U.S. Global Investors, Inc. is an investment advisor. The Company operates through two business segments: providing investment management services to the United States Global Investors Funds (USGIF) and an exchange traded fund (ETF) clients, and investing for its own account. It operates in San Antonio, Texas. The Company furnishes an investment program for each of the clients it manages and determines, subject to overall supervision by the applicable board of trustees of the clients, the clients' investments pursuant to an advisory agreement. Consistent with the investment restrictions, objectives and policies of the particular client, the portfolio team for each client determines what investments should be purchased, sold and held, and makes changes in the portfolio deemed. The Company also manages, supervises and conducts certain other affairs of USGIF. In addition to providing management and advisory services, the Company is engaged in trading for its own account.