VanEck Merk Gold ETF Assets Soar 73% on Bullion Appreciation

TL;DR

**OUNZ is crushing it, gold's rally is real, and investors are piling in for physical delivery.**

AI Summary

VanEck Merk Gold ETF (OUNZ) experienced significant growth in net assets and gold holdings for the nine months ended October 31, 2025. Net assets surged from $1,314,597,389 on January 31, 2025, to $2,282,329,658 on October 31, 2025, representing a 73.6% increase. This was primarily driven by a substantial net change in unrealized appreciation on investment in gold bullion of $612,916,170 for the nine-month period, compared to $290,502,883 in the prior year. The Trust's investment in gold bullion increased from 469,450 fine ounces valued at $1,314,597,403 to 570,608 fine ounces valued at $2,282,329,687. Shares outstanding also grew from 48,664,686 to 59,260,422, with net asset value per share rising from $27.01 to $38.51. Sponsor's fees increased to $3,254,376 for the nine months ended October 31, 2025, up from $1,818,395 in the same period of 2024, reflecting the larger asset base. The Trust's primary objective remains providing investors with an opportunity to invest in gold and take physical delivery, with a secondary objective for shares to reflect gold price performance less expenses.

Why It Matters

This substantial growth in OUNZ's net assets and gold holdings signals strong investor demand for gold-backed ETFs, likely driven by macroeconomic uncertainties and inflation concerns. For investors, the 73.6% increase in net assets and the rise in NAV per share from $27.01 to $38.51 demonstrate significant capital appreciation, making OUNZ an attractive vehicle for gold exposure. The ability for investors to take physical delivery of gold bullion or coins in exchange for shares provides a unique competitive advantage over other gold ETFs, appealing to those seeking tangible asset ownership. This performance also highlights the continued relevance of gold as a safe-haven asset in the broader market, potentially drawing capital away from riskier investments.

Risk Assessment

Risk Level: low — The primary asset of VanEck Merk Gold ETF is physical gold bullion, which is generally considered a safe-haven asset. The Trust's operations are straightforward, focused solely on holding gold, and it does not engage in complex derivative instruments. The risk is primarily tied to the volatility of gold prices, which is inherent to the commodity itself, rather than operational or financial leverage risks.

Analyst Insight

Investors should consider OUNZ for direct gold exposure, especially if they value the option for physical delivery. Given the significant unrealized appreciation and increased investor interest, OUNZ appears to be a robust option for diversifying portfolios against inflation and market volatility. Monitor gold price trends and global economic indicators for continued performance.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

N/A

total Assets

$2,282,818,848

total Debt

$0

net Income

$621,107,712

eps

$38.51

gross Margin

N/A

cash Position

$489,161

revenue Growth

N/A

Key Numbers

• $2,282,329,658 — Net Assets (As of October 31, 2025, a 73.6% increase from January 31, 2025)
• $1,314,597,389 — Net Assets (As of January 31, 2025)
• $612,916,170 — Net change in unrealized appreciation on investment in gold bullion (For the nine months ended October 31, 2025, significantly higher than the prior year)
• 570,608 — Fine Ounces of Gold Bullion (Held as of October 31, 2025, up from 469,450 fine ounces)
• $38.51 — Net asset value per share (As of October 31, 2025, an increase from $27.01)
• 59,260,422 — Shares issued and outstanding (As of October 31, 2025, up from 48,664,686 shares)
• $3,254,376 — Sponsor's fees (For the nine months ended October 31, 2025, an increase from $1,818,395)
• 73.6% — Percentage increase in Net Assets (From January 31, 2025, to October 31, 2025)
• $1,235,707,242 — Cost of gold bullion (As of October 31, 2025)
• $2,282,329,687 — Value of gold bullion (As of October 31, 2025)

Key Players & Entities

• VanEck Merk Gold ETF (company) — Registrant and exchange-traded fund
• OUNZ (company) — Trading symbol for VanEck Merk Gold ETF
• Merk Investments LLC (company) — Sponsor of the Trust
• The Bank of New York Mellon (company) — Trustee of the Trust
• JPMorgan Chase Bank, N.A. (company) — Custodian of the 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
• SEC (regulator) — Securities and Exchange Commission
• Virtu Financial (company) — Lead Market Maker and Initial Purchaser

FAQ

Risk Factors

• Gold Price Volatility [high — market]: The value of the Trust's investment in gold bullion is subject to significant fluctuations in the market price of gold. For the nine months ended October 31, 2025, the net change in unrealized appreciation on investment in gold bullion was $612,916,170, compared to $290,502,883 in the prior year, highlighting the sensitivity to price movements.
• Physical Gold Custody [medium — operational]: The Trust holds physical gold bullion, which involves risks associated with its storage, security, and transportation. While not explicitly detailed in this 10-Q, any issues with custodianship could impact the Trust's assets.
• Changes in Securities Laws [medium — regulatory]: As an ETF, the Trust is subject to evolving securities regulations. Changes in these regulations could impact the Trust's structure, operations, or ability to offer shares.
• Sponsor Fee Impact [low — financial]: The sponsor's fees increased from $1,818,395 for the nine months ended October 31, 2024, to $3,254,376 for the same period in 2025, reflecting the growth in assets. While necessary for operations, these fees directly reduce the net asset value per share.

Industry Context

The gold ETF market provides investors with a liquid and accessible way to gain exposure to gold prices without the need for physical storage. Competitors include other gold ETFs and physically-backed commodity funds. Trends indicate a continued investor interest in gold as a hedge against inflation and economic uncertainty, driving asset growth in well-established funds like OUNZ.

Regulatory Implications

As a registered investment company, the VanEck Merk Gold ETF is subject to SEC regulations. Compliance with reporting requirements and fiduciary duties is paramount. Any changes in regulations pertaining to commodity ETFs or precious metals could necessitate adjustments in the Trust's operations or disclosures.

What Investors Should Do

1. Monitor gold price volatility: Given the significant impact of gold price fluctuations on the ETF's performance, investors should stay informed about market trends and geopolitical events that influence gold prices.
2. Evaluate sponsor fees: While fees are increasing with asset growth, investors should consider the impact of sponsor fees on overall returns and compare them to similar investment vehicles.
3. Assess physical delivery option: Understand the terms and conditions for the secondary objective of physical delivery of gold, as this is a unique feature of the Merk Gold ETF.
4. Review net asset value per share trends: Track the NAV per share growth ($27.01 to $38.51) as an indicator of the ETF's performance relative to the gold price and its expenses.

Key Dates

• 2025-10-31: Statement of Assets and Liabilities — Shows net assets of $2,282,329,658 and 570,608 fine ounces of gold bullion held.
• 2025-10-31: Statement of Operations — Reports a net increase in net assets of $621,107,712 for the nine-month period, driven by $612,916,170 in unrealized appreciation on gold.
• 2025-01-31: Statement of Assets and Liabilities — Shows net assets of $1,314,597,389 and 469,450 fine ounces of gold bullion held.

Glossary

Net assets

The total value of an ETF's assets minus its liabilities. (Represents the total value of the fund available to shareholders, which grew significantly to $2,282,329,658 as of October 31, 2025.)

Gold bullion

Physical gold in the form of bars or coins, meeting specific purity standards. (The primary investment asset of the VanEck Merk Gold ETF, with holdings increasing to 570,608 fine ounces.)

Unrealized appreciation

The increase in the value of an asset that has not yet been sold. (A major driver of the ETF's net asset growth, with $612,916,170 recorded for the nine months ended October 31, 2025.)

Sponsor's fees

Fees paid to the entity that sponsors and manages the ETF. (These fees are an expense for the ETF, increasing to $3,254,376 for the nine months ended October 31, 2025, due to the larger asset base.)

Net asset value per share (NAV)

The value of one share of an ETF, calculated by dividing the total net assets by the number of outstanding shares. (Increased from $27.01 to $38.51 as of October 31, 2025, reflecting the growth in the underlying gold holdings.)

Shares issued and outstanding

The total number of shares of the ETF that have been issued and are held by investors. (Grew from 48,664,686 to 59,260,422, indicating increased investor demand for the ETF.)

Year-Over-Year Comparison

The VanEck Merk Gold ETF has experienced substantial growth compared to the prior year's reporting period. Net assets surged by 73.6% from $1,314,597,389 to $2,282,329,658. This growth was primarily fueled by a significant increase in the net change in unrealized appreciation on gold bullion, which more than doubled from $290,502,883 to $612,916,170. Correspondingly, the Trust's holdings of gold bullion increased, and shares outstanding grew from 48,664,686 to 59,260,422. Sponsor's fees also saw a considerable rise, reflecting the larger asset base.

Filing Documents

• ea0268443-10q_vaneck.htm (10-Q) — 296KB
• ea026844301ex31-1_vaneck.htm (EX-31.1) — 12KB
• ea026844301ex32-1_vaneck.htm (EX-32.1) — 5KB
• image_001.jpg (GRAPHIC) — 19KB
• 0001213900-25-119219.txt ( ) — 2067KB
• ounz-20251031.xsd (EX-101.SCH) — 21KB
• ounz-20251031_cal.xml (EX-101.CAL) — 7KB
• ounz-20251031_def.xml (EX-101.DEF) — 63KB
• ounz-20251031_lab.xml (EX-101.LAB) — 118KB
• ounz-20251031_pre.xml (EX-101.PRE) — 70KB
• ea0268443-10q_vaneck_htm.xml (XML) — 211KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 Unaudited Statements of Operations for the Three and Nine Months Ended October 31, 2025 and 2024 2 Unaudited Statements of Changes in Net Assets for the Three and Nine Months Ended October 31, 2025 and 2024 3 Schedules of Investment at October 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 12 Item 3. Quantitative and Qualitative Disclosures About Market Risk 18 Item 4. Controls and Procedures 18

—OTHER INFORMATION

PART II—OTHER INFORMATION 19 Item 1. 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

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) VanEck Merk Gold ETF October 31, 2025 January 31, 2025 (unaudited) Assets Investments in gold bullion (cost $ 1,235,707,242 and $ 880,891,128 , respectively) $ 2,282,329,687 $ 1,314,597,403 Capital shares receivable 489,161 13,758,562 Total assets 2,282,818,848 1,328,355,965 Liabilities Gold Bullion payable - 13,506,499 Sponsor's fee payable 489,190 252,077 Total liabilities 489,190 13,758,576 Net assets $ 2,282,329,658 $ 1,314,597,389 Net assets consists of: Paid-in-capital $ 1,224,998,741 $ 878,374,184 Accumulated earnings 1,057,330,917 436,223,205 Net Assets $ 2,282,329,658 $ 1,314,597,389 Shares issued and outstanding ( no par value) 59,260,422 48,664,686 Net asset value per share $ 38.51 $ 27.01 See notes to unaudited financial statements. 1 VanEck Merk Gold ETF For the Three Months Ended October 31, 2025 For the Three Months Ended October 31, 2024 For the Nine Months Ended October 31, 2025 For the Nine Months Ended October 31, 2024 (unaudited) (unaudited) (unaudited) (unaudited) Expenses Sponsor's fees $ 1,280,422 $ 695,993 $ 3,254,376 $ 1,818,395 Total expenses 1,280,422 695,993 3,254,376 1,818,395 Net investment loss ( 1,280,422 ) ( 695,993 ) ( 3,254,376 ) ( 1,818,395 ) Net realized and unrealized gain (loss) Net realized gain from gold bullion distributed for redemptions 7,405,308 216,650 11,445,918 412,766 Net change in unrealized appreciation (depreciation) on investment in gold bullion 381,835,332 128,338,192 612,916,170 290,502,883 Net realized and unrealized gain (loss) from operations 389,240,640 128,554,842 624,362,088 290,915,649 Net increase (decrease) in net assets resulting from operations $ 387,960,218 $ 127,858,849 $ 621,107,712 $ 289,097,254 See notes to unaudited financial statements. 2 VanEck Merk Gold ET

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