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he number of fine ounces represented by the requested physical gold requiring the trust to sell some gold to facilitate the delivery request minimizing the use of unallocated gold the trust will need unallocated gold to facilitate transactions with authorized participants to exchange gold into different specifications to meet delivery requests from delivery applicants of physical gold and to pay trust expenses not assumed by us if any the custodian only will accept a delivery of gold in exchange for a basket if it can promptly convert the gold to allocated gold the custodian must allocate physical gold to the trust such that at the end of each business day the trust may hold no more than 430 fine ounces corresponding to the maximum weight of a london bar in unallocated gold exchanging physical gold for physical gold of different specifications to facilitate the ability to exchange shares into physical gold for delivery we may exchange the trust s gold for gold of different specifications all gold obtained by the trust must be without numismatic value and have a minimum fineness or purity of 995 parts per 1 000 99 5 except that the trust may also obtain american gold eagle coins with a minimum fineness of 91 67 solely for delivery to a delivery applicant all gold held by the trust is valued based upon its fine ounce content while delivery applicants may always request london bars market conditions may cause us to limit other types of physical gold made available for delivery charging an exchange fee the exchange fee varies depending on the type of physical gold a delivery applicant would like to take delivery of and reflects costs arising from reviewing delivery applications coordinating with delivery applicants and the trust s other service providers the conversion of london bars into physical gold to be delivered and the related expenses of the trustee and us minimizing cash holdings the trust is committed to minimizing the use of cash keeping essentially all assets of the trust in gold to achieve this we have agreed to pay the trust s ordinary expenses and to be reimbursed therefor through the issuance of shares to it rather than through receiving cash the trust will not normally hold cash or any other assets besides gold but may temporarily hold a very limited amount of cash in connection with deliveries of physical gold to delivery applicants permitting investors to take delivery of physical gold delivery applicants may submit shares to the trust in exchange for physical gold delivery applicants may take delivery of as little as a 1 ounce bar subject to a minimum dollar value that is specified by us from time to time on the trust s website by requiring that the delivery of gold to delivery applicants meet certain minimum dollar value criteria which may change from time to time sales taxes are not anticipated to be applicable to the delivery of gold to delivery applicants however if such taxes do apply they are the sole responsibility of the delivery applicant taking delivery of physical gold is subject to guidelines intended to minimize the amount of cash that will be distributed with physical gold as a result investors need to submit shares that correspond very closely to the number of fine ounces represented by the gold requested the trust will ship physical gold to a delivery applicant by a conventional shipping carrier such as the u s postal service federal express united parcel service or armored transportation service a conventional shipping carrier may deliver gold to residential addresses an armored transportation service which may be required for insurance purposes will only deliver to trusted non residential addresses to meet its secondary objective to have the shares reflect the performance of the price of gold we have structured the trust as follows transactions with authorized participants by allowing authorized participants to directly issue and redeem baskets with the trust authorized participants may be able to take advantage of price discrepancies between the trust s underlying gold holdings and the value of the shares as a result of this incentive provided to authorized participants the value of the shares may reflect the performance of the price of gold minimize cash delivery to minimize the cash portion of delivery by delivery applicants of physical gold for their shares we will only approve delivery applications where the number of shares to be submitted leads to a cash portion that is as low as practical in our assessment exchange of shares for physical gold other than london bars for physical gold other than london bars we will require the submission of shares that correspond in net assets to the number of fine ounces contained in the physical gold requested the number of shares required for submission will typically be the smallest whole number of shares greater than the net assets of the trust corresponding to the fine ounce content of physical gold requested we may demand that an additional share or shares be submitted when in our assessment it facilitates the exchange process such as when extraordinary trust expenses may be expected by reducing the likelihood that the net asset value of the trust differs on the share submission day from that anticipated by us at the time the delivery application is filed which is in advance of the share submission day exchange of shares for london bars because london bars vary in fine ounce content between 350 fine ounces and 430 fine ounces it may be difficult to obtain a combination of london bars that closely matches the number of fine ounces represented by the shares submitted delivery applicants will need to submit shares that very closely correspond in fine ounces to the median fine ounce content of london bars held by the trust multiplied by the number of london bars requested any portion of the exchange not delivered in physical gold will be provided in cash the shares offer an investment that is easily accessible and relatively cost efficient investors can access the gold market through a traditional brokerage account we believe that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use gold by using the shares instead of using the traditional means of purchasing trading and holding gold transaction costs related to the shares may also be lower than those associated with the purchase storage and insurance of physical gold exchange traded and transparent the shares will trade on the nyse arca under the symbol ounz and will provide investors with an efficient means to implement various investment strategies upon effectiveness of the registration statement of which this prospectus is a part the shares will be eligible for margin accounts the trust will not hold or employ any derivatives and the shares will be backed by the assets of the trust furthermore the value of the trust s holdings will be reported on the trust s website daily minimal credit risk the shares represent an interest in physical gold owned by the trust other than up to a maximum of 430 fine ounces of gold held in unallocated form and held in physical custody at the custodian physical gold of the trust is not subject to borrowing arrangements with third parties other than the gold temporarily being held in unallocated form to facilitate the delivery of physical gold to delivery applicants redemptions by authorized participants the exchange of gold to different specifications and the payment of trust expenses not assumed by us if any the trust s gold is not subject to counterparty or credit risks the gold is held in the form of london bars which is allocated to the trust allocated account and held in the trust s name by the custodian this contrasts with other financial products that gain exposure to gold through the use of derivatives that may be subject to counterparty and credit risks for more information please also read the ounz faqs for the vaneck merk gold etf delivery application please click here patent on january 7 2014 merk investments llc was issued patent 8 626 641 by the united states patent and trademark office for a deliverable commodity investment vehicle never before have investors been able to buy and own gold through an exchange traded product while being able to take delivery of gold in a form suitable for the individual the u s patent office confirms what we do is truly new innovative and worthy of patent protection no one before has been able to combine the institutional and retail benefits of holding gold the vaneck merk gold etf opens a new interface between the institutional and retail world of owning gold axel merk president and chief investment officer at merk investments from the patent description the invention relates generally to systems and methods for investing in commodities and more specifically to commodity investment vehicles offering a conversion or delivery feature read more market price the current price at which shares are bought and sold reporting subject to approx 20min delay nav the dollar value of a single share based on the value of the underlying assets of the fund minus its liabilities divided by the number of shares outstanding a basket is 50 000 shares indicative gold per basket refers to the projection for the next trading day s basket size 1 gold per share and gold in vaneck merk gold etf numbers are net of accrued expenses delivery fees delivery fees the processing fees for investors taking delivery of their gold delivery applicants are comprised of an exchange fee and a delivery fee delivery fee no delivery fee is charged for the delivery of physical gold to destinations in the lower 48 states exchange fee the exchange fee below is effective june 17 2026 and supersedes any previously published exchange fees including those in the prospectus type of gold bar exchange fee purity fee per application fee per ounce 1oz gold bar johnson matthey 600 40 00 99 99 1oz perth mint gold bar 600 43 00 99 99 1kg kilo bars 600 22 00 99 99 london bars 5 000 3 00 95 00 99 99 sample exchange fees exchange fee no delivery fees for the lower 48 states for details on fees click here exchange fee in usd 0 00 1oz gold bar johnson matthey 1oz perth mint gold bar 1kg kilo bars london bars number of bars or coins during times of high demand for coins in the market processing fees may be updated frequently and may be updated after the time a delivery applicant submits an application before it is pre approved in this case the delivery applicant may have to pay a higher processing fee to have the delivery application pre approved you may also use our online calculator to determine the number of ounces your shares correspond to the exchange fee covers the cost of exchanging ounz shares into gold bars in the form of london bars which the trust holds in the vault as well as the cost of converting london bars into the gold coins or smaller gold bars that investors may prefer for delivery the exchange fee for gold coins and bars outside of london bars reflects the premium such coins and bars are trading at relative to the spot price of gold in an effort to keep exchange fees predictable the precious metals dealer will choose coins and bars from inventory regardless of date special requests may be accommodated but are subject to inventory and may be subject to higher fees we would publish the pricing for special requests on this page making it available to other investors as well aside from being able to request delivery of london bars investors may request to have their shares exchanged for other gold bars and coins without numismatic value having a minimum fineness or purity of 995 parts per 1 000 99 5 or for american gold eagle gold coins with a minimum fineness of 91 67 all fees are subject to change upon notice and the sponsor may waive or reduce the exchange fees from time to time ready to take delivery please click here taking delivery taking delivery how many ounz shares do you own number of shares as of the most recent close of business on jun 29 2026 your shares correspond to 0 00 oz of gold take gold delivery exchange fee no delivery fees for the lower 48 states for details on fees click here exchange fee in usd 0 00 1oz gold bar johnson matthey 1oz perth mint gold bar 1kg kilo bars london bars number of bars or coins gold delivery as easy as 1 2 3 if you are an investor interested in taking delivery of physical gold in exchange for your ounz shares delivery applicants you must submit a signed delivery application to us the sponsor a delivery application expresses your non binding intention to exchange shares for physical gold on the share submission day or within the applicable grace period 1 investor files a delivery application a completed and signed delivery application must be submitted to us by uploading by fax to 650 745 7045 or by mail to merk investments llc attn vaneck merk gold etf 555 bryant st 455 palo alto ca 94301 we will only process a delivery application once the processing fees have been paid the processing fee is due at the time the delivery application is submitted to us and is fully refundable until you irrevocably submit your shares to the trustee click here for details on fees once we pre approve a delivery application we will provide to you typically by email a delivery applicant share submission form along with the pre approved delivery application you must submit a completed and signed delivery applicant share submission form to your broker typically done via fax with the pre approved delivery application attached 2 investor instructs their broker to submit their etf shares to take delivery of their gold on the share submission day or within the applicable grace period your broker shall in accordance with the instructions in the delivery application complete and sign the second page of the delivery applicant share submission form fax to the trustee the completed and signed delivery applicant share submission form with the pre approved delivery application attached and submit ounz shares to the trustee the delivery application is not binding until shares are delivered to the trust 3 gold sent to investor physical gold will be delivered to a delivery applicant based on instructions in the delivery application once physical gold has been tendered to the courier identified in the delivery application the physical gold cannot be returned and is no longer the responsibility of the trust the trustee the custodian the precious metals dealer or us the trust will ship physical gold to a delivery applicant fully insured using accepted business practices for precious metals delivery that may include amongst others use of a conventional shipping carrier e g u s postal service federal express united parcel service or an armored transportation service for additional information please read the prospectus as well as the ounz faq section when will i receive my gold let us help yo...