As of 2/28/2024
NAV
$48.92
NAV Daily Change
$-0.16 (-0.33%)
NAV Since Inception Cumulative Change1
343.31%
Ticker/Exchange
URNM
Market Price2
$48.48
Premium/Discount3
-0.90%
Total Net Assets
$1.69 Billion
Net Total Expense Ratio4
0.83%

Overview

★ ★ ★ ★ ★
MORNINGSTAR RATING™
5-Star Overall Morningstar Rating™ as of 12/31/2023 out of 44 Natural Resources Sector Equity Funds. URNM was ranked #1 out of 44 funds in this category from 12/31/2020 through 12/31/2023.**

 

Key Points

  1. Pure-Play Uranium ETF – A U.S.-listed Uranium ETF focused on uranium
    miners and physical uranium
  2. Uranium Bull Market – A new uranium bull market is underway, incentivizing miners and investors
  3. Critical Mineral in Clean Energy Transition – Uranium and nuclear energy may be critical to the clean energy transition
  4. Supporting Energy Security – Uranium and nuclear energy may help countries achieve a reliable and affordable source of electricity

Investment Objective

Sprott Uranium Miners Fund (NYSE Arca: URNM) seeks to invest at least 80% of its total assets in securities of the North Shore 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. The URNMX Index is rebalanced semi-annually.

 

Featured Insight


2/20/2024

SPROTT URANIUM REPORT

Uranium Price Returns to Triple Digits

Uranium price surged 11% in January to $101 per pound, fueled in part by Kazatomprom's cut in guidance for 2024 production by ~14%. Junior uranium miners were top performers for the month, climbing 18.78%. Supply uncertainties continue to dominate markets, given the situation in Niger and possible bans on Russian uranium.

 

ETF Details As of 2/28/2024
ETF Ticker URNM
Listing Exchange NYSE Arca
CUSIP
ISIN
Fund Inception1 December 3, 2019
Index Rebalance Frequency Semi-Annually in March & September
 
Total Net Assets $1,688,906,404.70
Shares Outstanding 34,525,000
Number of Holdings 37
Median 30 Day Bid Ask Spread
(As of 2/27/2024)
0.19 %
Adviser Sprott Asset Management USA, Inc.
Sponsor Sprott Asset Management LP
Sub-Adviser ALPS Advisors, Inc.
Distributor ALPS Distributors, Inc.
Fees and Expenses
Management Fee 0.83%
Other Expenses 0.00%
Total Annual Fund Operating Expenses 0.83%
As of the most recent prospectus.4

Month-End Performance
Average Annual Total Returns (%) As of 1/31/2024

Fund 1 MO* 3 MO* YTD* 1 YR 3 YR S.I.1
Sprott Uranium Miners ETF
(Net Asset Value)
12.63 22.74 12.63 53.96 42.63 46.55
Sprott Uranium Miners ETF
(Market Price)2
12.53 21.26 12.53 53.84 43.01 46.62
Northshore Global Uranium Mining Index
(Benchmark)5
12.86 23.28 12.86 55.84 43.80 47.95

Quarter-End Performance
Average Annual Total Returns (%) As of 12/31/2023

Fund 1 MO* 3 MO* YTD* 1 YR 3 YR S.I.1
Sprott Uranium Miners ETF
(Net Asset Value)
2.54 4.99 56.88 56.88 35.75 43.47
Sprott Uranium Miners ETF
(Market Price)2
1.42 6.14 57.47 57.47 35.21 43.58
Northshore Global Uranium Mining Index
(Benchmark)5
2.69 5.39 58.47 58.47 36.76 44.80

Past performance does not guarantee future results.

 

Market Price vs. Net Asset Value Since Inception

User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the "Reset Zoom" button to return to the full timeline view.

Inception date: 12/3/2019.

 

Historical Premium/Discount: Market Price to Net Asset Value

User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the "Reset Zoom" button to return to the full timeline view.

Inception date: 3/21/2023.

 

Frequency Distribution: Premium/Discount

Trading Days Each Quarter
CY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Days Traded at Premium 147 -- -- -- --
Days Traded at Discount 95 -- -- -- --

Portfolio Characteristics

As of 1/31/2024

Number of Issuers 37
Market Cap (millions) $55,868.24
Weighted Avg. Market Cap (millions) $5,236.64
Market Cap Breakdown
Large (>$10B) 27.18%
Medium ($2 -$10B) 14.86%
Small (<$2B) 43.96%
Not Classified 14.00%
Industry Weighting
Uranium & Related Equities 81.64%
Physical Uranium †† 18.36%

Reflects equities classified by the Bloomberg Industry Classification System(BICS) as uranium; solid waste collection & treatment; nickel, lead & zinc; base metals; mineral & precious stone mining; metals, ore wholesalers & traders.
†† Includes holdings focused on the physical ownership of uranium: Sprott Physical Uranium Trust and Yellow Cake PLC.

Company Domicile Breakdown

As of 1/31/2024

Daily Holdings

As of 2/28/2024

Security Market Value Symbol SEDOL Quantity Weight
NAC Kazatomprom JSC $242,995,960.00 KAP LI BGXQL36 6,074,899 14.39%
Sprott Physical Uranium Trust $236,283,230.35 U-U CN BNZKG52 11,308,852 13.99%
Cameco Corp. $223,498,370.52 CCJ 2158684 5,483,277 13.23%
CGN Mining Co. Ltd. $113,643,060.99 1164 HK B755514 456,195,300 6.73%
Paladin Energy Ltd. $90,825,639.15 PDN AU 6668468 111,408,683 5.38%
Uranium Energy Corp. $81,798,065.16 UEC B0VLLY2 12,861,331 4.84%
NexGen Energy Ltd. $77,223,649.92 NXE BCH0BB4 11,095,352 4.57%
Denison Mines Corp. $75,456,522.00 DNN B0122F3 41,920,290 4.47%
Yellow Cake PLC $73,273,968.18 YCA LN BF50RG4 9,238,017 4.34%
Boss Energy Ltd. $72,716,608.49 BOE AU B1XLCQ6 22,798,508 4.31%
Energy Fuels Inc. $52,699,276.20 UUUU BFV4XW8 8,208,610 3.12%
Deep Yellow Ltd. $42,067,743.43 DYL AU 6480275 49,060,231 2.49%
Encore Energy Corp. $36,326,462.24 EU CN BN48958 9,338,584 2.15%
Fission Uranium Corp. $36,230,722.84 FCU CN B94QMQ6 46,835,973 2.15%
Global Atomic Corp. $31,707,787.96 GLO CN BF11BK3 13,081,631 1.88%
IsoEnergy Ltd. $30,982,789.04 ISO CN BD5FYX1 10,435,357 1.83%
Ur-Energy Inc. $26,661,735.29 URG B0WW4L2 16,981,997 1.58%
Lotus Resources Ltd. $20,387,949.10 LOT AU BK6XLC1 87,181,702 1.21%
Bannerman Energy Ltd. $20,105,043.55 BMN AU B07DXJ1 9,763,377 1.19%
Uranium Royalty Corp. $11,648,171.65 URC CN BKMD921 4,530,271 0.69%
Forsys Metals Corp. $8,915,929.89 FSY CN 2597801 12,606,289 0.53%
Alligator Energy Ltd. $8,717,996.97 AGE AU B55ZH25 216,460,834 0.52%
Laramide Resources Ltd. $8,313,049.49 LAM CN 2507952 14,283,187 0.49%
CanAlaska Uranium Ltd. $7,616,849.14 CVV CN BR1YTV3 13,971,257 0.45%
F3 Uranium Corp. $7,662,154.90 FUU CN BPRSXG8 24,186,572 0.45%
Mega Uranium Ltd. $7,083,163.52 MGA CN 2817833 24,340,081 0.42%
Aura Energy Ltd. $6,375,254.24 AEE AU B14Z2S9 40,057,674 0.38%
Elevate Uranium Ltd. $6,007,693.39 EL8 AU BM8ZH21 18,133,928 0.36%
Peninsula Energy Ltd. $5,976,707.63 PEN AU 6486381 83,641,850 0.35%
GoviEx Uranium Inc. $5,682,549.56 GXU CN BNGCT03 46,746,719 0.34%
Berkeley Energia Ltd. $5,028,536.16 BKY LN B1KZDW4 27,391,997 0.30%
Western Uranium & Vanadium Corp. $4,977,788.67 WUC CN BF39VJ4 3,652,217 0.29%
Skyharbour Resources Ltd. $4,250,511.84 SYH CN BDFGHL3 12,542,244 0.25%
Baselode Energy Corp. $3,063,666.19 FIND CN BLPJL27 12,795,284 0.18%
Toro Energy Ltd. $3,011,099.26 TOE AU B0Z3S54 11,734,978 0.18%
Premier American Uranium Inc. $483,243.14 PUR CN BPG4WM6 295,464 0.03%
Core Nickel Corp. $149,074.33 CNCO CN BNDWKV4 3,113,016 0.01%
Cash Equivalent $-941,619.68 $-941,619.68 -0.07%

37 total, excluding cash and cash equivalents.  Subject to change.


Distributions

 

Ex-Date Record Date Payable Date Short-Term Capital Gains Long-Term Capital Gains Ordinary Income Total Distributions
12/28/2020 12/29/2020 12/31/2020 - - $1.10 $1.10
12/28/2021 12/29/2021 12/31/2021 - - $4.82 $4.82
12/15/2022 12/16/2022 12/22/2022 - - - -
12/14/2023 12/15/2023 12/21/2023 - - $1.75 $1.75

 

 




 

 

** The Morningstar Rating™ reflects historical risk-adjusted performance as of the indicated date. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics. Based on Morningstar data. Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Performance data quoted represents past performance. Past performance is no guarantee of future results so that shares, when redeemed may be worth more or less than their original cost. The investment return and principal value will fluctuate. Current performance may be higher or lower than the performance quoted. Call 888.622.1813 for current month end performance.

* Returns less than one year are not annualized.

1 Inception Date: 12/3/2019. URNM was reorganized from the North Shore Global Uranium Mining ETF into the Sprott Uranium Miners ETF on 4/22/2022. URNM is a continuation of the prior ETF and, therefore, the performance information shown includes the prior ETF’s performance.

2 Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.

3 The Premium/Discount is the amount (stated in dollars or percent) by which the selling or purchase price of an ETF is greater than (premium) or less than (discount) its face amount/value or net asset value (NAV).

4 Reflects Total Annual Operating Expenses as outlined in the most recent prospectus. For the services the Adviser (Sprott Asset Management USA, Inc.) provides to the Fund, the Adviser is entitled to receive an annual advisory fee from the Fund calculated daily and paid monthly at an annual rate of 0.85% on up to $500 million in assets, 0.80% on the next $500 million in assets, and 0.70% on assets greater than $1 billion.

5 The North Shore Global Uranium Mining Index (URNMX) was created by North Shore Indices, Inc. (the “Index Provider”). The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for ongoing maintenance of the Index. The Index is calculated by Indxx, LLC, which is not affiliated with the North Shore Global Uranium Miners Fund (“Existing Fund”), ALPS Advisors, Inc. (the “Sub-Adviser”) or Sprott Asset Management LP (the “Adviser”). You cannot invest directly in an index. 

 

Important Disclosures

This material must be preceded or accompanied by a prospectus. For an additional copy of the Prospectus please visit https://sprottetfs.com/urnm/prospectus. An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a Sprott Uranium Miners ETF Statutory Prospectus, which contains this and other information, visit https://sprottetfs.com/urnm/prospectus, or contact your financial professional or call 888.622.1813. Read the Prospectus carefully before investing.

The Fund is not suitable for all investors. There are risks involved with investing in ETFs including the loss of money. The Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

The Fund’s investments will be concentrated in the uranium industry. As a result, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the uranium industry. Also, uranium companies may be significantly subject to the effects of competitive pressures in the uranium business and the price of uranium. The price of uranium may be affected by changes in inflation rates, interest rates, monetary policy, economic conditions and political stability. The price of uranium may fluctuate substantially over short periods of time, therefore the Fund’s share price may be more volatile than other types of investments. In addition, they may also be significantly affected by import controls, worldwide competition, liability for environmental damage, depletion of resources, mandated expenditures for safety and pollution control devices, political and economic conditions in uranium producing and consuming countries, and uranium production levels and costs of production. Demand for nuclear energy may face considerable risk as a result of, among other risks, incidents and accidents, breaches of security, ill-intentioned acts of terrorism, air crashes, natural disasters, equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials.

Shares are not individually redeemable. Investors buy and sell shares of the Sprott Uranium Miners ETF on a secondary market. Only market makers or “authorized participants” may trade directly with the Fund, typically in blocks of 10,000 shares.

Funds that emphasize investments in small/mid-capitalization companies will generally experience greater price volatility. Funds investing in foreign and emerging markets will also generally experience greater price volatility. Diversification does not eliminate the risk of experiencing investment losses. ETFs are considered to have continuous liquidity because they allow for an individual to trade throughout the day.

A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.

ALPS Distributors, Inc. is the Distributor for the Sprott Uranium Miners ETF and is a registered broker-dealer and FINRA Member.

Sprott Asset Management USA, Inc. is the Investment Adviser to the Sprott Uranium Miners ETF. Sprott Asset Management LP is the Sponsor of the Fund. ALPS Distributors, Inc. is the Distributor for the Sprott Uranium Miners ETF and is a registered broker-dealer and FINRA Member.

ALPS Distributors, Inc. is not affiliated with Sprott Asset Management LP.

Frequency Distribution of Premiums and Discounts


NAV vs Bid/Ask Midpoint

 

Frequency Distribution: Premium/Discount

Trading Days Each Quarter
CY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Days Traded at Premium 147 -- -- -- --
Days Traded at Discount 95 -- -- -- --

The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported net asset value. The amount that the fund's market price is above the reported NAV is called the premium. The amount that the fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

*A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

The Premium / Discount is the amount (stated in dollars or percent) by which the selling or purchase price of an ETF is greater than (premium) or less than (discount) its face amount/value or net asset value (NAV).


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