U.S. Global Investors announced two strategic moves on December 30, 2025, advancing its Smart Beta 2.0 investment approach. The firm's gold-focused GOAU ETF transitions to active management while the defense-focused WAR ETF marks its first anniversary.
The U.S. Global GO GOLD and Precious Metals Miner ETF (GOAU) shifts from passive indexing to active management effective immediately. This change maintains the fund's 0.60% expense ratio and Smart Beta 2.0 framework while enabling greater selectivity in gold mining investments.
Gold prices reached $4,421 per ounce on December 22, 2025, according to Reuters data. This record-setting year for precious metals prompted the strategic shift toward active management for the gold-focused fund.
"We believe we are entering a new phase of the precious metals cycle, where security selection matters more than broad exposure," said CEO Frank Holmes. "GOAU has performed strongly year-to-date through December 18."
The transition allows U.S. Global Investors to identify quality miners and manage risk across the gold and precious metals space. The firm leverages decades of gold market expertise while maintaining its Smart Beta 2.0 principles.
Simultaneously, the U.S. Global Technology and Aerospace & Defense ETF (WAR) celebrates its one-year anniversary. The fund targets defense spending and AI infrastructure development across multiple sectors.
WAR invests in aerospace and defense companies, semiconductors, cybersecurity firms, and data center operators. The strategy uses Smart Beta 2.0 plus fundamental analysis to target high-quality defense technology companies.
"Defense has evolved into an information technology business, with governments investing billions in AI, data centers, cybersecurity, and semiconductors," Holmes stated. "WAR was built for this environment."
The defense ETF reflects U.S. Global Investors' Smart Beta 2.0 philosophy, combining factor-based selection with fundamental insights. This approach seeks exposure to companies aligned with global defense infrastructure modernization.
Both developments highlight the firm's commitment to thematic, high-conviction market sectors. U.S. Global Investors focuses on delivering differentiated opportunities across gold, defense, technology, airlines, luxury goods, and commodities.
The San Antonio-based investment adviser has operated for more than 50 years, beginning as an investment club. Today it manages specialized ETFs through its proprietary Smart Beta 2.0 investment discipline.
Smart Beta 2.0 combines the broad diversification and low cost of passive indexing with factor-based insights and active management selectivity. This hybrid approach aims to deliver thoughtful, differentiated exposure for shareholders.
Performance data through September 30, 2025, shows GOAU delivering 103.85% one-year returns based on NAV. WAR has generated 25.07% returns since inception, according to the firm's latest performance reports.
Investors should note that all ETFs involve risk including possible loss of principal. The funds are actively managed with no guarantee investment objectives will be met, and brokerage commissions reduce returns.
U.S. Global Investors continues providing thoughtfully managed products designed to navigate market cycles. The firm remains focused on creating long-term value through its suite of thematic ETFs.
