VanEck Merk Gold ETF · AMEX:OUNZ
VanEck Merk Gold ETF — IPO Roadshow (April 2026)
40 slides from VanEck Merk Gold ETF's IPO roadshow presentation, Apr 30, 2026
Slide 1: Gold's Bullish Path Ahead
vaneck.com Gold’s Bullish Path Ahead April 2026
Slide 2: Today's Speakers
Access the Opportunities 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) Today’s Speakers Imaru Casanova Portfolio Manager, VanEck • Joined VanEc
Slide 3: Gold: What's Next
Access the Opportunities Gold: What’s Next 3 □ What’s driving gold? – Markets adjusting to shifting geopolitical, policy, currency and rates dynamics □ How are miners faring? – Strong profitability; cost pressures, discipline increasingly shape outcomes □ What’s Next? – Structural forces support gol
Slide 4: VanEck Gold Capabilities
Access the Opportunities VanEck Gold Capabilities Gold Capabilities $48.0 billion Gold - Related AUM - Actively Managed Gold Mining - Passively Managed Gold Mining - Passively Managed Gold Bullion (with the option of physical delivery) Gold Strategies - U.S. ETFs - U.S. Mutual Funds - U.S. Insurance
Slide 5: Consolidation Does Not Preclude Further Upside
Access the Opportunities Consolidation Does Not Preclude Further Upside • Gold continues to attract safe - haven demand, supporting the potential for further upside . • At the same time, price consolidation following sharp advances has been a recurring feature of past gold cycles — often at higher l
Slide 6: Long-Term Trends Intact; Buying Has Moderated
Access the Opportunities Long - Term Trends Intact; Buying Has Moderated • Central banks have shifted from net sellers to consistent net buyers of gold since 2010 — marking a structural change in reserve management behavior. • The official sector purchased over 1,000 tonnes annually in recent years,
Slide 7: Profit-Taking, Liquidity Needs Amid Structurally Supportive Demand
Access the Opportunities Profit - Taking, Liquidity Needs Amid Structurally Supportive Demand • Two - plus years of persistent inflows signal a structural shift in gold's role as a portfolio diversifier amid ongoing geopolitical risk. • March's liquidity - driven selling obscures a constructive back
Slide 8: ETF Inflows, Renewed Demand Could Support Gold Prices
Access the Opportunities ETF Inflows, Renewed Demand Could Support Gold Prices • Historically, periods of sustained ETF accumulation have amplified gold’s upside momentum and broadened market participation. • A full return of investor flows to prior ETF highs could mark the next leg of the bull mark
Slide 9: Gold's Reaction to Crisis: Volatility Is Not Unusual
Access the Opportunities Gold’s Reaction to Crisis: Volatility Is Not Unusual • Gold has historically delivered positive returns during major crisis periods, even as global equities experienced significant drawdowns and heightened volatility. • While gold can be volatile in the short term, its perfo
Slide 10: Drawdowns Are a Normal Feature of Gold Bull Markets
Access the Opportunities Drawdowns Are a Normal Feature of Gold Bull Markets • The bull market of the 1970s and 2000s both experienced 5 corrections of 10% or more. 10 Gold Drawdowns – 1976 to 1980 (top), 2001 to 2011 (bottom) Source: VanEck, Bloomberg. Data as of April 2026. Past performance is not
Slide 11: Despite Pullback, Gold/Gold Stocks Remain Top Performers
Access the Opportunities Despite Pullback, Gold/Gold Stocks Remain Top Performers • Despite pullbacks due to geopolitical disruptions, gold and gold stocks still stand as the top - performing asset class over the 1 - year period. 11 1 - Year Returns Source: Morningstar. Data as of March 31, 2026. “G
Slide 12: Gold Miners Positioned for Resilience Across Price Scenarios
Access the Opportunities Gold Miners Positioned for Resilience Across Price Scenarios Gold Pullback Rangebound Gold Rising Gold Scenario Gold declines, but remains above near - term average Gold consolidates Gold continues higher from record levels Gold Price Environment Resilient performance, suppo
Slide 13: Gold Miners Are Still Positioned for Strong Margin Growth
Access the Opportunities Gold Miners Are Still Positioned for Strong Margin Growth • Gold miners are experiencing record “super - margins” driven by gold prices near $5,000/oz in Q1 2026; an unprecedented margin windfall • The average gold price has accelerated sharply, far outpacing the rise in all
Slide 14: Gold's Strength Keeps Nearly All Producers Profitable
Access the Opportunities Gold’s Strength Keeps Nearly All Producers Profitable • The industry cost curve shows that the vast majority of global gold production remains profitable at current prices near $4,000/oz. • Even higher - cost producers sit well below current gold prices, indicating a robust
Slide 15: Gold Miners May Still Contend With Cost Increases
Access the Opportunities Gold Miners May Still Contend With Cost Increases Cost Control & Discipline ⮞ Cost cutting initiatives ⮞ Operational efficiency ⮞ Processing lower ore grade ⮞ Conservative mine plans 3 - 5% industry cost inflation 5 - 7% gold price driven cost increase/inflation External Cos
Slide 16: Miners Remain Deeply Undervalued Relative to Gold
Access the Opportunities Miners Remain Deeply Undervalued Relative to Gold • Gold and silver miners continue to trade near multi - decade lows relative to gold, despite strong underlying fundamentals. • Historically, such extreme valuation gaps have preceded periods of significant outperformance for
Slide 17: Gold Bull Market Still In Its Early Innings
Access the Opportunities Gold Bull Market Still In Its Early Innings • The current gold bull market (Feb 2022 – Present) remains in early stages compared to historical cycles, which ran 4 – 10 years. • Prior bull markets saw gains of 100 – 600%; we believe today's cycle has significant upside potent
Slide 18: Old Rules Broken, New Rules Begin
Access the Opportunities Old Rules Broken, New Rules Begin • Old Regime: Pre - 2020 • Price stability • Assets appreciated in both dollars and gold • Dollar = unquestionable yard stick • New Regime: Post - 2020 • Debasement era • Assets up in dollars, down in scarce assets (gold) • Scarcity = gold,
Slide 19: Gold Has Outperformed Across Market Cycles
Access the Opportunities Gold Has Outperformed Across Market Cycles • Gold has delivered strong returns across multiple time horizons, often outperforming equities, bonds, and commodities during shorter - term periods. • Over full market cycles, gold remains competitive with traditional asset classe
Slide 20: Gold Tends to Strengthen During Drawdowns
Access the Opportunities Gold Tends to Strengthen During Drawdowns • Gold has historically delivered positive average returns during periods of equity market drawdowns, reinforcing its role as a potential downside hedge. • Traditional assets like equities and commodities often decline during drawdow
Slide 21: Every Economic Regime Rewards Different Assets
Access the Opportunities Every Economic Regime Rewards Different Assets • Markets rotate through regimes — high growth, low growth, high inflation, and low inflation. Each environment favors a different mix of assets. • Most portfolios are built for one regime: growth and low inflation. That leaves
Slide 22: Strategic Allocation to Gold Is Becoming Harder to Ignore
Access the Opportunities Strategic Allocation to Gold Is Becoming Harder to Ignore • Our view: portfolios should hold at least a 5% allocation to gold. • Gold improves resilience. It offsets currency debasement, policy risk, and market concentration. • It’s about balance, not timing. A gold allocati
Slide 23: Active Positioning: Monetizing Volatility in Energy
Access the Opportunities Active Positioning: Monetizing Volatility in Energy • Increasing energy exposure as prices strengthen; trimming after gains to realize profits and manage positioning. Energy Trades Within PIT (Top RAAX Holding) 57.13 72.98 65.25 67.33 62.68 61.51 58.55 59.19 59.44 63.21 90.9
Slide 24: Active Positioning: Monetizing Volatility in Gold
Access the Opportunities Active Positioning: Monetizing Volatility in Gold • Increasing gold exposure as prices strengthen; trimming after gains to realize profits and manage positioning. Gold Trades Within PIT (Top RAAX Holding) 3,302 3,387 3,363 3,685 4,042 4,239 4,587 5,180 4,947 4,650 20% 30% 40
Slide 25: Gold's Bull Market Supported by Structural Tailwinds
Access the Opportunities Gold’s Bull Market Supported by Structural Tailwinds 25 □ Structural drivers — central bank demand, geopolitics, debasement — support long - term gold upside □ Gold demonstrates resilience in crises, reinforcing diversification and portfolio stability benefits □ Gold equitie
Slide 26: VanEck's Gold Solutions
Access the Opportunities VanEck’s Gold Solutions Gold Miners (Active) • Leverage to rising gold prices through equities • Active management across full mining market spectrum • Experienced geology - driven team with deep field research Real Assets Allocation • Tactical exposure across gold and broad
Slide 27: Appendix
Appendix
Slide 28: Market Cap Ratio of Global Equities to Gold has Exploded
Access the Opportunities Market Cap Ratio of Global Equities to Gold has Exploded • The ratio of the market capitalization of global equity markets to the gold market has exploded. • This matters because incremental reallocation demand does not need to be large to drive meaningful price moves in gol
Slide 29: China's Holdings of U.S. Treasuries the Lowest Since 2008
Access the Opportunities China’s Holdings of U.S. Treasuries the Lowest Since 2008 • Since peaking in the early 2010s, China’s Treasury holdings have declined materially, reflecting gradual portfolio rebalancing and evolving geopolitical considerations. China Holdings of U.S. Treasuries $1.2 $1.1 $1
Slide 30: Treasury Reductions Are Broad-Based Across Economies
Access the Opportunities Treasury Reductions Are Broad - Based Across Economies • Reductions in Treasury holdings are evident across both emerging and developed markets, signaling broader reserve diversification rather than isolated geopolitical repositioning. Brazil and Japan Holdings of U.S. Treas
Slide 31: VanEck Merk Gold ETF (OUNZ)
Access the Opportunities VanEck Merk Gold ETF (OUNZ) Source: VanEck. Data as of April 2026. 31 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 obj
Slide 32: VanEck International Investors Gold Fund (INIVX)
Access the Opportunities VanEck International Investors Gold Fund (INIVX) Source: VanEck. Data as of April 2026. 32 VanEck International Investors Gold Fund ong - term capital appreciation by investing in common stocks of gold - mining companies. Income is a secondary consideration. An actively mana
Slide 33: VanEck Real Assets ETF (RAAX)
Access the Opportunities VanEck Real Assets ETF (RAAX) Source: VanEck. Data as of April 2026. 33 VanEck Real Assets ETF seeks long - term total return. In pursuing long - term total return, the Fund seeks to maximize real returns while seeking to reduce downside risk during sustained market declines
Slide 34: Index Descriptions
Access the Opportunities Index Descriptions 34 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 i
Slide 35: Disclosures (INIVX)
Access the Opportunities Disclosures (INIVX) 35 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, l
Slide 36: Disclosures (OUNZ)
Access the Opportunities Disclosures (OUNZ) 36 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
Slide 37: Disclosures (RAAX)
Access the Opportunities Disclosures (RAAX) 37 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 co
Slide 38: Disclosures (PIT)
Access the Opportunities Disclosures (PIT) 38 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 con
Slide 39: Disclosures (Wealth Builder)
Access the Opportunities Disclosures (Wealth Builder) 39 This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein . The VanEck Wealth Builder Strategy is based on a proprietary account seeded on 8 / 16 / 2017 . The strategy is provided
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