OUNZ ETF — VanEck Merk Gold Trust

VanEck Merk Gold Trust (OUNZ)

Updated October 16, 2026.

OUNZ is an ETF. its expense ratio is 0.25%. Total return is 209.5% over the past 12.4 years, 190.5 points behind SPY at 400.0%.

VanEck Merk Gold Trust is an ETF that provides exposure to physical gold, with the ability to exchange shares for actual gold bullion held in safekeeping by financial institutions. The fund aims to track the price of gold minus its operating expenses and does not make distributions to shareholders. With an expense ratio of 0.25%, it appeals to investors seeking direct commodity exposure to gold as a portfolio diversifier or inflation hedge.

OUNZ performance versus SPY

Price and return data through 2026-10-16.

Total return is 209.5% over the past 12.4 years, 190.5 points behind SPY at 400.0%. Over the past year its total return — price change plus distributions reinvested — is -3.4%. Its deepest 1-year drawdown was 26.3%.

OUNZ key facts

Issuer

VanEck

Asset type

ETF

Asset class

Commodity

Inception date

05/16/2014

Expense ratio

0.25%

Distribution frequency

None

Last close

$40.05 (as of 2026-10-16)

AUM

$2,683,965,641

Average volume

299128.0

Beta

0.35

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: VanEck; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

OUNZ risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 26.3%.

Who may consider OUNZ — and who may not

It is a weaker fit for investors who need monthly cash flow (OUNZ does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on OUNZ

• All tickers starting with O

Tagged: Gold, Metals.

Frequently asked questions

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