US Global Investors Inc (GROW) 2025 Q4 法說會逐字稿

(audio in progress) our webcast announcing US Global investors results for fiscal-year 2025. As you can see on slide number 2, the presenters for today's program are Frank Holmes, US Global Investors CEO and Chief Investment Officer; Lisa Callicotte, Chief Financial Officer; and myself, Holly Schoenfeldt, Director of Marketing.

（音訊正在播放）我們的網路廣播宣布了美國全球投資者 2025 財年的業績。正如您在第 2 張幻燈片上看到的，今天節目的主持人是美國全球投資者首席執行官兼首席投資官弗蘭克·霍姆斯 (Frank Holmes)、首席財務官麗莎·卡利科特 (Lisa Callicotte) 和我本人，營銷總監霍莉·舍恩費爾特 (Holly Schoenfeldt)。

Moving on to slide number 3. During this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results.

繼續看投影片 3。在本次網路廣播中，我們可能會對我們的相對業務前景做出前瞻性陳述。任何前瞻性陳述以及本次網路廣播中所做的所有其他與歷史事實無關的陳述都可能受到風險和不確定性的影響，這些風險和不確定性可能會對實際結果產生重大影響。

Please refer to our press release and corresponding Form 10-K filing for more detail on the factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and US Global Investors accepts no obligation to update them in the future.

請參閱我們的新聞稿和相應的 10-K 表格文件，以了解有關可能導致實際結果與前瞻性陳述中描述的結果有重大差異的因素的更多詳細資訊。任何此類聲明均截至今日為止，US Global Investors 不承擔將來更新這些聲明的義務。

Moving on to the next slide. As always, we appreciate our loyal shareholders. So if you like one of our signature USGI hats that are featured on this slide, just send us an e-mail at info@usfunds.com with your mailing address and we'd be happy to send them your way.

繼續下一張投影片。一如既往，我們感謝我們忠誠的股東。因此，如果您喜歡這張投影片上展示的我們的標誌性 USGI 帽子，只需向 info@usfunds.com 發送電子郵件，並附上您的郵寄地址，我們很樂意將其發送給您。

Okay, on the next slide, I want to briefly review the company. US Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create thematic Smart Beta 2.0 products. The company was originally founded as an investment club, becoming a registered investment adviser in 1968, and has a long-standing history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund.

好的，在下一張投影片中，我想簡單回顧一下這家公司。US Global Investors 是一家創新投資管理公司，在全球市場和專業領域擁有豐富的經驗。我們採用量化策略打造主題型Smart Beta 2.0產品。該公司最初成立時是一家投資俱樂部，於 1968 年成為註冊投資顧問，擁有悠久的全球投資歷史，並推出了首創的投資產品，包括第一隻無負荷黃金基金。

And finally, we are experts in thematic investing. In particular, in gold and precious metals, natural resources, airlines, and luxury goods, all using a quantamental approach that includes both macro and micro factors. At this point, I do want to hand things over to our CEO and CIO, Frank Holmes, who will provide a deeper macro overview of this visual and in the whole fiscal year. Frank, over to you.

最後，我們是主題投資的專家。特別是在黃金和貴金屬、自然資源、航空公司和奢侈品方面，均採用包含宏觀和微觀因素的量化方法。此時，我確實想將事情交給我們的執行長兼資訊長弗蘭克·霍姆斯 (Frank Holmes)，他將對這一願景和整個財政年度提供更深入的宏觀概述。法蘭克，交給你了。

Thank you, Holly. Thank you very much for the introduction, and really, Smart Beta 2.0 is very key as a dynamic investment process that we adhere to. And also from a macro point of view and our thematic ETFs, we try to cross what are the key drivers on global themes where big government spending is going. And we right in all our perspectives that we believe that government policies are precursor to change. So we monitor and track both monetary and fiscal policies and we comment regularly, every week in investor alert. And if you're not a subscriber, I highly recommend it because it gives you a good recap of these various asset classes.

謝謝你，霍莉。非常感謝您的介紹，確實，Smart Beta 2.0 作為我們堅持的動態投資流程非常關鍵。此外，從宏觀角度和我們的主題 ETF 來看，我們試圖了解全球主題中政府大規模支出的主要驅動因素是什麼。我們從各個角度都認為，政府政策是改變的先兆。因此，我們監控和追蹤貨幣和財政政策，並每週在投資者警報中定期發表評論。如果您還不是訂閱者，我強烈推薦它，因為它可以很好地概括這些不同的資產類別。

As you're looking at right now the DNA volatility and life is all about managing expectations. And when it comes to the stocks, volatility is very important to try to understand and grasp. So when we look at the S&P and gold and GROW, they all -- basically, it can go up or down 70% of the time, 1%. Not a bit. If they fall 3% in a day, that's material. And when we look over 10 days, it's 3% to 4%. So if it goes up 10% over 10 days, that means it has a change in momentum. But if it falls more than 4% over 10 days, usually that's a buy. And I'm going to comment about how we be continuing to buy in those down days, especially when we get these big drought any volatility in spooky volatility in the marketplace.

正如您現在所看到的，DNA 的波動性和生活的全部意義在於管理期望。對於股票而言，理解和掌握波動性非常重要。因此，當我們觀察標準普爾指數和黃金以及 GROW 時，它們基本上 70% 的時間都會上漲或下跌，即 1%。一點兒也不。如果一天內下跌 3%，那就很重要了。當我們回顧 10 天時，這個數字是 3% 到 4%。因此，如果它在 10 天內上漲 10%，則意味著它的動量發生了變化。但如果 10 天內下跌超過 4%，通常就值得買。我要評論我們如何在那些低迷的日子裡繼續買入，特別是當我們遇到這些巨大的乾旱和市場中任何令人毛骨悚然的波動時。

But here, you can see that the DNA volatility of GROW is now less, which is really impressive to me than the Dow Jones US Asset Managers Index. It used to be greater and it used to be much more like the volatility with GOAU is or the Airlines Index of 3% daily, and now it's down to 1%. And it was important for you to recognize that our revenue comes from assets that are in JETS and GOAU. And they're very important because they drive the overall revenue line. So our D&A volatility has been becoming much calmer than the volatility underlying assets. Next, please.

但在這裡，您可以看到 GROW 的 DNA 波動性現在較小，這對我來說比道瓊斯美國資產管理人指數更令人印象深刻。它曾經更大，並且更像 GOAU 的波動性或航空指數的每日 3%，而現在已降至 1%。重要的是您要認識到我們的收入來自 JETS 和 GOAU 的資產。它們非常重要，因為它們推動著整體收入。因此，我們的 D&A 波動性比基礎資產的波動性要平靜得多。有請下一位。

I want to thank the shareholders, all the retail and then the institutional. These are the top three: Gator Capital Management, Vanguard, and Perritt. Perritt is known for a long period of time. There’s expert specialists in micro caps and also have a cultural affinity towards golds and asset class, which I'll comment later on in this macro overview before we turn it over to Lisa Callicotte to give you the financial updates.

我要感謝股東、所有散戶以及機構投資人。前三名的是：Gator Capital Management、Vanguard 和 Perritt。佩里特 (Perritt) 已為人所知很長一段時間。這裡有微型股領域的專家，並且對黃金和資產類別有著文化上的親和力，我將在稍後的宏觀概述中對此進行評論，然後我們將把時間交給 Lisa Callicotte 為您提供財務更新。

Next, please. I owned approximately 90% of the company and 99% of the voting control, which has been compliance with SEC rules, et cetera. We do have independent directors and independent boards that we have to go through the normal process in managing the affairs of the company. And we have experts in the fund business, and legal, and accounting, and venture capital. So I'm happy to see that the independent directors have a breadth and depth of knowledge of capital markets, which I believe is important. Thank you. Next, please.

有請下一位。我擁有該公司約 90% 的股份和 99% 的投票控制權，這符合美國證券交易委員會 (SEC) 的規定等。我們確實有獨立董事和獨立董事會，我們必須透過正常程序來管理公司事務。我們擁有基金業務、法律、會計和創投的專家。因此，我很高興看到獨立董事對資本市場有廣泛而深入的了解，我認為這很重要。謝謝。有請下一位。

So strategy and tactics. So create thematic products that are sustainable using our Smart Beta 2.0. It requires rigorous back testing for thousands of hours. Our mission is to make people feel financially (technical difficulty) and secure that their wealth is consistently growing. And they relate to these themes that we're providing for public and what I said, we back tested it and employs on these products also in addition to myself. But as a company, we strategically buy back the stock using an algorithm on flat and down days. And we managed to preserve cash and future growth and opportunities of market corrections, M&A activity to acquire fund assets on a regular basis, we look at opportunities.

所以要有戰略和戰術。因此，請使用我們的 Smart Beta 2.0 創建可持續的主題產品。這需要經過數千小時的嚴格回測。我們的使命是讓人們從財務上（技術上）感受到並確保他們的財富不斷增長。它們與我們向公眾提供的主題有關，正如我所說，我們對其進行了回溯測試，並且除了我自己之外，還將其應用於這些產品。但作為一家公司，我們會在平盤和下跌的日子裡使用演算法策略性地回購股票。我們設法保留現金和未來成長以及市場調整的機會，並定期進行併購活動以收購基金資產，我們尋找機會。

Grow our subscriber base and followers, we believe that that's very important for the crossover from people that follow us, read our research. They know our culture, they know our values, and it's much easier for them feeling the trust factor to come into our thematic funds. So we want to really educate -- have educated and informed investors. And increase our closure to the Bitcoin ecosystem. We've regularly deploying capital into the Bitcoin ecosystem, especially, when since the Genius Act has been approved, and that has been changing overall capital markets’ acceptance. And we think that scarcity is important for gold as much as, and more so even for Bitcoin, which is capped at 21 million coins, and the adoption process seems to be growing slowly outside America, but pretty quite rapidly in America. Next, please.

擴大我們的訂閱者和追蹤者群，我們相信這對於關注我們的人的交叉非常重要，請閱讀我們的研究。他們了解我們的文化，了解我們的價值觀，因此他們更容易產生信任感並加入我們的主題基金。因此，我們希望真正地教育——教育和告知投資者。並增加我們對比特幣生態系統的封閉性。我們定期向比特幣生態系統投入資金，特別是自《天才法案》獲得批准以來，這一直在改變整體資本市場的接受度。我們認為，稀缺性對於黃金和比特幣一樣重要，甚至對比特幣來說也是如此，比特幣的發行量上限為 2,100 萬枚，在美國以外，其採用過程似乎進展緩慢，但在美國，其採用過程卻相當迅速。有請下一位。

GROW performs a Russell Microcap over the past five years, but it's just marginal. What was positive for the shareholders is that small cap stocks has started turning up. And what this visual is trying to show you, the last time we had this epic surge to $12 of share for GROW. A lot of that was a huge growth we had in just justETF and HIVE.

GROW 在過去五年的表現與 Russell Microcap 相當，但只是邊緣表現。對股東來說，積極的一面是小盤股開始上漲。這張圖試圖向您展示的是，上次我們的 GROW 份額飆升至 12 美元。其中很大一部分是我們在 ETF 和 HIVE 上取得的巨大成長。

HIVE had this exponential move because Ethereum had moved in Bitcoin, but really, we were the dominant player in Ethereum and we were making almost $1 million a day at that time. Ethereum is no longer a crypto asset to mine and HIVE is now just going through a new growth cycle with Bitcoin mining, especially the expansion in Paraguay and our HPC strategy in Canada. So that has been part of our exposure, is through HIVE. Next, please.

HIVE 出現這種指數級增長是因為以太坊已經轉向比特幣，但實際上，我們是以太坊的主導者，當時我們每天的收入接近 100 萬美元。以太坊不再是一種可挖礦的加密資產，而 HIVE 正經歷著比特幣挖礦的新增長週期，尤其是在巴拉圭的擴張和我們在加拿大的 HPC 策略。這就是我們透過 HIVE 進行曝光的一部分。有請下一位。

The really important is did you know that 80% of the world's cargo is carried by ship? So the CETF is connected to emerging markets. So I've been trying to explain to people that it's so important. It's like arteries and veins of the world, that is the connectivity between emerging markets exporting commodities to developing markets, buying the finished product coming out of China or Thailand. It is -- all this shipment is taking place on cargo ships. And one of the things we had shut down is our Eastern European fund after Putin invaded Ukraine, it really changed the whole dynamics to New York. And the whole concern about China building up their military and becoming more and more difficult, what they've done. But what we've noticed is that to have a pulse on global activity and trade, it really all comes from cargo. And so we created a product. And in daily, you can see cargo for dried goods and for energy [shifting] what the rates are.

真正重要的是您是否知道世界上 80% 的貨物是透過船舶運輸的？因此，CETF 與新興市場息息相關。所以我一直試著向人們解釋這一點非常重要。它就像世界的動脈和靜脈，是新興市場向發展中市場出口商品、購買來自中國或泰國的成品之間的連結性。是的——所有這些貨物都是透過貨船運輸的。在普丁入侵烏克蘭之後，我們關閉了東歐基金，這確實改變了紐約的整個格局。人們對中國增強軍事實力的擔憂日益加劇，他們的所作所為也變得越來越困難。但我們注意到，要了解全球活動和貿易的脈搏，實際上一切都取決於貨運。因此我們創造了一種產品。在日報中，你可以看到乾貨和能源[運輸]的運費是多少。

And what's interesting to me is that they all fell on April 2 earlier this year when Trump came up with his global tariff war, but really start to rebound and cargo shipping, actually, it is making more money than we were a year ago. And for investors, cargo shipping, the yield on this was about something like an 18% dividend payouts. So these shipping companies are leveraged, but they also have big payments. And I'm happy to share with you with all the negative news last year, the shipping companies did pay out big dividends. And this year, their shipping rates are higher, even with this backdrop of all those negative news. Next, please.

對我來說有趣的是，今年早些時候，當川普發起全球關稅戰時，它們都下跌了，但實際上它們開始反彈，而且貨運實際上比一年前賺得更多。對於投資者來說，貨運的收益率大約是 18% 的股息支付。因此，這些航運公司不僅有槓桿，而且也有大筆付款。我很高興與大家分享，儘管去年有很多負面消息，但航運公司確實支付了巨額股息。今年，儘管有所有這些負面新聞，但他們的運費仍然上漲了。有請下一位。

So this is another visual to highlight that despite tariffs, total imports in the first half of 2025 forecast to be nearly 4% higher than the previous year. Next please.

因此，這再次凸顯了儘管有關稅，但預計 2025 年上半年的進口總額仍將比前一年高出近 4%。有請下一位。

Now gold. While gold is in the region all-time high in 2025, but stocks are ripping up, they're showing up in growth stocks in IBD's growth momentum, both for this huge increase in revenue per share and cash flow per there. But the ETF space, I'm happy to share with you is that we've not experienced the rate redemptions, but there's been a lot of redemptions, next, please, has taken place and when we take a look at the other ETFs.

現在是金子。雖然黃金價格在 2025 年達到了歷史最高水平，但股票價格卻在飆升，它們體現在 IBD 增長勢頭中的成長型股票中，這既帶來了每股收入的大幅增長，也帶來了每股現金流的大幅增長。但在 ETF 領域，我很高興與大家分享的是，我們還沒有經歷過利率贖回，但已經發生了很多贖回，接下來，請看看其他 ETF。

So the biggest is GDX, the experience with $3 billion of redemptions other ETF as the gold stocks have been making all-time highs because the gold is making an all-time high and profit margins have been expanding. So from -- when we look at our product OAU, it's really how well in fund flows relative to the other big gold ETF -- gold equity ETFs. But what's important here is to show that gold is performing well. And a big part of that is China's push with the BRICS Nations: Brazil, and Russia, and other one-road, one-belt countries being anti the US, anti-particular -- the US dollar in particular, when Obama went after sanctions and confiscated US dollar assets, and then Biden did it again. There's this big push to de-dollarize.

因此，最大的是 GDX，其贖回經歷為 30 億美元，其他 ETF 則因為黃金股一直創下歷史新高，因為黃金價格正在創下歷史新高，利潤率一直在擴大。因此，從我們的角度來看，我們的產品 OAU 確實與其他大型黃金 ETF（黃金股票 ETF）相比，其資金流動情況如何。但這裡重要的是表明黃金表現良好。其中很大一部分原因是中國與金磚國家的關係：巴西、俄羅斯和其他「一路一帶」國家反對美國，特別是反對美元，歐巴馬實施制裁並沒收美元資產，拜登再次這樣做。目前存在著去美元化的強烈動力。

So what you've seen is China and other countries, having less dollars of foreign currency and increasing it into gold. And it's -- more and more central banks buying gold. So it just tends be prudent. For many reasons, central banks have a different theme than retail and family offices or smart investments like Ray Dalio, they believe that when you have such a big interest payment on $37 trillion deficit, that goal becomes an important asset class. But what I want to share with the listeners -- it's not just the dollar. It's also the G20 countries are just excessive money printing, and that has really triggered an interest in Bitcoin.

所以，你所看到的是，中國和其他國家正在減少美元外匯儲備，而增加黃金儲備。而且越來越多的央行正在購買黃金。因此這只是一種謹慎的做法。由於多種原因，各國央行的主題與零售和家族理財室或像雷·達利歐 (Ray Dalio) 這樣的智能投資不同，他們認為，當你對 37 兆美元的赤字支付如此大的利息時，這個目標就成為一個重要的資產類別。但我想與聽眾分享的是——這不僅僅是美元的問題。也正是 G20 國家過度印鈔，才真正引發了人們對比特幣的興趣。

And with the new administration and with the Genius Act just being recently passed, it ushers in that the scarcity of Bitcoin capped 21 million coins and the scarcity of gold, but there's no mathematical perfect cap on it, is showing you that money-printing excessive, they're going into alternative asset classes. And gold and silver, and gold stocks and Bitcoin, and Bitcoin mining stocks are -- and like HIVE was the Bitcoin mining stock but holds Bitcoin. These are alternative asset classes, are capturing more appeal, especially when the large hedge fund. The world -- it keeps articulating why you want to have gold as an asset class. So we think we're in a good position. Next, please.

隨著新政府和《天才法案》的通過，比特幣的稀缺性被限制在 2,100 萬枚，黃金的稀缺性也受到限制，但沒有數學上完美的上限，這表明印鈔過度，他們正在進入另類資產類別。黃金和白銀、黃金股票和比特幣以及比特幣礦業股票——就像 HIVE 是比特幣礦業股票但持有比特幣一樣。這些另類資產類別正在吸引更多的吸引力，尤其是大型對沖基金。世界——它不斷闡明為什麼你想擁有黃金作為資產類別。因此我們認為我們處於有利地位。有請下一位。

Market disconnect. This is a visual to show you the GDX, which is market-based, market cap-based ETF unlike GOAU, which is more focused on revenue and cash flow, and free cash flow, and royalty model. There's been nothing but redemptions as the gold prices have gone up. I believe that has turned now, which is good. The positive fund flows a bit of an offset, but it's really been -- really weird market, since last year that you would experience. Gold taking off profit margin of gold stocks and gold stocks going up 40% to 80% to 100%, various names that there would be net redemptions. What was explained to me was that there's been a lot of hedge funds that were short gold stocks. And long, the GDX as gold has been rising, we've been unwinding their hedge position. So I don't know if that's the truth, but it really is a conundrum I've never seen before. But I think’s behind us, I really do. And I think US Global is well positioned with GOAU and these other thematic products. Please, next.

市場脫節。這是向您展示 GDX 的視覺圖，它是基於市場、基於市值的 ETF，而不是像 GOAU，它更關注收入和現金流、自由現金流和特許權使用費模型。隨著金價上漲，只剩下贖回。我相信現在情況已經轉變了，這是好事。積極的資金流動有點抵消，但自去年以來，這確實是 - 一個非常奇怪的市場。黃金撤金黃金股的獲利幅度和黃金股上漲40%到80%到100%，各種說法都說會出現淨贖回。有人跟我解釋說，有很多對沖基金做空黃金股票。而且，隨著黃金 GDX 的上漲，我們一直在解除其對沖頭寸。所以我不知道這是否是事實，但這確實是一個我從未見過的難題。但我認為我們已經過去了，我真的這麼認為。我認為 US Global 憑藉 GOAU 和其他主題產品佔據了有利地位。有請下一位。

Record-breaking quarters for royalty companies, Franco-Nevada, reported record revenue for the quarter, up 42% year-over-year. Wheaton also had the generated record revenue and operating cash flow. Triple flags, which came out about five years ago basically posted a strong operating cash flow and increased their dividend. So I think that, that model is continuing to grow, but the gold stocks that have higher expenses. And then as gold trades higher, all of a sudden, their cash flow exploding. They've had better stock performance.

特許權使用費公司 Franco-Nevada 創下了季度紀錄，報告本季營收創歷史新高，年增 42%。惠頓也創造了創紀錄的收入和經營現金流。Triple Flags 成立於大約五年前，基本上實現了強勁的經營現金流並增加了股息。所以我認為，這種模式正在持續成長，但黃金股的費用更高。然後隨著黃金價格上漲，他們的現金流突然激增。他們的股票表現更好。

And when we look at stocks at Gold Fields, it's been on a tier. But as a value gold stock picker, it's not the best for a value. But as high leverage, they call it high operating costs when both starts to take off as it has been, these companies have the biggest percentage change in gross profit margin. And a lot of more speculative funds and hedge funds go into those names. Next, please.

當我們查看 Gold Fields 的股票時，它處於一個層級上。但作為價值黃金股票選擇者，它的價值並不是最好的。但由於高槓桿率，他們稱之為高營運成本，當兩家公司都開始起飛時，這些公司的毛利率百分比變化最大。很多投機基金和對沖基金都投資了這些公司。有請下一位。

So the growing global reach, US Global ETFs now, in particular, JETS and GOAU are listed on the Mexican Stock Exchange. I went down to Mexico, made a presentation to family offices of about 150 investors. And we're seeing that also listed in Bogota, and Peru, and Chile that these the Colombian securities that we're getting more trading and more volume that is taking place in these particular products. It was interesting that in Peru, there was lots of more interest in SCA, the sea cargo shipping ETF. Next, please.

因此，隨著全球影響力的不斷擴大，美國全球 ETF 現在，特別是 JETS 和 GOAU 已在墨西哥證券交易所上市。我去了墨西哥，向大約 150 名投資者的家族辦公室做了一次演講。我們也看到，這些哥倫比亞證券在波哥大、秘魯和智利上市，這些特定產品的交易量越來越大。有趣的是，秘魯的人們對海運貨物運輸 ETF SCA 的興趣更大。有請下一位。

Well, there's another factor. There's an intersection with military spending, and AI, and data centers, and NVIDIA chips that's really important for investors that we're on a super cycle here for AI. There is no doubt about it, but there's also a fast spend, big spend into data centers and sourcing energy. In fact, the biggest spend in America right now for infrastructure is in sweet Abilene, Texas, whereas the $500 billion spend to build the biggest high-performance computing data center campus. And what's interesting is that 70% of that demand is for Open Chat GPT.

嗯，還有另一個因素。軍事開支、人工智慧、資料中心和 NVIDIA 晶片之間存在交集，這對投資者來說非常重要，因為我們正處於人工智慧的超級週期。毫無疑問，但在資料中心和能源採購方面也投入了大量資金。事實上，目前美國在基礎設施方面投入最大的是在德州的阿比林，而建造最大的高效能運算資料中心園區則花費了 5,000 億美元。有趣的是，其中 70% 的需求是針對 Open Chat GPT 的。

An Open Chat is a phenomena. Unlike -- I hear these people say, oh it's a bubble like -- tech bubble like 1999, and it's just not true. That tech bubble was eyeballs. This tech bubble, if it's a bubble, is because of cash flow and revenue. Open Chat has gone from basically nothing to $1 billion a month in revenue. And continues to grow along with the other big-language model companies like Perplexity, Grok, which is Elon Musk investment. And through a special purpose fund, we have a small investment in the growth in that Grok that's in the US global portfolio investments. And the only way to get that was to go through a special purpose. And it's illiquid, but it's growing, and it's just important to recognize that we believe that US Global, we were in a super cycle.

開放式聊天是一種現象。不像——我聽到這些人說，哦，這是一個泡沫，就像 1999 年的科技泡沫，但這不是真的。那個科技泡棉就是眼球泡棉。如果這個科技泡沫是泡沫的話，那麼它就是因為現金流和收入。Open Chat 從最初的幾乎為零發展到現在每月收入達 10 億美元。並與伊隆馬斯克投資的其他大語言模式公司如 Perplexity、Grok 一起繼續成長。透過專款，我們對 Grok 在美國全球投資組合中的成長進行了少量投資。而實現這目標的唯一方法就是完成一個特殊的任務。雖然流動性較差，但正在成長，重要的是要認識到，我們相信美國全球正處於超級週期。

And a super cycle is really important to grasp that the military spend because of what's happened in the Ukraine, and how the Ukraine had pushed back with creating a symmetry with drones for -- and using GPU chips. But these inexpensive drones basically been able to deter and push back against Russia. And President Trump, no mentioning of words of telling the NATO members of Europe and Canada got better Antipasto spending more money or they're going to [pull out of] NATO. And it's been a sea change.

超級週期對於了解軍事開支非常重要，因為烏克蘭發生的事情以及烏克蘭如何透過使用無人機和 GPU 晶片來創造對稱性。但這些廉價的無人機基本上能夠威懾和反擊俄羅斯。川普總統沒有提到告訴北約成員國歐洲和加拿大必須花更多錢，否則他們就會退出北約。這是一個巨大的改變。

The amount of money and what's happening in Europe is very profound. They're going to emulate America and create an industrial complex that parts will be made through all these different countries in Europe and basically being assembled in Germany, tanks, special weaponry, cannons, missile launchers, et cetera, et cetera. And so Germany is committed to up to 5% of their GDP. But that's a big number. You're talking, and that's going to be, when I do my other calculation is up to over $300 billion. And you take a look at a Sweden, all of a sudden there are 2%, who’s the strongest center, has been Poland. So next, please. So there is a big spend of the NATO members, and this is looking back, basically. But these numbers are just going to grow and there’s this continuous concern.

歐洲的資金數量和正在發生的事情影響深遠。他們將效仿美國，建立一個工業綜合體，其零件將由歐洲不同國家生產，然後基本上在德國組裝，包括坦克、特殊武器、大砲、飛彈發射器等等。因此，德國承諾將其GDP的5%用於此。但這是一個很大的數字。你說的是，當我做其他計算時，這個數字將超過 3000 億美元。看看瑞典，突然間就有 2% 的實力成為最強的中鋒，而波蘭就是其中之一。那麼，下一位請發言。因此，北約成員國的支出很大，這基本上是回顧。但這些數字只會成長，而且人們對此持續擔憂。

Well, a lot of this money is going to go into the satellites that's going to go into -- needed to use of NVIDIA chips to power these new drones or autonomous weaponry, autonomous submarines, autonomous vehicles, dogs that are autonomous that can go into high-conflict zones. It goes on and on with your imagination, but the spend is huge. But what you realize is that it has to go into data center, so that it has to go into -- because if you don't have high-performance computing data centers, then the drones don't work and the satellites. So all this stuff is all hyperlinked to each other. Next, please. We used to think it was just metal, iron, and steel, now it's a very different world. But this was NATO members projected defense spending and the numbers are quite substantial.

嗯，這些資金中的大部分將用於衛星研發——需要使用 NVIDIA 晶片來為這些新型無人機或自主武器、自主潛艇、自動駕駛汽車以及可以進入高衝突地區的自主狗提供動力。它會隨著你的想像力不斷延伸，但花費卻是巨大的。但你要意識到它必須進入資料中心，所以它必須進入——因為如果你沒有高效能運算資料中心，那麼無人機和衛星就無法運作。所以所有這些東西都是相互超連結的。有請下一位。我們過去認為它只是金屬、鐵和鋼，現在它是一個非常不同的世界。但這是北約成員國預計的國防開支，而且數字相當可觀。

The last number like for Canada is actually over $150 billion. And it's up faster than what this was printed out. Just to give you an idea of what's taking place. Countries like Poland became big spenders because not only from refugees come from Ukraine, but from Belarus. And they had to build a wall to protect illegals or (inaudible), or spies coming into sabotage NATO complexes within Poland. So Poland is very sensitive of Russian spies coming into the country. So you're seeing them put up a big spend. And what's interesting is that Greece is a big percentage of their GDP because they had no idea how to protect their borders when they had the Syrian crisis, and they were going from Turkey over to Greece. And how do they manage all of this was a game changer for them. So the US is projected to spend $1.5 trillion.

加拿大的最後一個數字實際上超過 1500 億美元。而且它的速度比印出來的還要快。只是為了讓您了解正在發生的事情。波蘭等國家之所以成為大手大腳的支出國，是因為難民不只來自烏克蘭，也來自白俄羅斯。他們必須建造一道牆來保護非法移民或（聽不清楚）或間諜進入波蘭境內破壞北約設施。因此波蘭對俄羅斯間諜進入該國非常敏感。所以你看到他們投入了巨額資金。有趣的是，希臘佔其 GDP 的很大一部分，因為在敘利亞危機發生時，他們不知道如何保護邊境，他們從土耳其轉移到希臘。他們如何處理這一切對他們來說是一個改變遊戲規則的關鍵。因此美國預計將花費1.5兆美元。

But what's the difference between what we're spending in China? China might spend 8% on soldiers, and healthcare, et cetera. Most of those going into armaments. Whereas 50% of NATO and US is on soldiers and the cost for healthcare and continuous care for these soldiers. So we are actually underspending relative to what China is spending. Next, please. The AI market is exploding. And will continue to spend 28% CAGR. And -- next please. So it's important to understand these big changes. And that's one reason why we went out and created our war ETF, but as AI to rebuild the military. So it has a lot of cybersecurity-related investments. Next, please.

但我們在中國的支出有什麼差別呢？中國可能會將8%的開支用於士兵、醫療保健等。其中大部分用於軍備。而北約和美國的 50% 則用於士兵以及這些士兵的醫療保健和持續照護費用。因此，相對於中國的支出，我們的支出其實是不足的。有請下一位。人工智慧市場正在蓬勃發展。並將繼續以28%的複合年增長率支出。有請下一位。因此，了解這些重大變化非常重要。這就是我們走出去創建戰爭 ETF 的原因之一，但作為人工智慧來重建軍隊。因此它有很多與網路安全相關的投資。有請下一位。

But what's really alarming is that ETFs have grown to be more in numbers than overall listed public companies. And talking to a retired former SEC senior lawyer is alarming, and that the SEC has to go and promote nuke IPOs, new companies coming public, the formation of capital because if that's not growing faster than M&A work. Then all of the sudden mutual funds became bigger than stock shares outstanding. And what you do see is that there are lots of mergers and there's lots of private equity coming in buying companies. So therefore, eventually starts impacting liquidity. The new administration is very pro turning up IPOs and creating capital for more public companies, which is positive. The ETF is really fasting.

但真正令人擔憂的是，ETF 的數量已經超過了上市公司的總數。與一位退休的前美國證券交易委員會高級律師交談令人震驚，美國證券交易委員會必須去推動核 IPO、新公司上市和資本形成，因為如果這些沒有比併購工作增長得更快的話。然後突然之間，共同基金的規模就變得比流通股數還要大。而你確實會看到，有很多合併，並且有很多私募股權投資進入收購公司。因此，最終開始影響流動性。新政府非常支持 IPO 並為更多上市公司創造資本，這是正面的。ETF確實快了。

What's happening there is the thematic ETFs are capturing more imagination. And not just an index that's really based on something by these index providers, but active ETFs have flourished. And that's something that we are really happy about and positioned to capture the growth. Next, please. So US ETF assets are approaching $11 trillion. Next, please. Now what's the time for small caps to run? Michael Gade is well known in Piper Sandler, like to say, the small caps are the unquestionable winner in August. But we saw that we’ve rose, but really nothing greater than the Russell 2000 small-cap index.

目前的情況是，主題 ETF 正在吸引更多的想像力。並且不僅僅是基於這些指數提供者的某些東西的指數，而且主動型 ETF 也蓬勃發展。這是我們真正高興的事情，並且我們已準備好抓住這一成長機會。有請下一位。因此美國ETF資產規模接近11兆美元。有請下一位。現在小型股的運作時間是什麼時候？麥可蓋德 (Michael Gade) 是派珀桑德勒 (Piper Sandler) 的知名人物，他常說，小型股是八月份毫無疑問的贏家。但我們看到，雖然有所上漲，但實際上並沒有比羅素 2000 小型股指數漲幅更大。

But it's related to what's the growth in assets. And I showed you earlier that when we had JETS go from $40 million to $4 billion in assets and HIVE go from $0.50 to $10 or some number like big number. Those big moves are in our balance sheet, but in particular, the growth in JETS that there is lots of sophisticated investors that trade our stock around the number of creators and fund flows. So they're looking at the total number of assets we have every month. And if they start to expand, then they want to belong. If they start to fall, then they want to be out. I was told by one small group that they do a bi-weekly what the overall asset picture is because it drives revenue.

但這與資產的成長有關。我之前向你們展示過，當我們的 JETS 資產從 4000 萬美元增加到 40 億美元，HIVE 資產從 0.50 美元增加到 10 美元或某個大數字時。這些重大舉措都體現在我們的資產負債表中，但特別是 JETS 的成長，有許多成熟的投資者根據創建者數量和資金流量來交易我們的股票。所以他們每個月都會查看我們擁有的資產總數。如果他們開始擴張，那麼他們就想要融入其中。如果他們開始下跌，那麼他們就想退出。一個小團體告訴我，他們每兩週做一次整體資產狀況報告，因為這可以推動收入。

That's not how we function. We're long-term investors. And we believe that we have great products. We have real conviction on the quality of the products we offer. And so they've been rigorously back tested before we put them in the marketplace. JETS has validated this concept of what we went out to create that was to be the New York Stock Exchange Global Airline Index. And even after fees has done that. And when we look at the airline industry, it is almost 9% of global GDP.

這不是我們的運作方式。我們是長期投資者。我們相信我們擁有優秀的產品。我們對所提供的產品品質充滿信心。因此，在我們將它們投放到市場之前，我們已經對它們進行了嚴格的回溯測試。JETS 已經驗證了我們所創建的紐約證券交易所全球航空指數這一概念。即使收取了費用，情況也是如此。當我們看航空業時，它幾乎佔全球 GDP 的 9%。

So where can you get a one product that's capturing 9% of their global GDP? Where can you capture another product that captures 80% of all global trade like sea. I think, these are really unique products. And I hope we have in England; it's called Trip. So it's basically JETS with additional of hotels and cargo and -- not cargo ships, but cruise liners because cruise liners are having incredible growth in revenue that people are still spending incredible [urus] amounts of money to go on cruises and same thing with airline tickets, the prices have not gone down. When I get analysts say, it's really interesting to share with you, Wall Street comes out and says, well the airlines are going to grow up 3%, but GFK Airport grew at 15%.

那麼，在哪裡可以找到佔據其全球 GDP 9% 的產品呢？在哪裡可以捕獲另一種像海運一樣佔據全球 80% 貿易的產品？我認為，這些都是真正獨特的產品。我希望我們能在英國擁有它；它的名字是 Trip。所以它基本上是增加了酒店和貨物的噴射機——不是貨船，而是遊輪，因為遊輪的收入正在實現驚人的增長，人們仍然花費巨額資金去乘坐遊輪，機票也是一樣，價格沒有下降。當我聽到分析師說，這真的很有趣，值得與你們分享，華爾街出來表示，航空公司將成長 3%，但 GFK 機場成長了 15%。

So how can the airport grow of traffic 15%, but the airlines are -- only grow 3%? And so there's a disconnect that there's always our negative narrative that's been going on for two years now that the airlines are going to fall apart, but they continue to defy and they're using AI to have pricing power of and how they move their jets along if they're going to cancel routes. It's done very quickly. So it's important for you to recognize, investors, that AI is a significant component for how airlines are managing supply, which then gives them pricing power. Next, please. Bull markets have lasted five times longer than bear markers on average. So I’ve watched this, I see this, and I listened to, and I read a Twitter and LinkedIn. And this is just potentially to look for the next crisis. So people can pat themselves, they call the crisis. But if it happens by the dip and hold on for dear life. That's basically what these suggest because it trades higher. Next, please.

那麼，為什麼機場的客流量增加了 15%，而航空公司的客流量卻只增加了 3%？因此，存在著一種脫節，即我們兩年來一直存在的負面說法，即航空公司將會倒閉，但他們繼續反抗，並使用人工智慧來獲得定價權，並決定如果他們要取消航線，他們如何調度飛機。很快就搞定了。因此，投資者們務必認識到，人工智慧是航空公司管理供應的重要組成部分，從而賦予他們定價權。有請下一位。牛市持續時間平均比熊市長五倍。所以我看過這個，看過這個，聽過這個，讀過 Twitter 和 LinkedIn。這只是潛在地尋找下一場危機。因此人們可以自我安慰，他們稱之為危機。但如果這種情況發生在低谷，請堅持住。這基本上就是這些建議，因為它的交易價格更高。有請下一位。

Warren Buffett highlights the value proposition of buying back one's own stock at a value-accretive prices. And it benefits all shareholders. It's very much a democratic process, democracy democratizing capital markets is not just for the biggest holders. And so he will retire at the end of 2025 at the age of 95 with $340 billion cash to invest. So I think it's interesting what he's done, but he was a big proponent of buying back stocks. So let me give you a quick recap. Next, please.

華倫‧巴菲特強調以增值價格回購自己股票的價值主張。這對全體股東都有利。這是一個非常民主的過程，民主化資本市場不僅適用於最大的持有者。因此，他將在 2025 年底以 95 歲高齡退休，手上擁有 3,400 億美元現金可供投資。所以我認為他所做的事情很有趣，但他是回購股票的堅定支持者。那麼讓我快速回顧一下。有請下一位。

So positive news, buyback authorizations have increased 19% year-to-date. So that has been another part about executives and Boards making decision to buy back their stock. Next, please. Why we buy back stock because we believe the stock has undervalued and therefore, buy back shares as we're long-term investors. And this is part of the company's two-pillar strategy to enhance shareholder value by paying dividends as well as buying back stock per year. Next, please. So per share repurchase program for the end of June 30, the company repurchased a total as 801,000 Class A shares using cash of $1.9 million, of which a lot of these proceeds came from being paid back on our debenture from HIVE. Next, please.

因此，積極的消息是，今年迄今為止，回購授權已增加了 19%。因此，這是高階主管和董事會決定回購股票的另一部分。有請下一位。我們回購股票的原因在於，我們認為股票被低估了，因此，作為長期投資者，我們會回購股票。這是公司雙支柱策略的一部分，即透過每年支付股息和回購股票來提高股東價值。有請下一位。因此，根據截至 6 月 30 日的股票回購計劃，該公司共回購了 801,000 股 A 類股票，現金為 190 萬美元，其中大部分收益來自 HIVE 債券的償還。有請下一位。

Those repurchases, as you can see, showing you that has steadily increased. Next, please. The dividends, the company pays a monthly dividend. That's a 3.66% yield, which is more attractive than any money fund. Next, please. Shareholder yield. This is the algorithm: dividends, plus buybacks, plus debt reduction, divided by market cap, is the overall shareholder yield. And next, please. Says that US Global, and the five-year treasury is 3.79%. Most dividend-paid stocks are based on the 3.79%, the 10-year is 4.24%, odds favor rates dropped this month. So what does that mean? Well, that's one other factor that people look at to move stocks around. But the shareholder yield is 9%.

如您所見，這些回購量一直在穩步增長。有請下一位。股息，公司每月支付股息。收益率為 3.66%，比任何貨幣基金都更具吸引力。有請下一位。股東收益。演算法是這樣的：股利加上回購加上債務減少，除以市值，就是整體股東報酬率。接下來有請。美國全球表示，五年期公債殖利率為 3.79%。大多數派息股票的股息率基於 3.79%，10 年期股息率為 4.24%，本月股息率下降的可能性較大。那麼這意味著什麼？嗯，這是人們考慮股票變動的另一個因素。但股東收益率為9%。

So we believe that GROW is an attractive buy. Next, please. We look to compare ourselves to WisdomTree, which is 100% ETFs, and Invesco, 40% of their assets are QQQ, and give an idea for relative multiples and what the rotations are for investors. Next, please. So I look for -- at 2025, the company has a steady cash flow despite volatile and challenging macro environments at the apathy for JETS is disappointing. And for gold, we believe that this turns on when a turn is very rapid. It just happens so quickly. And so we -- our assets are down from a year ago. So we ended up losing money, but we still keep deploying and building our plan because we believe that it just happens so quickly, fund flows and directional change.

因此我們認為 GROW 是一個有吸引力的買進選擇。有請下一位。我們將自己與 WisdomTree（100% 為 ETF）和 Invesco（40% 的資產為 QQQ）進行比較，並給出相對倍數和投資者輪換情況的參考。有請下一位。因此，我期待——到 2025 年，儘管宏觀環境動盪且充滿挑戰，但公司仍擁有穩定的現金流，而對 JETS 的冷漠令人失望。對於黃金而言，我們認為當轉變非常迅速時就會出現這種情況。一切發生得太快了。因此，我們的資產比一年前有所下降。所以我們最終虧損了，但我們仍然繼續部署和製定我們的計劃，因為我們相信資金流動和方向的變化發生得如此之快。

And so we believe that we'll continue to buy back stock on flat and down days and pay monthly dividends. And we have a strong business to do so. Next, please. Smart Beta investing is our quantamental investment strategy because it combines cutting-edge technology with robust data analysis to help optimize returns and manage risk effectively for our shareholders. It's a quant approach. It's back tested thousands of hours before we go and launch a product just like medical product is supposed to be tested over and over before unleased to the public. And we have the same sort of discipline. Next, please. GROW's investment is slowly drilling down to 8% convertible debenture of $1.5 million. And as the money comes in, we're redeploying back into the crypto ecosystem. Next Please.

因此，我們相信，無論股價平淡或下跌，我們都會繼續回購股票並支付每月股息。我們擁有強大的業務能力來實現這一點。有請下一位。智慧貝塔投資是我們的量化投資策略，因為它結合了尖端技術與強大的數據分析，幫助股東優化回報並有效管理風險。這是一種量化方法。在我們推出產品之前，它已經經過了數千小時的測試，就像醫療產品在向公眾發布之前也要經過反覆測試一樣。我們有著同樣的紀律。有請下一位。GROW 的投資正在慢慢下降至 150 萬美元的 8% 可轉換債券。隨著資金的流入，我們將重新部署到加密生態系統。有請下一位。

So it's -- we have $1.4 billion in assets. We have $1.5 million in annual operating revenue. The real important number is to get through $1.9 billion. We've seen this happen in a month. So as I said to investors that we've seen the redemptions slow down, we've seen the apathy slowdown -- and we think that with our thematic asset classes that we remain very bullish and committed to a long-term secular bull market. Next, please. Average assets under our management. As you can see that shift, that's really just the telling time of apathy not having bad products, but having good quality products out there, a sentiment we can't control. We can still control having a good product. Next, please. Quarterly earnings per share. Were definitely impacted marked by the tariff war for the quarter. It's improved this quarter ended June and hopefully it improves this next quarter.

所以——我們擁有 14 億美元的資產。我們的年營業收入為 150 萬美元。真正重要的數字是突破19億美元。我們在一個月內就見證了這種情況的發生。因此，正如我對投資者所說的那樣，我們已經看到贖回速度放緩，我們已經看到冷漠程度放緩——我們認為，憑藉我們的主題資產類別，我們仍然非常看好並致力於長期牛市。有請下一位。我們管理的平均資產。正如您所看到的，這種轉變實際上只是冷漠的體現，不是因為有劣質產品，而是因為有優質產品，這是我們無法控制的情緒。我們仍然可以控制擁有好的產品。有請下一位。季度每股收益。本季關稅戰確實為我們帶來了顯著影響。截至 6 月的本季情況有所改善，希望下個季度情況也會有所改善。

Historically, in the fourth quarter, airlines have a huge run. And usually, in September is usually a good buying, and they have a big run along with bull stocks. So we remain very positive going into the year-end. Next, please. Now I'm going to turn over to hardworking, our CFO, Lisa Callicotte, to give you a granular detailed analysis. I know I've been long-winded to talk about a macro theme of where we are and she'll give you a bottom-up analysis of financial analysis. Thank you, everyone, for being loyal shareholders. Lisa?

從歷史上看，在第四季度，航空公司的股價都會大幅上漲。通常，九月通常是買進的好時機，而且它們會隨著牛市股票的出現而大幅上漲。因此，我們對年底仍抱持非常積極的態度。有請下一位。現在，我將把時間交給我們勤奮的財務長 Lisa Callicotte，她將為大家提供詳細的分析。我知道我已經長篇大論地談論了我們所處的宏觀主題，她將為您提供自下而上的財務分析。謝謝大家成為忠誠的股東。麗莎？

Thank you, Frank. Good morning. First, I'll start with our slide 43 that has the financial highlights for our 2025 fiscal year. Average assets under management were $1.4 billion for the year ending June 30, 2025. Operating revenues were $8.5 million, and we had a net loss of $334,000 or $0.03 per share. Slide 44 notes our breakout of earnings. So we have operational earnings that consist of our advisory services (technical difficulty) and unrealized gains and losses on our investment holdings. But both of these are dependent and will fluctuate based on stock market forces. The next slides talk about more of our detail of our operations for the fiscal year ending June 30, 2025. Our operating revenues were $8.5 million for the year, which was a decrease of $2.5 million or 23% from the $11 million in the prior year. The decrease is primarily due to a decrease in assets under management, especially in our JETS ETF.

謝謝你，弗蘭克。早安.首先，我將從第 43 張投影片開始，其中介紹了我們 2025 財年的財務亮點。截至 2025 年 6 月 30 日的平均管理資產為 14 億美元。營業收入為 850 萬美元，淨虧損 334,000 美元，即每股 0.03 美元。投影片 44 顯示了我們的收益明細。因此，我們的營業收入包括我們的諮詢服務（技術難度）以及我們投資持有的未實現損益。但這兩者都相互依賴，並會根據股市力量而波動。下一張投影片將詳細介紹我們截至 2025 年 6 月 30 日的財政年度的營運情況。我們全年的營業收入為 850 萬美元，比前一年的 1,100 萬美元減少了 250 萬美元，降幅為 23%。下降的主要原因是管理資產的減少，尤其是我們的 JETS ETF。

Operating expenses for the current quarter were $11.4 million, a relatively flat compared to the prior year. On the next slide, we see our operating loss for the year ending June 30, 2025, is $3 million. And we had other income for June 30, 2025, of $2.7 million compared to $2.4 million in the prior year. This was an increase of approximately $329,000, mainly due to higher investment income in the current year. In the current year, we had lower realized and unrealized losses versus the prior year. Net loss after taxes for the year was $334,000 or a loss of $0.03 per share, which is an unfavorable change of $1.7 million compared to the net income of $1.3 million or $0.09 per share for fiscal-year 2024.

本季營運費用為 1,140 萬美元，與上年相比基本持平。在下一張投影片中，我們看到截至 2025 年 6 月 30 日的年度營業虧損為 300 萬美元。截至 2025 年 6 月 30 日，我們的其他收入為 270 萬美元，而前一年為 240 萬美元。這一數字增加了約 329,000 美元，主要原因是本年度投資收入增加。與前一年相比，今年我們的已實現損失和未實現損失有所下降。本年度稅後淨虧損為 33.4 萬美元，即每股虧損 0.03 美元，與 2024 財年的淨收入 130 萬美元或每股 0.09 美元相比，出現了 170 萬美元的不利變化。

If we move on to the balance sheet on slide 47 and 48, we see that we have a strong balance sheet and has high levels of cash and securities. And then if we go to slide 49, that notes our total liabilities. And these are consistent with prior year. The next slide is a detail of our stockholders' equity. At June 30, 2025, the company had a net working capital of $37.2 million and a current ratio of 20.9:1. With that, I'd like to turn it over to Holly, so she can discuss marketing and distribution initiatives.

如果我們看一下投影片 47 和 48 上的資產負債表，我們會發現我們的資產負債表強勁，而且現金和證券水準很高。然後，如果我們翻到第 49 張投影片，就會看到我們的總負債。這些與去年一致。下一張投影片是我們的股東權益的詳細資訊。截至2025年6月30日，該公司的淨營運資本為3,720萬美元，流動比率為20.9:1。現在，我想把時間交給Holly，讓她討論一下行銷和分銷計劃。

Thank you, Lisa. All right. This first slide in my section showcases our ongoing dedication to delivering original timely market insights to our YouTube and TikTok channels. Video content remains one of the most powerful tools for educating and engaging both new and existing shareholders. But if you haven't already, we'll strongly encourage you to explore our YouTube channel. All right. On the next slide, I'd like to spotlight several recent interviews featuring Frank Holmes from the past quarter, including appearances on the Seeking Alpha podcast, Premarket Prep, FOX Business Television and other major platforms. Earned media remains a cornerstone of our marketing strategy, giving us the opportunity to share timely insights and thought leadership across a range of thematic sectors. We regularly amplify these appearances on our social media channels such as X and LinkedIn, and we featured them throughout our website content too. All right, on the next slide.

謝謝你，麗莎。好的。我部分的第一張幻燈片展示了我們持續致力於為我們的 YouTube 和 TikTok 頻道提供原創的及時市場洞察。影片內容仍然是教育和吸引新舊股東的最有力工具之一。但如果您還沒有，我們強烈建議您探索我們的 YouTube 頻道。好的。在下一張幻燈片中，我想重點介紹弗蘭克·霍姆斯 (Frank Holmes) 在過去一個季度接受的幾次採訪，包括在 Seeking Alpha 播客、Premarket Prep、FOX 商業電視台和其他主要平台上的露面。贏得媒體仍然是我們行銷策略的基石，它使我們有機會在一系列主題領域分享及時的見解和思想領導。我們定期在 X 和 LinkedIn 等社群媒體管道上擴大這些內容的曝光度，並且我們也在我們的網站內容中重點介紹它們。好的，請看下一張投影片。

Our war ETF launched about nine months ago, and we continue our outreach and marketing efforts for this unique product. And we actually just published a white paper this week on defense spending and the ETF itself. And that can be found on usglobaletfs.com or to e-mail us at info@usfunds.com, I will send you that link. All right. On the next slide, I also want to quickly announce a few webcast we have in September, both of which you will be able to access a replay for. One is September 10 where we will be teaming up with the [fun] ETF team out of Europe to discuss our UCITS Travel ETF, ticker symbol T-R-I-P or TRIP. Secondly, on September 25, Frank Collins will do a virtual webcast highlighting clear trade in the markets right now and specifically, why not going to be a good time to look at exposure to defense and gold.

我們的戰爭 ETF 大約在九個月前推出，我們繼續為這款獨特的產品進行推廣和行銷。事實上，我們本週剛發布了一份關於國防開支和 ETF 本身的白皮書。您可以在 usglobaletfs.com 上找到該鏈接，或者發送電子郵件至 info@usfunds.com，我會將該鏈接發送給您。好的。在下一張投影片中，我還想快速宣布我們在九月的幾次網路廣播，您都可以觀看重播。一個是 9 月 10 日，我們將與歐洲的 [fun] ETF 團隊合作討論我們的 UCITS 旅行 ETF，股票代碼為 T-R-I-P 或 TRIP。其次，9 月 25 日，弗蘭克柯林斯 (Frank Collins) 將進行虛擬網路直播，重點介紹當前市場中的清晰交易，特別是為什麼現在不是關注國防和黃金投資的好時機。

All right. On the next slide, we always like to recap the most read Frank Talk blog post during the most recent quarter. So as you can see here, the top themes focused on defense spending and tariff wars along with the attractiveness of gold. So again, that perfectly aligns with our webcast on September 25, that we hope you'll tune in. And we hope you'll keep reading the Frank Talk Blog. Thank you.

好的。在下一張投影片中，我們總是喜歡回顧最近一個季度中閱讀最多的 Frank Talk 部落格文章。因此，正如您在這裡看到的，主要主題集中在國防開支和關稅戰以及黃金的吸引力。再次強調，這與我們 9 月 25 日的網路廣播完全一致，我們希望您能收看。我們希望您能繼續閱讀 Frank Talk 部落格。謝謝。

All right. Finally, on my last slide, I do encourage all of you to follow US Global Investors on social media. We're on Twitter, or X, LinkedIn, YouTube, Instagram, and Facebook. So wherever you prefer to get your news, be sure to check us out. This was your up-to-date with what's going on not only with growth but our funds and, of course, the broader market insights. All right. As a reminder to our audience, if you have any questions today, please feel free to e-mail those to us at info@usfunds.com, and we will gladly follow-up with you and get anything clarified that you may need more information on.

好的。最後，在我的最後一張投影片上，我確實鼓勵大家在社群媒體上關注美國全球投資者。我們在 Twitter、X、LinkedIn、YouTube、Instagram 和 Facebook 上。因此，無論您想從哪裡獲取新聞，請務必查看我們。這不僅能讓您了解成長情況，還能讓您了解我們的資金狀況，當然還有更廣泛的市場洞察。好的。提醒我們的觀眾，如果您今天有任何疑問，請隨時發送電子郵件至 info@usfunds.com，我們將很樂意與您跟進並澄清您可能需要更多資訊的任何內容。

Thank you so much for tuning in today. That concludes our webcast summarizing fiscal year 2025.

非常感謝您今天的收聽。以上就是我們對 2025 財年的網路直播總結。