Exposure to the performance of physical uranium
Our Partner
Uranium supply and demand imbalance likely to grow
Growing demand for nuclear energy is outpacing uranium production, which was hampered by historically low prices, and thus limited new projects. This could create a favourable environment for rising uranium prices.
New uranium bull market potentially in development
Existing supply may not meet future demand, encouraging non-utility uranium buyers to enter the market. Utilities are expected to accelerate uranium purchases to ensure long-term security of price and supply.
Nuclear provides reliable and clean baseload power
Nuclear energy delivers constant, clean, round-the-clock electricity, making it a critical power source as the global energy consumption continues to grow.
Nuclear energy delivers constant, round-the-clock electricity, making it a critical power source as the global energy consumption continues to grow.
Sprott Physical Uranium ETC (SPUT) is designed to offer investors an effective way to access the performance of physical uranium.
To achieve this, the ETC holds the Sprott Physical Uranium Trust, which seeks to provide exposure to the performance of physical uranium, before fees and expenses, by holding physical stock in warehouses of three different providers. The trust primarily holds uranium in the form of U3O8, also known as ‘yellowcake’.
Yellowcake is a concentrated uranium product, typically composed primarily of uranium oxide (U₃O₈), produced during the processing and milling of uranium ore. It is the primary commodity form of uranium traded in global markets and represents the starting point of the nuclear fuel cycle. After production, yellowcake is converted and enriched to produce nuclear fuel used in commercial nuclear reactors. These reactors generate large amounts of reliable, low-carbon electricity, making uranium an important resource for global energy security and the transition to cleaner power systems.
Physical uranium investment products typically hold uranium in the form of U₃O₈, allowing investors to gain exposure to uranium prices through the underlying commodity that ultimately fuels nuclear power generation.
Investors have traditionally gained exposure to uranium through listed vehicles such as Yellow Cake plc (YCA PLC), a physical uranium trust or through futures. However, it is now possible to access physical uranium directly on exchange via an ETC.
Key Risks
The price of uranium can be volatile, and can go up and down. When you invest in ETCs your capital is fully at risk. Investors may not get back the amount they initially invested. The uranium and nuclear industry can be impacted by changes in politics/government regulation, breaches of security, ill-intentioned acts of terrorism or natural disasters. While the Sprott Physical Uranium Trust intends to track the proposed investment objective, the issuer does not guarantee the performance of the Trust. The price of the ETC should reflect the price of the Underlying Asset. However, the price of the Underlying Asset will be influenced by factors including (i) the value of the underlying commodity and (ii) any premiums or discounts when the Underlying Asset’s price differs from its Net Asset Value. Any changes in this premium / discount will result in a difference between the ETC’s return and the underlying commodity’s return, and may negatively impact securityholders’ returns.
Source: HANetf, data as of 31.08.2026. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (Prospectus) before investing and should refer to the section of the Prospectus entitled Risk Factors for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
Coming soon
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
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April 2026
Global Instability and the Future of European Energy Security
Iran crisis – four sectors to keep on your radar
March 2026
The new nuclear age – why physical uranium matters now
February 2026
Critical Commodities for 2026
Nuclear Energy – why uranium is back in favour
September 2025
The nuclear revival – a new dawn for uranium investment
June 2025
Three themes shaping the future of energy and ETFs to access them
May 2025
Tariffs, Tensions and the Uranium Opportunity
March 2025
Uranium 2025: Opportunities in a Structurally Undersupplied Market
December 2024
Taking a U-turn: the world may be ready to embrace nuclear
June 2024
The AI Revolution – a commodities play?
April 2024
Energy Transition: The Metal Elephant in the Room
January 2024
Unearthing Opportunity: A New Uranium Bull Market Underway?
July 2024
Unearthing Opportunity: Uranium Miners and the Global Clean Energy Movement
Unearthing the Opportunity: The Broad Appeal of Nuclear Power
Sprott’s John Ciampaglia on Uranium and SPUT
September 2026 |
Sprott Asset Management CEO on latest catalysts for uranium price, uranium producers
May 2025 |
HANetf’s Tom Bailey on 2025 market outlook; prospects for copper and uranium
January 2025 |
ETF Stream
HANetf launches Europe-first physical uranium ETC
Citywire
HANetf helps bring Uranium-focused ETC to European market
ETF World
Sprott Asset Management launches the first Physical Uranium ETC in Europe
About Partner
Sprott Asset Management LP (“SAM”) is a fully owned subsidiary of Sprott Inc. (“Sprott”). Sprott is a global asset manager providing clients with access to highly differentiated precious metals and critical materials investment strategies. We are specialists; we believe our in-depth knowledge, experience and relationships separate us from the generalists.
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