URNM ETF Review: Is Sprott Uranium Miners Worth Buying?
Sprott Uranium Miners ETF is the purest-play uranium mining ETF, concentrating holdings in uranium producers and developers like Cameco, Kazatomprom, and NexGen Energy — providing direct leverage to the nuclear renaissance driven by AI data center power demand and global energy security concerns.
What Is URNM?
The Sprott Uranium Miners ETF tracks companies involved in uranium mining and the broader nuclear fuel cycle. Managed by Sprott Asset Management, this actively managed fund focuses on the supply side of the nuclear renaissance story. Launched in 2019, it's become the premier way to bet on uranium mining companies without picking individual stocks.
Expense ratio: 0.75% | AUM: $1.75B | Inception: December 2019
Current Snapshot
| Metric | Value |
| Price | $74.36 |
| YTD Return | -8.3% |
| 1-Year Return | -8.3% |
| Expense Ratio | 0.75% |
| AUM | $1.75B |
| Dividend Yield | 3.17% |
Why It Matters for Real Asset Investors
URNM sits at the intersection of our grid risk and debasement hedging thesis. As the world races to electrify everything while shutting down reliable baseload power, nuclear energy becomes the only scalable solution that doesn't depend on weather or battery storage miracles. The math is simple: we need more uranium to fuel more reactors, but uranium supply has been artificially suppressed for over a decade.
This creates the classic real asset setup—inelastic demand meeting constrained supply in a commodity critical to modern civilization. Unlike solar panels or wind turbines that China can flood the market with, uranium mines take years to permit and develop. The uranium market also benefits from what I call "political premium"—governments are finally admitting they can't run a grid on wishful thinking alone.
URNM shines during periods when energy security trumps climate virtue signaling, when governments realize their net-zero timelines require nuclear power, or when uranium spot prices break above long-term contract prices. It struggles when ESG mandates dominate policy or when reactor construction timelines stretch beyond investor patience.
Top Holdings
Cameco Corp (19.9%) - The world's second-largest uranium producer, operating mines in Canada and Kazakhstan. Think of it as the ExxonMobil of uranium.
Sprott Physical Uranium Trust (13.7%) - Direct exposure to physical uranium, providing a floor for the mining stocks when commodity prices rise.
Uranium Energy Corp (11.1%) - Texas-based miner with in-situ recovery projects, positioned for U.S. energy independence themes.
Deep Yellow Ltd (5.1%) - Australian developer with Namibian assets, betting on Africa's uranium potential.
Paladin Energy Ltd (4.9%) - Another Australian player restarting Namibian operations as uranium prices recover.
NexGen Energy Ltd (4.7%) - Canadian developer with one of the world's largest undeveloped uranium deposits.
Denison Mines Corp (4.6%) - Canadian miner focused on high-grade Saskatchewan deposits.
Energy Fuels Inc (4.5%) - U.S. miner that also produces rare earth elements, adding a strategic minerals angle.
CGN Mining Co Ltd (4.4%) - Chinese state-owned uranium miner, providing exposure to China's nuclear expansion.
Kazatomprom JSC ADR (4.3%) - Kazakhstan's national atomic company, the world's largest uranium producer.
How It Fits the Portfolio
URNM works as a satellite position within the broader energy transition trade, typically 2-5% of a real asset allocation. It pairs well with utilities (for the demand side) and broader commodity exposure (for the inflation hedge). The key is timing—uranium moves in supercycles that can last years, making patience essential.
I'm watching for uranium spot prices to break decisively above $85/lb, which historically triggers mine restarts and new project financing. The fund's concentration in North American and allied producers also provides geopolitical diversification away from Russian energy dependence.
Regime Signals
URNM outperforms during nuclear policy shifts, uranium supply disruptions, or when electricity shortages make headlines. It loves dollar weakness (commodity-positive), rate cuts (growth stock friendly), and energy security crises. The fund typically leads during the early stages of uranium bull markets but can be volatile as mining stocks amplify underlying commodity moves.
Watch for reactor restart announcements, uranium utility contract renewal cycles, and any signs that governments are prioritizing energy security over climate optics. The fund struggles when ESG flows dominate markets or when recession fears hit cyclical stocks.
Related Research
- Alabama Power Grid Risk Assessment
- Cameco Corporation (CCJ) Tollbooth Analysis
- Uranium Energy Corp (UEC) Tollbooth Analysis
- Denison Mines (DNN) Tollbooth Analysis
- NexGen Energy (NXE) Tollbooth Analysis
Frequently Asked Questions
How does URNM differ from URA?
URNM is more concentrated in pure-play uranium miners and physical uranium holders, while URA includes broader nuclear energy companies like utilities and component manufacturers. URNM typically holds 30-40 stocks versus URA's 40-50, with higher weights in core uranium producers. This makes URNM more volatile but more directly correlated with uranium spot prices — it is the preferred vehicle for investors with high conviction in uranium price appreciation.
What is the expense ratio of URNM?
URNM charges a 0.75% expense ratio, which is standard for a thematic mining ETF. The fund was originally managed by North Shore Indices and acquired by Sprott in 2022, bringing it under the same umbrella as Sprott's physical uranium and gold trusts. The expense ratio is justified by the specialized nature of the uranium sector and the research required to maintain the index.
Why is uranium important for the Energy Macro thesis?
Nuclear power is the only proven source of reliable, scalable, zero-carbon baseload electricity. As AI data centers require 24/7 power that wind and solar cannot provide, and as countries prioritize energy security after the Russia-Ukraine conflict disrupted energy markets, uranium demand is structurally accelerating. Meanwhile, a decade of underinvestment in uranium mining has created a supply deficit that could persist through the 2030s.
What are the risks of investing in URNM?
Uranium miners are among the most volatile equity sectors, with URNM capable of 40-60% drawdowns. Nuclear accidents (however unlikely) create tail risk that can crash the entire sector. Regulatory opposition to nuclear power, delays in reactor construction timelines, and the concentration of uranium production in Kazakhstan create additional risks. The sector also attracts significant speculative capital, creating boom-bust cycles.
For our complete allocation framework across real assets, infrastructure, and income strategies, see The Blackout Fortune Playbook.
Last updated: February 1, 2026 | Data: Yahoo Finance, Sprott Asset Management filings
