, 2025 For the Three Months Ended October 31, 2024 For the Nine Months Ended October 31, 2025 For the Nine Months Ended October 31, 2024 (unaudited) (unaudited) (unaudited) (unaudited) Net assets, beginning of period $ 1,763