OUNZ — VanEck Merk Gold Trust
Commodities Ranked #291 of 458 tracked ETFs · Issued by Merk Funds
OUNZ Price Performance — Growth of $10,000
Value of a $10,000 investment in OUNZ over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
OUNZ Drawdown
The "underwater" chart: OUNZ's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in OUNZ?
See what a lump sum in OUNZ would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The VanEck Merk Gold Trust (OUNZ) operates within the Commodities category, which ETFValuer currently tracks with 22 funds. Issued by Merk Funds, the trust holds $2.50 billion in assets under management and trades at a price of $38.69. It carries an overall rank of #291 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 57.3 out of 100. The fund charges an expense ratio of 0.25% and provides a dividend yield of 0.00%. The substantial asset base suggests significant investor adoption despite the fund's mid-tier ranking relative to its peers. This combination of size and cost structure positions the trust as a notable, though not top-ranked, option within the broader commodities landscape.
Recent trading activity shows a decline, with the fund down -1.43% over one day and -1.48% over one week. The one-month return of -1.23% contrasts with a sharper three-month drop of -14.04%, indicating a deterioration in momentum over the intermediate term. Year-to-date performance stands at -7.17%, while the six-month return has fallen further to -20.47%. Despite these shorter-term losses, the fund has posted a strong one-year return of +20.34%. This positive annual figure is supported by an exceptional three-year return of +106.57%, highlighting a significant divergence between recent short-term trends and longer-term gains.
The fund is assigned a High volatility label and exhibits a beta of 0.34, suggesting price movements that differ in magnitude from broader market benchmarks. A Sharpe ratio of 0.55 indicates the return generated per unit of risk taken over the measured period. The maximum drawdown recorded for the trust is -26.31%, reflecting the largest peak-to-trough decline experienced by investors. This combination of high volatility and a substantial maximum drawdown implies the fund can experience significant price swings in both directions. The low beta relative to the market may indicate that these large moves are not always synchronized with general market movements, yet the high volatility label confirms the asset's inherent price instability.
AI-generated summary based on the data on this page.
Market Backdrop
10-Year Treasury Yield: 4.65% (as of 2026-07-27) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.67 (as of 2026-07-27) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What OUNZ's Fees Cost You
OUNZ charges an expense ratio of 0.25% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
OUNZ Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is — and average daily volume is 676K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $2.50B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: OUNZ is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
OUNZ Performance History
| Period | Return |
|---|---|
| 1-Day | -1.43% |
| 1-Week | -1.48% |
| 1-Month | -1.23% |
| 3-Month | -14.04% |
| 6-Month | -20.47% |
| YTD | -7.17% |
| 1-Year | +20.34% |
| 3-Year | +106.57% |
How OUNZ Compares to Other Commodities ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #78 | B |
BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | +30.50% | 0.26% | $2.28B |
| #126 | B |
PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | +34.06% | 0.59% | $5.33B |
| #158 | B |
DJP | iPath Bloomberg Commodity Index Total Return(SM) ETN | +34.58% | 0.7% | $850M |
| #171 | B |
COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | +32.32% | 0.48% | $1.11B |
| #177 | C |
DBC | Invesco DB Commodity Index Tracking Fund | +33.34% | 0.85% | $1.58B |
| #189 | C |
GLDM | SPDR Gold MiniShares | +20.53% | 0.1% | $27.3B |
| #190 | C |
GSG | iShares S&P GSCI Commodity-Indexed Trust | +38.67% | 0.75% | $839M |
| #203 | C |
IAU | iShares Gold Trust | +20.33% | 0.25% | $60.1B |
| #204 | C |
SLV | iShares Silver Trust | +49.16% | 0.5% | $28.2B |
| #205 | C |
DBB | Invesco DB Base Metals Fund | +28.55% | 0.75% | $355M |
| #226 | C |
GLD | SPDR Gold Shares | +20.16% | 0.4% | $130B |
| #228 | C |
IAUM | iShares Gold Trust Micro | +20.58% | 0.09% | $6.31B |
| #259 | C |
SGOL | abrdn Physical Gold Shares ETF | +20.41% | 0.17% | $6.74B |
| #265 | C |
USO | United States Oil Fund, LP | +60.98% | 0.86% | $1.88B |
| #291 | C |
OUNZ | VanEck Merk Gold Trust | +20.34% | 0.25% | $2.50B |
| #300 | C |
BAR | GraniteShares Gold Trust | +20.35% | 0.1749% | $1.33B |
| #369 | C |
DBA | Invesco DB Agriculture Fund | +10.60% | 0.85% | $1.15B |
| #410 | D |
PPLT | abrdn Physical Platinum Shares ETF | +13.93% | 0.6% | $1.77B |
| #425 | D |
CPER | United States Copper Index Fund, LP | +6.95% | 0.88% | $738M |
| #451 | F |
WEAT | Teucrium Wheat Fund | +10.40% | 1% | $269M |
| #452 | F |
PALL | abrdn Physical Palladium Shares ETF | +2.52% | 0.6% | $591M |
| #457 | F |
UNG | United States Natural Gas Fund, LP | -29.14% | 1.17% | $419M |