OUNZ NAV falls 2.7% as gold prices reverse; marketing fees surge 182% year-over-year

Filed June 4, 2026 · Period ending April 30, 2026 · Compared to 10-Q Jun 6, 2025 · ~1 min read

Key Changes

• high

  NAV declined 2.68% in Q2 FY2026 versus a 26.44% gain in the prior-year quarter, driven by a 4.64% drop in gold prices. The Trust recorded $149.5 million in unrealized depreciation on gold bullion, reversing $235.6 million in appreciation from Q2 FY2025.

  MD&A: NAV performance verify on EDGAR →
• high

  Net assets from operations swung from a $238 million gain in Q2 FY2025 to a $139 million loss in Q2 FY2026, reflecting the gold price decline and doubled sponsor fees to $1.8 million from $0.89 million on a larger asset base.

  MD&A: Operations verify on EDGAR →
• medium

  Marketing agent fees jumped 182% to $537,257 for Q1 calendar 2026 from $190,572 in the prior year. Cumulative fees paid since 2015 reached $3.56 million, representing 2.08% of the maximum fee cap versus 1.58% a year earlier.

  MD&A: Marketing fees verify on EDGAR →