ETF Evaluator:
VanEck Merk Gold Trust (OUNZ)
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(as of Jul 31)
Best Performing in Commodities Focused Over the Last Year
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ETF Details
VanEck Merk Gold Trust Overview
VanEck Merk Gold Trust (OUNZ) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). Merk Funds launched the ETF in 2014.
The investment seeks to provide investors with an opportunity to invest in gold through the shares and be able to take delivery of physical gold in exchange for those shares. The Trust’s secondary objective is for the shares to reflect the performance of the price of gold less the expenses of the Trust’s operations. Each share represents a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets consist principally of gold held on the Trust’s behalf in financial institutions for safekeeping.
About VanEck Merk Gold Trust (OUNZ)
There are 1 members of the management team with an average tenure of 12.13 years: Management Team (2014). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: LBMA Gold Price PM USD index with a weighting of 100%. VanEck Merk Gold Trust has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VanEck Merk Gold Trust is part of the Real Assets global asset class and is within the Commodities ETF group. VanEck Merk Gold Trust has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck Merk Gold Trust has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
OUNZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VanEck Merk Gold Trust expense ratio is below average compared to funds in the Commodities Focused category. VanEck Merk Gold Trust has an expense ratio of 0.25%, which is 67% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VanEck Merk Gold Trust has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of June 2026, VanEck Merk Gold Trust returned -11.7%, which earned it a grade of D, as the Commodities Focused category had an average return of -10.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VanEck Merk Gold Trust has a trailing yield of 0.00%, which is below the 6.89% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VanEck Merk Gold Trust Grades
Year to date, the ETF has returned -7.0%, 22.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 21.1% over the past year (grade of C), 27.7% over the past three years (grade of B) and 17.6% per year over the past five years (grade of A) and 11.4% per year over the past 10 years (grade of A).
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OUNZ Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OUNZ Return (NAV) | -11.7% | -14.3% | 21.1% | 27.7% | 17.6% | 11.4% |
| OUNZ Return (Price) | -11.7% | -14.3% | 21.0% | 27.5% | 17.5% | 11.4% |
| NAV +/- Price Return | 0.023% | 0.022% | 0.069% | 0.194% | 0.088% | 0.029% |
| Commodities Focused Avg | -10.3% | -8.3% | 43.7% | 14.0% | 8.9% | 5.2% |
| OUNZ Grade (NAV) | D | D | C | B | A | A |
| +/- Category (NAV) | -1.4% | -6.0% | -22.6% | 13.7% | 8.7% | 6.2% |
| OUNZ Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
OUNZ Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OUNZ Return (NAV) | -7.0% | 64.0% | 26.9% | 13.5% | -0.7% | -4.0% | 23.8% | 18.4% | -1.5% | 11.4% | 8.7% |
| OUNZ Return (Price) | -7.0% | 64.0% | 26.8% | 12.8% | -0.5% | -4.0% | 24.7% | 18.0% | -2.1% | 12.8% | 8.3% |
| NAV +/- Price Ret | -0.006% | -0.001% | -0.004% | -0.053% | -0.254% | -0.005% | 0.040% | -2.0% | 33.1% | 12.3% | -4.8% |
| Commodities Focused Avg | 15.5% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| OUNZ Grade (NAV) | D | B | A | A | D | D | B | C | B | A | C |
| +/- Category | -22.5% | 28.4% | 20.6% | 14.6% | -9.8% | -31.8% | 22.3% | 3.4% | 7.9% | 8.3% | -1.3% |
| Risk Measures | |
| Beta: | 0.34 |
| R-Squared: | 6% |
| Standard Deviation: | 18.2% |
| Category Risk Index: | 0.72 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.50 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 2,500 Mil |
| Share Class Assets: | $ 2,500 Mil |
| Turnover: | na |
| Expense Ratio: | 0.25% |
| Index Fund: | Yes |
| Index Tracked: | LBMA Gold Price PM USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 12.1 years | |||
| Average Tenure: 12.1 years | |||
| Managers (Year): Team Management (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Grantor Trust |
| Fund Family: | Merk Funds |
| Phone Number: | 855-675-6869 |
| Website: | www.merkgold.com |
| Inception Date: | May 16, 2014 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.76% |
