Sprott Active Gold & Silver Miners ETF
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As of August 21, 2026
NAV
$53.16
NAV Daily Change
+$1.32
+2.55%
NAV Since Inception Cumulative Change1
172.64%
Ticker
GBUG
Market Price2
$53.37
Premium/Discount3
0.40%
Total Net Asset Value
$205.20 Million
Net Total Expense Ratio4
0.90%
Overview
Key Points
- Actively Managed by a Global Leader – Sprott Asset Management has over four decades of specialized leadership in precious metals and mining investments.
- Value of Active Management in Miners – Given the operational complexities of mining operations, investors may benefit from an active strategy focused on long-term business fundamentals and/or growth potential.
- Miners May be Undervalued Versus Bullion – Gold and silver mining stocks are historically correlated to the underlying bullion, but are not always in sync.* In recent years, miners have lagged behind the price of bullion, creating significant catch-up potential.
- The Flexibility of an Active ETF – GBUG combines the daily transparency, liquidity, and potential tax efficiency of an ETF with the expertise of active management
* Source: Bloomberg as of 6/30/2026, as measured by the NYSE Arca Gold Miners Index (GDMNTR), which is intended to track the overall performance of companies involved in the gold mining industry.
Investment Focus
Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) is an actively managed ETF that aims to provide long-term capital appreciation by investing in shares of gold- and silver-focused companies1 that are engaged in exploring, developing and mining; or royalty and streaming companies engaged in the financing of gold and silver assets. The investment strategy of the Fund is value-oriented and contrarian.
GBUG is the only2 active ETF focused on providing exposure to gold and silver miners.
1 A company is a gold- or silver-focused company if it earns at least 50% of its revenue or has at least 50% of its assets engaged in exploring, developing or mining gold or silver.
2 Based on Morningstar’s universe of Precious Metals Sector Equity ETFs as of 6/30/2026.
Key Facts
Ticker
GBUG
Listing Exchange
Nasdaq
Benchmark Index
GDMNTR
ISIN
Show ISIN
ISIN: US85208P8656
Copyright 2026, American Bankers Association. CUISP Database provided by FactSet Research Systems Inc. All rights reserved.
CUSIP
Show CUSIP
CUSIP: 85208P865
Copyright 2026, American Bankers Association. CUISP Database provided by FactSet Research Systems Inc. All rights reserved.
Inception Date
February 19, 2025
Adviser
Sprott Asset Management USA, Inc.
Sub-Adviser
ALPS Advisors, Inc.
Distributor
ALPS Distributors, Inc.
Fees & Expenses4
| Management Fee | 0.89% |
| Other Expenses | 0.00% |
| Acquired Fund Fees and Expenses | 0.01 |
| Total Annual Fund Operating Expenses | 0.90% |
ETF Fund Details
August 21, 2026
Total Net Assets
$205,197,539.75
Shares Outstanding
3,860,000
Number of Holdings
46
Median 30 Day Bid Ask Spread
(As of August 20, 2026)
0.36%
Performance
Month-End Performance
Average Annual Total Returns (%) As of 7/31/2026
| Fund | 1 MO* | 3 MO* | YTD* | 1 YR | S.I.1 |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) |
-0.44 | -11.32 | -10.96 | 62.49 | 61.17 |
| Sprott Active Gold & Silver Miners ETF (Market Price)2 |
-0.72 | -11.91 | -11.30 | 61.67 | 60.74 |
| NYSE Arca Gold Miners Index (Benchmark)5 |
-0.83 | -15.39 | -11.95 | 48.98 | 53.24 |
Quarter-End Performance
Average Annual Total Returns (%) As of 6/30/2026
| Fund | 1 MO* | 3 MO* | YTD* | 1 YR | S.I.1 |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) |
-13.37 | -13.66 | -10.57 | 57.18 | 66.58 |
| Sprott Active Gold & Silver Miners ETF (Market Price)2 |
-13.76 | -14.28 | -10.66 | 55.97 | 66.46 |
| NYSE Arca Gold Miners Index (Benchmark)5 |
-15.38 | -16.88 | -11.21 | 49.35 | 58.35 |
Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than actual data quoted. Call 888.622.1813 or visit www.sprottetfs.com for current month end performance. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
* Returns less than one year are not annualized.
^ MTD Starting 2/19/2025.
1 Inception Date: 2/19/2025.
2 Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.
3 The Premium/Discount is the amount (stated in dollars or percent) by which the selling or purchase price of an ETF is greater than (premium) or less than (discount) its face amount/value or net asset value (NAV).
4 Reflects Total Annual Operating Expenses as outlined in the most recent prospectus. For the services the Adviser (Sprott Asset Management USA, Inc.) provides to the Fund, the Adviser is entitled to receive an annual advisory fee from the Fund calculated daily and paid monthly at an annual rate of 0.89% of net assets.
5 The NYSE Arca Gold Miners Index (GDMNTR) is intended to track the overall performance of companies involved in the gold mining industry.
Market Price vs. Net Asset Value Since Inception
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the "Reset Zoom" button to return to the full timeline view.
Inception date: February 19, 2025.
Historical Premium/Discount: Market Price to Net Asset Value
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the "Reset Zoom" button to return to the full timeline view.
Inception date: February 19, 2025.
Frequency Distribution: Premium/Discount
Trading Days Each Quarter
Data updated as of August 23, 2026
| CY 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| Days Traded at Premium | 145 | 32 | 21 | -- | -- |
| Days Traded at Discount | 61 | 25 | 41 | -- | -- |
Portfolio Characteristics*
As of 7/31/2026
| Number of issuers | 46 |
| Market Cap (Millions) | $619,603.70 |
| Weighted Avg. M.C. | $15,108.63 |
| Market Cap Breakdown (%) | |
| Large | 30.49% |
| Medium | 59.27% |
| Small | 10.24% |
| Industry Weighting (%) | |
| Gold Equities | 81.92% |
| Precious Metals Equities | 9.18% |
| Silver Equities | 5.59% |
| Platinum Group | 2.00% |
| Base Metals | 1.30% |
Market Cap Breakdown*
As of 7/31/2026
* Excludes cash
Holdings
As of 8/21/2026
| Security | Market Value | Symbol | SEDOL | Quantity | Weight |
|---|---|---|---|---|---|
| DPM Metals Inc. | $11,028,775.19 | DPM CN | BPCR7W4 | 216,480.00 | 5.37% |
| G Mining Ventures Corp. | $9,213,608.18 | GMIN CN | BSWW128 | 236,957.00 | 4.49% |
| Discovery Mining Ltd. | $7,944,059.68 | DSV CN | BSBFLD9 | 921,531.00 | 3.87% |
| IAMGOLD Corp. | $7,647,733.24 | IAG | 2149525 | 361,766.00 | 3.73% |
| Eldorado Gold Corp. | $7,490,124.72 | EGO | BHZJ5X8 | 163,826.00 | 3.65% |
| Coeur Mining Inc. | $7,186,293.18 | CDE | 2208136 | 342,694.00 | 3.50% |
| Montage Gold Corp. | $6,972,584.92 | MAU CN | BMYMV13 | 469,023.00 | 3.40% |
| Wesdome Gold Mines Ltd. | $6,735,563.08 | WDO CN | B0Y90N5 | 265,214.00 | 3.28% |
| Newmont Corp. | $6,280,708.14 | NEM | 2636607 | 47,733.00 | 3.06% |
| Wheaton Precious Metals Corp. | $6,124,388.48 | WPM | BDG1S92 | 38,816.00 | 2.98% |
| Agnico Eagle Mines Ltd. | $6,079,901.38 | AEM CN | 2009823 | 28,110.00 | 2.96% |
| Equinox Gold Corp. | $6,040,022.66 | EQX CN | BKLNP13 | 446,660.00 | 2.94% |
| OceanaGold Corp. | $5,989,284.47 | OGC CN | BQXQY26 | 192,911.00 | 2.92% |
| Genesis Minerals Ltd. | $5,764,843.80 | GMD AU | B23G0X1 | 966,034.00 | 2.81% |
| Emerald Resources NL | $5,645,123.53 | EMR AU | 6107381 | 1,117,967.00 | 2.75% |
| Northern Star Resources Ltd. | $5,643,448.62 | NST AU | 6717456 | 328,250.00 | 2.75% |
| Ramelius Resources Ltd. | $5,074,349.42 | RMS AU | 6586872 | 1,777,565.00 | 2.47% |
| Anglogold Ashanti PLC | $5,029,902.68 | AU | BRXH266 | 41,494.00 | 2.45% |
| i-80 Gold Corp. | $4,642,024.02 | IAU CN | BN96CD6 | 2,567,002.00 | 2.26% |
| Evolution Mining Ltd. | $4,594,034.22 | EVN AU | B3X0F91 | 417,267.00 | 2.24% |
| Kinross Gold Corp. | $4,533,001.20 | KGC | B04NVW3 | 138,370.00 | 2.21% |
| Ora Banda Mining Ltd. | $4,149,032.89 | OBM AU | BKDX544 | 3,581,810.00 | 2.02% |
| K92 Mining Inc. | $4,030,796.47 | KNT CN | BYZ2CB3 | 183,660.00 | 1.96% |
| Alamos Gold Inc. | $3,649,590.42 | AGI | BYNBW45 | 96,397.00 | 1.78% |
| Valterra Platinum Ltd. | $3,458,322.30 | VALT LN | BV1D8Q6 | 37,268.00 | 1.69% |
| Skeena Resources Ltd. | $3,435,013.62 | SKE CN | BMDM761 | 98,600.00 | 1.67% |
| Westgold Resources Ltd. | $3,422,007.05 | WGX AU | BYVQ673 | 758,505.00 | 1.67% |
| Metalla Royalty & Streaming Ltd. | $3,352,092.84 | MTA | BL0N0S3 | 300,906.00 | 1.63% |
| SSR Mining Inc. | $3,281,495.37 | SSRM | BF7MQ72 | 86,881.00 | 1.60% |
| Endeavour Silver Corp. | $2,921,908.32 | EDR CN | 2980003 | 275,193.00 | 1.42% |
| Vizsla Silver Corp. | $2,592,402.27 | VZLA CN | BS84LB7 | 654,974.00 | 1.26% |
| Torex Gold Resources Inc. | $2,529,547.54 | TXG CN | BD2NKY1 | 49,872.00 | 1.23% |
| Benz Mining Corp. | $2,405,591.24 | BNZ AU | BLD3YS8 | 904,016.00 | 1.17% |
| Barrick Mining Corp. | $2,253,117.63 | ABX CN | BNM23Q1 | 47,322.00 | 1.10% |
| Cia de Minas Buenaventura SAA | $2,129,973.50 | BVN | 2210476 | 60,050.00 | 1.04% |
| Aris Mining Corp. | $2,067,319.07 | ARIS CN | BQKRCQ2 | 99,012.00 | 1.01% |
| Barrick Mining Corp. | $2,058,842.80 | B | BNKB6Z0 | 43,253.00 | 1.00% |
| Artemis Gold Inc. | $1,971,769.37 | ARTG CN | BKLTQ63 | 63,376.00 | 0.96% |
| Lundin Gold Inc. | $1,867,027.27 | LUG CN | BTKSSY6 | 25,504.00 | 0.91% |
| OR Royalties Inc. | $1,582,883.24 | OR CN | BPJJWP1 | 43,916.00 | 0.77% |
| West African Resources Ltd. | $1,440,196.24 | WAF AU | B4KBBN0 | 531,200.00 | 0.70% |
| Pan American Silver Corp. | $1,287,902.76 | PAAS | 2703396 | 24,268.00 | 0.63% |
| AbraSilver Resource Corp. | $1,139,157.83 | ABRA CN | BR4XSQ5 | 98,466.00 | 0.56% |
| Perpetua Resources Corp. | $847,277.60 | PPTA | BNNNK51 | 32,968.00 | 0.41% |
| New Found Gold Corp. | $768,669.20 | NFGC | BL98380 | 417,755.00 | 0.37% |
| LunR Royalties Corp. | $119,606.33 | LUNR CN | BRCDGF2 | 7,987.00 | 0.06% |
| Cash Equivalent | $10,776,221.77 | $10,776,221.77 | 5.29% |
46 total, excluding cash and cash equivalents. Subject to change.
Distributions
Ex-Date |
Record Date |
Payable Date |
Short-Term Capital Gains |
Long-Term Capital Gains |
Ordinary Income |
Total Distributions |
12/18/2025 |
12/18/2025 |
12/22/2025 |
- |
- |
$0.68 |
$0.68 |
Investment Team
John Hathaway, Maria Smirnova, Shree Kargutkar, Justin Tolman and Victor Huwang are members of the Sprott Investment Team which offers demonstrated expertise in the active management of precious metals equities.
The investment team has more than 100 years of collective experience, and has cultivated strong relationships within the mining sector. It conducts over 200 management meetings annually. Key criteria for assessing management include familiarity, credibility, alignment of interests and the required skill sets for different development stages.
Literature
Fact Sheet
Quarterly Investor Presentation
Year-End Distributions
Regulatory Documents
- Summary Prospectus
- Statutory Prospectus
- Statement of Additional Information
- Annual Reports Financial Statements and Other Important Information, December 31, 2025
- Tailored Shareholder Report, December 31, 2025
- Semi-Annual Financial Statements and Other Important Information, June 30, 2025
- Tailored Shareholder Report, June 30, 2025
Commentary
Gold and Silver: Looking Beyond the Correction
By Maria Smirnova · 8/6/2026
After one of the strongest years in decades for precious metals, 2026 has been a year of correction, consolidation and renewed perspective. With gold and silver beginning to rebound, CIO Maria Smirnova examines the macroeconomic forces behind this year's pullback, why the fundamental drivers for precious metals remain intact, and why today's valuations may present compelling long-term opportunities across bullion and mining equities.
Metals and Miners: Opportunities in the Strategic Resource Race
WEBCAST · 6/23/2026
As nations race to secure critical metals, macro and geopolitical forces are reshaping the outlook. In this mid-year webcast, Ryan McIntyre, Paul Wong and Ed Coyne break down the key drivers across gold, silver, copper, uranium and more, and what they may mean for markets and investment opportunities in the second half of 2026.
How the Debt Cycle Favors Gold
BY PAUL WONG · 6/8/2026
Gold is solidifying its role as a strategic store of value, supported by persistent central bank buying and the growing appeal of hard assets amid currency debasement risks. Silver’s deepening structural deficit highlights tightening physical supply across the precious metals complex, reinforcing the broader case for scarce real assets in a shifting monetary regime.
Gold Overtakes Dollar Reserves as Global Trust Shifts
BY PAUL WONG · 5/7/2026
Gold is reasserting itself as the world’s preferred neutral reserve asset amid eroding confidence in the U.S. dollar system, supported by strong central bank buying and rising geopolitical fragmentation. Silver is evolving beyond a cyclical industrial metal into a strategic energy security asset, with demand increasingly tied to solar, storage and resilient infrastructure investment.
Gold and the Hormuz Disruption: A Monetary Stress Test
BY PAUL WONG · 4/9/2026
The closure of the Strait of Hormuz has turned geopolitical tensions into a global energy shock, driving inflation fears and forced selling across markets, including gold. Gold’s March drop reflects a liquidity crunch, not a breakdown in its long-term role. As financial stress builds, gold is likely to reassert itself as a key monetary anchor.
Gold Rises Above $5,000 in an Evolving Monetary Regime
BY PAUL WONG · 3/10/2026
Gold and silver reached record highs in February amid volatility as markets adjust to a new monetary regime defined by persistent central bank liquidity and rising geopolitical fragmentation. Structural constraints on the Federal Reserve, growing sovereign debt and continued central bank buying—particularly from China—reinforce gold’s role as a strategic store of value.
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Contact Us
Investment Adviser
Sprott Asset Management USA, Inc.
320 Post Road, Suite 230
Darien, CT 06820
Telephone: 888.622.1813
Distributor and Sub-Adviser
ALPS
1290 Broadway, Suite 1100
Denver, CO 80203
Client Services
Financial Advisors and Investors
Telephone: 888.622.1813
Email: invest@sprott.com
Standard Mail
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