Sprott Active Gold & Silver Miners ETF
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As of March 24, 2025
NAV
$21.18
NAV Daily Change
-$0.06
-0.28%
NAV Since Inception Cumulative Change1
7.02%
Ticker
GBUG
Market Price2
$21.18
Premium/Discount3
0.00%
Total Net Asset Value
$21.8 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
* 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.
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 2/19/2025.
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
March 24, 2025
Total Net Assets
$21,815,831.36
Shares Outstanding
1,030,000
Number of Holdings
32
Median 30 Day Bid Ask Spread
(As of 12/16/2024)
0.30%
Performance
Month-End Performance
Average Annual Total Returns (%) As of 2/28/2025
| Fund | MTD*^ | S.I.*1 |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) |
-4.85 | -4.85 |
| Sprott Active Gold & Silver Miners ETF (Market Price)2 |
-4.70 | -4.70 |
| NYSE Arca Gold Miners Index (GDMNTR)5 |
-4.54 | -4.54 |
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 March 25, 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 3/24/2025
| Security | Market Value | Symbol | SEDOL | Quantity | Weight |
|---|---|---|---|---|---|
| Osisko Gold Royalties Ltd. | $1,071,813.01 | OR CN | BN60CQ4 | 52,118 | 4.91% |
| Agnico Eagle Mines Ltd. | $1,055,600.93 | AEM CN | 2009823 | 10,129 | 4.84% |
| Alamos Gold Inc. | $990,553.96 | AGI | BYNBW45 | 38,588 | 4.54% |
| Torex Gold Resources Inc. | $960,074.69 | TXG CN | BD2NKY1 | 38,316 | 4.40% |
| Coeur Mining Inc. | $949,422.90 | CDE | 2208136 | 151,665 | 4.35% |
| Perpetua Resources Corp. | $945,174.35 | PPTA | BNNNK51 | 84,769 | 4.33% |
| Lundin Gold Inc. | $930,114.71 | LUG CN | BTKSSY6 | 30,694 | 4.26% |
| Wesdome Gold Mines Ltd. | $907,742.59 | WDO CN | B0Y90N5 | 81,370 | 4.16% |
| Wheaton Precious Metals Corp. | $895,024.68 | WPM | BDG1S92 | 11,948 | 4.10% |
| Calibre Mining Corp. | $851,697.87 | CXB CN | BGYKMJ0 | 385,838 | 3.90% |
| G Mining Ventures Corp. | $809,486.25 | GMIN CN | BSWW128 | 66,332 | 3.71% |
| IAMGOLD Corp. | $768,445.92 | IAG | 2149525 | 129,368 | 3.52% |
| Pan American Silver Corp. | $756,749.24 | PAAS | 2703396 | 29,252 | 3.47% |
| Newmont Corp. | $708,901.62 | NEM | 2636607 | 15,141 | 3.25% |
| OceanaGold Corp. | $697,103.97 | OGC CN | B1Z7L21 | 227,321 | 3.20% |
| Dundee Precious Metals Inc. | $691,240.77 | DPM CN | B00VD03 | 53,663 | 3.17% |
| Kinross Gold Corp. | $667,254.60 | KGC | B04NVW3 | 54,693 | 3.06% |
| Spartan Resources Ltd. | $592,871.62 | SPR AU | BS2L471 | 555,022 | 2.72% |
| Northern Star Resources Ltd. | $580,538.48 | NST AU | 6717456 | 51,414 | 2.66% |
| Anglogold Ashanti PLC | $567,729.96 | AU | BRXH266 | 16,286 | 2.60% |
| Evolution Mining Ltd. | $566,578.63 | EVN AU | B3X0F91 | 131,634 | 2.60% |
| Sandstorm Gold Ltd. | $544,684.60 | SAND | B84QSS3 | 79,516 | 2.50% |
| Emerald Resources NL | $485,387.35 | EMR AU | 6107381 | 200,644 | 2.22% |
| First Majestic Silver Corp. | $476,115.20 | AG CN | 2833583 | 68,432 | 2.18% |
| Aya Gold & Silver Inc. | $445,289.82 | AYA CN | BK94091 | 49,646 | 2.04% |
| Vizsla Silver Corp. | $430,450.85 | VZLA CN | BS84LB7 | 185,606 | 1.97% |
| MAG Silver Corp. | $310,459.81 | MAG CN | 2581332 | 18,526 | 1.42% |
| i-80 Gold Corp. | $255,886.22 | IAU CN | BN96CD6 | 381,577 | 1.17% |
| Eldorado Gold Corp. | $224,920.07 | EGO | BHZJ5X8 | 14,317 | 1.03% |
| Equinox Gold Corp. | $150,729.28 | EQX CN | BKLNP13 | 22,245 | 0.69% |
| Perseus Mining Ltd. | $121,923.03 | PRU AU | B02FBC1 | 61,599 | 0.56% |
| Westgold Resources Ltd. | $108,229.50 | WGX AU | BYVQ673 | 59,600 | 0.50% |
| Cash Equivalent | $1,297,634.88 | $1,297,634.88 | 5.97% |
32 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
GBUG and The Case for Active Management
BY JOHN HATHAWAY · 2/25/2025
"Sprott Asset Management has launched GBUG which seeks long-term appreciation through value-oriented, contrarian investing. Sprott's active management team looks to capitalize on the wide dispersion of returns within the mining sector and the potential for silver to catch up to gold's rise.
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'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