VanEck Merk Gold ETF Assets Soar 34% Amid Gold Appreciation

TL;DR

**OUNZ is a strong buy; gold's appreciation is driving massive asset growth and the physical delivery option offers a unique hedge.**

AI Summary

VanEck Merk Gold ETF (OUNZ) reported a significant increase in net assets, reaching $1,763,218,226 as of July 31, 2025, up from $1,314,597,389 on January 31, 2025, representing a 34.13% increase. This growth was primarily driven by a substantial net change in unrealized appreciation on investment in gold bullion, which surged to $231,080,838 for the six months ended July 31, 2025, compared to $162,164,691 for the same period in 2024. The Trust experienced a net investment loss of $1,973,954 for the six months ended July 31, 2025, an increase from $1,122,402 in the prior year, due to higher Sponsor's fees. Shares outstanding increased to 55,607,168 from 48,664,686, and the net asset value per share rose to $31.71 from $27.01. Key business changes include the shift in the gold pricing index to the Solactive Gold Spot Index from the LBMA PM Gold Price on August 7, 2023. Risks include reliance on the Solactive Index and potential for decreased gold represented by each share due to Sponsor's fees.

Why It Matters

This filing highlights OUNZ's strong performance, with net assets increasing by over $448 million in six months, primarily due to gold's appreciation. For investors, this indicates a robust store of value and potential for further gains in a volatile market, especially given the ability to take physical delivery of gold. Employees of Merk Investments LLC benefit from increased assets under management, while customers gain confidence in the ETF's ability to track gold prices effectively. In a competitive landscape, OUNZ's unique physical delivery option and transparent pricing via the Solactive Index could attract more investors seeking direct gold exposure.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent volatility of gold prices, which directly impacts the Trust's net assets and share value. While the Trust's assets increased by 34.13% to $1,763,218,226, a significant portion of this is unrealized appreciation, which can reverse. Additionally, the reliance on the Solactive Gold Spot Index for valuation introduces a specific market data risk, although the filing notes its robustness.

Analyst Insight

Investors should consider OUNZ as a strategic allocation for gold exposure, especially those interested in the option for physical delivery. Monitor global economic indicators and central bank policies, as these significantly influence gold prices. The ETF's strong asset growth and rising NAV per share suggest continued positive momentum, but be aware of potential fluctuations in gold's market value.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

$1,763,593,094

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $1,763,218,226 — Total Assets (Increased from $1,328,355,965 on January 31, 2025, a 32.74% rise.)
• $1,763,218,226 — Net Assets (Increased from $1,314,597,389 on January 31, 2025, a 34.13% rise.)
• 55,607,168 — Shares issued and outstanding (Increased from 48,664,686 on January 31, 2025.)
• $31.71 — Net asset value per share (Increased from $27.01 on January 31, 2025.)
• $231,080,838 — Net change in unrealized appreciation on investment in gold bullion (For the six months ended July 31, 2025, up from $162,164,691 in 2024.)
• $1,973,954 — Sponsor's fees (For the six months ended July 31, 2025, up from $1,122,402 in 2024.)
• 535,762 — Fine Ounces of Gold bullion (Held as of July 31, 2025, up from 469,450 on January 31, 2025.)
• $4,040,610 — Net realized gain from gold bullion distributed for redemptions (For the six months ended July 31, 2025, up from $196,116 in 2024.)

Key Players & Entities

• VanEck Merk Gold ETF (company) — Registrant and exchange-traded fund
• Merk Investments LLC (company) — Sponsor of the Trust
• The Bank of New York Mellon (company) — Trustee of the Trust
• Virtu Financial (company) — Lead Market Maker and Initial Purchaser
• JPMorgan Chase Bank, N.A. (company) — Custodian of gold bullion
• Solactive AG (company) — Owner, calculator, and disseminator of the Solactive Gold Spot Index
• ICE Data Services (company) — Provider of XAU trading prices for the Solactive Index
• NYSE Arca (regulator) — Exchange where VanEck Merk Gold Shares are registered
• Securities and Exchange Commission (regulator) — Regulatory body for the filing

FAQ

Risk Factors

• Reliance on Gold Bullion Price [high — market]: The ETF's performance is directly tied to the price of gold bullion. Fluctuations in gold prices, influenced by global economic conditions, inflation, and geopolitical events, can significantly impact the ETF's net asset value. For the six months ended July 31, 2025, the net change in unrealized appreciation on gold bullion was $231,080,838, highlighting the sensitivity to price movements.
• Sponsor's Fees Impact on Returns [medium — operational]: Sponsor's fees directly reduce the net assets and the amount of gold represented by each share. These fees increased to $1,973,954 for the six months ended July 31, 2025, from $1,122,402 in the prior year, indicating a higher expense burden on investors and a potential drag on returns.
• Index Tracking Risk [medium — market]: The ETF shifted its gold pricing index to the Solactive Gold Spot Index from the LBMA PM Gold Price on August 7, 2023. Any discrepancies or tracking errors between the Solactive Index and the actual spot price of gold could affect the ETF's ability to accurately reflect the market value of its holdings.
• Net Investment Loss [low — financial]: The Trust experienced a net investment loss of $1,973,954 for the six months ended July 31, 2025, an increase from $1,122,402 in the prior year. This loss, primarily driven by Sponsor's fees, reduces the overall returns for shareholders.

Industry Context

The gold ETF market is highly competitive, with investors seeking exposure to gold as a hedge against inflation and market volatility. Performance is largely dictated by the spot price of gold, influenced by macroeconomic factors, central bank policies, and geopolitical events. The shift to the Solactive Gold Spot Index by OUNZ reflects an adaptation to market standards for gold pricing benchmarks.

Regulatory Implications

As an ETF, OUNZ is subject to regulations governing investment funds, including disclosure requirements and oversight by bodies like the SEC. Changes in regulations concerning precious metals or ETFs could impact its operations and investor base. The reliance on a specific index also brings scrutiny regarding index methodology and potential manipulation.

What Investors Should Do

1. Monitor gold price trends closely, as they are the primary driver of OUNZ's performance.
2. Evaluate the impact of increasing Sponsor's fees on overall returns and compare them to other gold ETFs.
3. Assess the Solactive Gold Spot Index's reliability and its correlation with actual gold prices.
4. Consider the growing net asset value and share price as indicators of investor confidence and fund growth.
5. Review the increasing holdings of fine gold ounces as a measure of the ETF's physical backing.

Key Dates

• 2025-07-31: Statement of Assets and Liabilities — Reports total assets of $1,763,593,094 and net assets of $1,763,218,226, reflecting significant growth.
• 2025-07-31: Statement of Operations — Shows a net investment loss of $1,973,954 and a net realized and unrealized gain of $235,121,448 for the six months, driven by gold bullion appreciation.
• 2025-07-31: Statement of Changes in Net Assets — Details net assets increasing to $1,763,218,226 from $1,314,597,389 for the six-month period.
• 2023-08-07: Shift in Gold Pricing Index — Transitioned to the Solactive Gold Spot Index from the LBMA PM Gold Price, impacting how the ETF's holdings are valued and benchmarked.

Glossary

Net assets

The total value of an ETF's assets minus its liabilities. It represents the value attributable to shareholders. (Indicates the overall size and value of the ETF, which grew to $1,763,218,226 as of July 31, 2025.)

Net change in unrealized appreciation (depreciation) on investment in gold bullion

The increase or decrease in the market value of the ETF's gold holdings that has not yet been realized through a sale. (A key driver of the ETF's performance, showing a significant appreciation of $231,080,838 for the six months ended July 31, 2025.)

Sponsor's fees

Fees charged by the ETF sponsor for managing the fund and covering operational expenses. (These fees increased to $1,973,954 for the six months ended July 31, 2025, impacting the net investment loss.)

Net investment loss

Occurs when the expenses of a fund exceed its investment income and realized gains. (The ETF reported a net investment loss of $1,973,954 for the six months ended July 31, 2025, primarily due to sponsor's fees.)

Shares issued and outstanding

The total number of shares of the ETF that have been issued and are held by investors. (Increased to 55,607,168 as of July 31, 2025, indicating investor demand and fund growth.)

Net asset value per share (NAV)

The value of one share of the ETF, calculated by dividing the total net assets by the number of outstanding shares. (Rose to $31.71 as of July 31, 2025, from $27.01 on January 31, 2025, reflecting the increase in net assets.)

Fine Ounces of Gold bullion

The actual quantity of pure gold held by the ETF, measured in troy ounces. (The ETF held 535,762 fine ounces as of July 31, 2025, up from 469,450 on January 31, 2025, showing an increase in physical gold backing.)

Year-Over-Year Comparison

Compared to the filing on January 31, 2025, VanEck Merk Gold ETF (OUNZ) has experienced substantial growth. Net assets surged by 34.13% to $1,763,218,226, driven by a significant increase in unrealized appreciation on gold bullion ($231,080,838 for the six months ended July 31, 2025, up from $162,164,691). Shares outstanding increased by approximately 14.27% to 55,607,168, and the net asset value per share rose to $31.71. However, the net investment loss also increased due to higher Sponsor's fees, which rose from $1,122,402 to $1,973,954 for the same periods.

Filing Documents

• ea0256127-10q_vaneck.htm (10-Q) — 293KB
• ea025612701ex31-1_vaneck.htm (EX-31.1) — 11KB
• ea025612701ex32-1_vaneck.htm (EX-32.1) — 5KB
• image_001.jpg (GRAPHIC) — 44KB
• 0001213900-25-085549.txt ( ) — 2127KB
• ounz-20250731.xsd (EX-101.SCH) — 21KB
• ounz-20250731_cal.xml (EX-101.CAL) — 7KB
• ounz-20250731_def.xml (EX-101.DEF) — 62KB
• ounz-20250731_lab.xml (EX-101.LAB) — 117KB
• ounz-20250731_pre.xml (EX-101.PRE) — 70KB
• ea0256127-10q_vaneck_htm.xml (XML) — 210KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 Unaudited Statements of Operations for the Three Months Ended July 31, 2025 and 2024 2 Unaudited Statements of Operations for the Six Months Ended July 31, 2025 and 2024 2 Unaudited Statements of Changes in Net Assets for the Three Months Ended July 31, 2025 and 2024 3 Unaudited Statements of Changes in Net Assets for the Six Months Ended July 31, 2025 and 2024 3 Schedules of Investment at July 31, 2025 (Unaudited) and January 31, 2025 4 Notes to the Unaudited Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18

—OTHER INFORMATION

PART II—OTHER INFORMATION 19 Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 20 Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 i VANECK MERK GOLD ETF CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or Quarterly Report, includes statements which relate to future events or future performance. In some cases, you can identify such forward-looking "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for gold and the shares), the operations of VanEck Merk Gold ETF, or Trust, the plans of Merk Investments LLC, the sponsor of the Trust, or Sponsor, and references to the Trust's future success and other similar matters are forward-looking assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions is subject to a number of risks and uncertainties, including the special considerations referenced in this Quarterly Report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this Quarterly Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anti

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) VanEck Merk Gold ETF July 31, 2025 January 31, 2025 (unaudited) Assets Investments in gold bullion (cost $ 1,098,431,123 and $ 880,891,128 , respectively) $ 1,763,218,236 $ 1,314,597,403 Capital shares receivable 374,858 13,758,562 Total Assets $ 1,763,593,094 $ 1,328,355,965 Liabilities Gold Bullion payable - 13,506,499 Sponsor's fee payable 374,868 252,077 Total liabilities 374,868 13,758,576 Net assets $ 1,763,218,226 $ 1,314,597,389 Net assets consists of: Paid-in-capital $ 1,093,847,527 $ 878,374,184 Accumulated earnings 669,370,699 436,223,205 $ 1,763,218,226 $ 1,314,597,389 Shares issued and outstanding ( no par value) 55,607,168 48,664,686 Net asset value per share $ 31.71 $ 27.01 See notes to unaudited financial statements. 1 VanEck Merk Gold ETF For the Three Months Ended July 31, 2025 For the Three Months Ended July 31, 2024 For the Six Months Ended July 31, 2025 For the Six Months Ended July 31, 2024 (unaudited) (unaudited) (unaudited) (unaudited) Expenses Sponsor's fees $ 1,079,987 $ 606,009 $ 1,973,954 $ 1,122,402 Total expenses 1,079,987 606,009 1,973,954 1,122,402 Net investment loss ( 1,079,987 ) ( 606,009 ) ( 1,973,954 ) ( 1,122,402 ) Net realized and unrealized gain (loss) Net realized gain from gold bullion distributed for redemptions 816,815 133,437 4,040,610 196,116 Net change in unrealized appreciation (depreciation) on investment in gold bullion ( 4,550,044 ) 64,214,008 231,080,838 162,164,691 Net realized and unrealized gain (loss) from operations ( 3,733,229 ) 64,347,445 235,121,448 162,360,807 Net increase (decrease) in net assets resulting from operations $ ( 4,813,216 ) $ 63,741,436 $ 233,147,494 $ 161,238,405 See notes to unaudited financial statements.

View Full Filing

View this 10-Q filing on SEC EDGAR