What Is OUNZ? The Gold ETF You Can Redeem for Real Gold
If you typed “ounz stock” into Google, do one correction first. OUNZ isn’t a company’s stock. It’s the ticker for the VanEck Merk Gold ETF, a trust that owns physical gold and lists on NYSE Arca, so it trades like any share in your brokerage account.
The short version: the fund charges 0.25% a year, pays no dividend, follows the gold price, and offers something most rivals don’t, the option to swap shares for actual coins or bars. Below, I’ll cover how that works, what it costs, and how it compares with GLD, IAU, and GLDM.
What is the VanEck Merk Gold ETF?
OUNZ is a grantor trust. Each shareholder owns a pro-rata slice of the gold the trust holds. Merk Investments LLC is the sponsor, and VanEck handles marketing. The fund launched on May 16, 2014.
On October 9, 2026, VanEck reported about $2.72 billion in net assets and roughly 647,000 ounces of gold in the trust. A single share represents a sliver of that, about 0.0096 ounces.
| Detail | OUNZ |
|---|---|
| Ticker / exchange | OUNZ / NYSE Arca |
| Expense ratio | 0.25% |
| NAV (Oct 9, 2026) | $40.30 |
| Net assets | $2.72B |
| Gold in trust | 647,393 oz |
| Income | None |
| Legal status | Not a 1940 Act fund |
Figures come from VanEck’s fund page. One caveat matters here: the trust isn’t registered under the Investment Company Act of 1940, so it lacks the protections that apply to mutual funds.
How OUNZ’s physical gold delivery works
The gold sits as allocated London bars with a custodian, segregated in the trust’s name, and a bar-by-bar weight list is published online. Periodic audits check the holdings.
Here’s the unusual part. Holders can request 1-ounce coins and bars or 10-ounce bars, including Gold Eagles, Buffalos, Kangaroos, and Maple Leafs. When coins ship to the address on your brokerage account, they typically arrive about four business days after you submit shares. London bars play by different rules: armored transport only to approved locations.
What does it cost? There’s no delivery fee within the lower 48 states, but an exchange fee reflects the premium on the coins or bars, and you wire it upfront.
Honestly, most holders will never do this. Run the numbers: at 0.0096 ounces a share, one ounce takes about 104 shares, roughly $4,200 at the October 9 NAV (my own arithmetic). Gold can also move between your request and delivery, a risk VanEck flags in its disclosures. Think of delivery as a backstop, not a feature you’ll use weekly.
OUNZ vs GLD, IAU and GLDM
All four follow the London gold price, so the real differences come down to cost, size and extras.
| OUNZ | 0.25% | Yes. | Coins and bars |
| IAU | 0.25% | No | Largest trust, about $65B |
| GLDM | 0.10% | No | Lowest fee |
| GLD | 0.40% | No | Deepest options market |
GLDM carries the lowest fee of the group, while GLD has the most liquid options market. IAU holds about $64.9 billion, which dwarfs OUNZ.
On a $10,000 position, GLDM’s fee runs $10 a year and OUNZ’s runs $25. That $15 gap is small, though it adds up over decades. Because OUNZ is a much smaller fund, check the bid-ask spread before you place an order.
Performance: what the numbers say
As of September 30, 2026, OUNZ’s NAV returned 7.40% over one year, 30.67% annualized over three years, and 11.79% annualized over ten. Don’t read skill into those figures. The fund mirrors gold minus its fee. And gold bites back: the same table shows a 6.66% slide in the final month. Past results guarantee nothing.
Taxes: the 28% catch
This trips up new buyers. The IRS treats physical gold as a collectible, and because OUNZ is a grantor trust, long-term gains from selling shares can be taxed at up to 28%, above the usual 15% or 20% rates. Short-term gains follow ordinary income rates. Inside a traditional or Roth IRA, the higher rate generally isn’t a worry.
GLD, GLDM, and IAU are physically backed trusts too, so this won’t separate OUNZ from its rivals. VanEck says taking delivery isn’t a taxable event, but confirm that with a tax professional.
Who should consider OUNZ?
It suits investors who want gold exposure and value the option, however remote, of holding metal in hand. It’s a weaker fit if you want the cheapest fund (GLDM), the best options market (GLD), or any income at all. Since the trust earns nothing, the gold behind each share shrinks slowly as fees get paid.
Other risks: gold prices can swing hard, legal protections are thinner than a mutual fund’s, and a delivery request can be declined if no workable shipping location is agreed.
FAQ: OUNZ Stock Questions
Is OUNZ a stock?
No. It’s a gold-backed ETF structured as a grantor trust. It trades on NYSE Arca like a share, which is why people search “ounz stock.”
Does OUNZ pay dividends?
No. The trust holds gold, which produces no income.
How do I buy OUNZ?
Through a brokerage account, the same way you’d buy any share. VanEck says its ETFs can be bought through a broker or an advisor.
Can I hold OUNZ in an IRA?
Most brokers allow exchange-traded gold trusts in IRAs, but confirm with yours.
What does OUNZ hold?
Allocated London gold bars: more than 647,000 ounces as of October 9, 2026.
Is OUNZ better than GLD?
It costs less (0.25% vs 0.40%) and offers delivery. GLD trades more heavily and has a deeper options market. Your priorities decide the winner.
