What Is OUNZ? VanEck Merk Gold Trust

OUNZ is the VanEck Merk Gold Trust, launched in May 2014. It holds physical gold bullion and is designed to track the spot price of gold less expenses. Its distinguishing feature is that shareholders can take physical delivery of their gold in the form of coins or bars, subject to the trust's procedures, rather than only redeeming for cash.

OUNZ, listed on NYSE Arca. The full name is VanEck Merk Gold Trust. It is sponsored by Merk Investments and marketed under the VanEck brand.

Its delivery feature. Like IAU and GLD, OUNZ holds physical gold and tracks its spot price. Unlike them, OUNZ lets shareholders convert their shares into actual physical gold (coins or bars) through a defined delivery process. For investors who value the option to eventually hold the metal itself, this is OUNZ's main draw; most gold ETFs only redeem for cash.

Yes. OUNZ holds allocated physical gold bullion in a vault, and each share represents an interest in that gold. Its value tracks the spot price of gold minus the fund's expenses. It does not hold mining stocks or futures; its exposure is to the metal itself.

0.25% per year (25 basis points). On a $10,000 investment that is about $25 per year. This is competitive with IAU (0.25%) and lower than GLD (0.40%), while adding the physical-delivery option that neither of those offers.

No. OUNZ has a 0.00% yield because physical gold produces no income. There is no interest or dividend; the return comes solely from changes in the gold price, less expenses. Investors hold it for gold exposure and diversification rather than income.

Yes, that is the point of the fund. Shareholders can redeem shares for physical gold in the form of gold coins or bars, following the trust's delivery procedures, which specify eligible products and minimums. The process involves paperwork and delivery logistics, and taking delivery is a taxable event, so most holders never exercise it, but the option is what differentiates OUNZ.

OUNZ trades like a stock on NYSE Arca during US market hours through any broker, including Robinhood, Fidelity, Schwab, Public, and Webull. Fractional shares are supported at most modern brokers. If you want a gold allocation as a diversifier alongside your stock baskets, connect your broker to Walnut and the AI can help you see how it fits.

Approximately $2.5 billion as of July 2026. It is smaller than the largest gold ETFs like IAU and GLD, in part because its delivery feature appeals to a more specific segment of gold investors.

OUNZ offers direct gold exposure at a competitive fee, with the added option of taking physical delivery. Like all gold holdings, it pays no income and can move through long flat or declining stretches, so it is generally used as a diversifier or inflation hedge rather than a growth asset. Walnut is not an investment adviser; whether a gold allocation fits depends on your goals, time horizon, and what else you own.

May 16, 2014. It was designed from the outset around the physical-delivery feature, which set it apart from the earlier gold ETFs that only redeemed for cash.

All three hold physical gold and track its spot price, so returns are nearly identical before fees. IAU and OUNZ both charge 0.25%; GLD charges 0.40%. GLD has the deepest liquidity and options market. OUNZ's differentiator is the ability to redeem shares for physical gold. For pure low-cost exposure, IAU; for maximum liquidity, GLD; for the delivery option, OUNZ.

In the US, physical-gold ETFs like OUNZ are generally treated as collectibles for tax purposes, which can carry a higher long-term capital gains rate than stocks. Taking physical delivery of gold is also generally a taxable event. Tax treatment depends on your situation and can change, so confirm current rules with a tax professional. This is general information, not tax advice.

Yes, at brokers that support fractional ETF purchases, including Robinhood, Fidelity, Schwab, and Public. Note that fractional shares would not typically meet the minimums required to take physical delivery of gold, which apply to whole-share amounts under the trust's procedures.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. OUNZ's figures are above; the full method is in Walnut's guide on how to compare ETFs.