U.S. Global Investors, Inc.

Good morning, everyone, and thank you for joining us today for our webcast announcing U.S. Global Investors' results for the third quarter of fiscal year 2025. As you can see on slide number two, the presenters for today's program are Frank Holmes, U.S. Global Investors' CEO and Chief Investment Officer, Lisa Calicott, Chief Financial Officer, and myself, Holly Schoenfeld, Director of Marketing. Moving on to slide number three, 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. Please refer to our press release and corresponding Form 10-Q filing for more detail on 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 U.S. global investors accept no obligation to update them in the future. All right, let's move on to slide number four. As always, we appreciate our loyal shareholders. If you'd like one of our signature USGI hats featured here on the slide, simply email us at info at usfunds.com with your mailing address, and we would be more than happy to send a little USGI swag your way. All right, moving on to the next slide, I will briefly review the company for anyone new here. U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantum mental strategy to create thematic smart beta 2.0 products. The company was originally founded as an investment club, becoming a registered investment advisor 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. Finally, we are experts in thematic investing, in particular, gold and precious metals, natural resources, airlines, and luxury goods, all using a quantum mental approach that includes both macro and micro factors. Let's move on to the next slide. This is a graphic we often start all of our presentations with, titled the DNA of volatility. It serves as a helpful reminder for investors that market fluctuations are a natural part of asset behavior over time. At this point, I do want to hand things over to our CEO and CIO, Frank Holmes, who can dive deeper into the macro overview of the past quarter. Frank, over to you.

Thank you, Holly, and thank you for all of our loyal investors. during a challenging time in this realm of capital markets, which is so different than in the crypto world. And I'm going to give you some more color on that in the presentation. But let's just talk about now this DNA of volatility. What's important here is that 70% of the time, approximately, it's a non-event for gold and the S&P to go up or down 1%, and over 10 days, plus or minus 3%. We update this data because if we go back to prior 2008, the volatility daily of gold was greater than the S&P, and 10 years, even much more so. So we also found that growth volatility was much more with gold stocks, And that volatility was using three to one. But capital markets change over time, and ETFs and arbitrage between shorts and shorting individual names going along with ETF, all of these sort of arbitraging out information flow changes the volatility. But what I want to point out here is that our volatility of growth is pretty well what the S&P 500 and bullion is. It's less than the Dow Jones US Asset Managers Index over 10 days. And I found that most interesting why that's evolved this way. Because if I go back a few years ago when stock ran up to $12, a lot of it was in 2021 was Bitcoin being early adopters into the Bitcoin ecosystem by the co-founding the creation of Pi Digital. And high DNA volatility back then was plus or minus like 7%. And so our big holding, we were moving now with whatever Bitcoin was doing in the crypto mining space. But that's changed. And so that's why it's important that when you look at holdings and what we're doing and what our volatility is and how it relates to the underlying assets and our investments, what's most interesting And this last year, this time, is a strategy Michael Saylor's ETF basically has become. It's a stock, but that stock is also a single purpose, and they're writing against it for the income, plus all the conversions done, where they go borrow from the ETF, they go short the stock to do the convertible. There's just so much trading around that name, and that volatility is actually greater than what the Bitcoin is. So that's what I'm trying to point out to you as an investor. When you look at risk and you're looking at volatility, is to recognize what is our biggest asset base that's underneath us. It can impact our earnings and revenue. Next, please. I want to thank the shareholders, like I mentioned earlier, but especially long-term shareholders like Parrot Capital and recently Gator Capital Management. Next, please. I own approximately 19% of the company and approximately 99% of the voting control. That voting control is all has to do with rules of SEC 40 Act investment advisory rules. So, that I still have to have independent directors, which I have for the company and being public on NASDAQ. Next, please. Strategy and tactics. Most important is strategy and can we execute on it. Well, to create thematic products that are sustainable using a smart beta 2.0 requires rigorous backtesting for thousands of hours. And it's proven itself with jets in particular. We went to beat the New York Stock Exchange Global Airline Index, which we've done after fees. And that discipline is basically to rebalance your portfolio every quarter and recalibrate looking for unique business model or you're looking for about 60% seems to be the 70% focus on factors that are momentum. Who's got the fastest growth in revenue out of the universal stocks and who has the fastest growth in EBITDA and cash flow. And then you want to look at the remaining part, who offers the darker dust to the deep value discount. And usually, that's a high free cash flow yield. and a debt-to-equity ratio that's less than industry. So that's what we do, and we're happy to see that it's been working out for our funds. It's an interesting way. We know that the crop world itself is high-frequency. It's an arbitrage of information. On average, it's less than three days. Holding something for three quarters is next to impossible, and for three months, is also, but when you're a mutual fund or ETF, even if you're active, you get criticized for having that high frequency volume trading and transactions, etc. So, for me, it was trying to figure out something that was quant-based, that had a macro overlay, and also bottom-up stock picking factors, and that also recalibrated. So, I'm happy to share with you. It works, and we're going to continue to expand and grow with that. Because our mission is to make people feel happy financially and secure that when they buy one of our products, they can manage expectations and deliver something that they thought it would deliver. And we are trying to create a product that is unique and special in a theme that we think has long-term growth to it. Strategic buyback of stock as we continue to do that, flatten down days. Manage to preserve cash for future growth opportunities and market collections. Merger M&A activity to acquire funds. Grow our subscriber base and followers. And now we're going to start increasing our exposure back to the Bitcoin ecosystem. We had a unique convertible to venture with Hive, and that's slowly being paid down. The 8% coupon is going away, and we want to deploy the remaining capital back into Bitcoin. And also to back into Hive, because we believe that Hive has a very unique growth opportunity, which has been very public about, and that has been the four times increase in its Bitcoin production this year. So we think that it's deeply undervalued, and we remain very bullish about Bitcoin. Next, please. So for the long term, you can see here, we've outperformed the Russell microcap index. So we're happy with that. But we'd be happier if we had stronger in the short term. And that's predominantly because the apathy and the discouragement of the industry and the great worry that we kept listening to about the airline industry, and we experienced jets being redeemed and we're scratching our head because we've got some of the airlines we own, like United was up 130% last year, and they continue to do well. The airline industry, I'm so surprised the negative narrative that comes out of Wall Street, that it's a cyclical business, and I'm going to share with you it's not. If you want to go and get more granularity, go to our presentations. The airline industry used to have a high season, low season pricing. Same with hotels. It's now high season and very high season. It is still very expensive. And what's happening is that AI is not just for Las Vegas, they're using it for managing flights and managing that, like luxury goods, managing supply. And I think that this industry has tremendous pricing power and the psychology of of society due to COVID as more pent up to want to travel. And this has really become evident in Europe where the influx of people want to go to museums and parks, that cities like Venice and Barcelona are charging a fee. And these cities are becoming like fanatic parks, like going to Disney World to go visit, and you have to pay $100 to get in. And if you want the family luxury package, it's even more. It's very expensive. mayors of Barcelona and Venice have said that they need this tax, and it's to repair the roads, and there's just so much traffic. And interesting, there's a park in Barcelona that Godi had designed, the famous architect and his architecture. And is so unique and special. And this park oversees Barcelona. It was always free. Today, it's like 20 euros. And you have to book online. It's now become a Disney park. And the locals are able with a special pass, et cetera. They never have to pay because that's where they stayed, especially during COVID. But anyone else wants to see it to repair the park because the tourism is so big. It's recognizing that this tourism is not going away. Next, please. So I believe the airlines industry will go from being characterized as a cyclical business to more of a growth business. And I've been early on these things before, just like we were on Bitcoin. We couldn't launch a Bitcoin ETF in 2017. So we seeded and co-founded the first crypto mining company to go public called Hive. So this is a the journey of JETS led us over to England to get listed, and then the opportunity was to keep something that had a broader universe in travel, and that was Trip. And so, we merged our JETS ETF with another group that wanted to get out of the business, and we're very happy with this. It's also the first active ETF to be in the London Stock Exchange. It's very much like JETS. It's very smart beta 2.0, even though it's called active, and it has a broader number of names because it includes the industries of cruise lines and hotels, whereas the JETS product that's listed on the New York Stock Exchange and Mexico City and Bogota and Lima, that product is very much more focused around the airlines themselves and airports and airline manufacturers. Next, please. So, I mentioned earlier, initiative strives to increase its investments. We have $7 million coming back from Hive. Used to be much higher. So, we want to refocus on the Bitcoin ecosystem. There's many factors, such as it'll become a regulated industry. There'll be regulations coming out. The administration is pro-Bitcoin. So, I think that it's a much more safer process to go down. a channel that even banks now are allowed to own Bitcoin. And things are really changing rapidly under President Trump and the regime. So I think it's very positive for the crypto industry. And so we plan to increase our exposure, like a dollar cost program for Bitcoin, ETFs, Bitcoin, and invest in high shares. Next, please. war etf looks position the benefit of the rising geopolitical risk that relates to our latest atf uh called war it's the ai application to to build up against cyber security attacks and military uh it's really the spread of china um we're very happy because we create this model it outperforms all the other um security uh type of uh defense ETFs before we launched the product with extensive backtesting. And year to date, it's held its ground. It's not down, whereas the overall market has really taken it on the chin and expanded its volatility ever since President Trump started going after countries on creating a tariff war. Next, please. Gold or darling, recent trade-off of gold stocks, the correlation is so high, and I want to try to point out that this century, you can see that the annual average gold price has been up 84% of the time. it's outperformed the S&P 500. It just shocks people when they just like they don't want to believe how great of an asset class this has been. And it's only going to get better as we go forward for several reasons. But here's what's important is that the modern monetary theory is a mechanism of this printing money. And since I've really started to grasp with politicians and government agencies around the beginning of this century, we've seen gold do phenomenally well. We can see that we see 9-11 triggered gold rising, but would also trigger growth in military spending. And then with Russia, going into Crimea and then going back and then showing that they're not going to change and invading Ukraine, that's had a significant impact on gold as an asset class and central banks becoming skittish and paper money, the way the printing of paper money has exploded. at the G20 countries, and we're going to take a look at India and China, who are collectively 40% of the world's population. Their money supply, M2, has jumped almost up to 10% growth. So, that only bodes well for gold, and I think we're going to continue to see that as central banks are buying. It's also going through under Basel III, which is the international banking regulations for the big money center banks. The physical goal is going to all of a sudden be treated as Tier 1, which is called high-quality liquid asset, meaning it could be counted as full market value alongside with government bonds and cash when calculating that bank's liquidity coverage ratio. This became something that was very significant in 2008 banking crisis. And gold, as we've seen, it really, this idea raises the status from a risky commodity to a safe liquid asset, making more attractive for banks to hold. And when I first moved to taxes in 1990, it was nothing but negative on gold. Even though it was known for gold funds, and we had great gold fund performance when gold was up that year, it was always dealing with this gold is a high-risk commodity. It's bad. But it's now we're early. And I'm going to say to share with you 35 years early on that sort of journey where I really think that gold is the 10% golden rule is going to grasp with investors and institutions and now with the banks being encouraged. It also impacts Basel III, an emphasis on physical gold, not gold ETFs. We saw this for sort of Germany that you get taxed differently if you had physical gold versus if you had a gold ETF. And so, they really want people to have in their hands physical gold. So, this idea really legitimizes gold's role as a financial safe haven. And I think that we're going to see gold, like I mentioned a couple years ago, go to 4,000. Well, it's almost there. I think it goes to 6,000 by the end of Trump's presidency. Next, please. So gold mining stocks are outpacing the physical, and it's really odd. It's happening, but nothing like it used to happen before. Used to get those two-to-one run with gold stocks taking off or when gold's taking off. And there seems to be, like we're seeing in the airlines, one of the big parts, the biggest cost the airlines have is falling oil prices. Well, that was a big thing we wrote about, talked about last year, and the airlines were up much more than the S&P 500. And there's falling oil prices. Well, oil prices fell again this quarter. So, therefore, they're more profitable. But there's an apathy. There's an apathy towards the airline industry, even though all the flights are packed. And that's just a psychology. I don't know directly. And honestly, we all respect it's annoying and frustrating. because we're picking good quality stocks. And the same thing, now it comes to the gold stocks. But you can see, in particular in the first quarter, that the gold mining stocks are on a tear. Next, please. Well, a lot of this stuff happens within, like we say, the 50-day moving average. And what we saw is that gold starts trading to an all-time new high when Trump first went after Mexico and Canada around Valentine's Day. And that first move, all of a sudden, you started seeing gold rise above its 50-day moving average. And then we saw gold go through another big change was the liberation day, where it slightly sold off, and then, boom, it just charged up to all-time highs. So having a 10% weighting in gold, it's just prudent, and it's shown up for those decades. It's shown it for this century, and it's shown it this quarter, this year. So, we think that with Basel III as a backdrop for institutions that we're going to get a greater interest in gold, and our gold funds will all of a sudden start to get a different flow. Next, please. Now, this is just to give you an idea how bearish people are. gold stocks conundrum. We're seeing the largest gold equity ETF, the VanEck gold miners, it's got redemptions, even though the price of gold is going up, even though the price of gold is making all-time highs. Why would you be doing this? And so it doesn't make sense that people are happy seeing gold stocks make an all-time high, but they're going to redeem because no one believes. They It's, I've never seen, but it's not just gold. It's also the airlines. Next, please. So, another sort of that gold is rising, but redemptions are rising. And this is, it's very weird. We're not experiencing that with our gold AU. It's pretty well flat during this time period, but in talking to some, the owner of, the GDX and GDXJ was commenting that a lot of hedge funds were short periods gold names, and they were long the ETF of the pairs trade. And as gold stocks continue to roar, and they're offside, they start covering. So that's why they think the redemption is coming from that. But I think it's a lot of just apathy towards the stock market. Next, please. So gold mining stocks are trading at multi-year high. Well, but that's strange, isn't it? It goes 3,500, and really, they're trading at the same level, and they were 1,500. So, these stocks are just charging with free cash flow, high free cash flow, something they've never had. But I've been writing that in the past two years, it's been slowly rising that the universe of almost 90 gold producers we follow around the world, that there were 70 of them that had free cash flow yields. and made them high free cash flow yields, higher than the overall S&P 500. And so now these numbers are coming up for this past quarter. They're going to be just massive. In the quarter we're in right now, we're going to have back-to-back huge growth in revenue and cash flow and earnings. Next, please. This is a simple ratio taken in the New York ARCA Gold Miners Index by the S&P 500. And it's always been recommended that you have a weighting in the sector. And when you look at the EPS, they used to have at one time something like 6% was weighting. and it fell down to half a percent, and really, it started to nudge higher, but it's still deeply undervalued relative to the overall S&P 500. So, I remain very bullish about the future for our products and just weathering through this storm of apathy due to the tariff battle that's taking place. Next, please. I love IBD because of their cancer model that is very agnostic towards industries, but they capture industry themes when they start to take off. And what's really important for me to share with you is in 2003, we had the same thing where the gold stocks were taking off. The only difference is back then, we would get some days $50 million coming into our gold funds. That's not happening today. And it's not going into the GDXJ. So, there's something that's very weird, but they are showing up where they have growth in momentum in their revenue and their earnings, and it's being picked up by IBD and the stock prices of these names. So now we have something like 20% of the 50 names that gets updated every week are gold stocks. And we own the majority of these names in our funds. So it's positive that we see this as a great backdrop that when the world sort of wakes up to gold, that it's a long-term secular trend, these stocks will go through a big rewriting phase. Fear of tariffs, money market funds seem to see increase. I'll use this as an example, Vanguard's money fund, seeing how much money came in with Trump's battle from Valentine's Day to Liberation Day on April the 2nd. Just fund flows really start going into an understock market. Next, please. Warren Buffett retires. One of the most brilliant guys. He retires with almost $345 billion in cash. 94 years old. What an amazing GARP investor. And I want to just sort of tip my hat to him. But also remember, he has a big cash position looking for sell-offs to buy. Next, please. Positive news, I'm giving this because the stock buybacks are back, even though there's a tax imposed by the previous administration on buyback stocks, because they sold off. We saw a drop in 2024 by a combination of the stock market soaring to new highs. And this is now a sell-off, and we're starting a repositioning of people buying back stock. Even the gold stocks, Newmont is not buying other gold mining companies or expanding their exploration. They're buying back their stock from all their free cash flow. Next, please. So, why we buy back our stock? Well, the company, we believe that stock is undervalued, and therefore, we buy back shares of growth when the price is flattered down from the previous trading day using a basic algorithm. And this is part of the company's two-filler strategy to enhance shareholder value by increasing the dividends as well as buyback stock. And with this overall apathy, we just continue to increase our positioning of our buyback stock. I think that when we start to see various industries that we're in receive a positive news from fund flows that we may change that position of our stock we're buying, but it's trading at a very, And yes, we lost money because of the change in our asset base because of the stock market's concerns on tariffs. But I think over the next 60 days, we'll probably get a bottom to this. Next, please. So, the current repurchase program for the three months ended March 31st, 2025. The company repurchased a total of 187,987 units. seven Class A shares using cash for approximately $454,000. Next, please. So the repurchase program shows you that it's increased and it continues to increase. As the stock goes lower, then we'll buy back more. Next, please. The company has paid monthly dividends since June 2007. The current yield works out to about 4.13%. It pays monthly. Next, please. So, this thing about shareholder yield, I think it's just a brilliant way of looking at companies that are paying down their debt, buying back the stock, and paying dividends and increasing their dividends. One of those three factors are really important for driving overall value for market cap. Next, please. Shareholder investors are committed to returning value to shareholders. So we like to do this comparison to five-year treasury yields because dividends are really important. The five years where they gauge you on your dividend yield as a whole, 10 years predominantly, the coupon they pay there is a tradeoff for funding for building a data center or building a building. You're going to get bank lending. It's always a discounted cash flow for 10 years. But dividend-paying stocks is five years. So, when you look at us buying back our stock and what our dividend yield is today, that's a total shareholder yield of 10.53%. So, we think it's a very attractive investment looking for a bottom in this cycle. And we continue to invest in the R&D for our SmartBeta 2.0 themes. Next, please. Relative valuations, always important as a money manager. And it's unique, the spectrum here, and it rotates. If we go back a couple years ago, our wisdom tree, we had a higher return on assets. They now have a higher, which you can understand with the change in asset structure and our 8% convertible bond being paid down, that additional income, it affects your return on your assets. But our pre-tax margins help the baseline. in these assets. And you can see this with Invesco. Invesco has QQQ, a beast, over $300 billion product, which is 40% of their assets. And they've sold off along with the QQQ. And the dividend yield is now 6%, which is greater than what a five-year bond is. So I think that from a Current income looks pretty attractive, if you believe, like Warren Buffett is. And if you're an ultimate investor, believe in America, build your cash like you did last year in the first quarter, and look for something to buy when it sells off. But buy the dip and hold on for dear life, because America is the greatest country in the world. Well, the QQQ covers NASDAQ. So I think that it makes these companies look quite interesting. Next, please. A look at Q3 2025, the company has steady cash flow despite challenging macro market environment, which I've gone through. The company has a strong balance sheet, which includes cash and other investments. And three, the company continues to buy back stock on flat or down days and pays a monthly dividend. I think that makes it unique and special. And we will get through this where we think that we'll go through the re-rating. And we also remain that we feel that the high position is slowly being paid down. that we need to be repositioning the Bitcoin ecosystem. The politics has changed, and we think that the Bitcoin adoption will continue to grow. Next, please. Smart beta 2.0, I think I pretty well covered that it's really an important fundamental investment strategy that it requires robust amount of hours. And you have to look at it all the time, because when you do the quarterly rebalancing, The data pulls by third party and ourselves are always different. And the data pull from Bloomberg or FactSet, you have to check it every quarter. So there's an ongoing vigilance on picking the stocks and creating that portfolio. So we don't think it's a black box. You sit back and do nothing once you buy your basket of names. It's the opposite. Next, please. We have a investment in high digital, and from $15 million, we have down to $2.3 million left. It's paid off quarterly. It's an 8% convertible. And so, that's, as this money is coming in, we'll redeploy in the Bitcoin ecosystem. Next, please. So, ROSE 218, $1.4 billion in assets, $2.1 million of fully operating revenues. Next, please. So, as you can see, our earnings are down. This is going to give you more color and granularity on it. But a lot of it has to do with the sort of the fears of the airline industry and the fears of gold stocks that they're not going to be sustainable and gold, whatever it is, is the apathy. I've seen it before, so I believe that we'll claw through this. We're a lean machine of less than 25 employees. And we know that at any moment, these products can go, like Jeff's went from 150 million or 140 million down to less than 50 million, then up to 4 billion. And then now it's down to just under a billion. So you just have to realize that that's just the volatility and a lot of sentiment. And during that whole period, we'll make sure that we're always picking the best of breed stocks. Next, please. We just celebrated JETS being 10 years. We had the opportunity of going to the New York Stock Exchange and sharing that with other people. So, it was a great trip. Next, please. Now, the brains and hardworking Lisa Kallikop is going to give you a financial analysis of what took place. So, I turn it over to Lisa.

Thank you, Frank. Good morning. First, I'll start with our financial highlights. Our assets under management were 1.4 billion to the quarter, and our operating revenues were 2.1 million, and we had a 40 million net loss of 382,000. The next slide talks about a breakout of our earnings. We have operational earnings, which consists of our advisory services, and so we also have other earnings. that consists mainly of realized and unrealized gains and losses on our investment holdings. But both of these are dependent on the market and will fluctuate as the market does. On the next slide, we'll see more detail about our operations, the quarter ending March 31st, 2025. Here, we see that the operating revenues were 2.1 million for the quarter, and this is a decrease of 490,000, or 19%, from the 2.6 million in the same quarter last year. The decrease is primarily due to decreases in assets under management, as Frank discussed, and especially in our JET CTS. Operating expenses for the current quarter were 3 million. This is a decrease of 85,003%, primarily due to a decrease in general administrative expenses of 281,016% due to lower fund expenses. The GMA increase was somewhat offset by an increase in advertising of 146,000, primarily attributable to increasing efforts to grow our assets under management. On the next slide, we see our operating loss for the quarter was 893,000, or an unfavorable change of 405,000 compared to the same quarter last year. Other income increased 120,000, though. That was due to net realized and unrealized losses on equity securities at 50,000 in the current quarter versus 231 in the same quarter in the prior year, which was a favorable change of 180,000. Net loss after taxes for the quarter is 832,000, or 3 cents per share, which is an unfavorable change of 347,000 compared to our net loss of 35,000, the same quarter for fiscal year 2004. And then, on the next couple of slides, you see our balance sheet. We have a strong balance sheet with high levels of cash and security. Then, on slide 45, we see we still don't have any long-term data. And on slide 46, you can see our stockholders . The company has a net working capital of 37.5 million and a current ratio of 21.7 to 1. With that, I will turn it over to Holly to discuss marketing and distribution. Thank you, Lisa. Okay, the first slide in my section highlights our continued commitment to sharing original, timely market insight on YouTube, as well as TikTok. Videos are one of the most effective ways to educate and engage both new and existing shareholders. So, if you haven't yet, we highly recommend checking out our YouTube channel. And on the next slide, this is our latest in-house video, which we think shareholders will find both insightful and timely. It ties in well with our war ETF and the ongoing focus on the defense sector right now. This video actually covers President Reagan's strategic defense initiative, or better known as Star Wars, so check that out when you have some time. Then on the next slide, These are just a few of the upcoming conferences where the U.S. global investors team will be participating. First up is Wealth Management Edge that happens in June, where we'll be engaging with RIA, engaging with the media exposure, and connecting with potential shareholders. And then in July, we will be at the Rural Natural Resource Symposium, which is hosted by Rick Ruhl. And while we are there, we are going to have a modest booth presence, and we're especially excited that our Gold Fund manager, Ralph Aldis, will be speaking on the Investing Legends panel alongside industry leaders like Frank Giustra from Fiore Group, Rob McEwen from McEwen Mining, and Jonathan Goodman from Vendi. Moving on to the next slide. I want to point out that the Frank Talks blog continues to expand its third-party distribution, and now you can sign up to receive it on Substack. And this platform has around 20 million monthly active subscribers. On the next slide, we always like to recap the most read Frank Talks blog posts during the quarter. So, as you can see here, the top themes focus on tariffs, trade wars, and then gold. And honestly, all of those are still incredibly timely as we head into the next quarter. Finally, on my last slide, I do encourage you all to follow U.S. Local Investors on social media. We're on Twitter, LinkedIn, YouTube, Instagram, and Facebook. So wherever you prefer to get your news, be sure to check us out. This way, you're up to date with everything that's going on, not only with GROW, but with our funds and just the broader market insights. All right. As a reminder to our audience, if you have any questions today, please email those to info at usfunds.com, and we will gladly follow up with you to get anything clarified that you may need more information on. Thank you so much for tuning in today. That concludes our webcast.