The VanEck Merk Gold Trust (OUNZ) is an exchange-traded trust designed to provide exposure to the price of physical gold. The trust is managed by VanEck in partnership with Merk Investments and trades under the ticker OUNZ on the NYSE Arca.

Classified as a physically backed gold commodity ETF, the fund seeks to reflect the performance of bullion gold prices, before fees and operating expenses.

OUNZ follows a structure based on physical gold bullion held in secured vault custody. Unlike gold-mining equity ETFs or derivatives-based strategies, the trust maintains direct exposure to physical gold. The product also includes a feature allowing physical gold redemption under certain operational conditions.

Diversification and sector exposure

OUNZ provides exposure primarily associated with:

• Physical gold.
• Gold bullion.
• Metal commodities.
• Precious metals.
• Defensive assets.
• Inflation protection.
• Global gold markets.
• Store-of-value assets.

The ETF’s performance is particularly sensitive to fluctuations in international gold prices, real interest rates, and global inflation expectations.

Changes in Federal Reserve monetary policy, movements in the U.S. dollar, and geopolitical developments may directly affect the fund’s behavior. The ETF may also reflect shifts in global demand for defensive assets during periods of economic and financial volatility.

Structure and costs

OUNZ shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

The trust charges management fees as outlined in its prospectus and does not apply a performance fee. Because the fund holds physical bullion in custody, operating expenses include costs associated with storage, insurance, and metal administration.

Unlike some traditional gold ETFs, OUNZ allows shareholders, under certain operational conditions and subject to applicable procedures, to redeem shares for physical gold bullion.

History and evolution of the ETF

The VanEck Merk Gold Trust was launched in 2014 during a period marked by expansion in precious-metals ETFs and defensive-asset strategies within U.S. financial markets.

Since inception, the fund has reflected movements associated with international gold markets, including fluctuations in real interest rates, changes in global monetary policy, and developments across macroeconomic conditions.

In recent years, OUNZ has reflected periods of global volatility, rising inflation expectations, fluctuations in the U.S. dollar, and growing demand for assets associated with wealth preservation and portfolio diversification.

Additional Information

VanEck Merk Gold Trust (United States) is an exchange-traded fund (ETF), with assets under management totaling $2.81 billion.

Over the past 12 months, VanEck Merk Gold Trust recorded a return of 16.15%, with its price trading between $35.12 and $51.89 during the same period.

The ETF is traded under the ticker OUNZ.