Core Insights - U.S. Global Investors, Inc. is transitioning its U.S. Global GO GOLD and Precious Metals Miner ETF (GOAU) from passive indexing to active management to enhance agility in a record-setting gold market [1][3][6] - The U.S. Global Technology and Aerospace & Defense ETF (WAR) is celebrating its first anniversary, focusing on defense spending and AI developments [2][8] Group 1: GOAU Transition to Active Management - The transition to active management for GOAU is driven by historic gold prices, which reached $4,421 per ounce on December 22, 2025, amid economic and geopolitical uncertainties [3][6] - The company believes that the current market environment necessitates greater selectivity and flexibility than traditional index-based strategies can provide [4][6] - CEO Frank Holmes emphasized that the new phase of the precious metals cycle requires a focus on security selection rather than broad exposure [6][7] Group 2: WAR ETF Performance - The WAR ETF has outperformed the market since its inception, utilizing a strategy that captures growth in defense and technology sectors [8][9] - The ETF invests in areas such as aerospace, defense, semiconductors, cybersecurity, and data centers, employing a Smart Beta 2.0 approach combined with fundamental analysis [8][9] - The strategy reflects the evolution of defense into an information technology business, with significant government investments in AI and related technologies [9] Group 3: Commitment to Thematic Investing - U.S. Global Investors is committed to thematic, high-conviction sectors, aiming to deliver innovative Smart Beta 2.0 strategies that provide differentiated opportunities across various markets [9][10] - The company focuses on thoughtfully managed products designed to navigate market cycles and create long-term value for shareholders [10]

Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with expertise in gold mining stocks and the airline industry [1][8] - The company will continue its payment of monthly dividends, with a dividend of $0.0075 per share starting January 2026 [2] Dividend Information - The Board approved a monthly dividend of $0.0075 per share from January to March 2026, with record dates on January 12, February 9, and March 16, and payment dates on January 26, February 23, and March 30 [2] - Based on the closing price of $2.43 on December 5, 2025, this dividend represents an annualized yield of 3.7% [2] Gold and Silver Market Performance - Gold has gained 61% year-to-date through November 2025, marking its best annual performance since 1979 [3] - Silver surpassed $60 for the first time on December 9, 2025, driven by economic uncertainty and strong demand [3][4] - The silver market is in deficit for the fifth consecutive year, with demand outpacing supply [4] Airline Industry Outlook - The global airline industry is entering 2026 with strong financial momentum, supported by high travel demand [5] - A record 3.13 million passengers were screened in a single day during the 2025 Thanksgiving travel period, indicating robust consumer demand [5] - Total airline revenues are expected to exceed $1 trillion for the first time in 2026, with net profits projected at approximately $40 billion in 2025 and $41 billion in 2026 [5] Investment Opportunities - The U.S. Global Jets ETF offers targeted exposure to the global aviation ecosystem, focusing on efficient carriers [6] - The ETF tracks airline operators, aircraft manufacturers, and related services, ranking companies based on fundamental factors [6]

Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with expertise in gold mining stocks and the airline industry [1][8] - The company has a history of over 50 years, starting as an investment club and now providing investment advisory services [8] Dividend Announcement - The Board of Directors approved a monthly dividend of $0.0075 per share, starting January 2026 and continuing through March 2026 [2] - The record dates for the dividends are January 12, February 9, and March 16, with payment dates on January 26, February 23, and March 30 [2] - Based on the closing price of $2.43 on December 5, 2025, this dividend represents an annualized yield of 3.7% [2] Gold and Silver Market Performance - Gold has gained 61% year-to-date through November 2025, marking its best annual performance since 1979 [3] - Silver surpassed $60 for the first time on December 9, 2025, driven by economic uncertainty and strong demand [3][4] - The silver market is in deficit for the fifth consecutive year, with demand outpacing supply [4] Airline Industry Outlook - The global airline industry is entering 2026 with strong financial momentum, supported by historic travel demand [5] - TSA screened a record 3.13 million passengers in a single day during the 2025 Thanksgiving travel period, indicating robust consumer demand [5] - Total airline revenues are expected to exceed $1 trillion for the first time in 2026, with net profits projected at approximately $40 billion in 2025 and $41 billion in 2026 [5][6] Investment Opportunities - The U.S. Global Jets ETF (NYSE: JETS) offers targeted exposure to the global aviation ecosystem, focusing on efficient carriers [6] - The ETF tracks airline operators, aircraft manufacturers, airports, and related services, ranking companies based on fundamental factors [6]

Company Overview - U.S. Global Investors is an innovative investment manager with extensive experience in global markets and specialized sectors [4] - The company employs a quantamental strategy to create thematic smart beta 2.0 products [4] - Founded as an investment club, U.S. Global became a registered investment adviser in 1968 and has a history of launching first-of-their-kind products, including the first no-load gold fund [4] Investment Focus - The company specializes in thematic investing, particularly in gold and precious metals, natural resources, airlines, and luxury goods [5]

Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, showing a significant increase from the previous year [27][30] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [28] - Net income after taxes for the quarter increased by $1.2 million compared to the same quarter last fiscal year, reaching $1.5 million or $0.12 per share [30] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to a $101,000 increase in employee compensation and a $52,000 increase in advertising expenses related to expanded ETF marketing efforts [29] - Other income for the quarter was $2.4 million compared to $995,000 in the prior year, primarily due to higher net investment income from unrealized gains [30] Market Data and Key Metrics Changes - The company has maintained a strong balance sheet with approximately $24.6 million in cash and cash equivalents, and current investments totaling $9.7 million [31] - The current ratio stands at 20.5 to 1, indicating a strong liquidity position [31] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which involves rigorous backtesting and active money management [8][14] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current share repurchase program purchasing 159,074 Class A shares for approximately $400,000 [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the worst impacts from the election and tariff battles are hopefully behind, with a rebound in assets and investment income [11][13] - The company remains optimistic about the gold market, highlighting that gold has outperformed the S&P 500 and is seen as a strong diversifier in investment portfolios [20][21] Other Important Information - The company has paid a monthly dividend since June 2007, with a current yield of 3.46% at a share price of $2.60 [10] - The company is actively engaging with shareholders through various marketing channels, including YouTube and social media, to provide insights and updates [32][34] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management emphasized that gold has significantly outperformed the S&P 500 and is considered a crucial diversifier for investment portfolios, with recommendations to allocate 10%-15% in gold [20][21] Question: How is the company managing its stock buyback program? - The company utilizes an algorithm to buy back shares on flat and down days, believing the stock is undervalued, and aims to enhance shareholder value through this strategy [9][10]

Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, showing a significant increase from the previous year [28][31] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [29] - Net income after taxes for the quarter increased by $1.2 million compared to the same quarter last fiscal year [31] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to a $101,000 increase in employee compensation and a $52,000 increase in advertising expenses [30] - Other income for the quarter was $2.4 million compared to $995,000 in the prior year, primarily due to higher net investment income [30] Market Data and Key Metrics Changes - The company has experienced a rebound in assets and investment income, which has helped turn the corner after being impacted by the tariff war [13] - Gold reached an all-time high of $4,300, although it has gone through a correction since October [19] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which requires rigorous backtesting and continuous management [7][8] - U.S. Global has been buying back stock using an algorithm on flat and down days, aiming to enhance shareholder value through dividends and stock repurchases [9][10] Management's Comments on Operating Environment and Future Outlook - Management believes the worst impacts from the election and tariff battles are behind them as they move forward [11] - The company remains optimistic about the travel industry, particularly in Europe and Asia, despite challenges in the U.S. market [16][17] Other Important Information - The company has maintained a strong balance sheet with high levels of cash and investments, including approximately $24.6 million in cash and cash equivalents [32] - The current yield at the share price of $2.60 is 3.46%, and the company has paid a monthly dividend since June 2007 [10] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management highlighted that gold has outperformed the S&P 500 and is considered a crucial diversifier for a diversified portfolio, with recommendations to allocate 10%-15% in gold [20][23] Question: How is the company addressing the challenges in the airline industry? - Management noted that while the U.S. airline industry is facing sentiment challenges, the European and Asian markets are booming, indicating potential for recovery [16][17] Question: What are the company's plans for future product launches? - The company is focused on launching new thematic products, particularly in AI and defense sectors, which are expected to capture significant market interest [18][26]

Financial Data and Key Metrics Changes - The company reported average assets under management of $1.4 billion and operating revenues of $2.25 million for the quarter, with net income of $1.5 million, an increase from $315,000 in the same quarter last year [28][30] - Operating revenues increased by $94,000 or 4% from the previous year, primarily due to higher advisory and administrative fees for equity mutual funds [29] - The company has maintained a strong balance sheet with cash and cash equivalents of approximately $24.6 million, reflecting a slight increase since June 2025 [30] Business Line Data and Key Metrics Changes - The company has seen a rebound in investment income, which has improved due to unrealized gains on investments [30] - The operational earnings consist of advisory fees, while other earnings include realized and unrealized gains and losses on investments [28] Market Data and Key Metrics Changes - The gold market has shown significant volatility, with gold reaching an all-time high of $4,300 before undergoing a correction [20][19] - The company noted that gold has outperformed the S&P 500, doubling its performance this century, which has led to increased interest in gold investments [20][21] Company Strategy and Development Direction - The company is focused on creating thematic products using a smart beta 2.0 strategy, which involves rigorous backtesting and active money management [7][14] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current yield of 3.46% [10][9] - The company is actively buying back stock when prices are flat or down, indicating a belief that the stock is undervalued [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, stating that the worst impacts of the tariff wars may be behind them, with a rebound in assets and investment income [11][13] - The company highlighted the importance of gold as a diversifier in investment portfolios, especially in light of rising global debt levels [21][22] Other Important Information - The company has been expanding its subscriber base and increasing exposure to the Bitcoin ecosystem through investments [8] - The company has maintained a monthly dividend since June 2007, reflecting its commitment to returning value to shareholders [10] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management noted that gold has reached an all-time high and has outperformed the S&P 500, suggesting a strong future for gold investments [20][21] Question: How is the company managing its stock buyback program? - The company is using an algorithm to buy back shares on flat and down days, believing the stock is undervalued [9][10] Question: What are the key themes driving the company's investment strategy? - The focus is on thematic investing, particularly in gold, precious metals, and AI defense sectors, which are expected to see growth [18][26]

Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, representing a significant increase from the previous year [26][28][29] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [27] - Net income after taxes increased by $1.2 million compared to the same quarter last fiscal year, rising from $315,000 to $1.5 million [28][29] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to higher employee compensation and advertising expenses related to expanded ETF marketing efforts [28] - The company has maintained a strong balance sheet with high levels of cash and investments, including approximately $24.6 million in cash and cash equivalents [29] Market Data and Key Metrics Changes - The gold market has seen significant volatility, with gold reaching an all-time high of $4,300 before undergoing a correction [18][19] - The company noted a rebound in fund assets compared to the previous year, indicating improved overall revenue [18] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which involves rigorous backtesting and active money management [6][7] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current share repurchase program purchasing 159,074 Class A shares [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that the worst impacts of the election and tariff battles are hopefully behind the company [11] - The company remains committed to thematic investing, particularly in gold and precious metals, and believes that current market conditions make resource assets attractive [20][21] Other Important Information - The company has been actively engaging with shareholders through various marketing channels, including YouTube and social media, to provide insights and updates [31][32] - The company has a strong commitment to educational resources, offering white papers on defense and AI sectors, as well as the business model of gold royalty and streaming companies [32] Q&A Session Summary Question: What is the outlook for gold and gold equities? - Management noted that gold has outperformed the S&P 500 and emphasized the importance of having 10%-15% of a diversified portfolio in gold and gold stocks, as recommended by Ray Dalio [19][21] Question: How is the company managing its stock buyback program? - The company is buying back shares when the stock price is flat or down, using a simple algorithm to enhance shareholder value [9][10] Question: What are the company's views on the current macroeconomic environment? - Management highlighted concerns about rising global debt levels and their implications for gold as a diversifier in investment portfolios [20][21]

Core Viewpoint - U.S. Global Investors, Inc. continues to pay monthly dividends amid a strong gold market, highlighting the company's focus on gold mining stocks and the airline industry [1][3]. Dividend Announcement - The Board approved a monthly dividend of $0.0075 per share starting in October 2025, with record dates on October 14, November 10, and December 15, and payment dates on October 27, November 24, and December 29 [2][8]. - Based on the closing price of $2.48 on September 15, 2025, this dividend yields an annualized rate of 3.63% [2]. Gold Market Insights - Gold prices have reached historic highs in 2025, driven by central bank purchases, persistent inflation, and global political uncertainties [3]. - The average all-in sustaining costs (AISC) for gold mining are around $1,500 per ounce, while spot prices exceed this, resulting in significant profit margins for miners [3]. - The NYSE Arca Gold Miners Index has achieved all-time highs, with many mining companies reporting triple-digit gains year-to-date [3]. Investment Opportunities - The U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) provides targeted exposure to gold mining, combining traditional producers with royalty and streaming companies [4]. - GOAU reached a record intraday high of $37.75 per share on September 19, 2025, nearly doubling its price since the beginning of the year [5]. - As of June 30, 2025, GOAU held 29 companies with a weighted average market cap of $10.9 billion, including major royalty firms like Wheaton Precious Metals and Franco-Nevada [5]. Performance Metrics - The U.S. Global GO GOLD and Precious Metal Miners ETF reported total annualized returns of 56.93% for one year as of June 30, 2025 [9].

Core Viewpoint - U.S. Global Investors, Inc. has successfully listed its shipping ETF, the U.S. Global Sea to Sky Cargo ETF (SEA), on the Mexican Stock Exchange, expanding its international presence and providing investors with access to the global transportation and logistics sectors [1][3]. Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with over 50 years of history, focusing on niche markets globally [5]. - The company specializes in gold mining stocks and the airline industry, and now aims to enhance its offerings in the shipping sector through the SEA ETF [1][5]. ETF Details - The SEA ETF is the first pure-play maritime shipping and air freight ETF listed on the BMV, joining the U.S. Global Jets ETF (JETS) and U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) [2][4]. - Launched in January 2022, SEA aims to provide diversified access to the global shipping and air freight industries, utilizing a Smart Beta 2.0 strategy to identify efficient companies in these sectors [4][13]. Market Context - The Bolsa Mexicana de Valores (BMV) is the second-largest stock exchange in Latin America, with a market capitalization exceeding $530 billion, indicating a significant opportunity for investment in the region [3]. - The Mexican government is investing billions to modernize its seaports, which aligns with SEA's focus on global trade expansion, particularly between North America and East Asia [4][3]. Industry Insights - Over 80% of global goods are transported by sea, highlighting the critical role of the companies within SEA's index in global commerce [5]. - The U.S. Global Sea to Sky Cargo Index (SEAX) tracks companies involved in marine shipping, air freight, and port operations, providing diversified exposure across various market capitalizations [13].