Van Eck Merk Gold Trust (NYSE Arca: OUNZ) is a gold bullion exchange-traded trust that holds physical gold on behalf of shareholders. The Trust generates no operating revenue. Its only expense is the sponsor's fee paid to Merk Investments LLC, which totaled $4,831,111 for the fiscal year ended January 31, 2026. Shareholders gain economic exposure to gold prices through share ownership, and the Trust's distinctive feature is allowing redeeming shareholders to take delivery of physical gold rather than cash. The Bank of New York Mellon serves as trustee, and the Custodian holds allocated gold bullion on behalf of the Trust under a Custody Agreement governed by London Bullion Market Association practices. Authorized Participants create and redeem Baskets of shares, with gold transfers settled through allocated and unallocated accounts. Net assets reflect the Trust's sole investment in gold bullion, which appreciated by $1,085,411,124 on an unrealized basis for the fiscal year ended January 31, 2026.

Revenue model

The Trust generates no revenue. Its sole economic activity is holding gold bullion. The only expense line is the sponsor's fee paid to Merk Investments LLC, totaling $4,831,111 for the fiscal year ended January 31, 2026. Merk Investments LLC may waive or rebate portions of the fee at its discretion for certain institutional investors.

Products and services

A single exchange-traded trust product holding physical gold bullion. Shareholders may redeem shares for physical gold delivery, distinguishing OUNZ from cash-settlement-only gold ETFs. Baskets are created and redeemed by Authorized Participants through allocated and unallocated gold accounts at the Custodian.

Customers and end markets

End investors seeking gold price exposure through an exchange-traded vehicle. Authorized Participants act as intermediaries for share creation and redemption. Institutional investors may negotiate sponsor's fee rebates subject to minimum share holdings and lock-up requirements.

Value-chain role

Passive asset-holding trust. Merk Investments LLC sponsors and manages the Trust. The Bank of New York Mellon serves as trustee. An LBMA-participant custodian holds allocated gold bullion. Authorized Participants facilitate share creation and redemption by transferring gold in and out of the Trust.

Geographic exposure

The Trust is a U.S.-registered entity filing with the SEC. Gold custody operations are conducted under London Bullion Market Association practices. No specific geographic breakdown of assets or investors is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-27

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