As of 10/08/2024
NAV
$47.15
NAV Daily Change
$-0.30 (-0.63%)
NAV Since Inception Cumulative Change1
327.27%
Ticker/Exchange
URNM
Market Price2
$47.66
Premium/Discount3
1.08%
Total Net Assets
$1.64 Billion
Net Total Expense Ratio4
0.75%

Overview

 

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 likely underway as demand outstrips supply, nations seek energy security and prices have the potential to increase—incentivizing miners and providing opportunities to investors.
  3. Critical Material in Meeting Energy Demand – Uranium and nuclear energy may be critical to meeting the world’s expanding need for electricity, and countries recently committed to tripling global nuclear energy capacity by 2050 to reach net-zero goals.
  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 term “pure-play” relates directly to the exposure that the Fund has to the total universe of investable, publicly listed securities in the investment strategy.

Featured Insight


9/24/2024

SPROTT URANIUM REPORT

Uranium Markets Shake Off Summer Doldrums

The uranium market has faced short-term volatility, including price declines driven by geopolitical tensions and economic concerns. Despite these challenges, the long-term outlook remains strong. Supply uncertainties from key producers like Kazakhstan and Russia are contributing to this volatility, but the fundamental supply-demand imbalance suggests further growth potential.

 

ETF Details As of 10/08/2024
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 $1,644,438,111.79
Shares Outstanding 34,875,000
Number of Holdings 37
Median 30 Day Bid Ask Spread
(As of 10/8/2024)
0.23 %
Adviser Sprott Asset Management USA, Inc.
Sub-Adviser ALPS Advisors, Inc.
Distributor ALPS Distributors, Inc.
Fees and Expenses
Management Fee 0.75%
Other Expenses 0.00%
Total Annual Fund Operating Expenses 0.75%
As of the most recent prospectus.4

Month-End Performance
Average Annual Total Returns (%) As of 9/30/2024

Fund 1 MO* 3 MO* YTD* 1 YR 3 YR S.I.1
Sprott Uranium Miners ETF
(Net Asset Value)
11.20 -6.90 -3.74 1.05 10.31 34.57
Sprott Uranium Miners ETF
(Market Price)2
9.51 -7.04 -4.98 0.86 9.49 34.30
North Shore Global Uranium Mining Index
(Benchmark)5
11.32 -6.57 -3.39 1.65 11.23 35.73

Quarter-End Performance
Average Annual Total Returns (%) As of 9/30/2024

Fund 1 MO* 3 MO* YTD* 1 YR 3 YR S.I.1
Sprott Uranium Miners ETF
(Net Asset Value)
11.20 -6.90 -3.74 1.05 10.31 34.57
Sprott Uranium Miners ETF
(Market Price)2
9.51 -7.04 -4.98 0.86 9.49 34.30
North Shore Global Uranium Mining Index
(Benchmark)5
11.32 -6.57 -3.39 1.65 11.23 35.73

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 0.75% of net assets. This fee was lowered to 0.75% as of 4/1/2024.

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. 

 

 

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 31 43 32 --
Days Traded at Discount 95 26 19 32 --

Portfolio Characteristics

As of 9/30/2024

Number of Issuers 38
Market Cap (millions) $51,739.00
Weighted Avg. Market Cap (millions) $5,317.15
Market Cap Breakdown
Large (>$10B) 15.59%
Medium ($2 -$10B) 28.14%
Small (<$2B) 44.11%
Not Classified 12.16%
Industry Weighting
Uranium & Related Equities 84.02%
Physical Uranium †† 15.98%

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 9/30/2024

Daily Holdings

As of 10/08/2024

Security Market Value Symbol SEDOL Quantity Weight
Cameco Corp. $269,588,904.86 CCJ 2158684 5,226,617 16.39%
NAC Kazatomprom JSC $206,182,550.50 KAP LI BGXQL36 5,648,837 12.54%
Sprott Physical Uranium Trust $205,197,983.73 U-U CN BNZKG52 10,055,438 12.48%
Uranium Energy Corp. $89,168,134.50 UEC B0VLLY2 12,979,350 5.42%
Paladin Energy Ltd. $85,534,680.21 PDN AU 6668468 10,731,307 5.20%
Denison Mines Corp. $81,912,153.04 DNN B0122F3 42,885,944 4.98%
NexGen Energy Ltd. $79,883,310.67 NXE BCH0BB4 11,560,537 4.86%
CGN Mining Co. Ltd. $76,148,715.43 1164 HK B755514 374,755,300 4.63%
Yellow Cake PLC $61,289,074.31 YCA LN BF50RG4 8,179,627 3.73%
Deep Yellow Ltd. $59,688,459.78 DYL AU 6480275 60,993,373 3.63%
Boss Energy Ltd. $59,214,328.81 BOE AU B1XLCQ6 25,957,950 3.60%
Energy Fuels Inc. $58,124,736.15 UUUU BFV4XW8 10,397,985 3.53%
Encore Energy Corp. $46,237,431.03 EU CN BN48958 11,473,188 2.81%
Fission Uranium Corp. $41,032,278.49 FCU CN B94QMQ6 54,367,769 2.50%
Ur-Energy Inc. $27,542,059.72 URG B0WW4L2 23,144,588 1.67%
IsoEnergy Ltd. $26,870,071.37 ISO CN BD5FYX1 11,112,403 1.63%
Bannerman Energy Ltd. $24,022,782.48 BMN AU B07DXJ1 11,123,299 1.46%
Lotus Resources Ltd. $20,776,231.79 LOT AU BK6XLC1 116,166,576 1.26%
Peninsula Energy Ltd. $12,558,137.17 PEN AU 6486381 191,828,782 0.76%
Uranium Royalty Corp. $11,861,953.60 URC CN BKMD921 4,586,006 0.72%
Global Atomic Corp. $11,464,636.37 GLO CN BF11BK3 14,354,461 0.70%
Laramide Resources Ltd. $8,777,797.57 LAM CN 2507952 15,762,499 0.53%
Atha Energy Corp. $8,487,622.25 SASK CN BNQNDF9 17,550,731 0.52%
Alligator Energy Ltd. $7,212,380.58 AGE AU B55ZH25 237,479,651 0.44%
F3 Uranium Corp. $6,381,134.57 FUU CN BMW5VG9 29,520,859 0.39%
Berkeley Energia Ltd. $6,243,726.61 BKY LN B1KZDW4 28,037,638 0.38%
Forsys Metals Corp. $6,158,465.15 FSY CN 2597801 12,359,949 0.37%
Anfield Energy Inc. $5,702,142.59 AEC CN BF11BH0 81,915,780 0.35%
GoviEx Uranium Inc. $5,622,960.10 GXU CN BNGCT03 95,924,185 0.34%
Aura Energy Ltd. $5,480,812.03 AEE AU B14Z2S9 52,393,027 0.33%
Mega Uranium Ltd. $5,386,202.26 MGA CN 2817833 23,335,935 0.33%
CanAlaska Uranium Ltd. $5,143,819.94 CVV CN BR1YTV3 10,173,954 0.31%
Elevate Uranium Ltd. $4,928,228.66 EL8 AU BM8ZH21 18,966,640 0.30%
Skyharbour Resources Ltd. $4,848,165.51 SYH CN BDFGHL3 15,037,577 0.29%
Western Uranium & Vanadium Corp. $4,640,435.13 WUC CN BF39VJ4 3,769,663 0.28%
Premier American Uranium Inc. $4,043,194.36 PUR CN BPG4WM6 2,627,595 0.25%
F4 Uranium Corp. $0.18 2389266D 2389266 2,532,807 0.00%
Cash Equivalent $1,082,410.29 $1,082,410.29 0.09%

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

 

 




 

 

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. 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 31 43 32 --
Days Traded at Discount 95 26 19 32 --

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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