After years of deriding the airline industry, investing “wizard” Warren Buffett confirmed that his holding company, Berkshire Hathaway, has invested nearly $1.3 billion in the four big-name domestic carriers. Watch this webcast replay to learn more.

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WHY BUFFETT
CHANGED
HIS MIND ABOUT
AIRLINES
from U.S. Global Investors

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Housekeeping
‣ Ask Questions
‣ Polls
‣ Survey & Giveaway
• Complete survey for a chance to win a xxx

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Today’s Presenters
Moderator Panelist
Tom Lydon Frank Holmes
Editor & Publisher CEO and Chief Investment Officer
ETF Trends U.S. Global Investors

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ABOUT U.S. GLOBAL ETFS
Investment adviser to the U.S. Global ETFs, U.S. Global Investors, Inc. is an innovative investment manager
with vast experience in global markets and specialized sectors.
Founded as an investment club, the company became a registered investment adviser in 1968 and has a
longstanding history of global investing and launching first-of-their kind investment products. U.S. Global
Investors, Inc. is well known for expertise in gold and precious metals, natural resources and emerging
markets.
Since 1989, U.S. Global Investors, Inc. has been led by CEO Frank Holmes, who purchased a controlling
interest in the company that same year. U.S. Global Investors, Inc. is a publicly traded company (NASDAQ
symbol: GROW) headquartered in San Antonio, Texas.

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Disclosures
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not
NAV), may trade at a discount or premium to NAV and are not individually redeemed from the fund. Brokerage commissions
will reduce returns. Because the fund concentrates its investments in specific industries, the fund may be subject to greater
risks and fluctuations than a portfolio representing a broader range of industries. Airline Companies may be adversely
affected by a downturn in economic conditions that can result in decreased demand for air travel and may also be
significantly affected by changes in fuel prices, labor relations and insurance costs. The fund is non-diversified, meaning it
may concentrate more of its assets in a smaller number of issuers than a diversified fund. The fund invests in foreign
securities which involve greater volatility and political, economic and currency risks and differences in accounting
methods. These risks are greater for investments in emerging markets. The fund may invest in the securities of smaller-
capitalization companies, which may be more volatile than funds that invest in larger, more established companies. The
performance of the fund may diverge from that of the index. Because the fund may employ a representative sampling
strategy and may also invest in securities that are not included in the index, the fund may experience tracking error to a
greater extent than a fund that seeks to replicate an index. The fund is not actively managed and may be affected by a
general decline in market segments related to the index.
All opinions expressed and data provided are subject to change without notice. Opinions are not guaranteed and should not be
considered investment advice.
Call writing is when an investor receives a premium and takes on, for a specified time, the obligation to sell the underlying security at
a specified price at the call buyer’s discretion. Put buying is when an investor pays a premium for an option contract and receives, for
a specified time, the right to sell the underlying security at a specified price. Entering into a call spread is an option investor’s position
in which the investor buys a call on a security and writes a call on the same security but with a different expiration date, exercise price
or both.
The fund may also use options which have the risks of unlimited losses of the underlying holdings due to unanticipated
market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange
rates. The investment in options is not suitable for all investors.

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Return on Invested Capital (ROIC)

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Major Airlines Revenue Growth and
Free Cash Flow Growth
Past performance does not guarantee future results.

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Domestic Airlines Surged on Buffett
Investment News $1.2Bn+

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Airline Stocks Took Off

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Consolidation Means Fewer Flights
Less Options for 2 Million Daily Travelers

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Big 4 Airline Leadership

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Airlines Least Expensive Among
Industrials Based On Price-to-Earnings Ratio
Past performance does not guarantee future results.

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Airlines Shareholder Yield
The term “shareholder yield” captures the three ways management of a public company can distribute
cash to shareholders: cash dividends, stock repurchases and debt reduction.

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Dividend Yield Growth
1-Year Dividend Yield Growth, Bloomberg U.S. Airlines Index vs. Dow Jones Transportation Index, as of 9/30/2016.
Dividend yield is the dividend per share, divided by the price per share. Dividend yield growth rate is the annualized percentage rate of growth
that a particular stock’s dividend yield undergoes over a period of time. Past performance is not a guarantee of future results.
Short term performance is not a good indication of future performance.

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Free Cash Flow Increasing

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Airlines On Sale at 6x P/E

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Mandatory retirement age 65

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Revenue Growth
1-Year Revenue Growth, Bloomberg U.S. Airlines Index vs. Dow Jones Transportation Index, as of 9/30/2016.
Past performance is not a guarantee of future results.
Short term performance is not a good indication of future performance.

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Ancillary Revenue Has Taken Off
Data based on the financial data disclosed by 130 airlines worldwide, of which 63 reported revenue details identifying ancillary activities. Airlines which are privately
owned and don’t disclose financial results are not included in this analysis. Source: IdeaWorks airline consulting group, November 9, 2015; U.S.Global Investors

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Fund Details
Top 10 Holdings (as of 09/30/2016)
Company Weight Country of Domicile
United Continental Holdings, Inc. 12.27% United States
Southwest Airlines Co. 12.10% United States
American Airlines Group, Inc. 12.10% United States
Delta Air Lines, Inc. 11.89% United States
Spirit Airlines, Inc. 4.01% United States
Hawaiian Holdings, Inc. 3.96% United States
Alaska Air Group, Inc. 3.93% United States
Virgin America, Inc. 3.91% United States
JetBlue Airways Corporation 3.88% United States
Boeing Company 2.95% United States
Fund holdings and allocations are subject to change at any time and are not recommendations to buy or sell any security.

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Disclosures
Please consider carefully a fund’s investment objectives, risks, charges and
expenses. For this and other important information, obtain a statutory and
summary prospectus by visiting www.usglobaletfs.com or by calling
844.ETF.JETS (844.383.5387). Read it carefully before investing.
The U.S. Global JETS Index seeks to provide access to the global airline industry. The index uses various fundamental screens to determine the
most efficient airline companies in the world, and also provides diversification through exposure to global aircraft manufacturers and airport
companies. The index consists of common stocks listed on well-developed exchanges across the globe. It is not possible to invest directly in an
index.
Distributed by Quasar Distributors, LLC. U.S. Global Investors is the investment adviser to JETS. 16-436

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Questions?
Please submit your questions using the Q&A box.

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Thank You