US Global Investors Inc (NASDAQ: GROW) is an investment management company that provides advisory services to mutual funds and exchange-traded funds focused on natural resources, gold and precious metals, airlines, travel, cargo, and technology and aerospace and defense sectors. Revenue is generated primarily through asset-based advisory fees charged to fund clients, with fee income tied directly to assets under management. As of June 30, 2025, the company managed five U.S.-based ETF clients, including the U.S. Global Jets ETF, U.S. Global GO GOLD and Precious Metal Miners ETF, U.S. Global Sea to Sky Cargo ETF, and the U.S. Global Technology and Aerospace and Defense ETF, plus one European-based ETF, The Travel UCITS ETF, and also serves as advisor to the U.S. Global Investors Funds (USGIF) mutual fund family. The company is headquartered in San Antonio, Texas, in an owned office building of approximately 46,000 square feet. At June 30, 2025, GROW held approximately $24.6 million in cash and cash equivalents and $12.2 million in securities at fair value, with total shareholders' equity of approximately $45.2 million.

Revenue model

Asset-based advisory fees charged to mutual fund and ETF clients, with fee levels tied to assets under management. The USGIF advisory agreement is subject to annual renewal; the U.S.-based ETF advisory agreements are renewed through July 2026. Secondary income comes from investment returns on the company's own corporate investment portfolio, including trading securities and other investments.

Products and services

Advisory services to: U.S. Global Jets ETF, U.S. Global GO GOLD and Precious Metal Miners ETF, U.S. Global Sea to Sky Cargo ETF, U.S. Global Technology and Aerospace and Defense ETF (all U.S.-based ETFs); The Travel UCITS ETF (European-based); and the U.S. Global Investors Funds mutual fund family (USGIF). The company also maintains a corporate investment portfolio in trading securities, debt securities, and investments with indirect cryptocurrency market exposure.

Customers and end markets

End investors in thematic ETFs and mutual funds focused on airlines and travel, gold and precious metals miners, natural resources, cargo, and technology and aerospace and defense sectors. Fund clients include both U.S.-based and European-based vehicles. The USGIF advisory relationship is subject to 60-day termination notice per the Investment Company Act of 1940.

Value-chain role

Investment advisor and fund manager. Provides portfolio advisory and administrative services to registered investment funds. Does not operate as a broker-dealer or custodian.

Geographic exposure

Primarily U.S.-based operations headquartered in San Antonio, Texas. One European-based ETF client, The Travel UCITS ETF, provides non-U.S. exposure. Managed funds invest in global natural resources, emerging markets, and international airline and travel sectors.

Source: SEC 10-K, filed 2025-09-08

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