ETF Research Center

The U.S. Global GO GOLD and Precious Metal Miners ETF tracks an index of 28 precious metal mining firms listed in the US, Canada, Australia, Hong Kong or South Africa. Holdings are selected by fundamental factors and weighted in fixed tiers.

FUND BASICS
Category	US Equities
Fund Sponsor	US Global Investors
Website	www.usglobaletfs.com
Inception date	Jun 27, 2017
Assets (mns)	$65
Currency	USD
Expense ratio	60 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	28
Wgt avg mkt cap (mns)	$5,472
Large cap (>$10bn)	21.8%
Mid cap ($2-10bn)	26.8%
Small cap (<$2bn)	51.5%
Developed mkts	83.6%
Emerging mkts	16.4%

TOP TEN HOLDINGS
Total	57.9 %
FRANCO-NEVADA CORP	10.9 %
SILVER WHEATON CORP	10.8 %
ROYAL GOLD INC	8.7 %
DRDGOLD LTD-SPONSORED ADR	4.3 %
OSISKO GOLD ROYALTIES LTD	4.2 %
TOREX GOLD RESOURCES INC.	4.1 %
SANDSTORM GOLD LTD	4.0 %
NEW GOLD INC	3.8 %
ALACER GOLD CORP	3.6 %
HARMONY GOLD MNG-SPON ADR	3.5 %

TOP COUNTRY EXPOSURE
	CANADA	58.0 %
	UNITED STATES	11.9 %
	SOUTH AFRICA	10.9 %
	AUSTRALIA	10.4 %
	BRITAIN	2.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.6%	34.0%	--	--	14.9%

Market Correlations
versus...	Beta	R-squared
S&P500	-0.11	0%
MSCI EAFE	0.23	1%
MSCI Emg. Mkts.	0.38	6%

Technical Indicators
Recent close	$17.92
30d moving avg.	$16.79
Annualized volatility	24.4%
Short interest (ETF)	0.5%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	93
Turnover	2.6%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$398

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the U.S. Global GO GOLD & Precious Metal Miners ETF ETF based on the alternatives' overlap in portfolio holdings with GOAU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GOAU

Expense:

60 bp

ALTAR Score™:

2.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GOAU
Ticker	Fund Name	Overlap¹ vs GOAU (%)	Expense ratio (bp)	Savings vs GOAU (bp)	ALTAR Score™ (%)	ALTAR vs GOAU (%)
SGDM	Sprott Gold Miners ETF	35.9	50	10	3.0	+0.6
GOEX	Global X Gold Explorers ETF	28.4	65	-5	3.6	+1.1
SLVP	iShares MSCI Global Silver Miners ETF	22.7	39	21	1.6	-0.8
SIL	Global X Silver Miners ETF	21.3	65	-5	2.8	+0.4
GDXJ	VanEck Vectors Junior Gold Miners ETF	16.3	53	7	3.3	+0.9
SGDJ	ALPS Sprott Junior Gold Miners ETF	14.6	50	10	3.7	+1.3
GDX	VanEck Vectors Gold Miners ETF	13.6	52	8	2.8	+0.4
RING	iShares MSCI Global Gold Miners ETF	12.8	39	21	3.4	+1.0
SILJ	ETFMG Prime Junior Silver ETF	10.5	69	-9	0.7	-1.7
NANR	SPDR S&P North American Natural Resources ETF	9.6	35	25	4.6	+2.2
XME	SPDR S&P Metals & Mining ETF	8.0	35	25	3.4	+1.0
EPU	iShares MSCI All Peru Capped ETF	4.6	59	1	5.7	+3.3
AADR	WCM/BNY Mellon Focused Growth ADR ETF	3.5	110	-50	3.8	+1.4
GUNR	Flexshares Morningstar Global Upstream Natural Resources	3.5	46	14	6.4	+4.0
AIIQ	AI Powered International Equity ETF	3.4	79	-19	5.1	+2.7
ARGT	Global X MSCI Argentina ETF	3.0	59	1	7.0	+4.6
AGT	iShares MSCI Argentina & Global Exposure ETF A	3.0	59	1	6.9	+4.5
GNR	SPDR S&P Global Natural Resources ETF	3.0	40	20	7.2	+4.8
BBCA	JPMorgan BetaBuilders Canada ETF	2.9	19	41	6.9	+4.5
EWC	iShares MSCI Canada ETF	2.8	49	11	6.7	+4.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	U.S. Global GO GOLD & Precious Metal Miners ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	3.9	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.