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<span class="text-56 font-medium text-gradient-hero">
STGF
</span>
<span class="text-24 lg:text-28 lg:text-36 block">
Merk Stagflation ETF
</span>
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Fund Description
</h2>
<p class="text-gray-500">
The Merk Stagflation ETF (STGF) was liquidated in December 2023. Please download the prospectus to read the supplement on page 1 for details.
</p>
</div>
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<h2 class="text-20 lg:text-24 font-heading font-medium text-primary mb-2">
Fund Objective
</h2>
<p class="text-gray-500">
The Merk Stagflation ETF (STGF) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Solactive Stagflation Index (SOLSTAGF), which seeks to track the performance of components that are expected to benefit, either directly or indirectly, from persistent inflation, including in an environment of weak economic growth (stagflation).
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Overview
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<div class="prose prose-md mb-6 lg:mb-0">
<p>
<strong>
Strategy:
</strong>
Fund provides exposure to Treasury Inflation-Protected Securities (TIPS), Gold, Oil, and US real estate
</p>
<p>
<strong>
Weighting:
</strong>
Dynamic, systematically reweighted using proprietary trend-following methodology
</p>
</div>
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</div>
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Market Data
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<small>
as of 12/26/23
</small>
<table class="-mx-5 lg:mx-0 block lg:table lg:w-full table-auto overflow-x-auto">
<tbody>
<tr>
<td>
Net Assets
</td>
<td>
$1,134,509
</td>
</tr>
<tr>
<td>
NAV
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Closing Price
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Premium Discount to NAV
</td>
<td>
0.00%
</td>
</tr>
<tr>
<td>
30 days median bid/ask spread
</td>
<td>
0.13%
</td>
</tr>
<tr>
<td>
Shares outstanding
</td>
<td>
50,000
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
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<div class="relative">
<h3 class="text-28 font-heading mb-4 -mt-0.5">
Fund Information
</h3>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Fund Ticker
</p>
<p class="font-light">
STGF
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Exchange
</p>
<p class="font-light">
NYSE Arca
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Inception Date
</p>
<p class="font-light">
05/03/2022
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
ETF Type
</p>
<p class="font-light">
Rules-based ETF
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Expense Ratio
</p>
<p class="font-light">
0.44%
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Distribution Frequency
</p>
<p class="font-light">
Quarterly
</p>
</div>
</div>
</div>
<div class="lg:px-8 py-6">
<h3 class="text-28 text-primary font-heading mb-4">
Portfolio Managers
</h3>
<div class="flex items-center mb-5">
<a class="group" href="https://www.merkinvestments.com/about-us/team/axel-merk.php" target="_blank">
<img alt="Axel Merk" class="w-20 h-20 rounded-full border border-gray-200 bg-[#3E3F43] group-hover:bg-white transition-background" loading="lazy" src="https://merkfunds.com/storage/54/qxAWvFPH3tzbhGUaCer9sdcG9gly9zx91fSBNsVY.png">
</a>
<div class="pl-4 leading-tight flex-1">
<a class="text-22 text-primary font-extrabold hover:text-quaternary" href="https://www.merkinvestments.com/about-us/team/axel-merk.php" target="_blank">
Axel Merk
</a>
<p class="text-16 text-gray-500">
President & Chief Investment Officer
</p>
</div>
</div>
<div class="flex items-center mb-5">
<a class="group" href="https://www.merkinvestments.com/about-us/team/daniel-lucas.php" target="_blank">
<img alt="Daniel Lucas" class="w-20 h-20 rounded-full border border-gray-200 bg-[#3E3F43] group-hover:bg-white transition-background" loading="lazy" src="https://merkfunds.com/storage/2/i6trAJoJsTmm.png">
</a>
<div class="pl-4 leading-tight flex-1">
<a class="text-22 text-primary font-extrabold hover:text-quaternary" href="https://www.merkinvestments.com/about-us/team/daniel-lucas.php" target="_blank">
Daniel Lucas
</a>
<p class="text-16 text-gray-500">
Managing Director - Quantitative Trading & Research
</p>
</div>
</div>
</div>
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</div>
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Key Points
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Market Data
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<div class="prose prose-md mb-6 lg:mb-0">
<p>
<strong>
Strategy:
</strong>
Fund provides exposure to Treasury Inflation-Protected Securities (TIPS), Gold, Oil, and US real estate
</p>
<p>
<strong>
Weighting:
</strong>
Dynamic, systematically reweighted using proprietary trend-following methodology
</p>
</div>
</div>
<div class="swiper-slide" data-tabs-slider-item="market-data">
<small>
as of 12/26/23
</small>
<table class="-mx-5 lg:mx-0 block lg:table lg:w-full table-auto overflow-x-auto">
<tbody>
<tr>
<td>
Net Assets
</td>
<td>
$1,134,509
</td>
</tr>
<tr>
<td>
NAV
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Closing Price
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Premium Discount to NAV
</td>
<td>
0.00%
</td>
</tr>
<tr>
<td>
30 days median bid/ask spread
</td>
<td>
0.13%
</td>
</tr>
<tr>
<td>
Shares outstanding
</td>
<td>
50,000
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
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<h3 class="text-24 lg:text-30 font-medium font-heading leading-tight mb-6">
VANECK® MERK®
<br>
GOLD TRUST (OUNZ)
</h3>
<a class="bg-[#FFFCE1]/50 font-black text-[#896C14] shadow-custom-3 hover:opacity-80 transition-opacity relative overflow-hidden font-bold inline-flex text-center justify-center items-center rounded-controls text-t-16 h-controls transition-button px-5 py-3 !px-12" href="https://www.merkgold.com/" rel="noopener nofollow" target="_blank">
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<h3 class="text-28 text-primary font-heading mb-6">
Merk Stagflation ETF Risks:
</h3>
<div class="prose prose-md max-w-none lg:columns-2 gap-12 text-16 lg:text-20 mb-6 lg:mb-8">
<p>
Principal payments for Treasury Inflation-Protection Securities are adjusted according to changes in the Consumer Price Index (CPI). While this may provide a hedge against inflation, the returns may be relatively lower than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's exposure to U.S. Treasury obligations to decline.
</p>
<p>
The Fund may be sensitive to changes in the price of gold. Real estate is highly sensitive to general and local economic conditions and developments. The U.S. real estate market may experience and has, in the past, experienced a decline in value, with certain regions experiencing significant losses in property values.
</p>
<p>
Several factors may affect the price of crude oil and, in turn, the WTI crude oil futures contracts. These factors include, but are not limited to, significant increases or decreases in the available supply or demand of crude oil, large purchases or sales of crude oil by governments or large institutions, other political factors such as new regulations or political discord in oil-producing countries, as well as a significant increase or decrease in crude oil hedging activity by crude oil producers.
</p>
<p>
The Fund may be exposed to futures contracts for its commodities investments. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the underlying ETF is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. The prices of futures contracts may not correlate perfectly with movements in the securities or index underlying the contract.
</p>
<p>
The Fund is not actively managed and the Adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a rebalancing of the Index as addressed in the Index methodology.
</p>
<p>
ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. NAV returns are calculated using the daily 4:00 pm ET net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns.
</p>
</div>
<hr class="bg-gray-300 my-8">
<h3 class="text-28 text-primary font-heading mb-6">
VanEck Merk Gold Trust Disclosure:
</h3>
<div class="prose prose-md max-w-none lg:columns-2 gap-12 text-16 lg:text-20">
<p>
The material must be preceded or accompanied by a
<a href="https://merkgold.com/prospectus" rel="nofollow noopener" target="_blank">
prospectus
</a>
. Before investing, you should carefully consider the VanEck Merk Gold Trust's ("Trust") investment objectives, risks, charges, and expenses.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). VanEck provides marketing services to the Trust.
</p>
<p>
All rights reserved. All trademarks, service marks or registered trademarks are the property of their respective owners.
</p>
</div>
</div>
</div>
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<div class="mx-auto px-5 lg:px-0">
<p>
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
<a href="https://www.merkfunds.com/stgf-prospectus" target="_blank">
<u>
clicking here
</u>
</a>
. Please read the prospectus carefully.
<em>
Foreside Fund Services, LLC, distributor of the Merk Stagflation ETF
</em>
.
</p>
</div>
</div>
</div>
</div>
</div>
<div class="hidden" data-tabs-content="index">
<div class="py-16 pb-24">
<h2 class="text-36 text-primary font-heading mb-4 lg:mb-12">
Index
</h2>
<div class="mx-auto">
<div class="flex flex-col-reverse lg:flex-row pb-14">
<div class="lg:w-7/12">
<h2 class="text-28 text-primary font-heading mb-8">
Key Points
</h2>
<div class="prose prose-md">
<p>
<strong>
Underlying Index:
</strong>
Solactive Stagflation Index (SOLSTAGF)
</p>
<p>
<strong>
The Index comprises:
</strong>
components that are expected to benefit, either directly or indirectly, from persistent inflation, including in an environment of weak economic growth (stagflation)
</p>
<p>
<strong>
Index provider:
</strong>
Solactive AG
</p>
</div>
</div>
<div class="lg:w-5/12">
<div class="relative overflow-hidden bg-primary text-white text-20 -mx-5 lg:mx-0 px-5 lg:px-8 py-6 mb-6 lg:mb-0 lg:-mt-6">
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<div class="glare-effect" style="top: 60%; left: 80%;">
</div>
<div class="relative">
<h3 class="text-28 font-heading mb-4 -mt-0.5">
Index Profile
</h3>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Ticker
</p>
<p class="font-light">
SOLSTAGF
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Inception Date
</p>
<p class="font-light">
08/15/2012
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Rebalance Frequency
</p>
<p class="font-light">
Daily
</p>
</div>
</div>
</div>
</div>
</div>
<h2 class="text-28 text-primary font-heading mb-8">
Index Constituents (%)
<small class="block lg:inline text-18 text-gray-500 font-body">
as of 12/26/23
</small>
</h2>
<table class="lg:mb-0 lg:mx-0 block lg:table lg:w-full table-auto overflow-x-auto">
<thead>
<tr>
<th>
Constituent Name
</th>
<th>
Ticker
</th>
<th>
Weight (%)
</th>
</tr>
</thead>
<tbody>
<tr>
<td>
SCHWAB U.S. TIPS ETF
</td>
<td>
SCHP
</td>
<td>
65.45
</td>
</tr>
<tr>
<td>
VANECK MERK GOLD SHARES
</td>
<td>
OUNZ
</td>
<td>
12.63
</td>
</tr>
<tr>
<td>
VANGUARD REAL ESTATE ETF
</td>
<td>
VNQ
</td>
<td>
12.15
</td>
</tr>
<tr>
<td>
INVESCO DB OIL FUND
</td>
<td>
DBO
</td>
<td>
9.77
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
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Holdings
</h2>
<div class="mx-auto">
<div class="flex flex-col lg:flex-row lg:items-center lg:justify-between mb-8">
<h2 class="text-28 text-primary font-heading">
Daily Holdings (%)
<small class="block lg:inline text-18 text-gray-500 font-body">
as of 12/26/23
</small>
</h2>
<a class="text-primary hover:underline-border" download="" href="https://www.merkfunds.com/stgf/download-csv/stgf_holdings">
Download All Holdings
</a>
</div>
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<th>
Ticker
</th>
<th>
Holding Name
</th>
<th>
% of Net Assets
</th>
<th>
Identifier (FIGI)
</th>
<th>
Shares
</th>
<th>
Market Value (US$)
</th>
</tr>
</thead>
<tbody>
<tr>
<td>
USD
</td>
<td>
US DOLLAR
</td>
<td>
100.00
</td>
<td>
</td>
<td>
1,134,522
</td>
<td>
1,134,522
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
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<div class="mx-auto px-5 lg:px-0">
<p>
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
<a href="https://www.merkfunds.com/stgf-prospectus" target="_blank">
<u>
clicking here
</u>
</a>
. Please read the prospectus carefully.
<em>
Foreside Fund Services, LLC, distributor of the Merk Stagflation ETF
</em>
.
</p>
</div>
</div>
</div>
</div>
</div>
</div>
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Overview
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<p>
<strong>
Strategy:
</strong>
Fund provides exposure to Treasury Inflation-Protected Securities (TIPS), Gold, Oil, and US real estate
</p>
<p>
<strong>
Weighting:
</strong>
Dynamic, systematically reweighted using proprietary trend-following methodology
</p>
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<small>
as of 12/26/23
</small>
<table class="-mx-5 lg:mx-0 block lg:table lg:w-full table-auto overflow-x-auto">
<tbody>
<tr>
<td>
Net Assets
</td>
<td>
$1,134,509
</td>
</tr>
<tr>
<td>
NAV
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Closing Price
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Premium Discount to NAV
</td>
<td>
0.00%
</td>
</tr>
<tr>
<td>
30 days median bid/ask spread
</td>
<td>
0.13%
</td>
</tr>
<tr>
<td>
Shares outstanding
</td>
<td>
50,000
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
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<h3 class="text-28 font-heading mb-4 -mt-0.5">
Fund Information
</h3>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Fund Ticker
</p>
<p class="font-light">
STGF
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Exchange
</p>
<p class="font-light">
NYSE Arca
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Inception Date
</p>
<p class="font-light">
05/03/2022
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
ETF Type
</p>
<p class="font-light">
Rules-based ETF
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Expense Ratio
</p>
<p class="font-light">
0.44%
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Distribution Frequency
</p>
<p class="font-light">
Quarterly
</p>
</div>
</div>
</div>
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<h3 class="text-28 text-primary font-heading mb-4">
Portfolio Managers
</h3>
<div class="flex items-center mb-5">
<a class="group" href="https://www.merkinvestments.com/about-us/team/axel-merk.php" target="_blank">
<img alt="Axel Merk" class="w-20 h-20 rounded-full border border-gray-200 bg-[#3E3F43] group-hover:bg-white transition-background" loading="lazy" src="https://merkfunds.com/storage/54/qxAWvFPH3tzbhGUaCer9sdcG9gly9zx91fSBNsVY.png">
</a>
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<a class="text-22 text-primary font-extrabold hover:text-quaternary" href="https://www.merkinvestments.com/about-us/team/axel-merk.php" target="_blank">
Axel Merk
</a>
<p class="text-16 text-gray-500">
President & Chief Investment Officer
</p>
</div>
</div>
<div class="flex items-center mb-5">
<a class="group" href="https://www.merkinvestments.com/about-us/team/daniel-lucas.php" target="_blank">
<img alt="Daniel Lucas" class="w-20 h-20 rounded-full border border-gray-200 bg-[#3E3F43] group-hover:bg-white transition-background" loading="lazy" src="https://merkfunds.com/storage/2/i6trAJoJsTmm.png">
</a>
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<a class="text-22 text-primary font-extrabold hover:text-quaternary" href="https://www.merkinvestments.com/about-us/team/daniel-lucas.php" target="_blank">
Daniel Lucas
</a>
<p class="text-16 text-gray-500">
Managing Director - Quantitative Trading & Research
</p>
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Key Points
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<p>
<strong>
Strategy:
</strong>
Fund provides exposure to Treasury Inflation-Protected Securities (TIPS), Gold, Oil, and US real estate
</p>
<p>
<strong>
Weighting:
</strong>
Dynamic, systematically reweighted using proprietary trend-following methodology
</p>
</div>
</div>
<div class="swiper-slide" data-tabs-slider-item="market-data">
<small>
as of 12/26/23
</small>
<table class="-mx-5 lg:mx-0 block lg:table lg:w-full table-auto overflow-x-auto">
<tbody>
<tr>
<td>
Net Assets
</td>
<td>
$1,134,509
</td>
</tr>
<tr>
<td>
NAV
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Closing Price
</td>
<td>
22.69
</td>
</tr>
<tr>
<td>
Premium Discount to NAV
</td>
<td>
0.00%
</td>
</tr>
<tr>
<td>
30 days median bid/ask spread
</td>
<td>
0.13%
</td>
</tr>
<tr>
<td>
Shares outstanding
</td>
<td>
50,000
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
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<h3 class="text-24 lg:text-30 font-medium font-heading leading-tight mb-6">
VANECK® MERK®
<br>
GOLD TRUST (OUNZ)
</h3>
<a class="bg-[#FFFCE1]/50 font-black text-[#896C14] shadow-custom-3 hover:opacity-80 transition-opacity relative overflow-hidden font-bold inline-flex text-center justify-center items-center rounded-controls text-t-16 h-controls transition-button px-5 py-3 !px-12" href="https://www.merkgold.com/" rel="noopener nofollow" target="_blank">
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<h3 class="text-28 text-primary font-heading mb-6">
Merk Stagflation ETF Risks:
</h3>
<div class="prose prose-md max-w-none lg:columns-2 gap-12 text-16 lg:text-20 mb-6 lg:mb-8">
<p>
Principal payments for Treasury Inflation-Protection Securities are adjusted according to changes in the Consumer Price Index (CPI). While this may provide a hedge against inflation, the returns may be relatively lower than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's exposure to U.S. Treasury obligations to decline.
</p>
<p>
The Fund may be sensitive to changes in the price of gold. Real estate is highly sensitive to general and local economic conditions and developments. The U.S. real estate market may experience and has, in the past, experienced a decline in value, with certain regions experiencing significant losses in property values.
</p>
<p>
Several factors may affect the price of crude oil and, in turn, the WTI crude oil futures contracts. These factors include, but are not limited to, significant increases or decreases in the available supply or demand of crude oil, large purchases or sales of crude oil by governments or large institutions, other political factors such as new regulations or political discord in oil-producing countries, as well as a significant increase or decrease in crude oil hedging activity by crude oil producers.
</p>
<p>
The Fund may be exposed to futures contracts for its commodities investments. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the underlying ETF is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. The prices of futures contracts may not correlate perfectly with movements in the securities or index underlying the contract.
</p>
<p>
The Fund is not actively managed and the Adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a rebalancing of the Index as addressed in the Index methodology.
</p>
<p>
ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. NAV returns are calculated using the daily 4:00 pm ET net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns.
</p>
</div>
<hr class="bg-gray-300 my-8">
<h3 class="text-28 text-primary font-heading mb-6">
VanEck Merk Gold Trust Disclosure:
</h3>
<div class="prose prose-md max-w-none lg:columns-2 gap-12 text-16 lg:text-20">
<p>
The material must be preceded or accompanied by a
<a href="https://merkgold.com/prospectus" rel="nofollow noopener" target="_blank">
prospectus
</a>
. Before investing, you should carefully consider the VanEck Merk Gold Trust's ("Trust") investment objectives, risks, charges, and expenses.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
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.
</p>
<p>
The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). VanEck provides marketing services to the Trust.
</p>
<p>
All rights reserved. All trademarks, service marks or registered trademarks are the property of their respective owners.
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<p>
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
<a href="https://www.merkfunds.com/stgf-prospectus" target="_blank">
<u>
clicking here
</u>
</a>
. Please read the prospectus carefully.
<em>
Foreside Fund Services, LLC, distributor of the Merk Stagflation ETF
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.
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Index
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<h2 class="text-28 text-primary font-heading mb-8">
Key Points
</h2>
<div class="prose prose-md">
<p>
<strong>
Underlying Index:
</strong>
Solactive Stagflation Index (SOLSTAGF)
</p>
<p>
<strong>
The Index comprises:
</strong>
components that are expected to benefit, either directly or indirectly, from persistent inflation, including in an environment of weak economic growth (stagflation)
</p>
<p>
<strong>
Index provider:
</strong>
Solactive AG
</p>
</div>
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Index Profile
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<p class="font-extrabold">
Ticker
</p>
<p class="font-light">
SOLSTAGF
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Inception Date
</p>
<p class="font-light">
08/15/2012
</p>
</div>
<div class="flex justify-between py-3 border-t border-white/20">
<p class="font-extrabold">
Rebalance Frequency
</p>
<p class="font-light">
Daily
</p>
</div>
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</div>
</div>
</div>
<h2 class="text-28 text-primary font-heading mb-8">
Index Constituents (%)
<small class="block lg:inline text-18 text-gray-500 font-body">
as of 12/26/23
</small>
</h2>
<table class="lg:mb-0 lg:mx-0 block lg:table lg:w-full table-auto overflow-x-auto">
<thead>
<tr>
<th>
Constituent Name
</th>
<th>
Ticker
</th>
<th>
Weight (%)
</th>
</tr>
</thead>
<tbody>
<tr>
<td>
SCHWAB U.S. TIPS ETF
</td>
<td>
SCHP
</td>
<td>
65.45
</td>
</tr>
<tr>
<td>
VANECK MERK GOLD SHARES
</td>
<td>
OUNZ
</td>
<td>
12.63
</td>
</tr>
<tr>
<td>
VANGUARD REAL ESTATE ETF
</td>
<td>
VNQ
</td>
<td>
12.15
</td>
</tr>
<tr>
<td>
INVESCO DB OIL FUND
</td>
<td>
DBO
</td>
<td>
9.77
</td>
</tr>
</tbody>
</table>
</div>
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Holdings
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Holdings
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Daily Holdings (%)
<small class="block lg:inline text-18 text-gray-500 font-body">
as of 12/26/23
</small>
</h2>
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Shares
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Market Value (US$)
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<td>
USD
</td>
<td>
US DOLLAR
</td>
<td>
100.00
</td>
<td>
</td>
<td>
1,134,522
</td>
<td>
1,134,522
</td>
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