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Launched · SEC filings

VanEck Merk Gold ETF

OUNZNYSE ArcaVanEckB

$37.90+0.59 (+1.58%)

At close: Nov 2, 2026, 4:00 PM ET

B58/ 100

Rank 7 of 10 in Physical Gold

B58/100Rank 7 of 10inPhysical Gold
Intraday session: up, 79 prints from 37.31 to 37.90. Range 37.83 to 38.13. Use the arrow keys to read each point.37.4037.6037.8038.0010 AM12 PM2 PM4 PM
Expense ratio
0.25%
Fund size
$2.51B
1Y total return
−3.1%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
595K sh
52W range
low $37.18high $53.35
Launched
Filings
SEC EDGAR

The ETF.net OUNZ Grade

Based on 5 of 6 pillars

B

Score 58 out of 100

Category
Physical Gold⁠
Rank
7 of 10
Six-pillar profile for OUNZ. Scores out of 100: Cost 26, Risk 49, Mission 100, Tradability 61, Holdings not scored, Durability 60. Strongest: Mission (100). Weakest: Cost (26). Based on 5 of 6 pillars.

Score 58 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D26 out of 100
    Rank 8 of 10

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 9

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 2 of 10

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 4 of 10

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B60 out of 100
    Rank 5 of 10

Our read on OUNZ

ETF.net Research

In short

BMost gold funds hand you a claim on metal you will never touch. OUNZ, running since 2014, writes a different option into its prospectus: shareholders can exchange shares for physical gold bullion. Same metal exposure, with a door to the real thing.

Stated mandate

The fund provides exposure to gold through exchange-traded shares and allows investors the option to receive physical gold bullion in exchange for shares.

Why people hold it

  • The distinguishing feature is in the prospectus: investors have the option to receive physical gold bullion in exchange for their shares.vaneck.com
  • One job, done cleanly. The reference asset is physical gold, and the shares have tracked that mandate closely.
  • Trading since 2014, now a multi-billion-dollar and actively traded fund, so it is not a thin-market curiosity.

Worth knowing

  • The delivery option is not free: 0.25% a year sits above the physical-gold group's 0.17% median, and above GLDM at 0.10% and IAUM at 0.09%.
  • Bullion generates no cash flow, and the fund pays no distributions. Everything rides on the metal's price.
  • It is a trust wrapper rather than a conventional registered fund, so the legal structure differs from a standard ETF.vaneck.com

OUNZ Holdings

Asset class
Other
Holdings
1
Top-10 weight
100%
Largest holding
Physical Gold100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataPhysical Gold100.00%0$2.51B8

Showing 1–1 of 1 holdings

OUNZ Performance

Launched May 16, 2014

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

OUNZ$9,686
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. OUNZ $9,686. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for OUNZ. Periods over one year show the average yearly return.
PeriodOUNZ
Year to date−10.1%
1 month−6.5%
3 months−4.1%
1 year−3.1%
3 yearsper year+24.8%
5 yearsper year+16.6%
10 yearsper year+11.4%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for OUNZ
YearReturn barOUNZ
2026 YTD−10.1%
2025+64.0%
2024+26.8%
2023+12.8%
2022−0.5%
2021−4.0%
2020+24.7%

OUNZ in the news

OUNZ Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

OUNZ Risk

Risk pillarC49 out of 100Rank 2 of 10 in Physical Gold
How much the fund’s monthly returns vary, scaled to a year.
19.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.02
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−28.1%
Trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.34
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

OUNZ Cost

Compare OUNZ and IAUM

Overpaying vs IAUM, cheapest in Physical Gold

$3,261

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • OUNZ 0.25%

    $5,159

  • IAUM 0.09% Cheapest

    $1,898

$10,000
30 years

Cost over time

  • OUNZ 0.25%
  • IAUM 0.09%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530OUNZ $5,159IAUM $1,898

Year by year

YearOUNZIAUMOverpaying
10$455$165$290
20$1,769$646$1,123
30$5,159$1,898$3,261

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