U.S. Global Investors is a small registered investment adviser based in San Antonio, Texas, that manages a suite of niche thematic mutual funds and ETFs. The company's flagship product is the U.S. Global Jets ETF (JETS), a smart beta ETF tracking global airline, airport, and airline-adjacent stocks, which has historically represented 60-80% of ETF AUM. Beyond airlines, the company manages gold and precious metals products, including the GO GOLD and Precious Metal Miners ETF (GOAU) and several mutual funds — an area where the company claims to have launched the first no-load gold fund. Other products include a Global Luxury Goods mutual fund, two bond mutual funds, and a recently launched Technology and Aerospace & Defense ETF (WAR). Total AUM was approximately $1.3B as of June 2025. The company earns revenue primarily through asset-based advisory and administrative fees, meaning revenue moves directly with AUM. The company estimates it needs roughly $1.9B in average AUM to break even on operating income — a threshold it currently falls short of. Beyond its core fee business, U.S. Global invests its own balance sheet in equities and other securities, generating realized and unrealized gains and losses that add volatility to reported earnings. The company carries no long-term debt and holds a significant cash and investments balance relative to its operating scale. Capital is returned to shareholders through monthly dividends and systematic share buybacks.