U.S. Global Investors, Inc. · NASDAQ:GROW
U.S. Global Investors — Q1 2027 Earnings Presentation
54 slides from U.S. Global Investors's earnings presentation, Nov 13, 2026
Slide 1: First Quarter 2027 Results Webcast
GROW July 1, 2026 – September 30, 2026 First Quarter 2027 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 a [email protected] to request your own ETF hat WWW.USFUNDS.COM
Slide 5: About Us
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. Registered Investment Advisor About Us Founded as an investm
Slide 6: The DNA of Volatility
The DNA of Volatility Standard Deviation For One Year, as of September 30, 2026 One-Day Ten-Day S&P 500 ±1% ±2% Gold Bullion ±2% ±5% Oil ±2% ±6% JETS ±3% ±6% NYSE Arca Airline Index ±3% ±8% Bitcoin ±3% ±9% GROW ±3% ±9% GOAU ±3% ±10% HIVE Digital Technologies Ltd. ±6% ±22% WWW.USFUNDS.COM
Slide 7: Top Institutional Shareholders
Top Institutional Shareholders Percentage of Shares Outstanding, as of 09/30/2026 1 11.00% 2 7.80% 3 5.61% WWW.USFUNDS.COM
Slide 8: CEO owns approximately 21% of the company
Frank Holmes CEO and CIO owns approximately 21% of the company and has approximately 99% of voting control. WWW.USFUNDS.COM
Slide 9: Strategy and Tactics
Strategy and Tactics Create thematic products that are sustainable 1 using a smart beta 2.0 strategy. Requires rigorous back testing for 1,000s of hours. Our mission is to make people feel financially 2 happy and secure that their wealth is consistently growing. 3 Strategically buy back stock using
Slide 10: Marketing Strategy
Marketing Strategy “You can't connect the dots looking forward; you can only connect them looking backwards. So, you have to trust that the dots will somehow connect in your future.” – Steve Jobs, 1955-2011 WWW.USFUNDS.COM
Slide 11: GROW Dividends
GROW Dividends The Company has paid a monthly dividend since June 2007 Current yield at a share price of $2.68 as of 10/29/2026. 3.36% Monthly dividend payment of $0.0075 Approved through December 2026. Reviewed by the Board quarterly. WWW.USFUNDS.COM 11
Slide 12: 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 13: Current Share Repurchase Program
Current Share Repurchase Program During the quarter ended Sept. 30, 2026, the Company repurchased a total of 105,457 class A shares using cash of $319,000. Since 12/31/2019 we have reduced the shares outstanding by approximately 20%. May be suspended or discontinued as deemed necessary. WWW.USFUNDS.
Slide 14: GROW Buyback Recap
GROW Buyback Recap Since 12/31/2019 we have Quarterly Repurchases Through September 2026 shrunk the shares outstanding by approximately 20%. 262,195 176,592 135,987 105,457 Dec-2025 Mar-2026 Jun-2026 Sep-2026 Source: U.S. Global Investors WWW.USFUNDS.COM 14
Slide 15: Shareholder Yield: A Better Approach to Yield Investing
SHAREHOLDER oe YIELD " yl A Better Approach to "ty Yield Investing 7 Bh ( ni me Meb Faber ~~ Creator of Cambria Shareholder Yield ETFs Ome: GROW WWW.USFUNDS.COM “4 U.S. Global Investors
Slide 16: Shareholder Yield = Market Capitalization
Dividends + Buybacks + Debt Reduction Shareholder Yield = Market Capitalization WWW.USFUNDS.COM
Slide 17: Returning Value To Shareholders Compared To Treasury Yields
U.S. Global Investors Is Committed To Returning Value To Shareholders When Compared To Treasury Yields Yields as of September 30, 2026 8.33% 5.09% 5.29% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield Source: Bloomberg, U.S. Global Investors WWW.USFUNDS.COM
Slide 18: GROW Moves In Synch With Microcap Growth Index
GROW Moves In Synch With Microcap Growth Index Still Ahead by 10% YTD Through Sep. 30, 2026 +4.79% GROW -5.39% Russell Microcap Growth Index Source: U.S. Global Investors 18 WWW.USFUNDS.COM
Slide 19: Average Assets Under Management Remain Stable
Average Assets Under Management Remain Stable 12-Month Period Ended September 30, 2026 | In Billions of USD $1.63B $1.61B $1.59B $1.48B Dec-2025 Mar-2026 Jun-2026 Sep-2026 WWW.USFUNDS.COM
Slide 20: Net Income, Quarter-Over-Quarter
Net Income, Quarter-Over-Quarter In Thousands USD $2,677 $171 $(283) $(846) Dec-2025 Mar-2026 Jun-2026 Sep-2026 20 WWW.USFUNDS.COM
Slide 21: U.S. Global Investors vs. The Competition
U.S. Global Investors vs. The Competition As of Quarter End September 30, 2026 Price/ Return on Pre-Tax Dividend Shareholder Price Per ETF Business Book Assets Margin Yield Yield EBITDA 100% ETFs 7.58x 7.14% 24.34% 0.57% -8.62% 14.52x 59% of Operating 0.79x 3.57% 21.47% 3.13% 8.33% 15.2x Revenue 40%
Slide 22: Two Platforms. Two Investor Audiences.
Two Platforms. Two Investor Audiences. Charles Schwab Robinhood Client/platform assets $12T ~$377B 39M active brokerage 30M funded Accounts/customers accounts customers Approx. assets per account/customer ~$310k ~$14k Profile RIA/Asset allocators Day Traders WWW.USFUNDS.COM 22
Slide 23: Active ETFs: A Small Share of Assets, But a Big Share of Revenue
Active ETFs: A Small Share of Assets, But a Big Share of Revenue Asset & Revenue Share of Active ETFs • Active ETFs now account for about 13% of all ETF assets • Despite representing only 13% of assets, Active ETFs generate about 30% of the ETF industry’s revenue Eric Balchunas Senior ETF analyst at
Slide 24: Defensive Sectors Held Up Best Under a GOP President
Defensive Sectors Held Up Best Under a GOP President and Democratic Congress S&P Sector Average Returns | 1990 – 1992, 2007 – 2008 34.40% 26.40% 23.70% Average 16.1% 12.70% 9.00% 4.20% 2.10% 1955 Eisenhower 1959 Eisenhower 1971 Nixon 1975 Ford 1987 Reagan 1991 G.H.W. Bush 2007 G.W. Bush Past perform
Slide 25: Year Three Has Been Positive Every Time
Year Three Has Been Positive Every Time S&P 500 Returns in the Third Year of a Republican Presidency with a Democratic Congress Consume Staples 9.55% Healthcare 5.44% Energy -0.98% Utilities -1.34% Consumer Discretionary -1.65% Industrials -1.84% S&P 500 -2.37% Materials -2.45% Information Technolog
Slide 26: War in Iran: RIAs Rotating to Real Assets
Government Policies Are a Precursor to Change: RIAs Are Rotating to Real Assets, Says AdvisorPro Gold & Precious Metals +88 Infrastructure +94 Commodites +118 Natural Resources +145 Equity Energy War in Iran +265 WWW.USFUNDS.COM Source: AdvisorPro Q1 2026 Quarterly, U.S. Global Investors
Slide 27: Total Global Debt
Total Global Debt $350 M.M.T. Trillions of USD $360 Trillion* $340 $320 $300 Modern Monetary Theory $280 $260 $240 $220 $200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 *Estimated total global debt WWW.USFUNDS.COM Source: IIF Global Debt Monitor, @kobeissiletter, U.S. Global Investors
Slide 28: Gold Climbs Past The S&P This Century
Gold Climbs Past The S&P 500 This Century Performance From September 30, 1999 – September 30, 2026 +949% +874% WWW.USFUNDS.COM Source: Bloomberg, U.S. Global Investors
Slide 29: Gold's All-Time High Signals Renewed Investor Interest
Gold’s All-Time High Signals Renewed Investor Interest Gold Price per Ounce from February 24, 2023 – September 30, 2026 ATH $5,500+ WWW.USFUNDS.COM Source: Bureau of Labor Statistics, U.S. Global Investors
Slide 30: Well-diversified portfolio should have 5-15% in gold and Bitcoin
“A well-diversified portfolio should have 5-15% in gold and Bitcoin” – Ray Dalio, Bridgewater Associates, 2025 Total AUM $136.5B WWW.USFUNDS.COM Photo by Harry Murphy/Web Summit via Sportsfile | Deed - Attribution 4.0 International
Slide 31: Defense Spending Is Reaching Unprecedented Levels
Ukraine Trillions of USD | Data as of April 2026 Defense Spending Crimea Is Reaching Unprecedented Berlin wall fell Levels World military 9/11 expenditure has hit a new all-time high of $2.9 trillion. WWW.USFUNDS.COM Source: SIPRI Military Expenditure Database, U.S. Global Investors
Slide 32: Actively Managed WAR ETF Joins JETS, GOAU and SEA on Lima Stock Exchange
Actively Managed WAR ETF Joins JETS, GOAU and SEA on the Lima Stock Exchange 32 WWW.USFUNDS.COM
Slide 33: Quantamental approach to investing
We use a quantamental approach to investing, requiring a broad and deep understanding of global economic trends, policies and geopolitical events. Our smart beta 2.0 investment strategy integrates advanced analytics with data-driven decisions, diversification and risk management. Momentum in revenue
Slide 34: Building a Smarter Thematic ETF Platform
Building a Smarter Thematic ETF Platform – Multiple Listings SEA WAR JETS GOAU Distributed by Quasar Distributors, LLC. U.S. Global Investors is the investment adviser to JETS, GOAU, SEA and WAR. WWW.USFUNDS.COM
Slide 35: Gains Seen Across Thematic Fund Lineup
Gains Seen Across Thematic Fund Lineup 35 WWW.USFUNDS.COM
Slide 36: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CFO WWW.USFUNDS.COM
Slide 37: Financial Highlights
First Quarter 2027 Financial Highlights 1 Average assets under management of $1.6billion. 2 Operating revenues of $2.7 million 3 Net Income of $171,000 WWW.USFUNDS.COM
Slide 38: Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) + Unrealized Earnings WWW.USFUNDS.COM
Slide 39: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended September 30, 2026 2025 Operating Revenues Advisory fees $ 2,599 $ 2,209 Administrative services fees 58 42 Total Operating Revenues 2,657 2,251 Operating Expenses Employee compensation and benefit
Slide 40: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended September 30, 2026 2025 Operating Income (Loss) $ 55 $ (515) Other Income (Loss) Net investment income (loss) 112 2,277 Other Income (loss) 81 82 Total Other Income (Loss) 193 2,359 Income (Loss) B
Slide 41: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2026 June 30, 2026 (unaudited) Current Assets Cash and cash equivalents $24,299 $24,330 Restricted cash 1,000 1,000 Investments in trading securities at fair value, current 8,766 8,871 Investments in held-to-maturity debt securities at
Slide 42: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2026 June 30, 2026 (Unaudited) Other Assets Deferred tax asset $ 1,394 $ 1,461 Investments in trading securities at fair value, non-current 2,720 2,873 Other Investments 4,682 4,682 Financing lease, right of use assets 58 65 Other asse
Slide 43: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2026 June 30, 2026 (Unaudited) Current Liabilities Accounts payable $ - $ 4 Accrued compensation and related costs 352 447 Dividends payable 277 279 Financing lease liability, short-term 28 28 Other accrued expenses 949 1,149 Total Cur
Slide 44: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2026 June 30, 2026 (Unaudited) Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at September 30, 2026, and June 30, 2026; $ 347 $ 347 10,176,329 and 10,27
Slide 45: Marketing Highlights
Marketing Highlights Holly Schoenfeldt Director Of Marketing WWW.USFUNDS.COM
Slide 46: Check Out Our New Podcast: Return on Ideas
Check Out Our New Podcast: Return on Ideas Listen on your preferred podcast app: WWW.USFUNDS.COM
Slide 47: Check Out Our Latest Interactive Research
Check Out Our Latest Interactive Research WWW.USFUNDS.COM
Slide 48: Top Content From Our Award-Winning Financial CEO Blog
TOP CONTENT FROM OUR AWARD-WINNING FINANCIAL CEO BLOG 1 2 3 4 5 August 31, 2026 August 24, 2026 September 21, 2026 September 14, 2026 August 3, 2026 Why Home Prices Refuse to America’s New Luddites Are Why Today’s Nasdaq Cheap Drones Broke the The U.S. Government Now Fall as Sales Hit a Two-Year Com
Slide 49: WAR ETF Webcast – Upcoming Year-End Events
Upcoming Year-End Events WAR ETF Webcast – In Cooperation with The Lima Stock Exchange November 24 - Virtual WWW.USFUNDS.COM
Slide 50: Feeling Left Out?
Feeling Left Out? Follow us on Social Media WWW.USFUNDS.COM 50
Slide 51: Thank You
Thank You WWW.USFUNDS.COM 51
Slide 52: 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 53: 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 54: 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
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