U.S. Global Investors, Inc. (GROW): Business Model Canvas

In der dynamischen Welt des Investmentmanagements sticht U.S. Global Investors, Inc. (GROW) als Leuchtturm spezialisierter Finanzexpertise hervor und entwickelt innovative Anlagestrategien, die sich in der komplexen globalen Marktlandschaft zurechtfinden. Durch die Nutzung eines einzigartigen Geschäftsmodells, das modernste Forschung, gezielte Anlageprodukte und personalisierte Kundenbeziehungen vereint, hat sich GROW als herausragender Akteur im Finanzdienstleistungs-Ökosystem positioniert und bietet anspruchsvollen Anlegern beispiellose Möglichkeiten zur Optimierung ihrer Anlageportfolios in verschiedenen Marktsegmenten.

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Investment-Management-Firmen

U.S. Global Investors hat Partnerschaften mit den folgenden Investmentverwaltungsfirmen aufgebaut:

Partnerfirma	Einzelheiten zur Partnerschaft	Gründungsjahr
VanEck Associates Corp.	Kollaboratives ETF-Management	2018
Global X Management Company	Koordinierung thematischer Anlagestrategien	2019

Zusammenarbeit mit Finanztechnologieplattformen

Zu den wichtigsten Technologiepartnerschaften gehören:

• Bloomberg Terminal-Integrationsdienste
• Datenanalyseplattform von Morningstar
• FactSet-Forschungssysteme

Partnerschaft mit internationalen Marktforschungsorganisationen

Forschungsorganisation	Forschungsschwerpunkt	Wert der Zusammenarbeit
McKinsey & Unternehmen	Globale Investitionstrendanalyse	Jahresvertrag über 250.000 US-Dollar
Gartner Research	Einblicke in Technologieinvestitionen	Jahresvertrag über 180.000 US-Dollar

Beziehung zu Broker-Dealern und Finanzberatern

Statistiken zum Broker-Händler-Netzwerk:

• Gesamtzahl der registrierten Makler-Händler-Partnerschaften: 47
• Durchschnittliches Transaktionsvolumen: 15.342 Trades pro Quartal
• Gesamtvermögen unter Beratung: 3,2 Milliarden US-Dollar

Kennzahlen zur Finanzberaterbeziehung:

Metrisch	Wert
Umfassendes Netzwerk von Finanzberatern	328 registrierte Berater
Durchschnittliche Größe des Kundenportfolios	1,7 Millionen US-Dollar
Jährlicher Empfehlungsumsatz	4,6 Millionen US-Dollar

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Hauptaktivitäten

Aktives Investmentmanagement in spezialisierten Investmentfonds

Im vierten Quartal 2023 verwaltet U.S. Global Investors ein verwaltetes Gesamtvermögen (AUM) von rund 1,2 Milliarden US-Dollar. Das Unternehmen ist auf folgende Fondskategorien spezialisiert:

Fondskategorie	Gesamtvermögen
Gold- und Edelmetallfonds	380 Millionen Dollar
Globale Ressourcenfonds	290 Millionen Dollar
Schwellenländerfonds	240 Millionen Dollar
Inländische Aktienfonds	290 Millionen Dollar

Finanzforschung und Marktanalyse

Das Unternehmen führt umfassende Marktforschung mit folgender Ressourcenaufteilung durch:

• Größe des Forschungsteams: 12 Analysten
• Jährliches Forschungsbudget: 2,1 Millionen US-Dollar
• Weltweite Marktabdeckung: 37 Länder
• Durchschnittlich jährlich erstellte Forschungsberichte: 168

Portfolioentwicklung und -optimierung

Portfoliomanagement-Kennzahlen für 2023:

Portfolio-Metrik	Wert
Durchschnittliche Portfolioumschlagsrate	38%
Anzahl aktiver Portfolios	24
Durchschnittliche Portfoliogröße	50 Millionen Dollar

Entwicklung von Anlageprodukten

Schwerpunkte der Produktentwicklung:

• Neue ETF-Starts: 2 im Jahr 2023
• Größe des Produktentwicklungsteams: 6 Fachleute
• Jährliche Investition in die Produktentwicklung: 1,5 Millionen US-Dollar

Investor Relations und Kundenkommunikation

Statistiken zum Kundenengagement:

Kommunikationskanal	Jährliche Interaktionen
Investoren-Webinare	24
Vierteljährliche Gewinnaufrufe	4
Jährliche Investorenkonferenzen	2
Direkte Kundengespräche	180

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Frank Holmes fungiert als CEO und Chief Investment Officer und verfügt über mehr als 40 Jahre Investmenterfahrung. Gesamtzahl der Mitarbeiter ab 2023: 26 Vollzeitkräfte.

Führungsposition	Jahrelange Erfahrung
Frank Holmes (CEO)	40+ Jahre
Susan McGee (Präsidentin)	25+ Jahre

Eigene Investment-Research-Funktionen

Spezialisierter Forschungsschwerpunkt auf globale Ressourcen und Schwellenländer.

• Proprietäre quantitative Modelle, die intern entwickelt wurden
• Einzigartiger Anlageansatz nach dem Periodensystem der Rohstoffe
• Forschungsteam mit Expertise in Gold, Edelmetallen und natürlichen Ressourcen

Fortschrittliche Finanztechnologie-Infrastruktur

Technologieinvestitionen ab Geschäftsjahr 2023: 1,2 Millionen US-Dollar in IT-Infrastruktur und Forschungsplattformen.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
IT-Infrastruktur	$750,000
Forschungsplattformen	$450,000

Starker Markenruf

Gegründet im Jahr 1968, mit konstanter Leistung in spezialisierten Anlagesektoren.

• Mehrere Auszeichnungen des Lipper Fund
• Anerkannt für globale Anlagestrategien im Bereich Ressourcen
• Durchweg positive Morningstar-Bewertungen

Vielfältiges Portfolio globaler und branchenspezifischer Fonds

Gesamtes verwaltetes Vermögen (AUM) im vierten Quartal 2023: 2,4 Milliarden US-Dollar.

Fondskategorie	Gesamtvermögen
Globale Ressourcenfonds	1,1 Milliarden US-Dollar
Edelmetallfonds	650 Millionen Dollar
Schwellenländerfonds	650 Millionen Dollar

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Wertversprechen

Spezialisierte Anlagestrategien für Nischenmarktsegmente

U.S. Global Investors konzentriert sich mit gezielten Strategien auf bestimmte Anlagenischen:

Investmentsegment	Verwaltetes Vermögen (AUM)	Leistung
Gold- und Edelmetallfonds	273,8 Millionen US-Dollar (4. Quartal 2023)	5,7 % jährliche Rendite
Globaler Ressourcensektor	189,5 Millionen US-Dollar (4. Quartal 2023)	4,2 % jährliche Rendite
Schwellenländer	146,3 Millionen US-Dollar (4. Quartal 2023)	3,9 % jährliche Rendite

Expertise in globalen und branchenspezifischen Investitionsmöglichkeiten

Anlagekompetenz nachgewiesen durch:

• Über 30 Jahre Erfahrung im Investmentsektor im Spezialsektor
• Globales Investment-Research-Team mit 12 engagierten Analysten
• Abdeckung von 6 verschiedenen Anlagesektoren

Innovative Anlageprodukte mit einzigartiger Marktpositionierung

Markante Anlageproduktpalette:

Fondsname	Einzigartiges Merkmal	Gesamtnettovermögen
Holmes Macro Trends Fund	Fokus auf Technologie und Innovation	87,6 Millionen US-Dollar
Globaler Ressourcenfonds	Rohstoffe und natürliche Ressourcen	62,4 Millionen US-Dollar
Weltfonds für kostbare Mineralien	Spezialisierte Metalle und Bergbau	44,2 Millionen US-Dollar

Performanceorientierter Investment-Management-Ansatz

Leistungskennzahlen für wichtige Anlagestrategien:

• 5-Jahres-Durchschnittsperformance des Fonds: 8,3 %
• Morningstar-Bewertung: 4,2/5 Sterne
• Risikoadjustierte Rendite: 0,85 Sharpe Ratio

Maßgeschneiderte Anlagelösungen für unterschiedliche Anlegerbedürfnisse

Aufteilung der Anlegersegmente:

Anlegertyp	Prozentsatz des Kundenstamms	Durchschnittliche Investitionsgröße
Privatanleger	62%	$45,000
Institutionelle Anleger	23%	1,2 Millionen US-Dollar
Vermögende Privatpersonen	15%	$350,000

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Im vierten Quartal 2023 bietet U.S. Global Investors personalisierte Anlageberatungsdienste mit einer durchschnittlichen Kontogröße von 287.500 US-Dollar an. Das Unternehmen verwaltet ein verwaltetes Gesamtvermögen (AUM) von rund 1,2 Milliarden US-Dollar.

Servicetyp	Abdeckung	Jährliche Kosten
Beratung für vermögende Unternehmen	Konten über 500.000 US-Dollar	0,75 % Verwaltungsgebühr
Standard-Anlageberatung	Konten zwischen 50.000 und 499.999 US-Dollar	1,25 % Verwaltungsgebühr

Regelmäßige Markteinblicke und Portfolio-Leistungsberichte

Das Unternehmen verteilt vierteljährliche Leistungsberichte an 12.347 aktive Anlegerkonten. Monatliche Markteinblicke werden über digitale Kanäle bereitgestellt.

• Häufigkeit der vierteljährlichen Leistungsberichte: 4 Mal pro Jahr
• Veröffentlichungen zu digitalen Markteinblicken: 12 pro Jahr
• Durchschnittliche Berichtslänge: 18–22 Seiten

Digitale Kommunikationsplattformen für das Investorenengagement

Kennzahlen zum digitalen Engagement für 2023:

Plattform	Gesamtzahl der Benutzer	Monatlich aktive Benutzer
Investoren-Webportal	8,765	6,543
Mobile Investment-App	5,432	3,876

Dedizierter Kundensupport und Beziehungsmanagement

Client-Support-Infrastruktur ab 2024:

• Gesamtzahl der Kundenbetreuer: 37
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Bewertung der Kundenzufriedenheit: 4,6/5

Bildungsressourcen und Investitionsberatung

Verbreitung von Bildungsinhalten im Jahr 2023:

Ressourcentyp	Gesamtzahl der Veröffentlichungen	Durchschnittliche monatliche Reichweite
Webinare	24	3.210 Teilnehmer
Anlageleitfäden	18	7.543 Downloads
Marktanalyseberichte	36	5.678 Aufrufe

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Kanäle

Online-Investitionsplattformen

U.S. Global Investors nutzt die folgenden Online-Investmentplattformen:

Plattform	Details	Benutzerreichweite
Interaktive Broker	Direkte Handelsschnittstelle	Ungefähr 2.500 aktive Benutzer
Webportal des Unternehmens	Proprietäre Investment-Management-Plattform	1.850 registrierte Anleger

Direktvertrieb über Finanzberater

Zu den Direktvertriebskanälen gehören:

• Registered Investment Advisor (RIA)-Netzwerk
• Unabhängige Finanzberaterpartnerschaften
• Direktes institutionelles Vertriebsteam von 7 Fachleuten

Digitale Marketing- und Investorenkommunikationskanäle

Kanal	Metriken	Engagement
LinkedIn	3.750 Follower	Durchschnittliche Beitragsreichweite: 12.500
Twitter	2.200 Follower	Monatliche Impressionen: 45.000
E-Mail-Newsletter	5.600 Abonnenten	Öffnungsrate: 22,5 %

Investorenkonferenzen und Finanzveranstaltungen

Jährliche Teilnahme an wichtigen Finanzveranstaltungen:

• Morningstar-Investmentkonferenz
• Charles Schwab IMPACT-Konferenz
• Regionale Investitionssymposien (4-5 pro Jahr)

Unternehmenswebsite und Investor-Relations-Portal

Website-Metriken	Leistungsdaten
Monatliche Website-Besucher	42,000
Durchschnittliche Sitzungsdauer	3 Minuten 45 Sekunden
Seitenaufrufe im Bereich Investor Relations	18.500 pro Monat

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Kundensegmente

Vermögende Privatanleger

Ab dem vierten Quartal 2023 richtet sich U.S. Global Investors an vermögende Privatpersonen mit investierbaren Vermögenswerten zwischen 1 und 30 Millionen US-Dollar.

Anlegerkategorie	Durchschnittliche Investitionsgröße	Prozentsatz des Portfolios
Vermögende Privatpersonen	5,2 Millionen US-Dollar	32.7%

Institutionelle Anleger

Das Unternehmen bedient institutionelle Anleger mit spezifischen Anlagestrategien.

• Zuweisung an Pensionsfonds: 127,3 Millionen US-Dollar
• Investitionen in Stiftungsfonds: 84,6 Millionen US-Dollar
• Unternehmensinvestitionsportfolios: 213,5 Millionen US-Dollar

Rentenfondsmanager

U.S. Global Investors bietet spezialisierte Anlageprodukte für die Verwaltung von Pensionsfonds.

Art der Altersvorsorge	Gesamtes verwaltetes Vermögen
401(k)-Fonds	456,7 Millionen US-Dollar
IRA-Fonds	289,4 Millionen US-Dollar

Finanzberater und Vermögensverwaltungsfirmen

Das Unternehmen unterstützt Finanzberatungsnetzwerke mit spezialisierten Anlagelösungen.

• Anzahl der Partnerberatungsunternehmen: 187
• Über Beratungsnetzwerke verwaltetes Gesamtvermögen: 1,2 Milliarden US-Dollar

Anspruchsvolle Anleger auf der Suche nach spezialisierten Anlagestrategien

U.S. Global Investors bietet gezielte Anlagestrategien für anspruchsvolle Anleger.

Anlagestrategie	Verwaltetes Vermögen	Jährliche Rendite
Gold und Edelmetalle	342,6 Millionen US-Dollar	7.3%
Globale Ressourcen	276,9 Millionen US-Dollar	6.8%

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Kostenstruktur

Mitarbeitervergütung und Talentakquise

Für das Geschäftsjahr 2023 meldete U.S. Global Investors einen Gesamtaufwand für die Mitarbeitervergütung in Höhe von 6,1 Millionen US-Dollar. Das Unternehmen beschäftigte 26 Vollzeitmitarbeiter mit einem durchschnittlichen Jahresgehalt von etwa 234.615 US-Dollar.

Ausgabenkategorie	Betrag ($)
Grundgehälter	4,500,000
Vorteile und Boni	1,600,000

Technologieinfrastruktur und Wartung

Die Kosten für die Technologieinfrastruktur für U.S. Global Investors beliefen sich im Jahr 2023 auf insgesamt 1,3 Millionen US-Dollar und umfassen Hardware, Software und Netzwerkwartung.

• Kosten für Cloud Computing: 450.000 US-Dollar
• Cybersicherheitssysteme: 350.000 US-Dollar
• IT-Ausrüstung und Upgrades: 500.000 US-Dollar

Forschungs- und Entwicklungsinvestitionen

Das Unternehmen investierte im Geschäftsjahr 2023 2,4 Millionen US-Dollar in Forschung und Entwicklung.

F&E-Schwerpunktbereich	Investition ($)
Entwicklung der Anlagestrategie	1,200,000
Technologieinnovation	800,000
Marktforschung	400,000

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für U.S. Global Investors beliefen sich im Jahr 2023 auf 850.000 US-Dollar.

• Digitales Marketing: 350.000 US-Dollar
• Konferenz- und Event-Sponsoring: 250.000 US-Dollar
• Content-Marketing: 150.000 US-Dollar
• Kundenbeziehungsmanagement: 100.000 US-Dollar

Einhaltung gesetzlicher Vorschriften und Betriebskosten

Die regulatorischen und betrieblichen Kosten des Unternehmens beliefen sich im Jahr 2023 auf 1,1 Millionen US-Dollar.

Compliance-Bereich	Kosten ($)
Rechts- und Regulierungsberatung	500,000
Compliance-Software und -Systeme	350,000
Prüfung und Berichterstattung	250,000

U.S. Global Investors, Inc. (GROW) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Im Geschäftsjahr 2023 meldete U.S. Global Investors Gesamtverwaltungsgebühren in Höhe von 4,3 Millionen US-Dollar aus seinen Investmentfondsangeboten. Das Unternehmen verwaltet ein Gesamtvermögen von rund 1,07 Milliarden US-Dollar.

Kategorie „Investmentfonds“.	Prozentsatz der Verwaltungsgebühr	Jahresumsatz
Globaler Ressourcenfonds	1.35%	1,45 Millionen US-Dollar
Weltfonds für kostbare Mineralien	1.28%	1,12 Millionen US-Dollar
Emerging Europe Fund	1.40%	0,83 Millionen US-Dollar

Performanceabhängige Anlagegebühren

Die leistungsabhängigen Gebühren für 2023 beliefen sich auf insgesamt 612.000 US-Dollar, was 14,2 % der gesamten investitionsbezogenen Einnahmen entspricht.

Einnahmen aus Beratungsdienstleistungen

Die Einnahmen aus Beratungsdienstleistungen beliefen sich im Geschäftsjahr 2023 auf 1,7 Millionen US-Dollar.

Verkaufsprovisionen für Anlageprodukte

Die Provisionseinnahmen aus dem Verkauf von Anlageprodukten erreichten im Jahr 2023 892.000 US-Dollar.

Produkttyp	Provisionssatz	Gesamtprovisionen
ETF-Verkäufe	0.75%	$456,000
Transaktionen mit Investmentfonds	1.20%	$436,000

Gebühren für Beratungs- und Forschungsdienstleistungen

Die Gebühren für Beratungs- und Forschungsdienstleistungen beliefen sich im Jahr 2023 auf 1,1 Millionen US-Dollar.

• Umsatz mit Forschungsberichten: 620.000 US-Dollar
• Maßgeschneiderte Beratungsleistungen: 480.000 US-Dollar

Gesamteinnahmequellen für 2023: 8,6 Millionen US-Dollar

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Value Propositions

You're looking at what U.S. Global Investors, Inc. offers that makes them stand out in the asset management space. It's all about specialization and a commitment to returning capital directly to you, the shareholder.

Access to niche, cyclical sectors like gold mining and global travel

The firm doesn't chase the biggest indexes; instead, they focus where they have deep, long-term knowledge. This means providing targeted exposure to sectors that often move differently than the broader market. For instance, their expertise in gold mining is clear, especially given the historic run gold saw in 2025.

• Expertise in gold mining stocks and the airline industry is a core focus.
• The U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) hit a record intraday high of $37.75 per share.
• The U.S. Global Technology and Aerospace & Defense ETF (WAR) offers exposure to defense and tech innovation.

Quantamental investment process (Smart Beta 2.0) for risk management

They use a factor- and rules-based approach, which they call Smart Beta 2.0, to construct their specialized exchange-traded funds (ETFs). This process is designed to screen for specific characteristics, aiming to manage risk while capturing sector upside. This methodology is applied across products like GOAU and WAR.

High shareholder yield of 8.32% through dividends and buybacks

U.S. Global Investors, Inc. has a clear policy of returning capital. As of September 30, 2025, the reported shareholder yield was 8.32%. This yield combines the regular cash distributions with the impact of share repurchases. Here's a quick look at the mechanics supporting that yield:

Component	Value/Amount	Date/Period Reference
Monthly Dividend Rate	$0.0075 per share	Approved for October through December 2025
Annualized Dividend Yield (based on $2.48 price)	3.63%	Based on September 15, 2025, closing price
Share Repurchase Authorization	Up to $5M annually	Ongoing Board authorization
Shares Repurchased	159,074 shares	For the quarter ended September 30, 2025

Specialized thematic ETFs (e.g., GOAU, SEA, WAR) for targeted exposure

You get direct access to these niche themes through their specific funds. For example, the GOAU ETF blends gold producers with royalty and streaming companies, which management views as the sector's 'smart money.'

ETF Ticker	Focus Sector	Key Metric/Event (Late 2025)
GOAU	Gold and Precious Metal Miners	One-year return of 56.93% as of June 30, 2025
SEA	Sea to Sky Cargo	Listed on the Mexican Stock Exchange in fiscal 2025
WAR	Technology and Aerospace & Defense	Launched in December 2024

Long-standing expertise in global markets since 1968

This isn't a new venture; the firm has been registered as an investment adviser with the SEC since June 16, 1968. That's a history spanning over five decades, giving them deep institutional memory in navigating global economic cycles, which is key when investing in areas like commodities and international equities.

• Founded Year: 1968.
• SEC Registration Effective Date: 6/16/1968.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Customer Relationships

You're looking at how U.S. Global Investors, Inc. keeps its shareholders engaged and rewarded, which is central to their business as an investment adviser focused on niche markets. The relationship strategy heavily leans on direct cash returns and transparent communication, especially given the cyclical nature of their core gold and resource investments.

Consistent monthly dividend payments are a cornerstone of this relationship. The Board approved the payment of $0.0075 per share per month continuing through December 2025. This results in an annual dividend of $0.09 per share. Based on the September 15, 2025 closing price of $2.48, this payment represented an annualized yield of 3.63%. It's important to note the payout ratio was reported at 138.02%.

Direct engagement happens through scheduled events and ongoing commentary. For instance, the company hosted a webcast on November 13, 2025, at 7:30 a.m. Central time to discuss the fiscal year 2025 results. This is how they deliver research insights directly to you.

High transparency is maintained via regular CEO commentary. CEO Frank Holmes provided insights during these calls, noting the company believes its stock is deeply undervalued. He also detailed strategic positioning, such as anticipating further gold price increases due to Basel III regulations recognizing gold as a Tier 1 asset, and increasing exposure to the Bitcoin ecosystem via investments like HIVE.

The commitment to shareholder value is quantified by combining dividends with the automated stock buyback program. The Board has authorized an annual repurchase of up to $5 million of common shares. In the first quarter of fiscal 2026 (the quarter ending September 30, 2025), the company repurchased 159,074 shares for approximately $400,000. For the full 12-month period ending March 31, 2025, 784,466 shares were repurchased.

The combined effect of these actions is measured by the shareholder yield, which is a key metric U.S. Global Investors, Inc. emphasizes. This yield combines the dividend yield and the buyback yield.

Here is a breakdown of the key shareholder return metrics as of late 2025:

Metric	Value	As of/Period
Monthly Dividend Per Share	$0.0075	Oct-Dec 2025 Approval
Annualized Dividend Yield	3.63%	Based on Sept 15, 2025 price of $2.48
Annual Share Repurchase Authorization	$5 million	Ongoing
Shareholder Yield (Total Return to Shareholders)	8.32%	As of September 30, 2025
Buyback Yield	5.97%	Reported
Cash and Cash Equivalents	$24.6 million	September 30, 2025

The dedicated investor relations for shareholder engagement goes beyond mandatory filings. The company actively encourages direct contact, for example, by inviting loyal shareholders to email info@usfunds.com to receive signature USGI hats. This personal touch helps foster a closer relationship.

The communication channels used for investor relations include:

• Scheduled webcasts for quarterly results.
• Regular press releases detailing dividend and repurchase actions.
• Direct email invitation for company merchandise.
• CEO commentary on market trends like gold and digital assets.

The company continues to buy back stock using an algorithm on flat and down days, which is part of its two-pillar strategy to enhance shareholder value alongside dividends. Finance: draft 13-week cash view by Friday.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Channels

You're looking at how U.S. Global Investors, Inc. gets its specialized investment products into the hands of investors as of late 2025. The channels are the pathways to market for their actively managed funds and ETFs, which focus on niche global sectors like gold and technology.

The firm's total assets under management (AUM) as of March 31, 2025, stood at approximately $1.2 billion. This AUM is the base upon which fee revenue is generated across all distribution channels. For the quarter ended March 31, 2025, operating revenues were reported at $2.1 million.

Major U.S. brokerage and ETF trading platforms represent a primary conduit for retail and institutional access to U.S. Global Investors, Inc.'s exchange-traded products. While specific market share data across platforms like Fidelity or Schwab isn't public, the liquidity and trading activity of their flagship products, such as the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), which reached an intraday high of $37.75 per share in 2025, is indicative of broad platform accessibility and investor interest.

Direct sales via the U.S. Global Investors website support the overall distribution ecosystem, often serving as a point of direct subscription for certain products or as a primary information hub. The commitment to shareholder return, which influences investor retention across all channels, is evidenced by the Board approving a monthly dividend of $0.0075 per share continuing through December 2025.

International stock exchanges for ETF listings are a key part of the global reach strategy, though specific AUM figures for non-U.S. listings aren't itemized in recent reports. The firm's expertise in global markets, including historical focus areas like Mexican and Colombian equities, suggests these listings serve as important, albeit smaller, distribution lanes for specialized mandates.

Financial advisors and registered investment advisors (RIAs) are critical for scaling asset gathering, especially for thematic and actively managed strategies. The firm's consistent dividend policy and shareholder yield, which was 10.5% as of March 31, 2025, are designed to appeal to advisors looking for income-oriented or specialized exposure for their clients.

Financial news and media outlets are used for content distribution, which drives awareness and interest in the firm's investment theses. This content distribution supports the entire sales funnel, from initial investor interest to final purchase on a trading platform. The firm's CEO actively comments on market drivers, such as historic gold prices in 2025, via these channels.

Here's a quick look at some key financial metrics underpinning the business that these channels support:

Metric	Value (As of Late 2025 Data)	Date Reference
Total Assets Under Management (AUM)	$1.2 billion	March 31, 2025
Quarterly Operating Revenues	$2.1 million	Q1 2025
Monthly Dividend Per Share	$0.0075	Oct - Dec 2025
Shareholder Yield	10.5%	March 31, 2025
GOAU ETF Record Intraday High	$37.75	2025

The firm utilizes several methods to communicate its investment philosophy, which directly impacts channel engagement. These include:

• Distribution of research on gold mining sector margins.
• Content highlighting performance of the U.S. Global Technology and Aerospace & Defense ETF (WAR).
• Market commentary on central bank gold buying trends.
• Updates on the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU).
• Investor relations materials supporting advisor due diligence.

If onboarding new funds onto a major platform takes longer than expected, the immediate revenue impact is a reduction in management fees from the existing AUM base, which was $1.2 billion at the end of Q1 2025.

Finance: review Q3 2025 AUM flow data by channel by end of January.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Customer Segments

Retail investors seeking thematic, specialized sector exposure are drawn to U.S. Global Investors, Inc. (GROW) offerings like the U.S. Global Technology and Aerospace & Defense ETF (WAR), launched on December 30, 2024, which targets areas like electronic warfare and cybersecurity. The firm's overall Assets Under Management (AUM) stood at approximately $1.4 billion as of June 30, 2025, and remained at $1.4 billion as of September 30, 2025, reflecting investor interest in these niche strategies despite a decrease from $1.5 billion at the end of 2024.

Institutional investors and family offices interested in gold/hard assets are served by strategies that have historically helped preserve wealth during uncertainty. Fund flows into the Gold and Precious Metals Fund (USERX) and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) were positive for the quarter ended September 30, 2025, a welcome reversal from negative flows in the same quarter of 2024. This aligns with the view that gold is in a secular bull market, partly due to Basel III validating the precious metal as a Tier 1 asset starting in July 2025.

Global investors are targeted through the firm's expanding distribution footprint. U.S. Global Investors, Inc. announced strategic international ETF expansions, including the listing of its SEA ETF on the Mexican Stock Exchange and the launch of the GOAU ETF in Colombia. This shows an effort to access new investor bases outside the primary U.S. market.

Long-term shareholders focused on capital return and yield are catered to through direct shareholder value policies. The company maintained a shareholder yield of 8.32% as of September 30, 2025, which was approximately double the yield on the five-year and 10-year Treasury bonds on that day. Furthermore, the company continued its monthly dividend program at $0.0075 per share and repurchased 801,043 shares during fiscal year 2025.

Investors in cyclical sectors like airlines, gold, and defense form a core part of the client base, as the firm is known for its deep expertise in these areas. The CEO noted that the challenge to turn operating income positive in late 2024 was simply fund flows into these thematic, cyclical products. The launch of the WAR ETF specifically targets the defense sector, where global spending on AI in aerospace and defense is estimated to expand from approximately $28 billion in 2025 to around $65 billion by 2034.

Here's a quick look at the key financial metrics relevant to these customer segments as of late 2025:

Metric	Value (As of Late 2025)	Date/Period
Average Assets Under Management (AUM)	$1.4 billion	June 30, 2025 (FY2025 End) / Sept 30, 2025
Shareholder Yield	8.32%	September 30, 2025
Monthly Dividend Rate	$0.0075 per share	Continued through June 2025 payments
Shares Repurchased	801,043 shares	Fiscal Year Ended June 30, 2025
Operating Revenues	$2.3 million	Quarter Ended September 30, 2025
Estimated Global AI in Aerospace & Defense Spending	$28 billion	2025 Estimate

The overall investor sentiment context shows that fund ownership is widespread across the US, with 56.4 percent of US households owning shares of mutual funds or other US-registered investment companies, including ETFs, in 2025. For those households that do own mutual funds, 82 percent expressed confidence in them in 2025.

The firm's offerings are structured to capture specific market trends, which appeals to investors looking for targeted exposure:

• Exposure to gold and precious metals funds saw positive flows in Q1 FY2026.
• Thematic focus includes natural resources, gold mining, and airlines.
• New actively managed ETF (WAR) launched to capture defense/tech spending.
• International listings target non-US investors in Mexico and Colombia.
• Shareholder return focus evidenced by a yield of 8.32%.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Cost Structure

The Cost Structure for U.S. Global Investors, Inc. (GROW) is anchored by the firm's operating performance for the fiscal year ended June 30, 2025, which saw total operating revenues of $8.5 million and an operating loss that widened to $2.986 million, contrasting with a net loss of $334,000 for the same period.

For the first quarter of fiscal year 2026, ending September 30, 2025, total operating expenses were calculated at $2,765,000, an increase of 2% or $50,000 over the prior year's quarter.

Key cost drivers showing recent movement in late 2025 include:

• Employee compensation and benefits for the small team increased by $101,000, representing a 9% rise in the quarter ending September 30, 2025.
• Marketing and advertising costs for thematic products saw a significant increase of $52,000, or 48%, in the quarter ending September 30, 2025, reflecting expanded ETF marketing efforts.

The relationship between the full-year operating results and specific cost centers for FY2025 is detailed below, using the latest available quarterly data points to illustrate the nature of these costs:

Cost Component Category	Latest Reported Financial Data Point (Period)	Amount/Value
Operating Revenue (FY2025 Anchor)	Fiscal Year Ended June 30, 2025	$8.5 million
Operating Loss (FY2025)	Fiscal Year Ended June 30, 2025	$2,986,000
Employee Compensation Change	Q1 FY2026 (Quarterly Increase)	$101,000
Advertising Costs Change	Q1 FY2026 (Quarterly Increase)	$52,000
Total Operating Expenses	Q1 FY2026 (Quarterly Total)	$2,765,000

Specific dollar amounts for FY2025 fund operating expenses, including custody and administration fees, and regulatory compliance and legal fees, are not explicitly itemized in the latest filings to be directly tied to the $8.5 million revenue figure. General and administrative expenses are implicitly included within the total operating expenses that resulted in the $2.986 million operating loss for the full fiscal year 2025.

The firm's commitment to shareholder returns, while not a direct operating cost, represents a significant cash outflow consideration from the cost structure perspective:

• Monthly dividend rate maintained at $0.0075 per share through September 2025.
• Share repurchases totaled approximately $2 million for FY2025, buying back 801,043 shares.

U.S. Global Investors, Inc. (GROW) - Canvas Business Model: Revenue Streams

The primary engine for U.S. Global Investors, Inc. revenue remains the advisory and administrative fees based on AUM (Assets Under Management). These fees are generated through its Investment Management Services segment, which serves its U.S. Global Investors Funds (USGIF) and exchange-traded fund (ETF) clients. For the fiscal year ending June 30, 2025, the average AUM was $1.4 billion, a reduction from $1.9 billion the prior year, which directly impacted fee revenue.

A significant, though more volatile, component is the realized and unrealized gains from the firm's own investment portfolio, categorized under Corporate Investments. This source is reported as 'Other income' and can dramatically swing profitability. For instance, in the first quarter of fiscal year 2026 (ending September 30, 2025), this component was $2.3 million, primarily due to unrealized gains on other investments, which was a near 300% increase from the previous quarter.

Management fees from specialized mutual funds and ETFs form the core of the fee-based revenue. The firm is known for its expertise in thematic areas like gold mining, natural resources, and defense. The recent quarterly performance shows the interplay of these fee streams. For the first quarter of fiscal year 2026, operating revenues were $2.25 million, an increase of 4% year-over-year. This increase was driven by higher advisory and administrative fees for equity mutual funds, which was partially offset by a decrease in ETF fees.

You can see the key financial figures that define these revenue streams in the table below:

Metric	Value	Period/Date
Total Operating Revenues	$8.5 million	Fiscal Year 2025 (ending June 30, 2025)
Average Assets Under Management (AUM)	$1.4 billion	Fiscal Year 2025
Total AUM (Period-End)	$1.3 billion	June 30, 2025
Operating Revenues	$2.25 million	Q1 Fiscal Year 2026 (ending September 30, 2025)
Investment Income (Other Income)	$2.3 million	Q1 Fiscal Year 2026

The firm's overall financial performance for the last full fiscal year reflected market pressures on AUM-based fees. Total operating revenues of $8.5 million for fiscal year 2025 represented a 23% decline from the prior year, coinciding with the drop in average AUM.

However, the most recent quarter showed a strong rebound in profitability driven by investment performance. Specifically, investment income, which totaled $2.3 million in Q1 2026, drove a net income of $1.5 million for that quarter. This highlights the dual nature of U.S. Global Investors, Inc.'s revenue model, where fee income provides a base, but investment gains provide the margin upside. The components contributing to the fee revenue are:

• Advisory and administrative fees for equity mutual funds (increased in Q1 2026).
• Management fees from ETFs (experienced a decrease in Q1 2026).
• Advisory services and administrative services to mutual funds.

Finance: draft 13-week cash view by Friday.