The VanEck Merk Gold ETF reported significant financial growth in its latest quarterly filing, with net assets increasing to $1.66 billion as of April 30, 2025, up from $1.31 billion at the end of January 2025. This represents a 26.44% increase in net assets, compared to a 15.89% increase during the same period in the previous year. The Trust's net asset value (NAV) per share also saw a substantial rise, climbing from $27.01 to $31.76, marking a 17.59% increase, which outpaced the previous year's growth of 12.44%.
The Trust's operational performance was bolstered by a notable increase in the value of its gold bullion investments, which rose to $1.66 billion from $1.31 billion. The number of shares outstanding also grew, with 52,339,392 shares issued by the end of the quarter, compared to 48,664,686 shares at the end of January 2025. This increase was attributed to the creation of shares by Authorized Participants, as well as the issuance of shares for the Sponsor's fees, which totaled 29,998 shares for the quarter, up from 24,407 shares in the same quarter last year.
In terms of operational metrics, the Trust reported a net investment loss of $893,967 for the quarter, which was consistent with the previous year's loss of $516,393. However, the Trust experienced a net realized gain from gold bullion distributed for redemptions of $3.22 million, a significant increase from $62,679 in the prior year. Additionally, the net change in unrealized appreciation on investments in gold bullion was $235.63 million, compared to $97.95 million in the same quarter of 2024.
The filing also highlighted strategic developments, including a change in the pricing index used to value the Trust's gold holdings from the LBMA Gold Price to the Solactive Gold Spot Index. This change, effective August 7, 2023, aims to enhance the accuracy of gold pricing for the Trust's shares. The Trust continues to operate under a fee structure where the Sponsor's fee is set at an annualized rate of 0.25% of the Trust's NAV, which has been in effect since July 2020.
Looking ahead, the Trust's management remains optimistic about its performance, citing favorable market conditions for gold and the potential for continued growth in net assets. However, they caution that actual results may differ due to various risks and uncertainties, including fluctuations in gold prices and changes in market conditions. The Trust's focus on maintaining a strong investment in gold bullion positions it well for future opportunities in the gold market.
About VanEck Merk Gold ETF
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