At a glance
OUNZ charges 0.25% a year, above the 0.2% average of the 7 funds most like it (the 5th cheapest of 7). It has $2.54B in assets, the 7th largest of that group. Over the past year it returned +1.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +26.2% a year. At its worst it fell 21.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low.
The short version
VanEck Merk Gold ETF (OUNZ) is a grantor trust that holds physical gold bullion. It aims to track the price of gold, minus its expenses. What sets it apart is that shareholders can trade in their shares and receive real gold bars or coins, for a fee. Its 0.25% sponsor fee is the same as iShares Gold Trust (IAU)'s. It costs more than SPDR Gold MiniShares (GLDM) at 0.10% and iShares Gold Trust Micro (IAUM) at 0.09%.
Price history
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OUNZ +1.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OUNZ price data to Oct 27, 2026 | -5.9% | +1.6% | +26.2% | +17.4% | — | +14.0% |
- Over the year to Oct 27, 2026, OUNZ returned +1.6%, 4th of 8 among similar funds.
- Its 5-year annualized return was +17.4%.
- Its worst full calendar year was 2021 (-4.0%); its best was 2025 (+64.0%).
- The deepest fall in its price history was 26.3% (Jan 29, 2026 to Jul 16, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.9% |
| 2025 | +64.0% |
| 2024 | +26.8% |
| 2023 | +12.8% |
| 2022 | -0.5% |
| 2021 | -4.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.2% over that stretch · deepest drop along the way 21%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $2.54B as of Jul 31, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
OUNZ does not follow a stock index, and no manager picks investments. The trust was set up under New York law in May 2014. Its assets consist only of gold bullion, mostly London Bars, which are large standard bars traded among banks and dealers. A custodian holds the gold. Almost all of it is allocated, meaning specific bars are set aside for the trust. No more than 430 fine ounces may be unallocated. The trust does not use futures or other derivatives, and it is not actively managed. It may give up small amounts of gold to pay expenses the sponsor does not cover.
New shares are created in blocks of 50,000, called Baskets. Large trading firms called Authorized Participants create them by handing over gold, and they can return Baskets to get gold back. This process helps keep the share price close to the value of the gold behind it. Everyone else trades OUNZ on NYSE Arca through an ordinary brokerage account.
Shareholders can also ask for delivery of physical gold. To do this, they apply to VanEck and pay processing and delivery fees. The request must cover at least one fine ounce and meet a minimum dollar value that the sponsor sets. Bars and coins must be at least 99.5% pure, or 91.67% for American Gold Eagle coins. Any leftover fraction of an ounce is paid out in cash. Once the broker transfers the shares, the request can't be cancelled.
What it really costs
- OUNZ charges 0.25% a year, versus an average of 0.2% for the similar funds below (5th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
OUNZ holds only gold, which pays no income and has moved differently from stocks and bonds, though its short record shows deep drops of its own.
OUNZ has recorded no distributions, so it can't supply income. Its role is to behave differently from the rest of a portfolio. Its price history starts June 2, 2020, so it does not cover the 2008 crisis or the 2020 crash. In the 2022 bear market it fell 21% between March and September 2022. It took about 14 months to recover, by December 2023. Its deepest drop, 26.3%, ran from January 29 to July 16, 2026, and it had not recovered as of October 27, 2026. That drop came right after a 64% gain in 2025. Anyone who had to cash out during a slide like that would lock in the loss. The 0.25% fee is above the 0.20% average of similar gold funds. US long-term gains can be taxed at up to 28%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want the option to exchange shares for physical gold bars or coins, and accept the processing and delivery fees.
- People who want a small diversifying position in allocated gold bullion rather than futures, and expect no income from it.
- Investors comparing gold trusts who find a 0.25% fee acceptable: the same as IAU's and below GLD's 0.40%.
Look elsewhere if
- Cost-focused investors with no use for delivery: GLDM (0.10%) and IAUM (0.09%) also hold gold directly for less.
- Retirees who need regular income: OUNZ has recorded no distributions, and gold itself pays no interest or dividends.
- Investors uneasy with swings like the 26.3% drop from January to July 2026, or with collectibles tax rates of up to 28%.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OUNZ this fund | 0.25% | $2.54B | +1.6% | +26.2% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| AAAU Goldman Sachs Physical Gold ETF | 0.18% | $2.40B | +1.6% | +26.3% |
Questions investors ask
Can you take delivery of physical gold from OUNZ?
Yes. Shareholders can submit a delivery application to VanEck, the sponsor, and pay processing and delivery fees. The request must cover at least one fine ounce of gold and meet a minimum dollar value posted on the trust's website. Options include London Bars from the custodian, or other bars and coins, such as American Gold Eagles, sourced through a dealer. Any fraction of an ounce that is left over is paid out in cash. Once your broker transfers the shares, the request can't be cancelled.
What's the difference between OUNZ and IAU?
Both hold physical gold and charge the same 0.25% sponsor fee. IAU is far larger, with about $60.1 billion in net assets as of June 30, 2026. OUNZ had about $2.54 billion as of July 31, 2026. Their one-year returns were close: 1.6% for OUNZ through October 27, 2026, and 1.7% for IAU through October 29, 2026. OUNZ's main distinguishing feature is its process for swapping shares for physical gold.
Does OUNZ pay dividends?
No. No distributions have been recorded for OUNZ. The trust holds only gold bullion, and gold pays no interest or dividends. Any return comes from changes in the gold price, minus the 0.25% sponsor fee and any other trust expenses. The trust may give up small amounts of gold to cover expenses the sponsor does not pay. Investors who need regular cash flow would have to look at income-paying holdings elsewhere in their portfolio.
How is OUNZ taxed?
In the US, OUNZ is taxed like the gold it holds. It is a grantor trust, a structure where shareholders are treated as owning a share of the trust's assets. Long-term gains on physically backed precious-metal trusts can be taxed at the collectibles rate of up to 28%, rather than the usual long-term capital-gains rates. The trust is also not registered under the Investment Company Act of 1940, so it lacks some of the protections that apply to mutual funds and most ETFs.
How has OUNZ performed?
Strongly over three years, but with large swings. As of October 27, 2026, its price-based return averaged 26.2% a year over three years and 17.4% a year over five years. It gained 63.95% in 2025 and 26.75% in 2024, and lost 4% in 2021. Through October 27, 2026, it was down 5.93% for the year to date. Over the past year its volatility, a measure of how much the price swings, was 29.1%.