What this ETF is trying to do

The Sprott Active Gold & Silver Miners ETF (GBUG) is an exchange-traded fund designed to invest in companies involved in mining gold and silver. Instead of just holding the metals themselves, this fund focuses on the companies that dig them out of the ground.

What the numbers show

The data shows that GBUG has experienced growth in its share price recently. As of October 6, 2026, the current price is $46.19.

When looking at performance, it is important to distinguish between price return and total return:

• Price Return: This measures only the change in the share price. The year-to-date (YTD) price return is approximately 5.72%. Over the last year, the one-year price return was approximately 17.83%.

• Total Return: This includes both the share price change and any distributions paid out. The YTD total return is approximately 5.72%, while the one-year total return was higher at approximately 19.68%.

To visualize this, an investor's share price was estimated to be roughly $39.20 one year ago.

Income and distribution explanation

GBUG provides some level of cash income through distributions, but it is not a frequent payer. The distribution frequency is described as "irregular" or "less frequent," with only one payout recorded in the last 12 months. The distribution yield is approximately 1.47%.

It is important to remember that a distribution yield tells you how much cash was paid out relative to the price, but it is not the same as your total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, regarding price erosion (the decline in the market price of the shares), the fund has an erosion score of 100, which is labeled as "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Pros

• Positive Price Movement: The fund has shown a strong one-year price return of approximately 17.83%.

• Total Return: The one-year total return (19.68%) is higher than the price return, showing that distributions added value to the overall performance.

• Low Erosion Risk: The data indicates no detected price erosion.

Cons

• Irregular Income: Distributions are not frequent, which may not suit investors looking for a steady monthly paycheck.

• Sector Specific: Because it focuses on gold and silver miners, the fund's performance is tied to that specific industry.

Top Holdings

The following are some of the top holdings in the portfolio (note that this is a partial list):

• DPM Metals Inc (5.03%)

• G Mining Ventures Corp (4.95%)

• IAMGOLD Corp (4.15%)

• Coeur Mining Inc (4.05%)

• Discovery Silver Corp (4.05%)

Please note that holdings can change over time.

Beginner takeaway

GBUG is an ETF focused on gold and silver mining companies. While it has shown significant price growth over the last year, its cash distributions are irregular. Investors should look at both the share price changes and the total return to get a full picture of how the fund has performed.