VanEck Merk Gold ETF · AMEX:OUNZ
VanEck Merk Gold ETF — IPO Roadshow (July 2026)
25 slides from VanEck Merk Gold ETF's IPO roadshow presentation, Jul 22, 2026
Slide 1: Gold's Pullback and the Opportunities Ahead
Gold's Pullback and the Opportunities Ahead July 2026
Slide 2: Today's Speakers
Today's Speakers 2 Axel Merk President, Merk Investments • Founder of Merk Investments • Expert on gold, macro trends and global markets • Built firm into a ~$3B investment advisor • BA (Economics), MSc (Computer Science) Imaru Casanova Portfolio Manager, VanEck • Joined VanEck in 2011 • +20 years o
Slide 3: Three Questions Driving the Gold Opportunity
How did we get here? What about the miners? What's next? • Historic rally, sharp consolidation • Geopolitical conflict, rates, ETF flows • Margins remain historically attractive • Valuations still lag fundamentals • Demand support remains intact • Rebound potential after drawdown? Three Questions Dr
Slide 4: A Sharp Pullback After a Historic Rally
Gold Price: 1-Year (Left) vs. 20-Year (Right) A Sharp Pullback After a Historic Rally Source: FactSet, VanEck. Data as of June 2026. Past performance is not indicative of future results. • Gold has seen close to a 25% drawdown from its January 2026 highs. • However, this consolidation comes followin
Slide 5: ETF Demand Has Returned, But Has Room to Build
Total ETF Gold Holdings vs. Gold Price ETF Demand Has Returned, But Has Room to Build Source: VanEck, Bloomberg. Data as of June 2026. Past performance is not indicative of future results. • ETF gold holdings remain below prior cycle highs. • Renewed inflows could provide incremental support for gol
Slide 6: Central Banks Continue to Anchor Gold Demand
Central Bank Net Purchases/Sales Central Banks Continue to Anchor Gold Demand Source: World Gold Council, VanEck. Data as of June 2026. Past performance is not indicative of future results. • Central bank purchases remain a key source of structural demand. • 2026 estimates suggest official-sector bu
Slide 7: Large Gold Drawdowns Are Rare, But Not Unprecedented
Gold: Peak-to-Trough Declines of +20% Since 1970 Large Gold Drawdowns Are Rare, But Not Unprecedented Source: VanEck, Bloomberg. Data as of June 2026. Past performance is not indicative of future results. • Gold has experienced several drawdowns of more than 20% over the past 50+ years. • However, p
Slide 8: History Suggests Pullbacks Can Create Opportunity
12-Month Return After Major Drawdown Lows History Suggests Pullbacks Can Create Opportunity Source: VanEck, Bloomberg. Data as of June 2026. Past performance is not indicative of future results. • In all cases since major drawdowns have occurred, the 12-month return for gold following those periods
Slide 9: Miners Can Work Across Multiple Gold Scenarios
Miners Can Work Across Multiple Gold Scenarios Source: VanEck. Data as of December 2025. Scenarios are for illustrative purposes only. They do not represent forecasts or guarantees of future outcomes. Past performance is not indicative of future results. 9 Scenario Rising Gold Rangebound Gold Gold P
Slide 10: Gold Miners Are Still Capturing Historically Strong Margins
Gold Mining Industry – Historical All-In Sustaining Costs (AISC) vs. Average Gold Price Gold Miners Are Still Capturing Historically Strong Margins Source: Scotiabank. Data as of June 2026. Past performance is not indicative of future results. • Gold prices have risen far faster than mining costs. •
Slide 11: Gold Mining Equity Values Remain Disconnected From Gold
Relative Price Ratio: Gold/Silver Miners vs. Gold Mining Equity Values Remain Disconnected From Gold Source: Bloomberg. Data as of June 2026. "Gold/Silver Miners" represented by the Philadelphia (PHLX) Gold/Silver Miners Index (TR). It is not possible to directly invest in an index. Index descriptio
Slide 12: Valuations Remain Attractive Despite the Rally
Gold Miners: 15-Year Valuation Multiples (Range vs. Average vs. Current) Valuations Remain Attractive Despite the Rally Source: FactSet, VanEck. Data as of June 2026. "Gold Miners" represented by the underlying constituents of the VanEck Gold Miners ETF (GDX). Enterprise-Value-to-EBITDA ("EV/EBITDA"
Slide 13: Every Economic Regime Rewards Different Assets
Market Regimes: Simplified Every Economic Regime Rewards Different Assets Source: VanEck. Past performance is not indicative of future results. • Markets rotate through regimes — high growth, low growth, high inflation, and low inflation. Each environment favors a different mix of assets. • Most por
Slide 14: Inflation Often Comes in Waves
U.S. CPI (Inflation) – 1970 to Present Reminder: Inflation Often Comes in Waves Source: BLS. Data as of June 2026. "U.S. CPI" as measured by the U.S. Consumer Price Index, measures changes in consumer prices over time. Past performance is not indicative of future results. • The 1970s showed that inf
Slide 15: Real Assets Currently Favor a Meaningful Gold Allocation
VanEck Real Assets ETF (RAAX): Current Allocation Real Assets Currently Favor a Meaningful Gold Allocation Source: VanEck. Data as of June 2026. Past performance is not indicative of future results. These are not recommendations to buy or sell any security. Allocations will vary. • RAAX currently ma
Slide 16: VanEck's Gold Solutions
VanEck's Gold Solutions 16 Physical Gold • Direct gold exposure with ability for physical delivery • Hedge against inflation and currency debasement risks • Optional delivery and proprietary coin/bar conversion process OUNZ¹ VanEck Merk Gold ETF Gold Miners (Active) • Leverage to rising gold prices
Slide 17: VanEck Merk Gold ETF (OUNZ)
VanEck Merk Gold ETF (OUNZ) 17 VanEck Merk Gold ETF provides investors with a convenient and cost-efficient way to buy and hold gold through an exchange-traded product with the option to take physical delivery of gold. Its primary objective is to give investors an opportunity to invest in gold throu
Slide 18: VanEck International Investors Gold Fund (INIVX)
VanEck International Investors Gold Fund (INIVX) 18 VanEck International Investors Gold Fund seeks long-term capital appreciation by investing in common stocks of gold-mining companies; income is a secondary consideration. An actively managed portfolio, with a nearly 60-year track record, that prima
Slide 19: VanEck Real Assets ETF (RAAX)
VanEck Real Assets ETF (RAAX) 19 VanEck Real Assets ETF seeks long-term total return by maximizing real returns while seeking to reduce downside risk during sustained market declines, allocating primarily to exchange-traded products that provide exposure to real assets — commodities, real estate, na
Slide 20: Index descriptions
These indices do not reflect the performance of a fund. All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in a fund. Certain indices may take in
Slide 21: This material is for informational purposes only. The information presented does not involve the
This material is for informational purposes only. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect
Slide 22: This is not an offer to buy or sell, or a recommendation to buy
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments, or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice, nor any call to action. Cert
Slide 23: The information presented does not involve the rendering of personalized investment, financial, legal, or
The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this
Slide 24: This material does not constitute an offer to sell or solicitation to buy any
This material does not constitute an offer to sell or solicitation to buy any security, including shares of any fund. An offer or solicitation will be made only through the funds' prospectus or summary prospectus and will be subject to the terms and conditions contained therein. This material and th
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