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MERKX Merk Hard Currency Fund

Fund Description

The Merk Hard Currency Fund typically invests in a basket of hard currencies. Hard currencies are currencies backed by sound monetary policy; sound monetary policy focuses on price stability.

Fund Objective

The Merk Hard Currency Fund (MERKX) seeks to profit from a rise in hard currencies versus the U.S. dollar.

Overview

Fund Information

Ticker

MERKX

Expense Ratio

1.32%

Assets

$46.3 million (as of 06/30/22)

Duration

0.57 years

Fund Inception

May 10th, 2005

Load

No-Load Fund

Institutional Shares

Available

Portfolio Managers

Axel Merk
Axel Merk

President & Chief Investment Officer

Investment Management Team

Supported by the Investment Management Team

Below is the Fund's exposure to hard currencies as of June 30, 2022, along with the composition of the U.S. Dollar Index (USDX):

Region Currency MERKX USDX
Europe Euro 14.8% 57.6%
Norwegian Krone 15.7%
Swiss Franc 3.6%
British Pound 3.6% 11.9%
Swedish Krona 10.4% 4.2%
Australasia ex Japan Australian Dollar 18.5%
New Zealand Dollar 11.8%
Singapore Dollar
Japan Japanese Yen 13.6%
North America Canadian Dollar 24.5% 9.1%
US Dollar
Gold Gold 0.8%

The Fund's security holdings as of June 30, 2022 are shown below:

Holding Currency Maturity Percent of Portfolio
ALBERTA PROVINCE 1.60% CAD 9/1/22 5.0%
AUSTRALIAN GOVERNMENT 2.25% AUD 11/21/22 5.8%
CANADIAN TREASURY BILL CAD 7/21/22 4.9%
CITY OF OSLO NORWAY NOK 4/3/24 2.1%
CITY OF OSLO NORWAY NOK 5/24/23 2.2%
EFSF 1.875% EUR 5/23/23 4.4%
KOMMUNINVEST I SVERIGE 0.75% SEK 2/22/23 10.3%
NEW BRUNSWICK PROVINCE 2.85% CAD 6/2/23 4.5%
NEW SOUTH WALES TREASURY CORP 4.00% AUD 4/20/23 2.6%
NEW ZEALAND GOVERNMENT 5.50% NZD 4/15/23 11.3%
NORWEGIAN TREASURY BILL NOK 12/21/22 10.0%
PROVINCE OF BRITISH COLUMBIA 2.70% CAD 12/18/22 4.2%
QUEENSLAND TREASURY CORP 6.00% AUD 7/21/22 4.8%
REPUBLIC OF AUSTRIA 0% EUR 4/20/23 4.5%
SASKATHEWAN PROVINCE 3.20% CAD 6/3/24 4.9%
TREASURY CORP VICTORIA 6.00% AUD 10/17/22 2.6%
U.S. TREASURY USD 7/21/22 6.5%
VANECK MERK GOLD SHARES GOLD 0.8%

The Fund accepts investments in the following minimum amounts:

Minimum Initial Investment Minimum Additional Investment
Standard Accounts $2,500 $100
Traditional and Roth IRA Accounts $1,000 $100

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Currency symbols: AUD Australian dollar; CAD Canadian dollar; CHF Swiss Franc; EUR euro; GBP British pound; JPY Japanese yen; NOK Norwegian krone; NZD New Zealand dollar; SGD Singapore dollar; SEK Swedish krona; USD U.S. dollar

Fund holdings are subject to change without notice.

Currency exposure includes unsettled trades, market or accrued cost value of debt securities held, money market deposit account, capital shares sold, accrued income, as well as effective exposure through currency forward contracts, if applicable. US Dollar, net, includes net other assets and liabilities. All percentages are of total net assets. Top holdings currency exposure is before settlements, if any. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Please also consult with the latest annual or semi-annual report for complete information on assets, liabilities and applicable notes as of the publication date for the respective reports.

The ICE U.S. Dollar Index® (USDX) is a trade-weighted geometric average of the U.S. dollar’s value compared to a basket of six major global currencies (euro, Japanese yen, British pound, Canadian dollar, Swedish krona, Swiss franc) set by the ICE (IntercontinentalExchange) Futures US. It is not possible to invest directly in an index.

As with any mutual fund product, there is no guarantee that the fund will achieve its goals. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase; the Fund is not a substitute for a money market fund. Investors should consider the investment objectives, risks and charges and expenses of the Merk Hard Currency Fund carefully before investing.

The prospectus contains this and other information about the Merk Hard Currency Fund. To obtain a prospectus, please download it now or call (866) MERK FUND. The prospectus should be read carefully before investing.

Merk Hard Currency Fund Disclosure:

The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold Trust's ("Trust") investment objectives, risks, charges and expenses.

Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.

The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location.

Commodities and commodity-index linked securities may be affected by changes in overall market movements and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.

Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the gold held by the Trust (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor’s ongoing expenses, the amount of gold represented by each Share will decline over time. Investing involves risk, and you could lose money on an investment in the Trust. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.

This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.

The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). VanEck and Foreside Fund Services, LLC, provide marketing services to the Trust.

All rights reserved. All trademarks, service marks or registered trademarks are the property of their respective owners.


VanEck Merk Gold Trust Disclosure:

The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold Trust's ("Trust") investment objectives, risks, charges and expenses.

Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.

The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location.

Commodities and commodity-index linked securities may be affected by changes in overall market movements and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.

Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the gold held by the Trust (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor’s ongoing expenses, the amount of gold represented by each Share will decline over time. Investing involves risk, and you could lose money on an investment in the Trust. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.

This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.

The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). VanEck and Foreside Fund Services, LLC, provide marketing services to the Trust.

All rights reserved. All trademarks, service marks or registered trademarks are the property of their respective owners.

This internet site is not an offer to sell or a solicitation of an offer to buy shares of the Funds to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Furthermore, this site contains links to third party websites on the internet. The inclusion of such links on the site are not endorsement by the Funds, implied or otherwise, of the linked site or any products or services in such sites, and no information in such site has been endorsed or approved by the Funds.

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