Changes to Index Tracked by Sprott Uranium Miners ETF (URNM)

What to Know About URNM’s Index Methodology Changes

The index tracked by the Sprott Uranium Miners ETF (URNM) will be undergoing several methodology changes aimed at increasing liquidity, lowering transaction costs, and improving tracking. These changes will become effective at the next index rebalance, after the market closes on December 19, 2025. More information on the index changes can be found here.

How will URNM’s holdings be impacted?

While the final index constituents of the North Shore Global Uranium Mining Index (URNMX) won’t be available until closer to the rebalance date, the table below provides a preliminary view of the differences between URNMX’s current constituents, and a sample of the constituents based on the new index methodology (URNMX Proforma). The table below is for illustrative purposes only and the actual index constituents and weights may be different from those provided.

Comparison of URNMX Index vs. URNMX Index Proforma as of 9/30/2025

What are the changes to the North Shore Global Uranium Mining Index (URNMX) Methodology?

Selection Criteria:

• All new securities must have a minimum free-float market capitalization of $125m.
• Existing index constituents must maintain a minimum market capitalization of $100m to remain in the Index.
  • Under the previous methodology all securities needed a minimum company level market capitalization of $25m.
• The index targets a minimum constituent count of 25.
  • The previous methodology did not contain a minimum constituent count.

Liquidity Screen

• New index constituents must have an Average Daily Traded Value of at least $100,000, while existing index constituents must have an Average Daily Traded Value of at least $75,000 over the preceding 3-month period.
  • The previous methodology did not contain a minimum liquidity requirement.

Index Rebalance

• The index will have a semi-annual reconstitution effective after the close of the third Friday of June and December.
• The index will have four quarterly rebalances, two that coincide with the semi-annual reconstitutions and two that become effective after the close of the third Friday in March and September.
  • Under the previous methodology, the index had a semi-annual reconstitution schedule effective after the close of the last trading day in March and September.

Constituent Weighting

• Uranium miners, explorers, developers and producers, and entities which hold physical uranium, uranium royalties or other non-mining assets are free-float market cap weighted.
  • Such companies were previously market cap weighted.
• A single security weight cap of 20% is applied and there is no required minimum security weight.
  • URNMX’s previous methodology included a 15% weight cap and a minimum security weight of 0.30%.

The index methodology can be found by visiting https://www.indxx.com/indices/other-indices/north_shore_global_uranium_mining_index