Sprott Active Gold & Silver Miners ETF
Page Menu - GBUG
As of February 20, 2025
NAV
$20.13
NAV Daily Change
+$0.34
+1.72%
NAV Since Inception Cumulative Change1
1.72%
Ticker
GBUG
Market Price2
$20.27
Premium/Discount3
0.70%
Total Net Asset Value
$2.01 Million
Net Total Expense Ratio4
0.89%
Overview
Key Points
- Actively Managed by a Global Leader – Sprott Asset Management has over four decades of specialized leadership in precious metals 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
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 companies that are engaged in exploring, developing and mining; or royalty and streaming companies engaged in the financing of gold and silver assets.
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.
The investment strategy of the Fund is value-oriented and contrarian.
* Source: Bloomberg as of 12/31/2024, 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.
Key Facts
Ticker
GBUG
Listing Exchange
Nasdaq
Benchmark Index
GDMNTR
ISIN
Show ISIN
ISIN: US85208P8656
Copyright 2025, American Bankers Association. CUISP Database provided by FactSet Research Systems Inc. All rights reserved.
CUSIP
Show CUSIP
CUSIP: 85208P865
Copyright 2025, 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% |
| Total Annual Fund Operating Expenses | 0.89% |
ETF Fund Details
February 20, 2025
Total Net Assets
$2,013,359.89
Shares Outstanding
100,000
Number of Holdings
30
Median 30 Day Bid Ask Spread
(As of 2/19/2025)
n/a
Performance
Data Not Yet Available
| Fund | 1 MO* | S.I.*1 |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) |
-- | -- |
| Sprott Active Gold & Silver Miners ETF (Market Price)2 |
-- | -- |
| NYSE Arca Gold Miners Index (GDMNTR)5 |
-- | -- |
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.
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 February 21, 2025
| CY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Days Traded at Premium | -- | -- | -- | -- | -- |
| Days Traded at Discount | -- | -- | -- | -- | -- |
Portfolio Characteristics*
As of 2/19/2025
| Number of Issuers | 30 |
| Market Cap (millions) | $237,432 |
| Weighted Avg. Company Market Cap (millions) | $9,775 |
| Material Weightings | |
| Gold | 75.49% |
| Silver | 8.25% |
| Precious Metals | 13.68% |
| Specialty Owners & Developers | 2.58% |
Market Cap Breakdown*
As of 2/19/2025
* Excludes cash
Company Domicile Breakdown*
As of 2/19/2025
| Canada | 75.54% |
| United States | 12.58% |
| Australia | 11.89% |
* Excludes cash.
Holdings
As of 2/20/2025
| Security | Market Value | Symbol | SEDOL | Quantity | Weight |
|---|---|---|---|---|---|
| Agnico Eagle Mines Ltd. | $120,531.58 | AEM CN | 2009823 | 1,230 | 5.99% |
| Osisko Gold Royalties Ltd. | $96,370.75 | OR CN | BN60CQ4 | 5,060 | 4.79% |
| Coeur Mining Inc. | $94,855.00 | CDE | 2208136 | 15,550 | 4.71% |
| Alamos Gold Inc. | $92,149.20 | AGI | BYNBW45 | 3,960 | 4.58% |
| Torex Gold Resources Inc. | $92,157.02 | TXG CN | BD2NKY1 | 3,720 | 4.58% |
| Equinox Gold Corp. | $91,768.91 | EQX CN | BKLNP13 | 12,830 | 4.56% |
| Calibre Mining Corp. | $84,028.36 | CXB CN | BGYKMJ0 | 37,460 | 4.17% |
| Wheaton Precious Metals Corp. | $81,142.00 | WPM | BDG1S92 | 1,160 | 4.03% |
| Lundin Gold Inc. | $80,656.44 | LUG CN | BTKSSY6 | 2,980 | 4.01% |
| Wesdome Gold Mines Ltd. | $80,579.83 | WDO CN | B0Y90N5 | 7,900 | 4.00% |
| IAMGOLD Corp. | $79,253.60 | IAG | 2149525 | 12,560 | 3.94% |
| Perpetua Resources Corp | $75,962.90 | PPTA | BNNNK51 | 8,230 | 3.77% |
| Pan American Silver Corp. | $72,420.00 | PAAS | 2703396 | 2,840 | 3.60% |
| Newmont Corp. | $70,692.30 | NEM | 2636607 | 1,470 | 3.51% |
| G Mining Ventures Corp. | $70,185.17 | GMIN CN | BSWW128 | 6,440 | 3.49% |
| OceanaGold Corp. | $64,451.59 | OGC CN | B1Z7L21 | 22,070 | 3.20% |
| Dundee Precious Metals Inc. | $62,991.15 | DPM CN | B00VD03 | 5,210 | 3.13% |
| Northern Star Resources Ltd. | $61,632.38 | NST AU | 6717456 | 5,380 | 3.06% |
| Kinross Gold Corp. | $61,277.40 | KGC | B04NVW3 | 5,310 | 3.04% |
| Evolution Mining Ltd. | $52,211.70 | EVN AU | B3X0F91 | 12,780 | 2.59% |
| Emerald Resources NL | $51,018.60 | EMR AU | 6107381 | 19,480 | 2.53% |
| Spartan Resources Ltd/Australi | $49,274.42 | SPR AU | BS2L471 | 58,740 | 2.45% |
| Sandstorm Gold Ltd. | $47,786.80 | SAND | B84QSS3 | 7,720 | 2.37% |
| First Majestic Silver Corp | $42,929.64 | AG CN | 2833583 | 7,440 | 2.13% |
| Aya Gold & Silver Inc. | $42,703.91 | AYA CN | BK94091 | 4,820 | 2.12% |
| i-80 Gold Corp. | $41,485.98 | IAU CN | BN96CD6 | 51,590 | 2.06% |
| MAG Silver Corp. | $40,952.14 | MAG CN | 2581332 | 2,420 | 2.03% |
| Vizsla Silver Corp | $39,658.87 | VZLA CN | BS84LB7 | 18,020 | 1.97% |
| Perseus Mining Ltd. | $21,039.93 | PRU AU | B02FBC1 | 11,330 | 1.05% |
| Eldorado Gold Corp. | $20,391.30 | EGO | BHZJ5X8 | 1,390 | 1.01% |
| Cash Equivalent | $30,801.02 | $30,801.02 | 1.53% |
30 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 |
|---|---|---|---|---|---|---|
- |
- |
- |
- |
- |
- |
- |
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
Regulatory Documents
News and Press Release
Commentary
Recalibrating Our Crystal Ball
BY JOHN HATHAWAY · 1/08/2025
Gold was a strong performer in 2024, gaining 27.22% to end the year at $2,624.50, fueled by geopolitical tensions, central bank purchases and bond market struggles. These strong gains occurred with negligible participation or interest from investors in North America or Europe. Key catalysts for a gold rally could include stock or cryptocurrency downturns, bond market disruptions or a U.S. dollar reset.
Top 10 Themes for 2025
BY PAUL WONG, JACOB WHITE · 1/20/2025
We identify 10 key macro and market themes investors should watch. We believe that gold's strength in 2024, as central banks aggressively boosted reserves, signals a long-term bullish trend likely to continue in 2025. Silver also posted impressive 2024 results, benefiting from strong monetary demand and industrial growth, with supply-side constraints likely to support higher prices.
Silver 2025
MARIA SMIRNOVA · 1/27/2024
"Pinch point" is the term Sprott’s Maria Smirnova uses to describe the current supply-demand picture for silver in 2025. Smirnova joins host Ed Coyne to walk us through how silver’s growing demand is coming up against a static supply pipeline.
Silver's Impressive Strength in 2024
MARIA SMIRNOVA · 1/06/2024
We believe that silver continues to offer a compelling investment opportunity due to its unique market dynamics. For investors, a diversified portfolio that balances physical assets and mining equities may offer exposure to silver's stability as a store of value and its growth potential as a critical industrial metal.
How to Purchase
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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: bullion@sprott.com
Standard Mail
Sprott ETFs
P.O. Box 1107
Denver, CO 80201
Overnight Mail
Sprott ETFs
1290 Broadway
Suite 1100
Denver, CO 80203