VanEck Merk Gold ETF OUNZ
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Mar 28, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
6 paragraphs in Risk Factors of the 10-K filed Mar 27, 2026 with nothing like them in the 10-K filed Mar 28, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
On October 7, 2023, militants from Gaza launched a large-scale attack on Israeli towns, resulting in the deaths of civilians and soldiers and the taking of hostages. In response, Israel declared war on Hamas and initiated military operations targeting Hamas and other militant groups in Gaza. The continuing conflict has led to broader regional instability, military escalation, and the responses of global political actors-including sanctions, diplomatic interventions, and military posturing-which has increased volatility in financial markets and may continue to do so. These developments could adversely affect regional and global economic conditions and contribute to fluctuations in the price of gold and, consequently, the price of the Shares. Additional risks include disruptions to global shipping routes, energy markets, and the broader commodities supply chain, all of which could impact the gold market.
Similarly, the war in Ukraine, which began with Russia’s invasion in February 2022, continues to pose geopolitical and economic risks. In response to the invasion, the London Bullion Market Association (LBMA) suspended the accreditation of six Russian precious metals refiners on March 7, 2022, although bars produced prior to that date remain accepted as good delivery. Further, the United States, United Kingdom, and European Union have imposed restrictions on the import, purchase, and transfer of Russian-origin gold. These measures include:
U.S. regulations prohibiting the import of Russian-origin gold as of June 28, 2022;
U.K. regulations banning the import, acquisition, and delivery of Russian-origin gold after July 21, 2022; and
E.U. regulations prohibiting the import, purchase, or transfer of Russian-origin gold exported after July 22, 2022.
In addition to the risks posed by armed conflict and sanctions, changes in international trade policy, including the imposition of tariffs or other trade barriers, could impact the price of gold and the value of the Shares. The price of gold is subject to fluctuations due to a variety of geopolitical and macroeconomic factors, including changes in trade policy. The imposition of tariffs or other trade barriers by major gold-importing or -exporting countries may disrupt global supply chains, reduce cross-border demand, or increase the cost of gold production. In addition, trade disputes and related policy uncertainty may contribute to increased market volatility, which could affect investor sentiment and the market price of gold. Trade tensions and related policy uncertainty may also lead to currency fluctuations, particularly in the U.S. dollar, which could impact the price of gold as it is typically denominated in U.S. dollars. These developments may positively or negatively impact the price of gold and the value of the Shares.
Paragraphs in the 10-Q filed Sep 8, 2026 that were not in the one before
New in the latest 10-Q
5 paragraphs in the 10-Q filed Sep 8, 2026 with nothing like them in the 10-Q filed Jun 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
The Trustee’s estimation of accrued but unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Trust, and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.
Read in the 10-Q
The Sponsor and the investors may rely on any evaluation or determination of any amount made by the Trustee, and except for any determination by the Sponsor as to the price to be used to evaluate gold, the Sponsor will have no responsibility for the evaluation’s accuracy. The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in, information reasonably available to it. The Trustee will not be liable to the Sponsor, Authorized Participants (as defined below), the investors or any other person for errors in judgment. However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of its duties.
Read in the 10-Q
Item 6
31.1 Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Read in the 10-Q
32.1# Certification by Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Read in the 10-Q
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Sep 8, 2026 against Item 1A of the 10-K filed Mar 27, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:You should carefully consider the factors discussed under the caption “Risk Factors” beginning on page 21 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “Annual Report”), filed with the Securities and Exchange Commission on March 27, 2026, which could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed in the Annual Report.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Mar 27, 2026 that are in none of the 1 earlier 10-Ks stored, back to Mar 28, 2025
Where each one is used
- russian-origin gold: Similarly, the war in Ukraine, which began with Russia’s invasion in February 2022, continues to pose geopolitical and economic risks. In response to the invasion, the London Bullion Market Association (LBMA) suspended the accreditation of six Russian precious metals refiners on March 7, 2022, although bars...
- trade policy: The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the ongoing and escalating conflicts in the Middle East, the continuation of the war in Ukraine, and changes in international trade policy.
- escalating conflicts: The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the ongoing and escalating conflicts in the Middle East, the continuation of the war in Ukraine, and changes in international trade policy.
- international trade: The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the ongoing and escalating conflicts in the Middle East, the continuation of the war in Ukraine, and changes in international trade policy.
- regulations prohibiting: U.S. regulations prohibiting the import of Russian-origin gold as of June 28, 2022;
- trade barriers: In addition to the risks posed by armed conflict and sanctions, changes in international trade policy, including the imposition of tariffs or other trade barriers, could impact the price of gold and the value of the Shares. The price of gold is subject to fluctuations due to a variety of geopolitical and...
- policy uncertainty: In addition to the risks posed by armed conflict and sanctions, changes in international trade policy, including the imposition of tariffs or other trade barriers, could impact the price of gold and the value of the Shares. The price of gold is subject to fluctuations due to a variety of geopolitical and...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
2 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/OUNZ/export.csv") into a cell.