U.S. Global Investors, Inc. is a Texas-based registered investment adviser that provides investment advisory and administrative services to mutual funds and ETFs and also invests for its own account, with principal operations in San Antonio, Texas.

# U.S. Global Investors, Inc.

## Overview
- Texas corporation organized in 1968; principal operations in San Antonio, Texas  
- Registered investment adviser under the Investment Advisers Act of 1940  
- Primary revenue sources: fees from investment advisory and administrative services (to funds and ETF clients) and investment income  
- The company holds a substantial portion of its total assets in investments

## Business segments

### Investment Management Services

- Investment advisory services
  - Provides tailored investment programs for each client it manages
  - Clients include U.S. Global Investors, Inc. funds (USGIF) and several ETF clients, including one European-based ETF (The Travel UCITS ETF)
  - Advisory activities include determining investments, executing portfolio transactions, and selecting brokers/dealers
  - Advisory agreement terms:
    - USGIF advisory agreement: subject to annual renewal and terminable with 60 days’ notice
    - The Travel UCITS ETF advisory agreement: not subject to annual renewal and terminable on six months’ notice
  - Provides advisory services for USGIF and four U.S.-based ETF clients

- Administrative services
  - Provides administrative services for USGIF; the agreement is subject to annual renewal and terminable with 60 days’ notice
  - The administrative services agreement received board-approved renewal in September 2025

### Corporate Investments
- The company also invests for its own account
- Further details and segment financials are provided in Note 15 of the Consolidated Financial Statements

## Assets Under Management (AUM) (in thousands of dollars)
- Total ETF Clients AUM: 1,204,517 (2026); 973,216 (2025)
  - Airline, Travel and Cargo — Total: 998,374 (2026); 843,001 (2025)
    - JETS: 959,064 (2026); 814,362 (2025)
    - TRIP (The Travel UCITS ETF): 21,796 (2026); 20,257 (2025)
    - SEA: 17,514 (2026); 8,382 (2025)
  - Gold and Natural Resources — Total: 164,808 (2026); 124,160 (2025)
    - GOAU: 164,808 (2026); 124,160 (2025)
  - Technology, Aerospace and Defense — Total: 41,335 (2026); 6,055 (2025)
    - WAR: 41,335 (2026); 6,055 (2025)

- U.S. Global Investors Funds (USGIF) — Total USGIF Funds: 467,474 (2026); 350,435 (2025)
  - Gold and Natural Resources — Total: 364,444 (2026); 245,822 (2025)
    - USERX: 243,451 (2026); 156,587 (2025)
    - World Precious Minerals (UNWPX): 66,748 (2026); 48,623 (2025)
    - Global Resources (PSPFX): 54,245 (2026); 40,612 (2025)
  - International Equity — Total: 51,392 (2026); 50,934 (2025)
    - Global Luxury Goods (USLUX): 51,392 (2026); 50,934 (2025)
  - Bond — Total: 51,638 (2026); 53,679 (2025)
    - U.S. Government Securities Ultra-Short Bond (UGSDX): 30,995 (2026); 28,783 (2025)
    - Near-Term Tax Free (NEARX): 20,643 (2026); 24,896 (2025)

- Total AUM (ETF Clients + USGIF Funds): 1,671,991 (2026); 1,323,651 (2025)

## Notes
- The two main business lines generate the majority of revenue through advisory and administrative fees, as well as investment income  
- The company emphasizes renewal patterns for advisory and administrative agreements; The Travel UCITS ETF has a separate renewal/termination profile  
- Additional segment information and details are available in the Notes to the Consolidated Financial Statements (Note 15)

U.S. Global Investors, Inc. is a registered investment adviser specializing in investment management services and corporate investments, particularly in natural resources and the airline sector.

# U.S. Global Investors, Inc.

## Business segments

### Investment Management Services
U.S. Global Investors provides investment advisory and administrative services for mutual funds and exchange-traded funds (ETFs), including services for U.S. Global Investors Funds (USGIF) and ETF clients.

- Advisory fees (as of June 30, 2024): approximately $10.9 million
  - ETF advisory fees: $9.4 million (down from $13.2 million in fiscal 2023)
  - USGIF advisory fees: $1.6 million (down from $1.9 million in fiscal 2023)
- Total assets under management (AUM): approximately $1.56 billion as of June 30, 2024 (down from $2.37 billion in 2023)

The company manages several mutual funds and ETFs catering to both individual and institutional investors, including the U.S. Global Jets ETF (JETS) and U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU).

### Corporate Investments
The company invests its own capital to support growth and strengthen its cash position. Corporate investments include positions in the cryptocurrency sector, including holdings in HIVE Digital Technologies Ltd.

## Key metrics

- Employees: 23 full-time and 3 part-time (as of June 30, 2024)
- Revenue: Operating revenue of approximately $11.0 million for the fiscal year ended June 30, 2024, a decline of 27.1% from about $15.1 million in fiscal 2023
- Net income: Approximately $1.3 million for the year ended June 30, 2024, down from $3.1 million in 2023

## Areas of expertise

- Natural resources: experience with investments in gold mining and exploration
- Airlines: experience managing investments in the airline industry and related sectors

The company is a registered investment adviser under the Investment Advisers Act of 1940 and is regulated by the U.S. Securities and Exchange Commission.

## Conclusion

U.S. Global Investors has experienced declines in AUM and revenue but continues to apply its investment management expertise, particularly in natural resources and airlines, and to pursue strategic corporate investments to create shareholder value.

U S GLOBAL INVESTORS INC

10-K / September 3, 2026

10-K / September 10, 2024

10-K / September 3, 2026

U.S. Global Investors, Inc.

Overview

Business segments

Investment Management Services

Corporate Investments

Assets Under Management (AUM) (in thousands of dollars)

Notes