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U.S. Global Investors Launches Smart-Beta 2.0 SEA ETF on the New York Stock Exchange and Amends Its Form 10-Q
San Antonio, TX, Jan. 27, 2022 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with
About this update from U.s. Global Investors, Inc.
[{"type":"text","content":"San Antonio, TX, Jan. 27, 2022 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors, is happy to share the launch of its third exchange traded fund last week, adding to its lineup of thematic ETFs. The U.S. Global Sea to Sky Cargo ETF began trading on January 20, 2022, on the New York Stock Exchange, under the ticker symbol SEA. SEA uses a smart-beta 2.0 strategy and represents a fusion of the Company’s longstanding experience investing in global resources and commercial air travel industries. Cargo ships represent approximately 70% of the ETF, while air freight companies represent roughly 30%. Frank Holmes, the Company’s CEO and chief investment officer, believes the shipping industry continues to look very attractive from an investing point of view. “Global cargo carriers are estimated to have recorded $150 billion in profits in 2021, the first time they’ve collectively reached that figure in a single year,” Mr. Holmes says. “Not only that, to give you an idea of just how cash-flush shipping companies are right now, employees of Chinese state-owned COSCO Shipping, one of our favorite industry names, were paid a jaw-dropping year-end bonus that was 30 times their monthly salary, according to Caixin Global.” To learn more about the SEA ETF, we invite you to visit www.usglobaletfs.com, or watch this short video clip that reviews why we continue to be bullish on the industry. U.S. Global Announces Amendment to Its Form 10-Q For Quarter Ended September 30, 2021 The Company today announces an amendment, but not a restatement, to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. On the original filing, which was filed with the Securities and Exchange Commission on January 11, 2022, the Advisory fees amount of $6,470,000 did not appear on the face of the Consolidated Statements of Operations. The subtotals correctly included the advisory fees amount and the amount was properly disclosed in the Notes to Consolidated Financial Statements. The amendment includes the Advisory fees amount that was inadvertently excluded from the Consolidated Statement of Operations in the original filing. Total operating revenues, net income, and basic and diluted net income per share are not impa...