In a testament to growing investor interest in precious metals, the Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) has crossed a major milestone, reaching $100 million in assets under management as of September 22, 2025. This achievement, announced by Sprott Asset Management USA, Inc. on October 2, 2025, comes just over seven months after the fund’s inception on February 19, 2025. For a new entrant in the competitive exchange-traded fund (ETF) landscape, such rapid growth is no small feat—and it signals broader trends in both the ETF market and the world of gold and silver investing.
GBUG stands out as the only actively managed ETF focused specifically on gold and silver miners, according to Sprott and as reported by Globe Newswire. The fund invests in a diverse array of companies engaged in the exploration, development, and mining of gold and silver, as well as royalty and streaming companies that finance such operations. This focus allows GBUG to offer a unique value proposition for investors seeking exposure to the precious metals sector, especially in a period when physical bullion prices have been on the rise.
John Hathaway, CFA, Managing Partner at Sprott and Senior Portfolio Manager for the fund, pointed to the recent performance of the sector as a key driver behind GBUG’s success. “Gold and silver mining stocks have outperformed in recent months as prices of physical bullion surged,” Hathaway noted, emphasizing that the surge in commodity prices has translated into robust returns for mining equities. “We are very pleased to see investor enthusiasm behind GBUG that has led to its growth to a $100M fund in just over seven months.”
The ETF’s strategy is both value-oriented and contrarian—a combination that seeks to capitalize not just on broad market trends, but on the expertise of its management team to identify undervalued opportunities. Whitney George, Chief Executive Officer of Sprott, underscored the importance of active management in a sector known for its volatility and wide dispersion in company performance. “We believe the wide dispersion of performance numbers across gold and silver miners makes active management by mining experts all the more valuable,” George explained. “At Sprott, metals and mining are our specialty. Our team has more than a century of relevant experience, knows the industry and travels the world to assess mining operations. The investment team has the knowledge and experience that can make a difference in stock selection.”
GBUG’s active management model sets it apart from passive ETFs that simply track an index. Instead, GBUG’s managers use their industry knowledge to handpick companies they believe are best positioned for growth or undervalued by the market. This approach, Sprott argues, is especially advantageous in the precious metals sector, where the fortunes of individual companies can diverge sharply due to factors like operational efficiency, geopolitical risk, and commodity price swings.
Yet GBUG doesn’t abandon the core benefits that have made ETFs so popular with investors. The fund offers daily transparency, allowing investors to see its holdings in real time. It also provides liquidity, enabling shares to be bought and sold throughout the trading day, and the potential for tax efficiency, a feature often cited by ETF proponents. This blend of active management and ETF structure is designed to deliver both flexibility and expertise—something Sprott believes is in high demand among today’s investors.
GBUG is not Sprott’s only offering in the precious metals ETF arena. It is one of four Sprott Precious Metals ETFs, each targeting a specific segment of the market. Alongside GBUG, investors can consider the Sprott Gold Miners ETF (NYSE Arca: SGDM), which tracks large-cap gold companies; the Sprott Junior Gold Miners ETF (NYSE Arca: SGDJ), focused on small-cap gold miners; and the Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR), which tracks silver producers, developers, explorers, and physical silver. Each fund is tailored to a different investment profile, offering choices for those who want to fine-tune their exposure to the complex world of precious metals.
According to Sprott, the success of GBUG is partly a reflection of broader market conditions. In recent months, gold and silver prices have climbed, driven by global economic uncertainty, inflationary pressures, and ongoing geopolitical tensions. These factors have historically boosted the appeal of precious metals as a hedge against risk, and in turn, have benefited mining companies whose fortunes are tied to the price of the metals they extract. As Hathaway observed, “Gold and silver mining stocks have outperformed in recent months as prices of physical bullion surged.”
But Sprott’s leadership also attributes GBUG’s rapid growth to the fund’s unique approach. By combining the flexibility and transparency of an ETF with the expertise of a specialized management team, GBUG has carved out a niche in a crowded market. “At Sprott, metals and mining are our specialty,” George said, highlighting the firm’s century-plus of collective experience. “Our team has more than a century of relevant experience, knows the industry and travels the world to assess mining operations.”
Of course, as with any investment, there are risks. Sprott’s disclosures remind potential investors that natural resources and precious metals investments are subject to higher volatility and headline risk than many other sectors. Prices can swing sharply in response to changes in economic data, regulatory developments, and the underlying prices of gold and silver. The funds are non-diversified, meaning they may invest a greater portion of assets in fewer companies, which can heighten volatility. Additionally, extraction, storage, and liquidity risks are considerations that come with investing in mining companies.
Despite these risks, the robust inflow of capital into GBUG suggests that many investors are willing to embrace the volatility in exchange for the potential rewards. For those considering an investment, Sprott advises a careful review of the fund’s prospectus and consultation with financial professionals to ensure that the fund’s objectives, risks, charges, and expenses align with their individual goals.
With offices in Toronto, New York, Connecticut, and California, and shares listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol SII, Sprott Asset Management USA, Inc. has positioned itself as a global leader in precious metals and critical materials investments. The firm’s focus on specialization, experience, and active management appears to be resonating with investors at a time when uncertainty—and opportunity—abound in the markets.
As GBUG celebrates its $100 million milestone, it stands as a prime example of how targeted expertise and active management can find a place in today’s ETF-dominated investment landscape. With precious metals continuing to capture headlines and investor imagination alike, all eyes will be on how GBUG and its peers perform as the market’s next chapter unfolds.
