Overview
Pure-play uranium miners — only uranium producers, developers, and explorers. More concentrated than URA with no nuclear utilities diluting the thesis. Cameco at 35% weight gives maximum uranium price leverage.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| CCO | Cameco Corporation | 34.8% |
| KAP | Kazatomprom JSC | 18.4% |
| NXE | NexGen Energy | 8.4% |
| DYL | Deep Yellow Ltd. | 5.8% |
| UEC | Uranium Energy Corp. | 5.4% |
| PDN | Paladin Energy | 4.8% |
| EU | enCore Energy | 3.8% |
| FCU | Fission Uranium | 3.4% |
| BOE | Boss Energy | 3.2% |
| GTR | GTi Energy | 2.8% |
Fund Details
Investment Thesis
URNM provides more concentrated uranium mining exposure than URA by focusing exclusively on pure-play uranium producers and developers — no nuclear utilities or diversified mining companies dilute the uranium thesis. The heavy Cameco and Kazatomprom concentration creates significant leverage to uranium spot prices. Sprott's deep expertise in physical commodities and resource investing gives URNM additional credibility with sophisticated resource investors. The uranium supply deficit from years of underinvestment following Fukushima is only beginning to be addressed by new mine development.
Who It's For
Investors who want maximum uranium price leverage through a concentrated pure-play mining fund without the diversification into nuclear utilities that URA provides. URNM suits those making a high-conviction bet on uranium supply shortfalls and nuclear energy renaissance driven by AI power demand. The 35% Cameco weighting makes URNM highly sensitive to Cameco-specific news in addition to uranium spot prices.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | $20.82 | -- |
| 2021 | $32.42 | +55.7% |
| 2022 | $26.18 | -19.2% |
| 2023 | $38.42 | +46.8% |
| 2024 | $38.42 | 0.0% |
| 2025 | $47.95 | +24.8% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | 0.22% |
| 2021 | 0.18% |
| 2022 | 0.22% |
| 2023 | 0.18% |
| 2024 | 0.18% |
| 2025 | 0.22% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | $0.2B | -- |
| 2021 | $0.6B | +200.0% |
| 2022 | $0.4B | -33.3% |
| 2023 | $1.4B | +250.0% |
| 2024 | $1.4B | 0.0% |
| 2025 | $1.2B | -14.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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