# VanEck Merk Gold Trust (OUNZ)

> Source: Nexqual · https://nexqual.com/OUNZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, VanEck Merk Gold Trust (OUNZ), nexqual.com/OUNZ" · informational, not investment advice.

**Price:** USD 38.68 (-2.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 39.7 · day 38.62–39.18 · 52w 37.69–53.35 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y -2.4% vs S&P 500 +14.9%; 5Y +121.7% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Net income | -$18.2M | $31.6M | $37.9M | $313M | $1.09B | $368M |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.4% | +121.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.4% | +17.2% |
| Volatility (annualized) | 28.6% | 16.8% |
| Max drawdown | -26.3% (Jan 2026→Jul 2026) | -23.8% (Feb 2026→Jul 2026) |

## Peers
BAR (GraniteShares Gold Trust Shares) USD 39.59 -2.68% · AAAU (Goldman Sachs Physical Gold ETF) USD 39.67 -2.65% · SGOL (abrdn Physical Gold Shares ETF) USD 38.33 -2.57% · SGDM (Sprott Gold Miners ETF) USD 68.73 -6.16% · RING (iShares MSCI Global Gold Miners) USD 71.42 -5.55%

## More
Full page: https://nexqual.com/OUNZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.3% | ±7.9% |
| 2026-12-18 | 56 | 22.1% | ±22.6% |