VanEck Merk Gold ETF

VanEck Merk Gold ETF is a U.S.-listed grantor trust that gives investors exposure to physical gold through exchange-traded shares. The trust holds gold bullion and allows shares to be redeemed for gold, with the shares trading on NYSE Arca under the ticker OUNZ.

— VanEck Merk Gold ETF
%
Physical gold exposure90% Shares designed to track the price of gold held by the trust.
Physical redemption feature5% Investor ability to exchange shares for allocated gold bullion.
Trust administration and custody5% Operational services that support bullion storage, settlement, and administration.

The trust is bought by investors who want gold exposure in a brokerage account without directly storing bullion...

  • Retail investorsprimary

    Buy shares for simple, liquid exposure to gold prices without handling physical metal.

  • Institutional investorsprimary

    Use the shares as a portfolio diversifier, inflation hedge, or tactical gold allocation.

  • Retirement accountssecondary

    Hold shares in IRAs and tax-qualified accounts that seek commodity exposure through listed securities.

  • Gold redeemerssecondary

    Investors who value the option to exchange shares for physical gold bullion.

The trust is U.S.-domiciled and its shares trade on NYSE Arca in the United States. Its underlying asset is globally...

  • •U.S.-listed shares trade on NYSE Arca
  • •Trust is organized in the United States
  • •Gold pricing is linked to global bullion markets
  • •London, New York, and Zurich are key gold market centers

The trust’s core strategy is to provide efficient, exchange-traded access to the price of gold while preserving the...

01
Maintain close tracking to gold pricesshort-term

The investment case depends on shares reflecting bullion value as closely as possible.

02
Support trading liquidity and market accessmedium-term

Investors need efficient entry and exit in a listed product.

03
Preserve the physical redemption featurelong-term

The ability to take delivery of gold is a distinctive feature versus many paper-only products.

The trust is exposed primarily to gold price volatility, since share value moves with the market price of bullion...

high

Gold price volatility

The trust is designed to track bullion, so changes in gold prices flow directly into share value.

Scope
All shareholders
Materiality
high
high

Custody, theft, or settlement loss

Physical gold must be stored and delivered through third parties, creating operational and counterparty exposure.

Scope
Bullion held by custodian or dealer
Materiality
high
medium

Gold market liquidity and delivery delays

Tightness in London or other bullion markets can affect execution, spreads, and redemption mechanics.

Scope
Market makers and authorized participants
Materiality
medium
medium

Premium/discount to NAV

Exchange-traded shares can diverge from underlying gold value because of trading hours and market demand.

Scope
Secondary market investors
Materiality
medium
medium

Central bank and official-sector selling

Large reserve sales can increase supply and pressure the gold price.

Scope
Underlying gold market
Materiality
medium
Fair value measurement of gold
Gold price movements flow through reported asset value
Sponsor fee paid in shares
Dilution and expense recognition
Expense funding through gold sales
Can slightly reduce bullion holdings over time
Specialized investment company accounting
Presentation focuses on NAV and fair value

abrdn Gold ETF Trust

SGOL · Commodity Contracts Brokers & Dealers

Goldman Sachs Physical Gold ETF

AAAU · Commodity Contracts Brokers & Dealers

abrdn Precious Metals Basket ETF Trust

GLTR · Commodity Contracts Brokers & Dealers

VanEck Ethereum ETF

ETHV · Commodity Contracts Brokers & Dealers

VanEck Bitcoin ETF

HODL · Commodity Contracts Brokers & Dealers

abrdn Silver ETF Trust

SIVR · Commodity Contracts Brokers & Dealers

: 29/04/2026