VanEck Merk Gold Trust

OUNZ • ARCA

VanEck Merk Gold Trust is a commodity contracts brokers & dealers company on ARCA. As of Q3 2025, 207 institutional investors hold shares in this company, with total holdings valued at $930.5M. Morton Capital Management LLC/CA is the largest holder with a position valued at $140.0M.

COMMODITY CONTRACTS BROKERS & DEALERS

Country

United States of America

Overview

Overview of institutional ownership in OUNZ as of Q3 2025

All Institutions

Institutions: 207
Value Held: $930.5M
Shares Held: 25.0M
Avg Position: $4.5M
Median Position: $591.1K

Hedge Funds

Hedge Funds: 4
Value Held: $14.3M
Shares Held: 385.2K
Avg Position: $3.6M
Median Position: $2.5M

Biggest Investors

Institutions with the largest positions in OUNZ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
M Morton Capital Management LLC/CA Institution	-	$140.0M 22.98% of portfolio	0.00% 3.8M shares	Q4 2021 Held for 3y 11m	$609.3M
L LPL Financial LLC Institution	-	$107.9M 0.03% of portfolio	0.00% 2.9M shares	Q4 2022 Held for 2y 11m	$340.07B
Cetera Investment Advisers RIA/Wealth	Joseph Daniel Neary CEO	$64.2M 0.08% of portfolio	0.00% 1.7M shares	Q1 2024 Held for 1y 8m	$85.4B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$38.1M 0.01% of portfolio	0.00% 1.0M shares	Q4 2022 Held for 2y 11m	$341.99B
P PITCAIRN CO Institution	-	$36.8M 2.91% of portfolio	0.00% 989.7K shares	Q4 2022 Held for 2y 11m	$1.3B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$29.7M 0.01% of portfolio	0.00% 798.3K shares	Q1 2023 Held for 2y 8m	$433.11B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$26.9M 0.01% of portfolio	0.00% 722.7K shares	Q4 2024 Held for 11 months	$310.43B
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	$26.4M 0.04% of portfolio	0.00% 688.6K shares	Q4 2023 Held for 1y 11m	$65.5B
Q Quadrature Capital Ltd Institution	-	$25.5M 0.30% of portfolio	0.00% 684.5K shares	Q2 2025 Held for 5 months	$8.5B
Modern Wealth Management, LLC RIA/Wealth	Gary Lawrence Roth CEO	$23.3M 0.46% of portfolio	0.00% 625.8K shares	Q4 2023 Held for 1y 11m	$5.0B

Net Capital Flow

Institutional buying and selling activity for OUNZ in Q3 2025

Traded: +$40.7M
Buyers: 115
Sellers: 53
Total Bought: +$74.9M
Total Sold: −$34.2M
Avg Position: $4.1M

Biggest Buyers

Institution	Net Bought	Current Position
MML INVESTORS SERVICES, LLC RIA/Wealth	+$16.0M +81.8K shares	$16.0M 429.8K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$3.9M +105.7K shares	$38.1M 1.0M shares
Simplicity Wealth,LLC RIA/Wealth	+$3.8M +102.9K shares	$3.8M 102.9K shares
Camarda Wealth Advisory Group, LLLP RIA/Wealth	+$3.5M +93.0K shares	$3.8M 101.8K shares
Summit Financial, LLC RIA/Wealth	+$3.3M +87.6K shares	$3.3M 87.6K shares
J JANE STREET GROUP, LLC Institution	+$2.8M +76.4K shares	$2.8M 76.4K shares
Ameritas Advisory Services, LLC RIA/Wealth	+$2.3M +60.8K shares	$10.0M 268.4K shares
Kiker Wealth Management, LLC RIA/Wealth	+$2.2M +59.0K shares	$15.8M 424.0K shares
SFG Wealth Management, LLC. RIA/Wealth	+$1.9M +51.5K shares	$5.7M 152.1K shares
Drake & Associates, LLC RIA/Wealth	+$1.9M +49.6K shares	$17.3M 450.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
WINNOW WEALTH LLC RIA/Wealth	−$9.2M −288.7K shares	Sold Off 0 shares
L LPL Financial LLC Institution	−$7.0M −188.1K shares	$107.9M 2.9M shares
P PITCAIRN CO Institution	−$4.5M −121.1K shares	$36.8M 989.7K shares
M Morton Capital Management LLC/CA Institution	−$4.2M −114.0K shares	$140.0M 3.8M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$2.6M −68.6K shares	$26.9M 722.7K shares
Equitable Holdings, Inc. Institution	−$869.2K −23.4K shares	$1.9M 51.1K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	−$553.2K −14.4K shares	$26.4M 688.6K shares
Sigma Planning Corp RIA/Wealth	−$538.7K −14.5K shares	$2.0M 53.9K shares
PEKIN SINGER STRAUSS ASSET MANAGEMENT /IL RIA/Wealth	−$490.2K −13.2K shares	$12.0M 323.2K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	−$444.6K −13.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited OUNZ in Q3 2025

New Positions: 29
New Value: $30.1M
Exited Positions: 18
Exited Value: $11.8M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$16.0M 429.8K shares
Simplicity Wealth,LLC RIA/Wealth	$3.8M 102.9K shares
Summit Financial, LLC RIA/Wealth	$3.3M 87.6K shares
Washington Trust Advisors, Inc. RIA/Wealth	$1.6M 43.0K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$591.1K 15.9K shares
JT Stratford LLC RIA/Wealth	$531.4K 14.3K shares
ABBINGTON INVESTMENT GROUP RIA/Wealth	$498.5K 13.4K shares
Maridea Wealth Management LLC RIA/Wealth	$463.7K 11.0K shares
COZAD ASSET MANAGEMENT INC RIA/Wealth	$427.7K 11.5K shares
Buckingham Strategic Partners RIA/Wealth	$421.9K 11.3K shares

Exited Positions

Institution	Previous Position
WINNOW WEALTH LLC RIA/Wealth	$9.2M 288.7K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$444.6K 13.9K shares
Patton Albertson & Miller, LLC RIA/Wealth	$394.3K 12.4K shares
T TWO SIGMA SECURITIES, LLC Institution	$339.0K 10.6K shares
GWN SECURITIES INC. RIA/Wealth	$333.8K 10.5K shares
LITTLEJOHN FINANCIAL SERVICES, INC. RIA/Wealth	$318.9K 10.0K shares
C CI Private Wealth, LLC RIA/Wealth	$273.4K 8.6K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$222.1K 7.0K shares
X XTX Topco Ltd Institution	$202.2K 6.3K shares
G GROUP ONE TRADING, L.P. Institution	$18.9K 594.0 shares

Options Activity

Institutions with the largest Call and Put options positions in OUNZ as of Q3 2025

Call Positions: 2
Call Value: $649.0K
Put Positions: 1
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$427.7K 115.0 contracts
W WOLVERINE TRADING, LLC Institution	$221.3K 60.0 contracts

Put Positions

Institution	Position Value
BANK OF AMERICA CORP /DE/ Institution	- - contracts

Most Committed Institutions

Institutions with OUNZ as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M Morton Capital Management LLC/CA Institution	-	22.98% $140.0M	0.00% 3.8M shares	Q4 2021 Held for 3y 11m	$609.3M
Kiker Wealth Management, LLC RIA/Wealth	Lawrence Howard Levy Managing Partner	7.97% $15.8M	0.00% 424.0K shares	Q4 2024 Held for 11 months	$198.0M
Accordant Advisory Group Inc RIA/Wealth	David Ritchie Mckee President	7.44% $10.9M	0.00% 293.9K shares	Q1 2024 Held for 1y 8m	$147.0M
Smart Money Group LLC RIA/Wealth	James Roy Kennedy Managing Partner	6.12% $8.1M	0.00% 219.0K shares	Q1 2023 Held for 2y 8m	$133.1M
Solstein Capital, LLC Hedge Fund•Value	Nadine F Terman CEO	4.28% $9.4M	0.00% 251.7K shares	Q4 2023 Held for 1y 11m	$218.5M
Guild Investment Management, Inc. RIA/Wealth	Jr. Montague Guild Founder	4.23% $5.3M	0.00% 143.3K shares	Q3 2023 Held for 2y 2m	$126.0M
Dogwood Wealth Management LLC RIA/Wealth	Eric John Sheerin Managing Partner	3.97% $8.7M	0.00% 234.9K shares	Q4 2023 Held for 1y 11m	$219.9M
Drake & Associates, LLC RIA/Wealth	Anthony Samuel Drake Managing Partner	3.61% $17.3M	0.00% 450.0K shares	Q2 2025 Held for 5 months	$477.4M
T Three Cord True Wealth Management, LLC RIA/Wealth	Mathew W Hunnicutt Member	3.22% $4.7M	0.00% 126.9K shares	Q2 2025 Held for 5 months	$146.8M
PETRA FINANCIAL ADVISORS INC RIA/Wealth	Jonathan Stephen Forbes President	3.13% $5.3M	0.00% 142.9K shares	Q3 2024 Held for 1y 2m	$169.8M

Hedge Fund Spotlight

Discover hedge funds investing in OUNZ

Westend Capital Management LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerGeorge Brown Bolton

Portfolio Value: $343.2M
Positions: 252
Last Reported: Q3 2025

Sector Allocation

Position in VanEck Merk Gold Trust

Market Value: $1.1K
Shares Held: 30.0
Portfolio Weight: 0.00%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Boeing BA	Aerospace & Defense Industrials	$30.9M	9.01%
2 BABA Alibaba Group Holding Limited BABA	Unknown Unknown	$22.3M	6.50%
3 General Electric GE	Aerospace & Defense Industrials	$20.9M	6.10%

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