OUNZ VanEck Merk Gold Trust

Free Writing Prospectus

VanEck Merk Gold Trust

2022-04-14 Quarterly Webinar

0001546652 

Pursuant to 433/164

333-238022

 

Merk Outlook Webinar • Outlook on the Markets & Economy • US dollar, Gold, and the Fed • Merk Funds www.merkinvestments.com © 2022 Merk Investments®

OUNZ must be preceded or accompanied by the prospectus . Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses . This and other information is in the prospectus, a copy of which is available at www . merkgold . com/prospectus . Please read the prospectus carefully before you invest . 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 . 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 . 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 considerable time depending on your location . For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus . The sponsor of the Trust is Merk Investments LLC (the “Sponsor”) . VanEck and Foreside Fund Services, LLC, provide marketing services to the Trust . VanEck Merk Gold Trust (“OUNZ”) Disclosure www.merkinvestments.com 2 © 2022 Merk Investments®

10y - 2y Yield Curve 10y - 3m Yield Curve USRINDEX Index (U.S. Recession Indicator... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 14 : 39 : 14 1 Source: © Merk Investments, Bloomberg The yield curve is the difference between a longer - maturity interest rate and a shorter - maturity interest rate. Yield Curve 10y - 2y Yield Curve (grey) and 10y - 3m Yield Curve (black) www.merkinvestments.com 3 © 2022 Merk Investments®

FF12 Comdty (Generic 12th 'FF' Future) FF24 Comdty (Generic 24th 'FF'Future) FDTRMID Index (Federal Funds Target Rate... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 14 : 41 : 14 1 Source: © Merk Investments, Bloomberg Fed Funds Futures contract: Fed funds futures are financial contracts that represent the market opinion of where the daily official federal funds rate will be at the time of the contract expiry. Market Expectations of Fed Funds Rate in 1 and 2 Years What’s Priced - in based on the +1 - year and +2 - year Fed Funds Futures Contract www.merkinvestments.com 4 © 2022 Merk Investments®

CPI INDX Index (US CPI Urban Consumers S... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 14 : 46 : 14 1 U.S. Consumer Price Index CPI Index (black) and Log - scale Regression Line +/ - 1 & 2 Standard Deviations Source: © Merk Investments, Bloomberg US CPI Urban Consumers NSA is a measure of the average change in the prices paid by urban consumers for a fixed market basket of goods and services; “NSA” refers to non - seasonally adjusted. YoY is the Year - over - Year percentage change. www.merkinvestments.com 5 © 2022 Merk Investments®

CPI CHNG Index (US CPI Urban Consumers M... .ZEROM U Index (Zero Line Monthly) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 14 : 44 : 14 5 Source: © Merk Investments, Bloomberg US CPI Urban Consumers NSA is a measure of the average change in the prices paid by urban consumers for a fixed market basket of goods and services; “NSA” refers to non - seasonally adjusted. YoY is the Year - over - Year percentage change. Consumer Price Index (CPI) Month - over - Month CPI MoM Rate of Change www.merkinvestments.com 6 © 2022 Merk Investments®

KCLSNSAD Index (Kansas City Fed Monthly ... OUTFDTF Index (Business Outlook Survey D... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 14 : 49 : 14 1 Source: © Merk Investments, Bloomberg Supply Bottlenecks Delivery Lag Time Survey Indexes www.merkinvestments.com 7 © 2022 Merk Investments®

CPI XYOY Index (US CPI Urban Consumers L... CPEXEMUY Index (Eurostat Eurozone Core M... UKHCA9IQ Index (UK CPI Ex Energy Food Al... JCPNEFFE Index (Japan Nationwide CPI ex ... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 06 : 15 1 Source: © Merk Investments, Bloomberg The breakeven inflation rate is a market - based measure of expected inflation. It is the difference between the yield of a nominal bond and an inflation - linked bond of the same maturity. G4 Inflation Rates G4 (US, Eurozone, Japan, UK) Core CPI YoY Rates of Inflation www.merkinvestments.com 8 © 2022 Merk Investments®

JOLTTOTL Index (US Job Openings By Indus... USUETOT Index (US Unemployment Unemploye... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 01 / 2022 11 : 51 : 11 25 Source: © Merk Investments, Bloomberg Job Openings vs Job Seekers Job Opening (black) and Job Seekers (grey) www.merkinvestments.com 9 © 2022 Merk Investments®

S&P GSCI Total Return CME / S&P 500 Inde... .ZEROM U Index (Zero Line Monthly) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 06 / 2022 11 : 04 : 11 2 Commodities vs. Stocks Commodity Index / S&P 500 Index with Regression Line and +/ - 1 & 2 Standard Deviations www.merkinvestments.com 10 © 2022 Merk Investments® Source: © Merk Investments, Bloomberg A regression line summarizes how well the proposed model actually fits the sample data obtained. The standard deviation is a statistic that measures the dispersion of a dataset relative to its mean.

Oil Relative to its 5 - year Moving Averag... Oil Relative to its 5 - year Moving Averag... USRINDEX Index (U.S. Recession Indicator... This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 05 / 2022 08 : 54 : 08 1 Source: © Merk Investments, Bloomberg Oil doubles from its 5yr MA OPEC Embargo (1973) Iranian Revolution (1979) Iraq Invades Kuwait (1990) Russia Invades Ukraine (2022) www.merkinvestments.com 11 © 2022 Merk Investments® Oil Price Shocks Oil Price Relative to its 5 - Year Moving Average (black) and US Recessions (blue)

SPX Index (S&P 500 INDEX) USGGBE10 Index (US Breakeven 10 Year) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 06 / 2022 15 : 01 : 15 6 S&P 500 Forward P/E Ratio and Inflation Expectations S&P 500 Index Forward Price/Earnings Ratio (black) and 10 - year Inflation Expectations (inverted in grey) www.merkinvestments.com 12 © 2022 Merk Investments® Source: © Merk Investments, Bloomberg Forward P/E: A variation of the price - to earnings ratio (P/E ratio) which is based on a prediction of a company’s future earnings. The breakeven inflation rate is a market - based measure of expected inflation. It is the difference between the yield of a nominal bond and an inflation - linked bond of the same maturity.

USSWIT1 Curncy (USD INFL SWAP ZC 1Y) .5Y1YCPI U Index (5y1y CPI) .1Y1YCPI U Index (1y1y CPI) .2Y1YCPI U Index (2y1y CPI) .3Y1YCPI U Index (3y1y CPI) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 15 : 15 2 Inflation Expectations CPI Inflation Rates Priced by Inflation Swap Contracts Source: © Merk Investments, Bloomberg Inflation swap contract : a derivative used to transfer inflation risk from one party to another through an exchange of cash flows . In a zero coupon inflation swap, only one payment is done at maturity where one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index . 1 y CPI : market - based 1 year forward CPI inflation expectations ; 1 y 1 y : inflation expectation for the year starting in a year ; 2 y 1 y : inflation expectations for the year starting in 2 years ; 3 y 1 y : : inflation expectations for the year starting in 3 years ; 5 y 1 y : inflation expectations for the year starting in 5 years www.merkinvestments.com 13 © 2022 Merk Investments®

DXY Curncy (DOLLAR INDEX SPOT) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 19 : 15 1 U.S. Dollar Index U.S. Dollar Index (“DXY”) On 1/1/1999, the euro was adopted. On 8 / 15 / 1971 , the U . S . unilaterally terminated convertibility of the U . S . dollar into gold, effectively ending the Bretton Woods System . Index Weights EUR: 57.6% JPY: 13.6% GBP: 11.9% CAD: 9.1% SEK: 4.2% CHF: 3.6% The weights for the euro prior to 1999 were as follows (based on the relative size of international trade for the original 11 members) : Germany (mark): 33.1% France (franc): 19.7% Italy (lira): 14.8% Belgium/Luxembourg (franc): 9.2% Netherlands (guilder): 8.2% Spain (peseta): 6.7% Austria (schilling): 4.4% Finland (markka): 1.5% Portugal (escudo): 1.3% Ireland (pound): 1.1% Source: © Merk Investments, Bloomberg The weights are roughly based on the relative sizes of the various economies. www.merkinvestments.com 14 © 2022 Merk Investments®

DXY Curncy (DOLLAR INDEX SPOT) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 19 : 15 3 U.S. Dollar Index U.S. Dollar Index (“DXY”) with Log scale trend channel “I tend to be bearish on the dollar because it’s a trend . The dollar has been going down ever since Bretton Woods broke down in the early 1970 s . That’s a pretty good trend for a pretty good reason . ” – Andres Drobny Source : © Merk Investments, Bloomberg The log scale trend channel draws a regression channel plotted on logarithmic scale from the first quotation . On logarithmic scales an equal amount of vertical change corresponds to an equal amount of percentage change, whereas on arithmetic scales an equal amount of vertical change corresponds to an equal amount of numerical change . www.merkinvestments.com 15 © 2022 Merk Investments®

.DXYPPP S 91291245 Index (Avg G10 PPP) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 27 : 15 1 U.S. Dollar Relative Purchasing Power Valuation Source: © Merk Investments, Bloomberg The Relative PPP Framework suggests that nominal exchange rates tend to gravitate toward their long - run purchasing power parity (PPP) equilibrium values. The foundation for PPP is the so - called “law of one price,” which suggests that identical goods should trade at the same price across countries when valued in terms of a common currency. Relative PPP extends the law of one price to a broad range of goods and services and takes into account trade impediments. U.S. Dollar Relative PPP Valuation vs equally - weighted G10 G10 Currencies: AUD – Australian dollar CAD – Canadian dollar CHF – Swiss franc EUR – euro GBP – British pound JPY – Japanese yen NOK – Norwegian krone NZD – New Zealand dollar SEK – Swedish krona (USD – U.S. dollar) www.merkinvestments.com 16 © 2022 Merk Investments®

.AUDPPP S 91291210 Index (AUD.USD PPP) .NOKPPP S 91291317 Index (NOK PPP) .CADPPP S 91291224 Index (CAD.USD PPP) .CHFPPP S 91291232 Index (CHF.USD PPP) .EURPPP U Index (EUR.USD Relative PPP) .JPYPPP S 91291304 Index (JPY PPP) .GBPPPP S 91291288 Index (GBP.USD PPP) .NZDPPP S 91291322 Index (NZD.USD PPP) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 22 : 15 4 Non - Dollar G10 Currencies Relative Purchasing Power Valuation vs U.S. Dollar Non - dollar G10 vs U.S. Dollar – Relative PPP Valuation Source : © Merk Investments, Bloomberg Relative purchasing power parity (PPP) : Nominal exchange rates tend to gravitate toward their long - run purchasing power parity (PPP) equilibrium values . The foundation for PPP is the so - called “law of one price,” which suggests that identical goods should trade at the same price across countries when valued in terms of a common currency . Relative PPP extends the law of one price to a broad range of goods and services and takes into account trade impediments . www.merkinvestments.com 17 © 2022 Merk Investments®

GOLDS Comdty (GOLD SPOT $/OZ) DXY Curncy (DOLLAR INDEX SPOT) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 32 : 15 4 Source: © Merk Investments, Bloomberg Gold and the U.S. Dollar Gold (black) and the U.S. Dollar Index (inverted in grey) www.merkinvestments.com 18 © 2022 Merk Investments®

.GLMOSUPP G Index (Proxy - Global Money ... GOLDS Comdty (GOLD SPOT $/OZ) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 32 : 15 7 Source: © Merk Investments, Bloomberg Gold and Global Money Supply Gold (black) and Global M2 Money Supply in USD terms (grey) www.merkinvestments.com 19 © 2022 Merk Investments®

CONSSENT Index (University of Michigan C... Gold Price / CPI Index This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 32 : 15 2 Source: © Merk Investments, Bloomberg Inflation - adjusted Gold Price and Consumer Confidence Gold / CPI Index (black) and Consumer Confidence (inverted in grey) www.merkinvestments.com 20 © 2022 Merk Investments®

GOLDS Comdty (GOLD SPOT $/OZ) GOLDS Comdty (GOLD SPOT $/OZ) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 32 : 15 3 Source : © Merk Investments, Bloomberg The definition of an analog is a thing that is like something else in some ways . The 1999 low is matched to the 2015 low and repriced to match the 1999 low price to the 2015 low price . The grey line shows what happened between 1999 and 2011 . Gold Bull Market Analog Gold price and Gold Bull Market Analog (shifted forward and repriced) www.merkinvestments.com 21 © 2022 Merk Investments®

GDM Index (NYSE Arca Gold Miners Index) GOLDS Comdty (GOLD SPOT $/OZ) This report may not be modified or altered in any way . The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”) . BFLP is a wholly - owned subsidiary of Bloomberg LP (“BLP”) . BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non - BFLP subsidiary in the BLP Countries . BFLP, BLP and their affiliates do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates . Bloomberg ® 04 / 12 / 2022 15 : 32 : 15 6 Source: © Merk Investments, Bloomberg Gold Price and Gold Mining CapEx Gold Miners’ Capital Expenditures (black) and Gold Price (grey) www.merkinvestments.com 22 © 2022 Merk Investments®

• Convenient and cost - efficient way to buy and hold gold through an exchange traded product • Option to take delivery of physical gold if and when desired OUNZ www.merkinvestments.com 23 © 2022 Merk Investments®

■ Basket of Hard Currencies ■ Hedge U.S. dollar risk ■ Active management Seeks to profit from rise of hard currencies vs. the U.S. dollar Merk Hard Currency Fund (MERKX) www.merkfunds.com 24 www.merkinvestments.com 24 © 2022 Merk Investments®

MERKX Standardized Performance Through 03 / 31 / 2022 , the Merk Hard Currency Fund Investor Shares (MERKX) had a 1 - year return of - 4 . 27 % , a 5 - year return of 0 . 07 % , a 10 - year return of - 2 . 10 % , and a return of 0 . 92 % since inception on 05 / 10 / 2005 . All performance figures greater than 1 - year are annualized unless otherwise specified . Performance data represents past performance and is no guarantee of future results . Current performance may be lower or higher than the performance data quoted . Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost . Please visit www . merkfunds . com for most recent month end performance . The expense ratio for MERKX is 1 . 33 % for Investor Shares . Merk Hard Currency Fund ® Seeks to profit from a rise in hard currencies relative to the U.S. dollar www.merkinvestments.com 25 © 2022 Merk Investments®

MERKX Performance Performance data represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All performance figures greater than 1 - year are annualized unless otherwise specified. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Please visit www.merkfunds.com for most recent month end performance. The Fund’s expense ratio is 1.33% for Investor Shares. Source: Merk Investments, Bloomberg. Calculations since inception 05/10/2005 - 03/31/2022 - 10.00% - 5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% - 10.00% May - 05 May - 06 May - 07 May - 08 May - 09 May - 10 May - 11 May - 12 May - 13 May - 14 May - 15 May - 16 May - 17 May - 18 May - 19 May - 20 May - 21 Monthly Return 25.00% Cumalative Return 60.00% Monthly and Cumulative Return (since inception) Monthly Returns (RHS) Cumulative Returns (LHS) GOLD AUD NZD NOK SEK CHF JPY GBP CAD EUR MERKX InvDXY Ann . Std . Deviation 20 % 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Risk Comparsion (since inception) CAD 22.9% NOK 18.4% AUD 18.3% EUR 12.3% NZD 11.9% SEK 10.3% 5.4% 0.8% 0.0% Currency Allocation (as of 03/31/2022) GBP GOLD JPY Risk and Return (since Inception) Annualized Return 0.92% Annualized Volatility 8.46% Sharpe Ratio - 0.03 Cumulative Return 16.65% Year - to - Date Return - 0.67% Best Month 7.77% Worst Month - 9.82% Average Month 0.11% Average Monthly Gain 1.91% Average Monthly Loss - 1.88% % of Winning Months 52.22% 95% Monthly VAR - 3.60% www.merkinvestments.com 26 © 2022 Merk Investments® AUM: $51.1 million Fund Details Investor Institutional Ticker MERKX MHCIX Min. Invest. $2,500 $250,000 Exp. Ratio 1.33% 1.08% Fees No Load No Load

MERKX Performance (since inception) Performance data represents past performance and is no guarantee of future results . Current performance may be lower or higher than the performance data quoted . All performance figures greater than 1 - year are annualized unless otherwise specified . Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost . Please visit www . merkfunds . com for most recent month end performance . The Fund’s expense ratio is 1 . 33 % for Investor Shares . Source : Merk Investments, Bloomberg . Calculations for period 05 / 10 / 2005 - 03 / 31 / 2022 Annualized performance – since inception (05/10/05 – 03/31/22) 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% - 2.00% - 4.00% GBP NOK SEK EUR JPY NZD AUD CAD USD MERKX SGD CHF XAU - 2.11% - 1.96% - 1.60% - 0.89% - 0.84% - 0.31% - 0.22% - 0.07% 0.90% 0.92% 1.16% 1.57% 9.37% © Merk Investments, LLC Source: Merk Investments , Bloomberg. All calculations are based on daily data. All currencies performance are calculated relative to U.S. Dollar. USD: U.S. Dollar Currency Index (DXY); XAU: Gold Spot as U.S. Dollar per Troy Ounce www.merkinvestments.com 27 © 2022 Merk Investments®

MERKX Volatility since inception Annualized volatility – since inception (05/10/05 – 03/31/22) 20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% SGD USD MERKX EUR CAD GBP JPY CHF SEK NOK NZD AUD XAU 5.42% 7.69% 8.46% 9.27% 9.37% 9.63% 9.90% 11.22% 12.18% 12.79% 12.97% 12.98% 18.12% © Merk Investments, LLC Source: Merk Investments, Bloomberg. All calculations are based on daily data. All currencies performance data calculated relative to U.S. Dollar. USD: U.S. Dollar Currency Index (DXY); XAU: Gold Spot as U.S. Dollar per Troy Ounce www.merkinvestments.com 28 © 2022 Merk Investments®

MERKX Correlation Correlation matrix – as of 03/31/2022 Correlation: a statistical measurement that gives the degree of relationship between two variables. In a diversified portfolio, correlation represents the degree of relationship between the price movements of different assets in a portfolio. Fund inception: 05/10/2005. MERKX vs. Since Inception 1 Year YTD Q1 AUD 0.63 0.88 0.83 0.83 CAD 0.62 0.79 0.78 0.78 CHF 0.79 0.63 0.62 0.62 EUR 0.90 0.75 0.72 0.72 GBP 0.67 0.76 0.73 0.73 JPY 0.21 0.28 0.28 0.28 NOK 0.79 0.89 0.86 0.86 NZD 0.61 0.85 0.84 0.84 SEK 0.78 0.82 0.78 0.78 SGD 0.64 0.83 0.83 0.83 USD - 0.90 - 0.84 - 0.81 - 0.81 XAU 0.66 0.34 0.04 0.04 www.merkinvestments.com 29 © 2022 Merk Investments® Source: Merk Investments, Bloomberg. All calculations are based on daily data as of 03/31/2022. All currencies performance data calculated relative to U.S. Dollar. USD: U.S. Dollar Currency Index (DXY); XAU: Gold Spot as U.S. Dollar per Troy Ounce © Merk Investments, LLC

Is Your Portfolio Ready? www.merkinvestments.com 30 © 2022 Merk Investments®

Notes Indices and terms referred to in this presentation may include the following : U . S . Dollar (DXY) Index and Inverse DXY : DXY is a measure of the value of the United States dollar relative to a static basket of currencies with Euro (EUR) 57 . 6 % weight, Japanese yen (JPY) 13 . 6 % , Pound Sterling (GBP) 11 . 9 % , Canadian dollar (CAD) 9 . 1 % , Swiss franc (CHF) 3 . 6 % and Swedish krona (SEK) 4 . 2 % weight . The DXY is a generally well - known measure of the value of the US dollar versus major foreign currencies, and as such makes a relevant reference point for directional currency strategies . The inverse of the DXY is the value of the currency basket relative to the U . S . dollar, i . e . short dollar and long foreign currencies . Because the Merk Hard Currency Fund is long foreign currencies (and therefore short dollar), using the inverse DXY allows for the logical comparison of performance relative to the Fund . Bloomberg Dollar (BBDXY) Index : an index tracks the performance of a basket of ten leading global currencies versus the U . S . dollar, weighted by the share of international trade and FX liquidity . Deutsche Bank Currency Returns (DBCR) Index : an equal - weighted blend of the most widely used investment strategies among active currency managers . It captures long term systematic returns available in the world currency markets . As a non - directional index, the DBCR provides a useful comparison to absolute return currency strategies like the Merk Absolute Return Currency Fund . JPMorgan 3 - Month Global Cash Index : measures the performance of money market securities denominated in foreign currencies . Citigroup 3 - Month U . S . T - Bill Index : an index that tracks the performance of U . S . Treasury bills with a remaining maturity of three months . S&P 500 Total Return Index (SPXT) : a broad - based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks . Performance figures assume that all dividends are reinvested . MSCI EAFE (Europe Australasia Far East) Index : a free float - adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada . As international equity investment returns are a combination of equity returns and currency returns, the MSCI EAFE provides a useful comparison to a strategy including U . S . equities and currencies, like the Merk Currency Enhanced US Equity Fund . MSCI EAFE US $ Hedged Net Index : a currency hedged variant of the above, designed to represent the return without the currency exposure if the index . MSCI Emerging Markets (EM) Index : a free float - adjusted market capitalization index that is designed to measure equity market performance of emerging markets . Barclays Capital Aggregate US Bond Index (BONDS) : is a broad - based benchmark that measures the investment grade, U . S . dollar - denominated, fixed - rate taxable bond market, including Treasuries, government - related and corporate securities, MBS (agency fixed - rate and hybrid ARM pass - throughs), ABS, and CMBS . FTSE NAREIT US All REITs Index: spans the commercial real estate space across the US economy. It provides exposure to all investment and property sectors. DJ - UBS Commodity Total Return Index: a diversified benchmark for commodities’ fully collateralized returns. Barclays US TIPS Index: measures the performance of the US Treasury Inflation Protected Securities ("TIPS") market. Alpha: a measure of risk - adjusted return. The excess return of the fund relative to the return of the benchmark is the fund’s alpha. Beta: a measure of systematic risk based on the covariance of the portfolio’s return with the return of the overall market. The market has a beta of 1. Sharpe Ratio: a measure of the excess return per unit of risk in an investment asset or a trading strategy. Correlation: a measure of how two securities or asset classes move in relation to each other. Standard Deviation: a measure of volatility. VAR : VAR refers to value at risk, which gives the worst expected loss given some confidence level over a given time horizon for a given distribution of returns . 95 % Monthly VAR suggests a 95 % probability a monthly loss is no greater than stated assuming a normal distribution of returns . Investors must be aware that this does not capture the worst case scenario and that losses may be greater as the distribution of future returns is unknown . CRY Index : Thomson Reuters/Core Commodity CRB Commodity Index, an arithmetic average of commodity futures prices with monthly rebalancing . Barcap US Corp HY YTW – 10 Year Spread : A measure reflecting risk premia in the market ; specifically, the Barclays Capital US Corporate High Yield to Worst minus the US Generic Government 10 Year Yield . Other indices as defined on the respective pages . Indices are unmanaged ; an investment cannot be made directly in an index . www.merkinvestments.com 31 © 2022 Merk Investments®

Notes (continued) Singapore dollar (SGD): official currency of Singapore. Spot Gold (XAU): current market price at which an asset is bought or sold for immediate payment and delivery. It is differentiated from the forward price or the futures price, which are prices at which an asset can be bought or sold for delivery in the future. Russell 2000 Index: a small - cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index . The Russell 2000 is used as a benchmark primarily for mutual funds that identify themselves as "small - cap", while the S&P 500 index is used primarily for large capitalization stocks. S&P 500 Index: a capitalization - weighted index of 500 stocks designed to measure performance of the broad U.S. domestic economy through change in the aggregate market value representing all major industries. S&P 500 Financials Index: a capitalization - weighted index of S&P 500 stocks that represent the financial sector as defined by Global Industry Classification Standard (GICS) Level 1 Sector group, calculated by Bloomberg. VIX Short - Term Futures Index: an index that measures the return from a daily rolling long position in the VIX futures contract traded on the Chicago Board Options Exchange. The short - term index is comprised of the first and second contract months. U.S. 10Y Treasury Bonds: represented here by calculating the inverse of Bloomberg’s U.S. Generic Government 10 Year Yield Index (USGG10YR Index) comprised of on - the - run government bill/not/bond indices. Spain 10 Y Treasury Bonds : represented here by calculating the inverse of Bloomberg’s Spanish Generic Government 10 Year Yield Index (GSPG 10 YR Index) comprised of Spanish government bonds that the market considers to be benchmark issue . G 10 : refers to 10 countries/currency areas : Australia (AUD), Canada (CAD), Switzerland (CHF), Eurozone (EUR), United Kingdom (GBP), Japan (JPY), Norway (NOK), New Zealand (NZD), Sweden (SEK), and United States (USD) . US Corp IG Bonds : represented here by Bloomberg US Corporate Bond Index (Investment Grade) for GICS Level I sectors Utilities, Industrials, Consumer Staple, Communications, Health Care and Financials . The Bloomberg USD Corporate Bond Index is a rules - based market - value weighted index engineered to measure the investment grade, fixed - rate, taxable, corporate bond market . It includes USD - denominated securities publicly issued by U . S . and non - U . S . corporate issuers . To be included in the index a security must have a minimum par amount of 250 million . EM USD Bond Aggregate : represented here by Bloomberg Barclays EM USD Aggregate TR Index Unhedged USD . Bloomberg Barclays Emerging Markets Hard Currency Aggregate Index is a flagship hard currency Emerging Markets debt benchmark that includes USD - denominated debt from sovereign, quasi - sovereign, and corporate EM issuers . U . S . Mortgage Backed Securities : represented here by Bloomberg Barclays US MBS Index TR Value Unhedged USD . The Bloomberg Barclays US Mortgage Backed Securities (MBS) Index tracks agency mortgage backed pass - through securities (both fixed - rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC) . The index is constructed by grouping individual TBA - deliverable MBS pools into aggregates or generics based on program, coupon and vintage . Pan - European IG Bond Aggregate : represented here by Bloomberg Barclays Pan - European Aggregate TR Index Value Unhedged EUR . The Bloomberg Barclays Pan - European Aggregate Index tracks fixed - rate, investment - grade securities issued in the following European currencies : Euro, British pounds, Norwegian krone, Danish krone, Swedish krona, Czech koruna, Hungarian forint, Polish zloty, and Slovakian koruna . Inclusion is based on the currency of the issue, and not the domicile of the issuer . Pan - European HY Bond Aggregate : represented here by Bloomberg Barclays Pan - European High Yield TR Index Value Unhedged EUR . The Bloomberg Barclays Pan - European High Yield Index measures the market of non - investment grade, fixed - rate corporate bonds denominated in the following currencies : euro, pounds sterling, Danish krone, Norwegian krone, Swedish krona, and Swiss franc . Inclusion is based on the currency of issue, and not the domicile of the issuer . G 4 : G 4 or Group of Four refers to the U . S . , U . K . , Germany, and Japan www.merkinvestments.com 32 © 2022 Merk Investments®

Mutual Fund Risk Disclosure Information contained herein may discuss Fund performance and holdings . Performance data quoted represents past performance and is no guarantee of future results . Current performance may be lower or higher than the performance data quoted . Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost . For performance current to the most recent month - end, please visit our website at www . merkfunds . com/fund . Since the Fund primarily invests in foreign currencies, changes in currency exchange rates affect the value of what the Fund owns and the price of the Fund’s shares . Investing in foreign instruments bears a greater risk than investing in domestic instruments for reasons such as volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, emerging market risk, and relatively illiquid markets . The Fund is subject to interest rate risk, which is the risk that debt securities in the Fund’s portfolio will decline in value because of increases in market interest rates . If the U . S . dollar fluctuates in value against currencies the Fund is exposed to, your investment may also fluctuate in value . As a non - diversified fund, the Merk Hard Currency Fund will be subject to more investment risk and potential for volatility than a diversified fund because its portfolio may, at times, focus on a limited number of issuers . For a more complete discussion of these and other Fund risks please refer to the Fund's prospectus . Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses . This and other information is in the prospectus, a copy of which may be obtained by calling 1 - 866 - MERK FUND or visiting the Fund's website . Please read the prospectus carefully before you invest . Foreside Fund Services, LLC, distributor . www.merkinvestments.com 33 © 2022 Merk Investments®

Disclosure This report was prepared by Merk Investments LLC (“Merk Investments”), and reflects the current opinion of the authors . It is based upon sources and data believed to be accurate and reliable . Merk Investments makes no representation regarding the advisability of investing in the products herein . The information contained herein reflects Merk Investments’ current views and opinions with respect to, among other things, future events and financial performance . Charts, graphs, and tables are provided for illustrative purposes only . Any forward - looking statements contained herein are based on current estimates and expectations . Opinions and forward - looking statements expressed are subject to change without notice . This information does not constitute investment advice and is not intended as an endorsement of any specific investment . The information contained herein is general in nature and is provided solely for educational and informational purposes . Some believe predicting recessions is either impossible or very difficult . The information provided does not constitute legal, financial or tax advice . You should obtain advice specific to your circumstances from your own legal, financial and tax advisors . Past performance is no guarantee of future results . * * * Explicit permission must be obtained from Merk Investments LLC in order to replicate, copy, distribute or quote from this document or any portion thereof. Published by Merk Investments LLC © 2022 Merk Investments LLC www.merkinvestments.com 34 © 2022 Merk Investments®