And war, which is basically AI for the rebuilding of military, it's had a spectacular year. I think it's over 12 months now, it's up over 50%. So, it's done what it should have done, which are based on our models. So, we're happy with that. And Jeff's just confused to fly over all the negative narrative. It falls short term with rising negative sentiment, like the war in Iran. And immediately, you start to see the airlines this past quarter coming out with numbers far, far superior to global GDP, domestic GDP. So, I think that the airlines are in a sweet spot of being almost a leading indicator for global economic activity like sea. Cargo carries 80% of all commodities and finished products, heavy big products, and it really captures the arteries and veins of global travel. world trade, whereas chess is global travel.

May 14, 2026 / receipt, needs a key / Frank Holmes, CEO | earnings call 2026-05-14 | transcript a126ec21-742b-4624-ab14-b8b0213eb0a9 | chars 14360-15189 | segment 14

But I can share with you it's booming in Europe and in Asia. And you can see the travel industry ETF list on the London Stock Exchange. It's up 8.5%.

Nov 13, 2025 / receipt, needs a key / Frank Holmes, CEO | earnings call 2025-11-13 | transcript 716f6f5e-b088-4d9c-8044-7128db6723f7 | chars 11247-11396 | segment 11

And these were partially offset by a decrease of 93,000 in our general and administrative expenses, primarily due to lower ETF and travel costs.

Nov 13, 2025 / receipt, needs a key / Lisa Calicott, CFO | earnings call 2025-11-13 | transcript 716f6f5e-b088-4d9c-8044-7128db6723f7 | chars 20557-20701 | segment 21

And what we have in England is called Trip. So it's basically jets with additional hotels, and cargo and not cargo ships, but cruise liners, because cruise liners are having incredible growth and revenue that people are still spending incredible oodles amounts of money. to go on cruises. And same thing with airline tickets. The prices have not gone down.

Sep 9, 2025 / receipt, needs a key / Frank Holmes, CEO | earnings call 2025-09-09 | transcript dba8f29c-fa7f-4730-a2dc-fb05bb455dbb | chars 21643-21999 | segment 20

One is September 10th, where we will be teaming up with the HAN ETF team out of Europe to discuss our USITS Travel ETF, ticker symbol TRIP or TRIP.

Sep 9, 2025 / receipt, needs a key / Holly, other | earnings call 2025-09-09 | transcript dba8f29c-fa7f-4730-a2dc-fb05bb455dbb | chars 31624-31771 | segment 30

And with that, in that journey, we have created three ETFs because that's the new technology in the Mutual Fund 40 Act industry. And they've been related to our global travels. But it's always, as Holly said, a smart beta 2.0, which means that you have very quantitative, regressional work that's a minimum of 10,000 hours of studies going back over a decade to look at what is the ideal portfolio construction for up and down cycles in the economy and what are the industry cycles. Specific factors that you start our best for stock picking and you try to create a portfolio that recalibrates every quarter.

Nov 8, 2024 / receipt, needs a key / Frank Holmes, CEO | earnings call 2024-11-08 | transcript 0cbc837e-262f-43e1-a5d9-a277601199c3 | chars 6359-6967 | segment 6

So U.S. Global announces the merger of Europe Domiciled Airlines ETF into travel usage ETF called Trip on the London Stock Exchange. We're excited about this.

Sep 11, 2024 / receipt, needs a key / Frank Holmes, CEO | earnings call 2024-09-11 | transcript bdb89cdc-d5c8-472a-ae3a-a026472790c8 | chars 14510-14668 | segment 15

Directors are reimbursed for reasonable travel expenses incurred in attending the meetings held by the Board of Directors.

filing / Sep 3, 2026 / receipt

Based on that evaluation, and because of the material weakness in internal control over financial reporting described below, the CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026.

filing / Sep 3, 2026 / receipt

Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2026.

filing / May 13, 2026 / receipt