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VanEck Merk Gold ETF (OUNZ-0.70%) has submitted its 10-K filing for the fiscal year ended January 31, 2025.
The filing details the Trust's primary objective to provide investors with an opportunity to invest in gold through shares and take delivery of physical gold in exchange for their shares. The secondary objective is for the shares to reflect the performance of the price of gold less the expenses of the Trust's operations.
The Trust's net asset value (NAV) increased from $780,184,347 on January 31, 2024, to $1,314,597,389 on January 31, 2025, marking a 68.50% increase for the fiscal year. This increase was primarily due to the appreciation of gold prices.
The NAV per share rose by 37.18% from $19.69 on January 31, 2024, to $27.01 on January 31, 2025. The increase in NAV per share was slightly less than the increase in the price per ounce of gold due to the Sponsor's Fee, which was $2,578,699 for the year.
During the fiscal year, the Trust issued 9,407,625 new shares and redeemed 368,969 shares. The total number of shares outstanding as of January 31, 2025, was 48,664,686.
The Trust's only ordinary recurring expense is the Sponsor's Fee, which is 0.25% of the NAV. The Sponsor's Fee for the year ended January 31, 2025, was $2,578,699.
The Trust's gold holdings increased from 383,204 ounces on January 31, 2024, to 469,450 ounces on January 31, 2025. The value of these holdings increased from $780,184,353 to $1,314,597,403 over the same period.
The filing also notes that the Trust changed its pricing index to the Solactive Gold Spot Index as of August 7, 2023, for determining the value of its gold holdings.
The Trust is not actively managed and does not engage in any activities designed to obtain a profit from changes in the price of gold. It is not registered as an investment company under the Investment Company Act of 1940 and is not subject to regulation as a commodity pool operator or a commodity trading advisor.
The report includes a comprehensive overview of the gold market, including demand and supply factors, and the impact of geopolitical events on gold prices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VanEck Merk Gold ETF annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.