RAAX Implementation Enhancements: Frequently Asked Questions
Read Time 3 MIN
- Will RAAX still hold ETFs?
- How are the fees handled for PIT and OUNZ?
- Is the investment strategy for RAAX changing?
- How will individual equity holdings be selected?
- Does this create concentration risk?
- Will the risk profile of RAAX change?
- What investment outcome should investors expect?
- How to Buy VanEck ETFs?
RAAX is transitioning from an ETF-of-ETFs structure for its equity exposure to a portfolio of individual equity holdings. This enhancement is designed to improve implementation efficiency by reducing acquired fund fees and expenses associated with the ETF-of-ETFs structure. Investors will continue to receive the same diversified exposure to real assets and the same investment philosophy that has historically defined RAAX, while the investment team gains greater control over portfolio exposures.
Will RAAX still hold any ETFs?
Yes. RAAX will continue to hold ETFs for commodity exposure, specifically the VanEck Commodity Strategy ETF (PIT) and the VanEck Merk Gold ETF (OUNZ). These vehicles provide the most practical and efficient access to commodity markets, where direct ownership is not feasible in the same way as it is for equities.
How are the fees handled for PIT and OUNZ?
The expense ratio for PIT will be rebated to RAAX investors, so investors will not bear those costs indirectly. OUNZ holds physical gold and is not a registered investment company under the Investment Company Act of 1940, so it is not subject to acquired fund fees and expenses (AFFE) disclosure requirements. This means OUNZ’s costs are not reflected in RAAX’s stated AFFE figure; however, RAAX investors still indirectly bear OUNZ’s expenses through the fund’s investment in OUNZ. Unlike PIT, those costs are not rebated.
An investment in the VanEck Merk Gold ETF ("OUNZ", or the “Trust”) is subject to significant risk and may not be suitable for all investors. OUNZ is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act.
Is the investment strategy for RAAX changing?
No. RAAX will continue to implement its three-step investment process. This transition only impacts how the fund gains exposure, not the strategy itself.
RAAX | VanEck Real Assets ETF
How will individual equity holdings be selected?
Holdings are selected through a disciplined sampling process designed to capture the most consequential return drivers within each real assets category. The process samples based on both market capitalization and momentum, helping ensure that the portfolio reflects the key forces driving performance across each universe of holdings.
Does this create concentration risk?
No. The sampling methodology is designed to maintain broad diversification across securities, industries, and real asset categories. Individual position sizes are controlled through portfolio construction rules, and security-level deviations from the fully replicated portfolio are limited to no more than 1%.
Will the risk profile of RAAX change?
No. The objective of the transition is to improve implementation efficiency, not to materially alter the portfolio’s risk characteristics. The portfolio will continue to provide diversified exposure across the major real asset categories.
What investment outcome should investors expect?
Investors should expect the same diversified exposure to real assets and the same investment philosophy that has historically defined RAAX. The primary benefit of the new structure is improved implementation efficiency through the elimination of acquired fund fees and expenses associated with the prior ETF-of-ETFs approach, while continuing to capture the key return drivers across real asset equity segments and enhancing the investment team’s ability to actively manage portfolio exposures.
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Important Disclosure
VanEck Merk Gold ETF Disclosures
The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold Trust’s (the “Trust") investment objectives, risks, charges and expenses. Please read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.
The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location.
This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.
Commodities and commodity-index linked securities may be affected by changes in overall market movements and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.
Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the gold held by the Trust (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor’s ongoing expenses, the amount of gold represented by each Share will decline over time. Investing involves significant risk, and you could lose money on an investment in the Trust. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.
The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). Van Eck provides marketing services to the Trust.
© Merk Investments LLC. © Van Eck Associates Corporation.
VanEck ETF and Mutual Fund Disclosures
The principal risks of investing in VanEck ETFs and mutual funds include, but are not limited to, sector, market, economic, political, foreign currency, world event, index tracking, active management, social media analytics, derivatives, blockchain, commodities and non-diversification risks, as well as fluctuations in net asset value and the risks associated with investing in less developed capital markets. VanEck ETFs may also be subject to authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares risks. VanEck ETFs or mutual funds may loan their securities, which may subject them to additional credit and counterparty risk. ETFs or mutual funds that invest in high-yield securities are subject to subject to risks associated with investing in high-yield securities; which include a greater risk of loss of income and principal than funds holding higher-rated securities; concentration risk; credit risk; hedging risk; interest rate risk; and short sale risk. ETFs or mutual funds that invest in companies with small capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. Please see the prospectus of each Fund for more complete information regarding each Fund’s specific risks.
Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs. Please read the prospectus and summary prospectus carefully before investing.
VanEck mutual funds and ETFs are distributed by Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
666 Third Avenue | New York, NY 10017
© 2026 VanEck. VanEck®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corporation.
Intelligently-designed exposure across asset classes for diversified portfolios
Important Disclosure
VanEck Merk Gold ETF Disclosures
The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold Trust’s (the “Trust") investment objectives, risks, charges and expenses. Please read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for the purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the Trust are intended to reflect the price of the gold held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.
The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location.
This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.
Commodities and commodity-index linked securities may be affected by changes in overall market movements and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.
Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the gold held by the Trust (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor’s ongoing expenses, the amount of gold represented by each Share will decline over time. Investing involves significant risk, and you could lose money on an investment in the Trust. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.
The sponsor of the Trust is Merk Investments LLC (the “Sponsor”). Van Eck provides marketing services to the Trust.
© Merk Investments LLC. © Van Eck Associates Corporation.
VanEck ETF and Mutual Fund Disclosures
The principal risks of investing in VanEck ETFs and mutual funds include, but are not limited to, sector, market, economic, political, foreign currency, world event, index tracking, active management, social media analytics, derivatives, blockchain, commodities and non-diversification risks, as well as fluctuations in net asset value and the risks associated with investing in less developed capital markets. VanEck ETFs may also be subject to authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares risks. VanEck ETFs or mutual funds may loan their securities, which may subject them to additional credit and counterparty risk. ETFs or mutual funds that invest in high-yield securities are subject to subject to risks associated with investing in high-yield securities; which include a greater risk of loss of income and principal than funds holding higher-rated securities; concentration risk; credit risk; hedging risk; interest rate risk; and short sale risk. ETFs or mutual funds that invest in companies with small capitalizations are subject to elevated risks, which include, among others, greater volatility, lower trading volume and less liquidity than larger companies. Please see the prospectus of each Fund for more complete information regarding each Fund’s specific risks.
Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs. Please read the prospectus and summary prospectus carefully before investing.
VanEck mutual funds and ETFs are distributed by Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
666 Third Avenue | New York, NY 10017
© 2026 VanEck. VanEck®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corporation.