The VanEck Merk Gold ETF reported significant financial growth in its latest quarterly filing, with net assets increasing to $1.24 billion as of October 31, 2024, up from $780.2 million at the end of the previous fiscal period. This represents a 59.16% increase over the nine months ending October 31, 2024, compared to a 13.1% increase during the same period in 2023. The net asset value (NAV) per share also saw a substantial rise, climbing to $26.51 from $19.69, marking a 34.64% increase for the nine-month period.
The Trust's operational metrics reflect a robust increase in share issuance, with outstanding shares rising from 39.6 million at the end of January 2024 to 46.8 million by October 31, 2024. This growth was driven by the creation of shares by Authorized Participants, which totaled approximately 7.3 million shares during the quarter. The increase in NAV was primarily attributed to a significant rise in the value of gold bullion investments, which appreciated from $780.2 million to $1.24 billion over the same period.
In terms of expenses, the Trust reported a total of $1.82 million for the nine months ended October 31, 2024, compared to $1.32 million for the same period in 2023. The increase in expenses was largely due to higher sponsor fees, which are calculated at an annualized rate of 0.25% of the Trust's NAV. The net investment loss for the nine-month period was $1.82 million, consistent with the previous year.
Strategically, the Trust has undergone a name change from the VanEck Merk Gold Trust to the VanEck Merk Gold ETF as of August 30, 2024, reflecting its evolution and positioning in the market. The Trust continues to focus on providing investors with exposure to gold through shares that can be redeemed for physical gold bullion. The management remains optimistic about future performance, citing favorable market conditions for gold and a strong demand for its shares.
Looking ahead, the Trust's management anticipates continued growth in net assets and share issuance, driven by ongoing interest in gold as a safe-haven investment. However, they caution that actual results may differ due to various market conditions and economic factors that could impact gold prices and investor sentiment. The Trust's performance will be closely monitored as it navigates these dynamics in the coming quarters.
About VanEck Merk Gold Trust
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