Sprott Uranium Miners ETF

The Sprott Uranium Miners ETF (URNM) tracks the North Shore Global Uranium Mining Index, holding 35-40 equities of companies focused exclusively on uranium exploration, development, and production, such as Cameco and Kazatomprom. It provides pure-play exposure to the uranium mining sector without broader energy diversification. Amid the nuclear renaissance—fueled by global decarbonization targets, AI-driven power demand, and commitments to triple capacity by 2050—URNM positions investors at the forefront of the fuel supply chain essential for new reactors and reactor life extensions.

In the last 12 months through mid-2024, URNM's assets under management expanded from $1.1 billion to $1.6 billion, boosted by uranium spot prices surging to $106 per pound in January before settling near $80. The ETF added weights to producers like Paladin Energy post-Langer Heinrich restart. Key risks include sharp commodity price swings from Kazakhstan's output quotas, regulatory hurdles delaying projects like those in Australia, and supply disruptions from Niger unrest or Russian export bans.

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