US Global GO GOLD and Precious Metal Miners ETF

US Global GO GOLD and Precious Metal Miners ETF (GOAU) is an actively managed fund from US Global Investors. It holds stocks of gold and other precious-metal companies around the world, not the metals themselves. Its rules give the three largest US- or Canada-listed gold and silver companies 10% each. As of June 30, 2026, those were the royalty firms Franco-Nevada, OR Royalties and Wheaton Precious Metals. It costs 0.60% a year, above the 0.50% average for similar funds.

• Over the year to Oct 27, 2026, GOAU returned +13.3%, 7th of 9 among similar funds.
• Its 5-year annualized return was +18.2%.
• In the 2020 COVID crash it fell 39.5% and regained its old high 1.1 months after the low.
• Its worst full calendar year was 2018 (-11.9%); its best was 2025 (+126.7%).
• The deepest fall in its price history was 55.4% (Aug 5, 2020 to Sep 26, 2022), recovered by Mar 25, 2025.

As of Jun 30, 2026, the fund held 29 securities; the ten largest made up 54.85% of assets. It also reported 12.32% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $343K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -4.98%, +2.38%, -14.01%.

GOAU does not track an index. Its adviser, US Global Investors, picks holdings from companies that earn at least half their revenue from gold, silver, platinum or palladium. Some of these companies mine the metal. Others own royalties or streams. A royalty or streaming company pays a miner upfront in exchange for a share of the mine's future output or revenue. A company must trade on one of eight exchanges, including Toronto, New York, London and Australia, and must trade often enough to buy and sell easily. Companies that rely mainly on debt to fund their business are left out. At least 80% of assets go to precious-metal companies and at least 20% to gold companies. The adviser expects gold companies to make up most of the fund.

At each rebalance, at least 30% of assets go to US- or Canada-listed companies that earn most of their revenue from gold and silver, and the top three each get 10%. The adviser reviews holdings at least every quarter, weighing free cash flow and momentum, and may trade more often. Turnover was 181%. That means the fund traded holdings worth almost twice its assets over a year, and those trading costs are not part of the expense ratio.

As of June 30, 2026, the fund held 29 companies, and the top 10 made up 55% of assets. About 54% was in Canada, 27.5% in Australia and 6.7% in South Africa. Only 2.8% was in the United States, so currency swings affect returns.

• GOAU charges 0.6% a year, versus an average of 0.5% for the similar funds below (7th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).

GOAU is a concentrated, volatile bet on precious-metal miners that has fallen harder than the broad market in past sell-offs.

GOAU could add a small slice of gold and silver mining exposure, but it has been rough in downturns. In the 2020 COVID crash it fell 39.5% between February 21 and March 20, 2020, then regained its peak by April 24. In the 2022 bear market it fell 48.5% and took about 24 months to recover. Its deepest drop was 55.4%, from August 2020 to September 2022, and it did not recover until March 25, 2025, almost 30 months later. Its worst calendar year was 2022, at -11.67%. It launched in 2017, so it has no 2008 record. Anyone who had to withdraw money during such a slump would have locked in steep losses. As of October 27, 2026, it yielded 0.99%, paid once a year, and it costs 0.60% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.