U.s. Global Investors, Inc. · NASDAQ:GROW
U.s. Global Investors — FY2025 Earnings Presentation
60 slides from U.s. Global Investors's earnings presentation, September 2025
Slide 1: Fiscal Year 2025 Results Webcast
GROW June 30, 2024 – June 30, 2025 Fiscal Year 2025 Results Webcast www.usfunds.com WWW.USFUNDS.COM
Slide 2: Today's Presenters
Frank Holmes Today's Presenters CEO and CIO Holly Schoenfeldt Director of Marketing Lisa Callicotte CFO WWW.USFUNDS.COM
Slide 3: Forward-Looking Statements
Forward-Looking Statements During this webcast we may make forward- looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don’t pertain to historical facts are subject to risks and uncertainties that may material
Slide 4: Request your own ETF hat
Please email us at info@usfunds.com to request your own ETF hat! WWW.USFUNDS.COM
Slide 5: Smart Beta 2.0
Smart Beta 2.0 Innovative Investment Manager: U.S. Global Investors, Inc. is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create smart beta 2.0 products. About Us Registered Investment Advisor U.S. Global Investors
Slide 6: The DNA of Volatility
The DNA of Volatility Standard Deviation For One Year, as of June 30, 2025 One-Day Ten-Day S&P 500 ±1% ±3% Gold Bullion ±1% ±3% GROW ±1% ±4% Dow Jones U.S. Asset Managers Index ±2% ±5% Oil ±2% ±5% JETS ±2% ±6% GOAU ±2% ±7% NYSE Arca Airline Index ±3% ±7% Bitcoin ±3% ±7% HIVE Digital Technologies Ltd
Slide 7: Top Institutional Shareholders
Top Institutional Shareholders Percentage of Shares Outstanding, as of 06/30/2025 1 6.18% 2 5.58% THE VANGUARD GROUP, INC. 3 4.73% WWW.USFUNDS.COM
Slide 8: Frank Holmes owns approximately 19% of the company
Frank Holmes CEO and CIO owns approximately 19% of the company and has approximately 99% of voting control. WWW.USFUNDS.COM
Slide 9: Strategy and Tactics
Strategy and Tactics 1 Create thematic products that are sustainable using a smart beta 2.0 strategy. Requires rigorous back testing for 1,000s of hours. 2 Our mission is to make people feel financially happy and secure that their wealth is consistently growing. 3 Strategically buy back stock using
Slide 10: GROW Outperforms Russell Microcap Growth Index – 5 Years
GROW Outperforms Russell Microcap Growth Index – 5 Years June 2020 – June 2025 JETS ETF 56% Russell Microcap Index 55% GROW 25% Russell Microcap Growth Index Past performance is no guarantee of future results. Distributed by Quasar Distributors, LLC. U.S. Global Investors is the investment adviser t
Slide 11: The SEA ETF Connects Emerging and Developed Markets
Did you know? 80% of the world’s cargo is carried by ship. The SEA ETF Connects Emerging and Developed Markets 11 WWW.USFUNDS.COM Distributed by Quasar Distributors, LLC. U.S. Global Investors is the investment adviser to SEA.
Slide 12: Total Imports in First Half of 2025 Forecast Higher
Despite Tariffs, Total Imports in First Half of 2025 Forecast to Be Nearly 4% Higher Than in Previous Year Millions of Twenty-Foot Equivalent Units (TEUs), Jan. – June of Each Year 12.56 12.08 2024 2025 May and June 2025 figures are estimates WWW.USFUNDS.COM Source: NRF/Hackett Associates Global Por
Slide 13: Gold Reached All-Time High In 2025!
Gold Reached All-Time High In 2025! Gold Price In USD Source: Bloomberg, U.S. Global Investors | 13 WWW.USFUNDS.COM
Slide 14: Gold Has Helped Insulate Portfolios Against Treasury and Dollar Weakness
Gold Has Helped Insulate Portfolios Against Treasury and Dollar Weakness Percent Change | Year-to-Date Through August 26 Past performance does not guarantee future results. It is not possible to invest in an index. WWW.USFUNDS.COM Source: Bloomberg, U.S. Global Investors | 14
Slide 15: Market Disconnect: Gold Prices Surge While ETF Investors Exit
Market Disconnect: Gold Prices Surge While ETF Investors Exit Source: Bloomberg, U.S. Global Investors | 15 WWW.USFUNDS.COM
Slide 16: Record Breaking Quarters for Royalty Companies
Record Breaking Quarters for Royalty Companies Franco-Nevada reported record revenue of $369.4 million for the quarter, up 42% year- over-year. Wheaton Precious Metals generated $503 million in revenue and $415 million in operating cash flow. Triple Flag Precious Metals posted record operating cash
Slide 17: Growing Global Reach: U.S. Global ETFs Now in Mexico & Colombia
Growing Global Reach: U.S. Global ETFs Now in Mexico & Colombia August 8, 2025 U.S. Global Launches Its Smart Beta 2.0 SEA ETF on the Mexican Stock Exchange, Joining JETS & GOAU May 21, 2025 U.S. Global Investors Lists GOAU ETF, on the Colombia Securities Exchange Amid Growing Demand for Gold Exposu
Slide 18: Germany plans to double its military budget by 2029
Germany plans to double its military budget by 2029. In total, the country plans to spend around €649 billion ($761 billion) over the next five years.
Slide 19: NATO Summit: Members Agree to Boost Defense Spending to 5% by 2035
NATO Summit: Members Agree to Boost Defense Spending to 5% by 2035 Percent of GDP | 2025 4.12% 3.43% 3.38% 3.15% 3.08% 2.85% 2.41% 2.37% 2.33% 2.25% 2.22% 2.20% 2.18% 2.12% Poland Estonia United Latvia Greece Lithuania Finland Denmark United Romania North Norway Bulgaria Germany States Kingdom Maced
Slide 20: NATO Members: Projected Defense Spending In Billion USD
NATO Members: Projected Defense Spending In Billion USD Estimated In Billions of USD | 5% of Each Country’s 2025 GDP $233 Projected U.S. Spend $1.5 Trillion. $182 $158 $119 $112 $86 $66 $61 $46 $33 $24 $21 $13 $2 Germany U.K. France Italy Canada Spain Turkey Netherlands Poland Belgiu Norway Denark G
Slide 21: The Ai Market Is Exploding
THE Ai MARKET IS EXPLODING ARTIFICIAL INTELLIGENCE (Ai) MARKET SIZE, 2020 – 2030E 900 800 $827 700 28% CAGR 600 $668 500 $529 400 $416 300 $320 200 $244 $184 100 0 2024* 2025* 2026* 2027* 2028* 2029* 2030* Source: Statista, U.S. Global Investors
Slide 22: Aerospace & Defense: Ai To Rebuild The Military
Aerospace & Defense: Ai To Rebuild The Military Other Aerospace Data Centers 1% & Defense 11% 33% Cyber Securities Semiconductors 27% 28% WWW.USFUNDS.COM 22
Slide 23: There Are Now More ETFs Than Stocks
There Are Now More ETFs Than Stocks Source: Morningstar, U.S. Global Investors | 23 WWW.USFUNDS.COM
Slide 24: U.S. ETF Assets Approach $11 Trillion
U.S. ETF Assets Approach $11 Trillion Assets Under Management In USD Source: Bloomberg, U.S. Global Investors 24 WWW.USFUNDS.COM
Slide 25: Time For Small Caps To Run?
Time For Small Caps To Run? Michael Gayed, CFA, and Piper Sandler Say Small-Caps Are The Unquestionable Winner In August GROW Rises Alongside Russell 2000 Small Cap Index Source: Bloomberg, Michael Gayed, CFA @leadlagreport | 25 WWW.USFUNDS.COM
Slide 26: Bull Markets Have Lasted 5X Longer Than Bear Markets
Bull Markets Have Lasted 5X Longer Than Bear Markets, On Average S&P 500 Bull and Bear Markets | Total Returns, June 1949 – June 2025 26 WWW.USFUNDS.COM
Slide 27: Buyback Authorizations Have Increased 19% Year-To-Date
Positive News: Buyback Authorizations Have Increased 19% Year-To-Date U.S. Share Buyback Authorization Announcements Through April 17 ($ Billions) $400 $377 $364 $372 $350 $318 $308 $300 $246 $250 $250 $231 $224 $213 $201 $200 $175 $163 $150 $136 $100 $50 $0 2012 2013 2014 2015 2016 2017 2018 2019 2
Slide 28: Why We Buy Back Our Stock
Why We Buy Back Our Stock The Company believes its stock is undervalued and therefore buys back shares of GROW when the price is flat or down from the previous trading day using an algorithm. This is part of the Company’s two-pillar strategy to enhance shareholder value by paying the dividend as wel
Slide 29: Current Share Repurchase Program
Current Share Repurchase Program For the Fiscal Year Ended June 30, 2025, the Company repurchased a total of 801,043 class A shares using cash of approximately $1,964,385. May be suspended or discontinued as deemed necessary. WWW.USFUNDS.COM
Slide 30: GROW Shares Repurchased
GROW Shares Repurchased 12-Month Period Through June 30 of Each Year 801,043 767,651 412,257 2023 2024 2025 Source: U.S. Global Investors 30 WWW.USFUNDS.COM 30
Slide 31: GROW Dividends
GROW Dividends The Company has paid a monthly dividend since June 2007 Current yield at a share price of $2.46 as of 08/18/2025. 3.66% Monthly dividend payment of $0.0075 Approved through September 2025 Reviewed by the Board quarterly WWW.USFUNDS.COM 31
Slide 32: Shareholder Yield
Dividends + Buybacks + Debt Reduction Shareholder Yield = Market Capitalization WWW.USFUNDS.COM
Slide 33: Committed To Returning Value To Shareholders Versus Treasury Yields
U.S. Global Investors Is Committed To Returning Value To Shareholders When Compared To Treasury Yields Yields as of June 30, 2025 9.10% 4.24% 3.79% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield Source: Bloomberg, U.S. Global Investors 33 WWW.USFUNDS.COM
Slide 34: U.S. Global Investors vs. The Competition
U.S. Global Investors vs. The Competition As of Quarter End June 30, 2025 Return on Pre-Tax Dividend ETF Business Price/Book Assets Margin Yield 100% ETFs 4.45 7.10% 22.0% 0.90% 79% of Operating 0.77 -0.67% -3.10% 3.46% Revenue 40% of Assets in 0.85 2.90% 16.60% 4.00% QQQ ETF Source: Bloomberg, U.S.
Slide 35: A Look At FY2025
A Look At FY2025 GROW Strengths 1 The company has steady cashflow, despite a volatile and challenging macro market environment. The company has a strong balance 2 sheet which includes both cash and other investments. 3 The company continues to buy back stock on flat or down days and pay a monthly di
Slide 36: The Quant Approach
Smart Beta 2.0 Investing Our Quantamental Investment Strategy The Quant combines cutting edge technology with robust data analysis to help optimize returns and manage risk effectively for our shareholders. We believe the use of Smart Beta 2.0 factors in our thematic fund lineup sets us apart from th
Slide 37: GROW's Investment in HIVE Digital Technologies
GROW’s Investment in HIVE Digital Technologies 8% Convertible Debenture $1,576,000 (includes debenture and conversion feature) Redirect & Repurpose into Bitcoin Ecosystem. WWW.USFUNDS.COM
Slide 38: $1.4 Billion AUM, $8.5 Million Operating Revenues
$2.46 Nasdaq: GROW *close on 08/18/2025 $1.4 Billion Annual Average Assets Under Management 06/30/2025 $8.5 Million Annual Operating Revenues 06/30/2025 WWW.USFUNDS.COM
Slide 39: Average Assets Under Management, in Billions of USD
Average Assets Under Management, in Billions of USD 12-Month Period Ended June 30 of Each Year $1.86 $1.41 2024 2025 39 WWW.USFUNDS.COM
Slide 40: Quarterly Earnings (Loss) Per Share: Impacted by Tariff War
Quarterly Earnings (Loss) Per Share: Impacted by Tariff War $0.02 $0.02 -$0.01 -$0.01 -$0.03 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Source: Bloomberg, U.S. Global Investors 40 WWW.USFUNDS.COM
Slide 41: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CFO WWW.USFUNDS.COM
Slide 42: Fiscal Year 2025 Financial Highlights
Fiscal Year 2025 Financial Highlights Average assets under management 1 of $1.4 billion 2 Operating revenues of $8.5 million 3 Net income (loss) of ($334) Thousand WWW.USFUNDS.COM
Slide 43: Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) + Unrealized Earnings WWW.USFUNDS.COM
Slide 44: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Year Ended June 30, 2025 2024 Operating Revenues Advisory fees $ 8,325 $ 10,869 Administrative services fees 127 115 Total Operating Revenues 8,452 10,984 Operating Expenses Employee compensation and benefits 4,931 4
Slide 45: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Year Ended June 30, 2025 2024 Operating Income (Loss) $ (2,986) $ (480) Other Income (Loss) Net investment income (loss) 2,393 2,144 Other Income (loss) 331 251 Total Other Income (Loss) 2,724 2,395 Income (Loss) Bef
Slide 46: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) June 30, 2025 June 30, 2024 Current Assets Cash and cash equivalents $ 24,552 $ 27,399 Restricted cash 1,000 1,000 Investments in trading securities at fair value, current 9,692 9,644 Accounts and other receivables (net of allowance for credit losse
Slide 47: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) June 30, 2025 June 30, 2024 Other Assets Deferred tax asset $ 1,268 $ 1,833 Investments in trading securities at fair value, non-current 2,496 1,449 Investments in available-for-sale debt securities at fair value (amortized cost: $3,993, and $6,204,
Slide 48: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) June 30, 2025 June 30, 2024 Current Liabilities Accounts payable $ 10 $ 14 Accrued compensation and related costs 469 609 Dividends payable 296 313 Financing lease liability, short-term 8 31 Other accrued expenses 1,091 1,197 Total Current Liabiliti
Slide 49: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) June 30, 2025 June 30, 2024 Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at June 30, 2025, and June 30, 2024; 10,982,687 $ 347 $ 347 and 11,753,483 shares outstandi
Slide 50: Marketing Highlights
Marketing Highlights Holly Schoenfeldt Director Of Marketing WWW.USFUNDS.COM
Slide 51: Explore Our Educational Videos
Explore Our Educational Videos WWW.USFUNDS.COM
Slide 52: Recent Media Appearances
JETS ETF: Investing In Airline Stocks & Navigate Industry Volatility Recent Media Appearances Stories of ETF Inspiring Leaders. WWW.USFUNDS.COM
Slide 53: WAR Whitepaper Out Now!
WAR Whitepaper Out Now! WWW.USFUNDS.COM
Slide 54: Upcoming Webcast Events
Upcoming Webcast Events September 10, 2025 TRIP ETF Webinar September 25, 2025 Fear Trade: WAR and GOAU ETF Webinar 54 WWW.USFUNDS.COM
Slide 55: Award-Winning Financial CEO Blog
TOP CONTENT FROM OUR AWARD-WINNING FINANCIAL CEO BLOG 1 2 3 4 5 April 28, 2025 April 21, 2025 May 2, 2025 April 11, 2025 June 23, 2025 SpaceX, Palantir and Anduril Gold Keeps Setting New U.S. Ports Face Massive Trump Bets Big on Coal, But UBS Calls Dollar “Unattractive” Lead the Race to Build Record
Slide 56: Feeling Left Out?
Feeling Left Out? Follow us on Social Media WWW.USFUNDS.COM 56
Slide 57: Thank You
Thank You WWW.USFUNDS.COM 57
Slide 58: Disclosures
Disclosures All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index (HUI) is a modified equal dollar weighted index of companies involved in gold min
Slide 59: Disclosures
Disclosures Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory and summary prospectus for JETS, GOAU and SEA by visiting www.usglobaletfs.com. Read it carefully before investing. Distributed by Quasar Di
Slide 60: Disclosures
Disclosures Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance