Free Writing Prospectus

VanEck Merk Gold ETF

2025-05-27 VanEck OUNZ Prospectus Page

0001546652 

Pursuant to 433/164

333-274643

Vaillck 0_ INVES TMENTS EDUCATION Fund Overview Van Ee ೦ Mer ೦ Gold ETF seeks to provide Investors with a convenien t andcost - efficien t way to buy and hold gold through an exchange tr aded product with the option to take physical delrvery of gold tf and when deslred . OUNZ I VanEcJ<CI Merk9 GoldETF has 51 . 51Bin a sse ts und e r m a na g em e nt . • As - of Morch11 . 1ws. EHl+A - , ೦ OUNZ VanEck Merk Gold ETF c ill a V k ' What Are the Benefits of Investing in Gold? As a uniqueasset. goldmay enhance portfolio drverslficatlon, acts as store o f value and hedges against systemic flnanclal and geopolltlcal risk. Enhanced Portfolio Diversification Gold movesIndependently of tradltfonal assets like stocks and bonds, especially duringmarket downturns. T his tow corre l aUon ೦ lpsreduce overall portfolio risk and volat1l 1ty . Acts as a Store of Value Gold main t ainsIts purchasing power over time, especially duringperiods of currency depreciation or economic lnstab,lity. Unlike paper money, gold is a tangible asset withIntrinsic value that Isnot directly c1 ff ccted by central bank policies or Inflation, Hedges Against Financial and Geopolitical Risk Goldprices oftenIncrease In times of geopollttcal unrest. These adjustments due to changing g l obal political dynamks have contributed to gold's statusasa Msafe havenM asset. In the curren t marke t environment gold should benefit from these heightened levels of risk across the global economy. 3 - Year Cumulative Total Return : Gold vs . S&P 500 E . : s ೦ . - ೦ :i 25,. ೦ V ೦ Jul '22 Oct '22 J•n '23 Apr'23 Jul '23 Oct '23 + Gold (S/oz) - S&P SOO Apr '2A Jul '2A Oct '24 Apr'25 Everything You Need to Know About the VanEeks Merk Gold ETF (OUNZ) What Are the Benefits of the VanEcks Merk Gold ETF (DUNZ) ? Deliver ability VanEck Merli; Gold Trus t holds gold bulllonIn the fo r m of allocated London Bars. lt differentiatesits ೦ f by providing Investors with the option to take physlcal deltvery of goldbutllon In exchange for their shares . Convertibility For the purpose of facil1unlng delivery, Merk has developed a patented process for the conversion of London Bars mto gold coins and bars In denomlnatlons Investors may desire. Tax Efficiency T aking delivery of goldIs not a taxable event as Investors merely take possession of what they already own : t he gold .

How Do You Buy the VanEcks Merk Gold ETF ( DUNZ) ? You can buy OUNZ the same way you wou l d buya stock - through a broker or with your advisor. How Do You Convert the VanEck ' s Merk Gold ETF to Physical Gold? IIIAOY TO 1NVl \ 1 IN OUN/' Visit the fund pag e for the fact sheet , holdings , performance and more . 0 0 ""' '"" •••' Investing in Gold ETFs: What Investors Should Know Whlltgofd Is ofttn ovtrlooktd In prosptrous tJmts, lflvtS t ors turn ro ,old asa "soft hovtn· In cunts of tconomle durtss. Investing in Gold ETFs vs Physical Gold : What's the Difference? Gold mintri ETF s l ೦ st In shorts of componlfs thot mine ,old.o{ftrmg ltvtrogtd txposurt to,old prlcts but WJch oddtd equitymorktt nsk. Phys ic al 10 /d ETFs hold oauol gold bulllon, clostlycrocJung tht spor prict of gold and offtrlng d1rtct aposurt to cht mttol without 1nwstors having to handle gold storogt. Gold Is atangible osstt choc strvtS os o score of volut, 1nflot10n htdgt,and porrfol,o d ೦ r'SJ/ltr, Jndtptndtnr of finoncJol markers. Can Gold ETFs be Converted to Physical Gold? Trod1tJonol gold fTFs Jnvtst in gold mlntrs and cannot bt convtrttd ro ph,,slcof gold . OUNZ Is o uust (or ETPJ t hot holds London Bors and allows , ೦ srors totolct dtllvtry of phys,col gold In tKchongt for chtir shores. Latest Gold Investing Insights GOLD INYUTING ILOG Gold In a Storm : How Gold Holds Up During Market Crises MAV 27, 2025 IUAO T I M E J MI N GOLD INYUllNG ILOG Still on the Sidelines ? Why Gold Belong s in Your Portfolio Today IMARU CASA N OVA PORTFOL I O MANAGER , GOLD A N O PRECIOUS MET ALS MAV 06, 2025 READ TI ME S MI N GOLD I NVUTING I L OG Gold Price & Investment Outlook : 2025 & B e yond MA Y 02. 2025 READ TI M E I M I N Gold proves lt s worthIn crises.outperforming stocks and bonds withreslli ೦ ce and l ow correlauon duringmarket turmoil. Leveraging over 50 years of gold Investing leadershlp, we offer tlmely 1ns1ght Into why this prK1ous metal remains essential In todtiy's uncertain macroeconom1C and geopol1t1cal climate. April's tariff chaos andmarket swings reinforced gold's role asa safe haven. If you'te worried you missed the rally, don't be - we explore why gold suUhas room to run and howmuch to own. 11[7 , .. Ŷ

Who's Buying Gold? with Axel Merk Ed Lopez mee t s With Axel M erk to explore the gold demand o f central banks and trends in gold markets. Ehiiiiii+E Over 50 Years of Gold Investing Leadership VanEcl(s leadership In gold Investing eirtends more than SOyears, encompassing gold stocks and bullion across ETFs and mutual funds. We launched tM U.s's first gold stock f u nd IINIVX)ln 1968 and Issued the flrst goldminers ETF (GDX)In 2006. < 1955 John van Eck establishes firm with launcho f lnternaUonal ೦ uity fund 1968 Foreseeing i nflauon, fund objective converted, creating first gold equity f und In U.S. 1983 Opened Its first sub - advisory gold - related separately managed account • > Schedule a Call with a Specialist ) OUNZ I VanEck Merk Gold ETF Prospectus I QI HIN. I Puniu 1 111lo Ru l ೦ - '24(1 ) Rtgl ೦ t,.tlon No. l JJ.. 1 7 46 - 0 .. .. l'ROSP!,CTUS SU l ೦ 'LI , MhN ' I PURS UANT TO RULE 424 ( 1 ) FOR IISCAL YLAR hNDED JANUARY JI . 20'.ll ( to Pr ospec 1 u s dated No \ - cmbcr 24, 2023) C11k ublt 5o n or R rg l)lratlun F m Pun:u Ŷ nl 1 0 Rul t' 4 5 7(u) llu s prospcc t UJ suppkmcnt filed pursuwu to Rult' 424(1) of I.he Stcun11c, Act o f 1933, 11 s amended ( the -- s«unuc:, Act'1, scu fonh t ೦ rCKI .S tnmon foe due under Ru i c 456(d) of the Sccw u .c s Act for 1hc fiscal )Car ended Jamgry JI, 2025 The c;:uk u l a t 1 o u of I.he rcgi" tra l MHI fee1s mc;:ludcd in an t - <h1b1t hcn:IU ..

Im portant D lsdo1ures lnd H o.nnlllon : Th•S&P 500 r,ocnrM JOOJ•odm1compon,n ortdcowrs opprox1mot•/y Iott of morkft short , Vanl!ck Merk Gold l!TF The m aterial must bepr.uded or accompanied by a prospectus . lefore lnvH t lna you1hould carefully cons i der the Va nl! ck Merk Gold l!TF ' s (t h e "Trust " ) lnvHtment objectlvH, risks , char1Hand upt n Mt. Pl eue read th e prospectus ur e fu l l)" before l n vestl n a . ln ves tln a l nvo tv11 slanlflcant risk . lndudina p ossib l e loss o f pr lndpal. Th e Tru st Is not an Inves tm ent company r .. lste r ed und er the 1nve11ment Company Act of 1NO or a commodity pool for the purpo MI of the Commodity hc ha nae Au , Shares of th e T,u1t are not subject to th e same re1ulatory req u l r eme nO H mu tual fund 1 . Be<auHshares of the T rull are ln t · ended to re ne ct the price of th e 1old h e l d I n the Tru st , 1h e m arke t price of th e sharHls subject to nuctuatlons similar to thon atfect l nt 1old p rlc11 . Add i tion ally , shares of th e Trun are b ouaht and sold at market pr ic e , not at net Hnt value ("NAY"). lro ke ra a• c.ommlsslons willreduce r eturn, . The requtst f or redtmpbOn ol shares fo, &oldkl subject 1 0 a number of mks 1ncludm1but not hmlttd to thepoun11a/ for the pr1u of sold to decbnt durin1 the time ೦ twffn the submission of the request anddthvery. Dtltvt - ry may Ykt a considtrab!t amoun t of llmt dtpendinc on your location. CommocUt1es and commod1t)' ڮ ndu hnktd securit,es may be afftcttd bychances1n overall market movtmtnts andother f .ctors such as weather, d1stast. emba11oes, or pohttCal and rtivlatory developmtnls. H well astr ೦ l n& ,tctrv,tyof specu ೦ tors and arb'1raceurs In the underly1na commod•t•H - Trust shares tr•del+ke s1ocks.. are sub}t(t 101nws1ment risk and will fluctvalt In muket valu• Tht val..,.of T rust sharesrelattld1rtctly 101hevalu• oftht cold httclby l ht TruSt (ass ೦ s tJCpenses). .and ftuct \ .lal!OnsIn lh• price of soldcoutd mat•natty and1dYtrstly affect ,n 1nws t mtnl In the shares. Tht price rectt' \ ltd upon the sale of the stlartl, wt,1eh t r1dt at market prtce, may be more or ltss thanthe vllut oftM &old r•p,estn l ed by them. The Trust dotsnotc•ntratt any fncorN,and as the Tnm rtrularlylssu.s shat es 1 0 pay for tht Sponsots on1oin1expenses.. lhe,moun t of&Oldrepres nttd by tad'I Sh.are will decllnt ov.r tunt . lnvtst,nc lnvotws r i sk. and you could loH money on an inwstmtnt 1n theTrust. For a mort comple t e dtScuss10n oftht nsic factorsrelatM! to tM Trust.<artfully rtad the prospectus. Vanl!ck lnt•rnational In v e stor, Gold fund You can lost mon ೦ by1nveu 1 n1 ln tht Fund. AnyInvestment in tht Fundshouldbe part of an cw.ran lnvtstmtnt procram, not a compltte proaram. TI'lt fund rssubJKI to nsts which mayInclude. but •rt not l1mlttd10, nsks assoelattd y. th active mana1emtn 1 , commod,11H and commod,ty - hnktdIns t ruments, commod,tl.s and commod1ty - hnk.tdInstruments tax, dtovat,ws. dlrtc t 1nwstmentt. tmtr1,n1market Issuers. ESG1nvest1n1stra t el)', fore,,n currency, fore11n stcun t ies. sold and s•tvt - r m1n1nc com ೦ n1ts. market.non - d1versifttd.operationaL regulatory. 1nvest1nc In othtr funds. small - •nd mec:llum• up,tahu t t0n companies. spec.I.al nsk cons ೦ tr1t10ns of lnVHtJn& In Austral ! an and Canld,.an tssutrs. subs1chary inwstment nsk.andtax risks(with respect to tnvu1mems In the subsidiary). all of whtCh may •dversety affe<t the Fund. Emer11n1 martet issuers ,nd foreisns«uritits may bes u bject t o stcunllHmarttts.polrUcal and tconom1c. wwtstmen t and repatrl.UonrestrJCt10ns. d,fftrtn t rultsandrtculattons. less publicly .va!lable flnanoal1n f orm1 t 10n. fore11n currency and txchance ra t ts , operatoonal and setUemtnt. and corl)Ofate and securitieslawsnsl,;,s. Small• ,nd mtdlum - up,tahauoncomp.an,.s may bt subJl(I 10 el9Ya t td nsks.Derw,uws mayNWONe certaincosts andrisks suchH llquld,iy. lnteres1rate, and tha risk that aposltJOn couldnot bt closed when most advantaceous. lnVHtm.nts in th• co•d Industry can be s11n,f1ean t ly affectedb)' 1nte<nauona1tconom,c. mon.rary and pol tical dtwlopments, The Fund's ovtt•Upo,tfoho may decllnt In valut dut to d•velopments .sptc l f1c to the coldIndustry. Vanl!ck Gold Miners fTF and Vanl!ckJunlor Go ld Miners l!TF An lnvit1tment In the Funds may be subject to nsk:s which lndude. but art not limited to. risk$ related to Investments 1n Coldand s1Ner mi ninecompan,es, SPfl:i.l risk considerationsor 1nwu1nc In Austral i an and Can,dlan Issuers, fore11n steurus. tmerc,nc marli.et issuers. fort•cn currency, dtposit.ary rtce•pts. micrc> - . small• •nd mtd(um - caprtal,zat,on companies. equ ty Hcunt1ts.market.operalloo•I. lndu tr.clon1, 1uthorized partKfpan1concentrauon. no 1uarantee of act,ve tt,d1nc m,rktt. t rad nc •ssutt. pHSNt man•cement. fund shares tradins , prem1umld1scountrisk andUqu1ct.1yoffvnd shares. non drvers1n.<1. and 1ndtx,re l ated conui n tratJOn rtSkS.a11of whichmay adwrsely afftct t he Funds. Emerc,nc market tssuers •nd fore 1 1n s.curn,.smay bt sub, - ct to stc.unU•s m.arkets. politicaland tconom1e. lnvestmtnc •nd rtpa tr1 a 1 10n rtstrlctJons. d,ffertntrultsandrtg \ llatJOM. lesspubhcty av,ilable financial Jnform,uon. fort gncurrency and uchance ra1es. optratlon•I andsetutment. and corpor•te ,nd securi t •ts l.awsnsks.M,cro - , small• and med um - cap,t.ahza t ion compan1t1may bt sub ೦ t to tltVated rtSks. l nvestina I nvo lves substantial risk and hlah vol atlllty , lncludln1 possible loss of principal. AnInvestor should consider a Fund ' s i n v.stmtnt ob j ec:ttve , risks . charaes and ex ೦ nses care f ully before lnvutin& - To obtain a p ro1ptct u1 a n d summary prospec:tu1 for Vanl!c.k Funds and Vanl!ck fTFs. wh k h contain thl1 and other Information , calll00.12t . 2JJJ or "ltit "•neck . com . PIH .. rHd the pro1p a<tus and summary prosptetu1for Vanl!c.k Fund1and Vanl!ck l!Tfs carefully before lnv11tln1 . e 2025 M e,k Investmen t s LLC.e 2024 vanEck. All tradem1rU. seMce marUor reglst•rtd trademarks are lht p, - optrty of their respecuve owners. Van Eck Stcu11t1ts Corporat,on, Ois1r,bu1or ofV<11nEck 1nutma110nal llWtstorsGold Fund. vanEc.k Gold Mint ೦ Elf. and vanEck.tunior GoldM i ners rn.