Recent developments include the initiation of options trading on OUNZ shares and continued market interest in gold ETFs amid fluctuating gold prices.

• Options trading for OUNZ shares began on September 18, 2026, providing investors with additional trading instruments [N2].
• Market commentary highlights gold ETFs, including OUNZ, as attractive investment vehicles amid market volatility and gold price movements [N3][N4].
• The Trust's shares have experienced notable trading activity and price movements, with options trading weeks reported in late 2025 and early 2026 [N5][N7][N8].

The Trust offers investors a direct and cost-efficient way to gain exposure to physical gold, which is widely regarded as a store of value and portfolio diversifier. Its ability to facilitate physical gold delivery provides a unique feature compared to derivative-based gold products. The Trust's listing on NYSE Arca and accessibility through brokerage accounts enhance investor access. Recent market interest in gold ETFs and options trading on OUNZ shares indicate active investor engagement and liquidity.

The Trust's performance is inherently tied to the price of gold, which can be volatile and influenced by macroeconomic factors. The Trust incurs operational expenses and fees that reduce returns relative to holding physical gold directly. The net loss reported in the latest quarter reflects operational costs and market conditions. Risks include potential changes in gold market dynamics, regulatory changes, and operational risks related to custody and physical gold delivery. The Trust does not engage in active management or hedging, which may limit its ability to mitigate adverse market movements.

The Trust's moat lies in its direct physical gold backing, providing investors with a cost-efficient and transparent mechanism to invest in gold without derivative exposure. Its structure allows for physical gold delivery, differentiating it from many gold ETFs that rely on derivatives. The Trust's administration by a reputable Trustee and Custodian, along with its listing on a major exchange, supports investor confidence and liquidity. The Sponsor's assumption of administrative expenses and fee structure further supports operational efficiency. The Trust's established relationships with Authorized Participants and precious metals dealers facilitate creation, redemption, and physical gold delivery processes, reinforcing its market position.

• Gold Price Volatility: The Trust's value is directly linked to gold prices, which can be volatile due to economic, political, and market factors.
• Operational Risks: Risks related to custody, storage, and physical delivery of gold, including potential delays or costs associated with these processes.
• Regulatory Risks: Changes in regulations affecting ETFs, commodities, or securities markets could impact the Trust's operations or investor access.
• Liquidity Risks: While shares trade on a major exchange, market liquidity can vary, potentially affecting trading spreads and execution.

• VanEck Merk Gold ETF is an investment trust formed under New York State law, originally established in 2014 and renamed to its current name in 2024 [S1].
• The Trust's primary objective is to provide investors exposure to gold through shares that represent fractional undivided beneficial interests in the Trust's net assets, which consist solely of physical gold bullion [S1].
• Shares are issued and redeemed in blocks called 'Baskets' of 50,000 shares, exchanged for gold with Authorized Participants who are registered broker-dealers or securities market participants [S1].
• The Trust holds allocated gold bars (London Bars and other specified bars and coins) with minimum purity standards, and up to 430 Fine Ounces of unallocated gold [S1].
• Investors can take delivery of physical gold by submitting a Delivery Application and paying applicable fees; the Trust facilitates delivery of physical gold matching the shares surrendered [S1].
• Shares trade on NYSE Arca under the ticker 'OUNZ' and are accessible through traditional brokerage accounts [S1].
• The Trust is not actively managed, does not engage in profit-seeking activities beyond reflecting gold price performance less expenses, and is not registered as an investment company under the Investment Company Act of 1940 [S1].
• The Sponsor charges a fee of 0.25% of the NAV, paid in shares, and assumes most administrative and marketing expenses [S1].
• The Trustee is The Bank of New York Mellon, responsible for administration, valuation, and coordination of gold custody and transactions [S1].
• The Trust's net income for the quarter ended April 30, 2026, was a loss of $139,314,789 USD, as disclosed in the latest 10-Q filing [S2].
• There have been no material changes in risk factors since the last annual report filed March 27, 2026 [S2].
• The Trust's shares provide a cost-efficient mechanism for gold investment, differing from derivative-based gold products by holding physical gold [S1].
• The Trust's assets and NAV are valued daily based on the price of gold and the fine ounce content of gold held [S1].
• The Trust's gold holdings are stored with a Custodian in London vaults, with regular reporting and audits [S1].
• Recent news includes the start of options trading on OUNZ shares and coverage of gold ETFs' performance and market interest [N2][N3][N4][N5][N7][N8].