Sprott Active Gold & Silver Miners ETF
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As of October 14, 2026
NAV
$43.33
NAV Daily Change
-$2.07
-4.56%
NAV Since Inception Cumulative Change1
122.22%
Ticker
GBUG
Market Price2
$43.02
Premium/Discount3
-0.72%
Total Net Asset Value
$163.35 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
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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
October 14, 2026
Total Net Assets
$163,346,417.89
Shares Outstanding
3,770,000
Number of Holdings
44
Median 30 Day Bid Ask Spread
(As of October 13, 2026)
0.37%
Performance
Month-End Performance
Average Annual Total Returns (%) As of 9/30/2026
| Fund | 1 MO* | 3 MO* | YTD* | 1 YR | 3 YR | 5 YR | 10 YR | S.I.1 |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) |
-8.63 | 20.17 | 7.47 | 27.63 | -- | -- | -- | 72.39 |
| Sprott Active Gold & Silver Miners ETF (Market Price)2 |
-8.76 | 19.94 | 7.15 | 26.81 | -- | -- | -- | 72.07 |
| NYSE Arca Gold Miners Index (Benchmark)5 |
-10.89 | 17.27 | 4.12 | 19.61 | -- | -- | -- | 62.68 |
Quarter-End Performance
Average Annual Total Returns (%) As of 9/30/2026
| Fund | 1 MO* | 3 MO* | YTD* | 1 YR | 3 YR | 5 YR | 10 YR | S.I.1 |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) |
-8.63 | 20.17 | 7.47 | 27.63 | -- | -- | -- | 72.39 |
| Sprott Active Gold & Silver Miners ETF (Market Price)2 |
-8.76 | 19.94 | 7.15 | 26.81 | -- | -- | -- | 72.07 |
| NYSE Arca Gold Miners Index (Benchmark)5 |
-10.89 | 17.27 | 4.12 | 19.61 | -- | -- | -- | 62.68 |
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 October 15, 2026
| CY 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
| Days Traded at Premium | 145 | 32 | 21 | 31 | -- |
| Days Traded at Discount | 61 | 25 | 41 | 32 | -- |
Portfolio Characteristics*
As of 9/30/2026
| Number of issuers | 44 |
| Market Cap (Millions) | $750,305.51 |
| Weighted Avg. M.C. | $19,058.82 |
| Market Cap Breakdown (%) | |
| Large | 45.51% |
| Medium | 46.80% |
| Small | 7.68% |
| Industry Weighting (%) | |
| Gold Equities | 81.40% |
| Precious Metals Equities | 8.86% |
| Silver Equities | 6.84% |
| Platinum Group | 1.77% |
| Base Metals | 1.14% |
Market Cap Breakdown*
As of 9/30/2026
* Excludes cash
Holdings
As of 10/14/2026
| Security | Market Value | Symbol | SEDOL | Quantity | Weight |
|---|---|---|---|---|---|
| DPM Metals Inc. | $8,812,464.70 | DPM CN | BPCR7W4 | 220,575.00 | 5.39% |
| G Mining Ventures Corp. | $7,554,975.31 | GMIN CN | BSWW128 | 241,437.00 | 4.63% |
| Discovery Mining Ltd. | $7,399,888.29 | DSV CN | BSBFLD9 | 938,968.00 | 4.53% |
| IAMGOLD Corp. | $6,284,834.60 | IAG | 2149525 | 368,612.00 | 3.85% |
| Northern Star Resources Ltd. | $5,809,033.33 | NST AU | 6717456 | 334,459.00 | 3.56% |
| Eldorado Gold Corp. | $5,750,635.15 | EGO | BHZJ5X8 | 166,927.00 | 3.52% |
| Wesdome Gold Mines Ltd. | $5,662,042.84 | WDO CN | B0Y90N5 | 270,233.00 | 3.47% |
| Ramelius Resources Ltd. | $5,460,973.20 | RMS AU | 6586872 | 2,157,626.00 | 3.34% |
| Montage Gold Corp. | $5,441,274.70 | MAU CN | BMYMV13 | 477,899.00 | 3.33% |
| Newmont Corp. | $5,425,832.16 | NEM | 2636607 | 48,636.00 | 3.32% |
| Coeur Mining Inc. | $5,230,656.48 | CDE | 2208136 | 349,176.00 | 3.20% |
| Emerald Resources NL | $5,146,738.68 | EMR AU | 6107381 | 1,139,121.00 | 3.15% |
| Wheaton Precious Metals Corp. | $5,125,018.58 | WPM | BDG1S92 | 39,551.00 | 3.14% |
| Agnico Eagle Mines Ltd. | $5,066,517.72 | AEM CN | 2009823 | 28,642.00 | 3.10% |
| OceanaGold Corp. | $5,007,486.59 | OGC CN | BQXQY26 | 196,558.00 | 3.07% |
| Genesis Minerals Ltd. | $4,852,203.49 | GMD AU | B23G0X1 | 984,311.00 | 2.97% |
| Equinox Gold Corp. | $4,683,112.21 | EQX CN | BKLNP13 | 455,109.00 | 2.87% |
| K92 Mining Inc. | $4,281,132.79 | KNT CN | BYZ2CB3 | 232,458.00 | 2.62% |
| Skeena Resources Ltd. | $3,850,892.31 | SKE CN | BMDM761 | 128,306.00 | 2.36% |
| i-80 Gold Corp. | $3,802,926.01 | IAU CN | BN96CD6 | 2,615,568.00 | 2.33% |
| Anglogold Ashanti PLC | $3,755,977.52 | AU | BRXH266 | 42,278.00 | 2.30% |
| Evolution Mining Ltd. | $3,720,372.64 | EVN AU | B3X0F91 | 425,163.00 | 2.28% |
| Ora Banda Mining Ltd. | $3,473,461.08 | OBM AU | BKDX544 | 3,649,577.00 | 2.13% |
| Alamos Gold Inc. | $3,006,636.64 | AGI | BYNBW45 | 98,224.00 | 1.84% |
| Valterra Platinum Ltd. | $2,767,930.17 | VALT LN | BV1D8Q6 | 37,975.00 | 1.69% |
| SSR Mining Inc. | $2,717,748.20 | SSRM | BF7MQ72 | 88,526.00 | 1.66% |
| Westgold Resources Ltd. | $2,678,191.72 | WGX AU | BYVQ673 | 772,855.00 | 1.64% |
| Metalla Royalty & Streaming Ltd. | $2,379,192.72 | MTA | BL0N0S3 | 306,597.00 | 1.46% |
| Endeavour Silver Corp. | $2,188,140.13 | EDR CN | 2980003 | 280,401.00 | 1.34% |
| Vizsla Silver Corp. | $2,118,764.68 | VZLA CN | BS84LB7 | 667,364.00 | 1.30% |
| Barrick Mining Corp. | $1,874,598.79 | ABX CN | BNM23Q1 | 48,218.00 | 1.15% |
| Cia de Minas Buenaventura SAA | $1,867,335.68 | BVN | 2210476 | 61,184.00 | 1.14% |
| Barrick Mining Corp. | $1,713,960.08 | B | BNKB6Z0 | 44,072.00 | 1.05% |
| Artemis Gold Inc. | $1,705,376.69 | ARTG CN | BKLTQ63 | 64,573.00 | 1.04% |
| Aris Mining Corp. | $1,634,815.03 | ARIS CN | BQKRCQ2 | 100,888.00 | 1.00% |
| OR Royalties Inc. | $1,490,166.53 | OR CN | BPJJWP1 | 44,749.00 | 0.91% |
| Kinross Gold Corp. | $1,465,482.56 | KGC | B04NVW3 | 65,894.00 | 0.90% |
| Pan American Silver Corp. | $1,046,820.90 | PAAS | 2703396 | 24,730.00 | 0.64% |
| AbraSilver Resource Corp. | $765,303.14 | ABRA CN | BR4XSQ5 | 100,328.00 | 0.47% |
| Americas Gold & Silver Corp. | $682,365.10 | USAS | BVMDRM4 | 184,423.00 | 0.42% |
| New Found Gold Corp. | $600,177.78 | NFGC | BL98380 | 425,658.00 | 0.37% |
| Hemlo Mining Corp. | $591,454.04 | HMMC CN | BSTM1K9 | 172,199.00 | 0.36% |
| Perpetua Resources Corp. | $583,811.58 | PPTA | BNNNK51 | 33,591.00 | 0.36% |
| LunR Royalties Corp. | $92,291.73 | LUNR CN | BRCDGF2 | 8,141.00 | 0.06% |
| Cash Equivalent | $7,777,403.62 | $7,777,403.62 | 4.74% |
44 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
- Semi-Annual Financial Statements and Other Important Information, June 30, 2026
- Tailored Shareholder Report, June 30, 2026
- 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 Holds Its Ground as Real Yields Surge
BY PAUL WONG AND KENNY ZHU · 10/8/2026
Gold held firm in September as real yields surged, suggesting investors are increasingly focused on fiscal strain and reserve diversification. We examine why rising Treasury yields can deepen the fiscal challenge and why gold’s role outside the sovereign liability structure matters. We also assess silver’s rate headwinds, resilient Chinese demand and industrial support.
Gold Mining 2.0: Are Investors Looking Through an Outdated Lens?
BY KENNY ZHU · 10/7/2026
Gold miners have entered a new era—one defined by stronger balance sheets, greater capital discipline and record earnings, yet valuations still reflect the industry’s past. At the same time, a growing scarcity of high-quality gold reserves could increase the strategic value of gold miners capable of replacing and developing economic ounces.
Gold Stocks May Finally Be Ready to Outperform
BY JOHN HATHAWAY · 9/30/2026
Sprott's John Hathaway joins Kitco Mining’s Paul Harris to discuss why he views gold as an “all-weather strategy” and sees a more favorable outlook for gold equities. He explains how capital discipline, potential M&A and miners’ operating leverage could support outperformance, even without higher gold prices.
Gold and Silver Surge as Fiscal Credibility Erodes
BY PAUL WONG AND KENNY ZHU · 9/8/2026
Gold and silver surged in August as rising debt, higher term premiums and growing concerns about U.S. fiscal credibility revived the currency debasement trade. Gold is increasingly behaving as “outside money,” supported by strong central bank buying, while silver is benefiting from renewed investor demand, persistent supply deficits and tight inventories. We examine why these forces may be setting the stage for the next move in precious metals.
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.
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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
Sprott ETFs
P.O. Box 1107
Denver, CO 80201
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