VanEck Merk Gold ETF (ticker: OUNZ) is a physically-backed gold ETF that holds gold bullion on behalf of investors, with each share representing a fractional ownership interest in that gold. Investors buy shares to get exposure to gold prices through standard brokerage accounts, without needing to buy or store physical gold themselves. OUNZ's key differentiating feature is that investors can redeem shares for actual physical gold delivery — including bars and coins sent directly to them — rather than being limited to selling shares for cash. Shares trade on NYSE Arca and are created or redeemed in blocks of 50,000 shares through Authorized Participants. The Trust is sponsored by Merk Investments, which charges an annual Sponsor's Fee of 0.25% of NAV. This fee covers all ordinary operating expenses, including services from Trustee Bank of New York Mellon and Custodian JPMorgan, which holds the gold in London vaults. The fee accrues daily, is paid monthly in shares rather than cash, and causes the gold represented by each share to decrease slightly over time. The Sponsor also collects exchange fees from investors who request physical gold delivery. The Trust itself generates no investment return beyond gold price appreciation, so the Sponsor's revenue is purely a function of NAV — the number of shares outstanding multiplied by the gold price per share.