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FGDL vs OUNZ

Franklin Responsibly Sourced Gold ETF

FGDLBNYSE Arca

VanEck Merk Gold ETF

OUNZBNYSE Arca

Overlap

Expense ratio

FGDL −0.10pt a year

FGDL0.15%OUNZ0.25%

Avg volume · 30D

OUNZ 34.7×the volume

FGDL17.1KOUNZ595K

3Y return · a year

FGDL +0.1pt

FGDL+24.9%OUNZ+24.8%

FGDL vs OUNZ Performance

Oct 31, 2025 – Oct 30, 2026

−3.0%FGDL−3.1%OUNZ

Oct 31, 2025 to Oct 30, 2026. FGDL −3.0%. OUNZ −3.1%. Use the arrow keys to read each point.10%20%30%Oct 2025Apr 2026Oct 2026
Expense ratio
FGDL 0.15%, better
OUNZ 0.25%
Fund size
FGDL $406M
OUNZ $2.51B
1Y total return
FGDL −3.0%, better
OUNZ −3.1%
Holdings
FGDL 1
OUNZ 1
Avg volume (30D)
FGDL 17.1K sh
OUNZ 595K sh, better
NAV per share
FGDL $52.06
OUNZ $37.29
52W range

ETF.net Grade

FGDL: Cost 77, Risk 49, Mission 100, Tradability 23, Holdings not scored, Durability 32. OUNZ: Cost 26, Risk 49, Mission 100, Tradability 61, Holdings not scored, Durability 60.
Pillar letters and Scores for FGDL, OUNZ, with each pillar’s weight
PillarFGDLOUNZ
Cost30% weightA77HigherD26
Mission25% weightA100A100
Risk15% weightC49C49
Tradability15% weightF23B61Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD32B60Higher

Rank among Physical Gold funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FGDL and OUNZ are both graded against the same 10 Physical Gold funds, so their Grades compare head to head.

Physical Gold⁠

Category · 10 funds
See all 10 ›

FGDL ranks 4th and OUNZ 7th of 10 funds in the Physical Gold Category.

  1. Rank 1AGLDMSPDR Gold MiniShares TrustScore 82
  2. Rank 2AIAUMiShares Gold Trust MicroScore 77
  3. Rank 3BSGOLabrdn Physical Gold Shares ETFScore 69
  4. Rank 4BFGDLFranklin Responsibly Sourced Gold ETFScore 67
  5. Rank 5BAAAUGoldman Sachs Physical Gold ETFScore 64
  6. Rank 6BBARGraniteShares Gold TrustScore 63
  7. Rank 7BOUNZVanEck Merk Gold ETFScore 58
  8. Rank 8BGLDSPDR Gold SharesScore 57

Our read on each fund

ETF.net Research

FGDLBFranklin Responsibly Sourced Gold ETF

OUNZBVanEck Merk Gold ETF

In short

FGDL Gold with a paper trail. FGDL holds only London Good Delivery bars refined since January 1, 2012, the vintage covered by the LBMA's Responsible Gold Guidance, for a 0.15% sponsor fee.

OUNZ Most 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

FGDL The Fund seeks to track the price of gold bullion, after deducting expenses. Its assets consist only of gold bullion and cash, if any.

OUNZ 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

  • FGDL The mandate is written into the trust: only bars refined on or after January 1, 2012, under LBMA guidance that makes refiners document environmental, anti-laundering and human-rights practices.sec.gov
  • At 0.15%, it undercuts SGOL at 0.17%, the other US physical gold fund built around the same post-2012 bar screen.aberdeeninvestments.com
  • Simple plumbing: a grantor trust holding gold bullion and cash only, bars vaulted with JPMorgan in London, valued against the LBMA Gold Price PM.franklintempleton.com
  • Sits in the upper half of the physical gold group on our review, with a fee close to what the category typically charges.
  • OUNZ 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

  • FGDL Thinly traded next to the category's giants, so bid-ask spreads can run wider and larger orders take more care.
  • Bullion pays no income, so there is nothing to distribute. The fund has not paid out, and its result is gold's price less the 0.15% fee.
  • Cheaper bullion exists for buyers who do not need the sourcing screen: IAUM at 0.09% and GLDM at 0.10%.
  • OUNZ 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

Full FGDL profile⁠

Full OUNZ profile⁠

FGDL vs OUNZ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FGDL vs OUNZ Cost

Overpaying OUNZ vs FGDL

$2,022

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

  • FGDL 0.15%

    $3,137

  • OUNZ 0.25%

    $5,159

$10,000
30 years

Cost over time

  • FGDL 0.15%
  • OUNZ 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530OUNZ $5,159FGDL $3,137

Year by year

YearFGDLOUNZOverpaying
10$274$455$181
20$1,071$1,769$698
30$3,137$5,159$2,022

Expense ratio

  • 0.15%FGDL, cheaper
  • 0.25%OUNZ
  • Middle half of Physical Gold funds
  • Median 0.17%

FGDL 3rd cheapest of 10 funds

OUNZ 8th cheapest of 10 funds

FGDL vs OUNZ Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
FGDL None
OUNZ None

Distribution history

FGDLAll FGDL payments⁠

No distribution history available.

OUNZAll OUNZ payments⁠

No distribution history available.

FGDL vs OUNZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FGDL 19.5%OUNZ 19.4%, better
Return per unit of riskSharpe ratio, 3 years
FGDL 1.02OUNZ 1.02Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
FGDL −28.3%since Jun 2022OUNZ −28.1%
Market sensitivityBeta, 5 years
FGDL 0.41OUNZ 0.34

FGDL and OUNZ in the news

All news⁠

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