Frequently Asked Questions (FAQs)

URNM trades on the New York Stock Exchange under the symbol “URNM” and tracks the VettaFi Global Uranium Mining Index, “URNMX” or the “Index”.

The Sprott Uranium Miners ETF (URNM) seeks to invest at least 80% of its total assets in securities of the VettaFi Global Uranium Mining Index (URNMX). The Index is designed to track the performance of companies that devote at least 50% of their assets to the uranium mining industry, which may include mining, exploration, development and production of uranium, or holding physical uranium, owning uranium royalties or engaging in other, non-mining activities that support the uranium mining industry.

Sprott Asset Management USA, Inc. is the investment adviser to the Sprott Uranium Miners ETF. ALPS Distributors, Inc. is the Distributor for the Sprott ETFs and is a registered broker-dealer and FINRA Member. ALPS Distributors, Inc. is not affiliated with Sprott Asset Management USA, Inc. ALPS Advisors, Inc. is the sub-adviser and ALPS Fund Services, Inc. serves as the administrator. Additionally, State Street Bank and Trust Company serves as the custodian and transfer agent.

Eligibility Requirements

• Have a free-float market capitalization of at least $125 million and must maintain a minimum free-float market capitalization of $100 million.
• All new securities must have an Average Daily Value Traded (ADVT) of USD $100,000 over the three months prior to selection day. For existing index holdings, a buffer of USD $75,000 ADVT applies.
• Have a significant part of its business operations related to the uranium industry (in particular uranium mining, exploration for uranium, physical uranium investments and technologies related to the uranium industry).
• Be listed on a stock exchange or regulated market.

Index Composition & Weightings

• An aggregate weight of 82.5% of the Index is assigned to uranium miners, explorers, developers and producers and an aggregate weight of 17.5% is allocated to entities that hold physical uranium, uranium royalties or other non-mining assets.
• The constituents within each of these buckets are then weighted by their market free-float capitalization.
• No constituent’s weight should be greater than 20%.
• No more than five issuers will have a weight greater than 4.70% and the aggregate weight of all the components with a weight greater than 5% is capped at 50%.
• The index will have a minimum constituent count of 25.

Index Rebalancing

The Index is rebalanced quarterly. Two of the quarterly rebalances of the Index coincide with the index reconstitutions that occur at the close of trading on the third Friday of June and December of each year. The other two quarterly rebalances of the Index become effective at the close of the third Friday of March and September of each year.

The ETF invests in physical uranium via investment funds and companies whose sole purpose is to hold and store uranium. Since its April 25, 2022, reorganization, the Fund has held two securities that meet these criteria: Sprott Physical Uranium Trust and Yellow Cake PLC*

*Holdings subject to change. For a current list of all URNM’s holdings, please visit https://sprottetfs.com/urnm-sprott-uranium-miners-etf/.

Strong industry fundamentals are helping to recapitalize the sector

• Producers: Higher uranium price contributes to earnings.
• Developers: Renewed investor interest in the sector is helping to advance development.
• Explorers: Are incentivized to resume drilling and exploration to identify new uranium deposits.
• We believe uranium miners are under-represented across the energy equity sector, offering strong upside potential.

Uranium and nuclear energy may be critical to achieving energy security

• Nuclear fuel supply security is vital, as national grids depend on stable nuclear power.
• Increased focus on energy security and decarbonization has shifted nuclear energy policies and government support where at COP29, 31 countries pledged to triple global nuclear capacity by 2050.
• The Russia-Ukraine war (started in February 2022) has created an urgent energy crisis.
• Geopolitical implications are constraining supply with the coup in Niger, the Prohibiting Russian Uranium Imports Act (the Act) passage, and Russia’s retaliatory export ban.
• The G7 has pledged to end reliance on Russian uranium and fuel services. As bottlenecks in conversion and enrichment are worked through, an industry shift to overfeeding may increase near-term demand for uranium.

The new uranium bull market remains intact

• Unprecedented number of nuclear plant restarts, extensions and new builds are increasing demand for uranium.
• Contracting is accelerating but remains behind the curve. Term volumes for 2025 fell below replacement needs for the 13th consecutive year, and we are deep into a cycle that cannot address long-term demand without greater utility participation.
• Nuclear energy stands out with bipartisan government support and Big Tech turning to it to support AI ambitions.
• Mine supply remains well short of world reactor requirements (a supply-demand deficit).
• Uranium prices likely need to increase to incentivize new greenfield production, as miners have cited this issue specifically.
• Uranium demand isn't particularly price sensitive, as fuel costs minimally impact nuclear plant profitability.
• We firmly believe the era of destocking is over, and utilities are likely to buy more uranium for supply security.
• Existing uranium supply may fall short of future needs, inviting non-utility buyers into the market; secondary uranium supplies have diminished in recent years.
• With Trump-induced uncertainty ending, utilities have begun to engage in contracting while fundamentals have continued to improve.

Limited investor choice

There are only a few options to invest in uranium-related equity funds in the United States.

Investing in individual uranium equities poses challenges

Many uranium mining companies are domiciled in foreign countries, have small market capitalizations, are volatile and may have limited liquidity, making individual equity investing more challenging for some investors. The Sprott Uranium Miners ETF offers investors a convenient vehicle to access the uranium mining sector along with company diversification. The ETF also provides some exposure to investments that hold physical uranium, which can potentially help to mitigate company-specific risk and overall volatility.

Existing commodity funds have little uranium exposure

Broad resource and energy-sector funds are typically heavily weighted to more traditional energy sectors, such as oil & gas, with little exposure to uranium. Nuclear-focused funds tend to focus on downstream nuclear technology providers, diluting the uranium investment opportunity.

We believe the Sprott Uranium Miners ETF has broad appeal to many investors. The following general themes are driving investor interest:

Electrification/ AI Datacenter Electricity Demand

As global electricity needs are projected to grow with urbanization and electrification trends surging in developing nations, and the demand from AI and datacenter growth surging in the west, nuclear energy has taken center stage as a clean and reliable source of baseload energy.

Energy Security and Sovereignty

This issue became a top headline story in 2021 as the cost of energy spiked, which highlighted the vulnerability of relying on other nations to supply energy. Rising geopolitical risks in Europe, given the multi-year Russia-Ukraine conflict, help highlight the energy security that nuclear power can provide.

Energy Transition/Clean Energy

Major nations have set aggressive decarbonization targets and goals to reduce emissions. Their proposals have increasingly introduced nuclear energy to complement renewables to assist in this effort. We believe that uranium miners should benefit from this clean energy transition as they provide uranium, the key element in nuclear energy production.

Commodity Investors

After many years out of favor, investors are returning to commodities to take advantage of supply shortages due to prolonged under-investment. The fundamentals for uranium are very constructive with steady growth in demand coupled with a structural supply deficit that likely can only be addressed with a higher incentive price.² Those invested in commodities and related equities should consider focusing on the potential future makeup of such markets, where we believe uranium and uranium equities will take a far greater market share.

Complement to Physical Uranium

We have found that many institutional and retail investors are actively investing in both physical uranium and related mining equities. Similar to the same effect seen between precious metals and precious metals equities, the inherent operational leverage within uranium miners may provide “torque” against the spot price of uranium. Investing in uranium miners may allow investors to express a more convicted view on uranium price appreciation.

Alternative Exposure/Diversification

Uranium miners have exhibited a low/moderate correlation to major asset classes, posing potential diversification benefits.

The Sprott Uranium Miners ETF expects to declare and distribute all of its net investment income, if any, to shareholders as dividends at least annually and on a pro-rata basis. The Fund may distribute such income dividends and capital gains more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Fund.

The Sprott Uranium Miners ETF intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net recognized long-term capital gains in excess of net realized short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional shares.

*This does not constitute specific tax advice. Please consult your tax advisor.

Please reach out to your Sprott representative at 888.622.1813 or uranium@sprott.com for additional questions.

¹Following shareholder approval on April 6, 2022, the North Shore Global Uranium Mining ETF was reorganized into the Sprott Uranium Miners ETF on April 25, 2022. The Fund retained its ticker and index, and its investment objective and strategy remained unchanged.

At its launch on April 25, 2022, the Sprott Uranium Miners ETF inherited the historical track record of the North Shore Global Uranium Mining ETF, which had an inception date of December 3, 2019. In 2025, the North Shore Global Uranium Mining Index was acquired by VettaFi. Effective April 30, 2026, the North Shore Global Uranium Mining Index was renamed the VettaFi Global Uranium Mining Index. The VettaFi Global Uranium Mining Index continued to use URNMX as its ticker. No index methodology changes resulted from the Index renaming.

Additionally, the VettaFi Global Uranium Mining Index (URNMX) retained the live inception date of August 9, 2019, for the North Shore Global Uranium Mining Index.

²For uranium miners, the incentive price is the price of uranium at which new mining production is reasonably profitable.

A bull market is one in which prices are expected to rise.