At a glance
GBUG charges 0.9% a year, above the 0.56% average of the 3 funds most like it (the most expensive of 4). It has $140.8M in assets, the 3rd largest of that group; it paid 1.59% of its price in distributions over the past 12 months, annual. Over the past year it returned +24.0% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds. Its ten largest positions make up 39.0% of the fund, out of 45 in all.
The short version
Sprott Active Gold & Silver Miners ETF (GBUG) is an actively managed fund. It held 45 gold and silver mining, royalty and streaming stocks as of June 30, 2026, mostly in Canada and Australia. Its managers take a value-focused, contrarian approach and aim to hold each stock for 3 to 5 years. That approach costs 0.90% a year, well above the 0.56% average of three similar miner ETFs.
Price history
The interactive chart needs JavaScript.
GBUG +24.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GBUG price data to Oct 27, 2026 | -2.0% | +24.0% | — | — | — | +57.5% |
- Over the year to Oct 27, 2026, GBUG returned +24.0%, 1st of 4 among similar funds.
- The deepest fall in its price history was 37.4% (Feb 27, 2026 to Jul 20, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 45 securities; the ten largest made up 38.97% of assets.
| Holding | Weight | |
|---|---|---|
| G Mining Ventures Corp | 4.96% | |
| Dpm Metals Inc | 4.96% | |
| Iamgold Corp | 4.13% | |
| Coeur Mining Inc | 3.98% | |
| Discovery Silver Corp | 3.91% | |
| Montage Gold Corp | 3.70% | |
| Eldorado Gold Corp | 3.53% | |
| Oceanagold Corp | 3.51% | |
| Wesdome Gold Mines Ltd | 3.16% | |
| Agnico Eagle Mines Ltd | 3.14% | |
| Newmont Corp | 3.09% | |
| Wheaton Precious Metals Corp | 3.02% | |
| Equinox Gold Corp | 3.02% | |
| Emerald Resources Nl | 2.94% | |
| Anglogold Ashanti Plc | 2.68% |
By country
Canada 68.97%Australia 16.9%United States 7.07%United Kingdom 2.68%South Africa 2.25%By asset type
Stocks 99.08%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $7.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.05%, +2.81%, -13.37%.
How it works
GBUG doesn't track an index. Sprott's portfolio managers pick the stocks. At least 80% of net assets goes to companies focused on gold and silver. These are miners at the exploring, developing or producing stage, plus royalty and streaming companies, which finance mines in return for a share of their output or revenue. A company counts as focused if at least half its revenue or assets come from gold or silver. Up to 20% may go to companies working with other precious metals.
The approach is value-oriented and contrarian. The managers look for out-of-favor stocks, meaning shares that have fallen sharply or lagged the market for a long time. They compare a company's market value with its cash flow, book earnings and net asset value. They also weigh asset quality, geopolitical risk, balance sheets and return on capital. Above all, they weigh management. Positions range from 0.5% to 15% of the fund and are meant to be held for 3 to 5 years. Portfolio turnover was 20%.
The fund is non-diversified, so it can put more money in a single company than a diversified fund. It concentrates in mining and may invest in emerging markets. As of June 30, 2026, Canada made up 69% of the fund and Australia 17%, and the top ten holdings made up 39%. It held ordinary shares with no derivatives, and it may lend securities.
What it really costs
- GBUG charges 0.9% a year, versus an average of 0.56% for the similar funds below (4th of 4, cheapest first).
- Of that, 0.89% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,107 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GBUG | $92 | $287 | $498 | $1,107 |
In a retirement portfolio
GBUG is a concentrated, actively managed bet on one volatile industry, so it fits best as a small position beside broader holdings.
GBUG offers focused exposure to gold and silver miners, but its track record is short. It launched on February 19, 2025, so it didn't exist during the 2008, 2020 or 2022 sell-offs, and it has no full calendar year of returns. Its deepest drop was 37.4%, from February 27 to July 20, 2026, and it hadn't regained that peak as of October 27, 2026. Over the year to that date, volatility was 54.5% and beta was 2.04. Beta measures how sharply a fund moves when the broad market moves. Swings this large could force someone drawing cash in a bad year to sell at a low price. Income is modest: a 1.59% yield, paid once a year. In the SEC's standard $10,000 example, costs come to $92 after one year and $1,107 after 10. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, actively managed stake in gold and silver miners, including royalty and streaming companies, run on a contrarian value approach.
- People who accept big swings: 54.5% volatility and a 37.4% drop between February and July 2026.
- Those comfortable with heavy exposure to Canada (69%) and Australia (17%), as of June 30, 2026, and the currency moves that come with it.
Look elsewhere if
- Cost-conscious investors: GBUG's 0.90% expense ratio is the highest of its comparison group, against 0.51% for GDX and 0.52% for GDXJ.
- Retirees who need regular income; the fund yielded 1.59% and pays just once a year.
- Anyone who wants a long record. The fund launched in February 2025 and hasn't been tested in a broad market crash.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is GBUG good for retirement?
GBUG is better seen as a small, higher-risk holding than a core one. It invests in one volatile industry, gold and silver mining. Its price swung with 54.5% volatility over the year to October 27, 2026. It fell 37.4% between February 27 and July 20, 2026, and hadn't recovered by late October. It yields 1.59% and pays once a year, so it isn't an income fund. It also launched only in February 2025, so its track record is short.
What's the difference between GBUG and GDX?
GBUG is actively managed by Sprott and costs 0.90% a year. VanEck Gold Miners ETF (GDX) costs 0.51%. GBUG is also much smaller, at about $141 million against roughly $22.8 billion for GDX, both as of June 30, 2026. About 41% of their holdings overlap. GBUG returned 24% over the year to October 27, 2026, while GDX returned 6.5% over the year to October 30, 2026. One year is a short window for comparing funds.
Does GBUG pay dividends?
Yes, but only once a year and not much. Over the 12 months to October 27, 2026, GBUG paid $0.68 per share, a yield of 1.59%. Mining companies' payouts can change with metal prices and company decisions, so the fund's distributions may rise or fall from year to year. Investors who want regular monthly or quarterly income usually look at other kinds of funds.
What is GBUG's expense ratio?
GBUG's expense ratio is 0.90% a year, according to its prospectus filed April 30, 2026. Of that, 0.89% is the management fee. The fund costs more than the three similar miner ETFs it was compared with, which average 0.56%. In the SEC's standard example, $10,000 invested with a 5% yearly return would pay about $92 in costs after one year, $498 after five years and $1,107 after ten.
What stocks does GBUG hold?
As of June 30, 2026, GBUG held 45 mining stocks. The largest were G Mining Ventures (5.0%), DPM Metals (5.0%), IAMGOLD (4.1%), Coeur Mining (4.0%) and Discovery Silver (3.9%). Larger names such as Agnico Eagle, Newmont and Wheaton Precious Metals each made up about 3%. The top ten holdings totaled 39% of the fund. Canadian companies made up 69% of assets, Australian companies 17% and US companies 7%.