A new uranium bull market is underway, driven by the race to net-zero.
Our Partner
Uranium Miners May Be Poised to Take Market Share Within the Energy Sector
Global electricity demand is growing rapidly, presenting a clear need for efficient, clean and cost-effective energy. Uranium mining has been lower than reactor demand for decades, leaving a supply gap.
Uranium and Nuclear Energy May Be Critical to the Clean Energy Transition
Nuclear energy is more reliable, efficient, and clean than many other energy sources. Given net zero targets, government policies are shifting in favour of nuclear to complement renewable sources.
New Uranium Bull Market is Underway, Incentivising Miners and Investors
Existing supply may not meet future demands, 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.
The Uranium Miners ETF (URNM) seeks to provide investors with a way to invest in the growth of nuclear power through exposure to uranium miners. This comprises companies involved in the uranium industry, spanning the mining, exploration, development and production of uranium. The uranium miners ETF is also permitted to invest in entities that hold physical uranium, uranium royalties or other non-mining assets. We believe these companies may stand to benefit from nuclear power’s increasing contribution to the green energy transition.
Key Risks
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. Activities related to mining/exploration may be capital intensive, requiring significant debt to maintain operations. Uranium companies; performance may be heavily reliant on the underlying price of uranium which can be volatile. For a complete overview of all the risks, please refer to the “Risk Factors” in the Prospectus.
Source: HANetf, data as of 31.07.2026. 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.
No. of holdings: 40
Data as of 31st March 2025. The figures shown relate to past performance. Past performance is not a reliable indication of current or future results. Maximum on-loan figure may increase or decrease over time. With securities lending, there is a risk of loss should the borrower default before the securities are returned, and due to market movements, the value of collateral held has fallen and/or the value of the securities on loan has risen.
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Companies must be listed on a stock exchange or regulated market and have a significant part of their business operations related to the uranium industry, including holding physical uranium. The uranium miners ETF tracks the North Shore Sprott Uranium Miners Index Rebalanced semi-annually.
Uranium miners exposure refers to companies involved in the exploration, development, extraction and processing of uranium. These companies are linked to the uranium fuel cycle, which supports nuclear power generation. Unlike holding physical uranium, mining companies are operating businesses, so their performance can be influenced by uranium prices, production costs, project development, financing conditions, regulation and company-specific execution. Investors researching this area should understand that miners can offer amplified sensitivity to uranium market conditions, but they also carry operational and equity market risks.
Uranium is the primary fuel used in most nuclear reactors, making it essential to nuclear power generation. Nuclear energy can provide stable baseload electricity with low operational carbon emissions, which is why some countries include it in energy security and decarbonisation strategies. Demand for uranium is therefore closely connected to reactor operations, nuclear fleet extensions, new reactor construction and government energy policy. Investors looking at uranium miners should consider both the long-term role of nuclear power and the practical challenges of developing new uranium supply.
Uranium demand is mainly driven by nuclear power generation. Key factors include the number of operating reactors, reactor restarts, lifetime extensions, new nuclear builds and government energy policy. Demand can also be affected by utilities rebuilding inventories or signing long-term supply contracts to secure future fuel needs. Because nuclear reactors require reliable fuel availability, utilities often plan procurement years in advance.
Uranium supply is affected by mine production, project development timelines, permitting, capital investment, geopolitics and secondary sources such as re-enrichment. Bringing new uranium mines into production can take many years due to environmental assessments, financing needs, technical work and regulatory approvals. Production can also be concentrated in a relatively small number of countries, which can create geopolitical and supply-chain considerations. Investors researching uranium miners should understand that supply responses may be slow even when uranium prices rise.
Uranium miners typically make money by producing and selling uranium, often through a mix of long-term contracts and market-linked pricing. Their profitability depends on realised uranium prices, production volumes, operating costs, the concentration of uranium in ore, sustaining capital expenditure and currency movements. Developers and exploration companies may not yet generate revenue and may rely on raising capital to advance projects. This means company selection and stage of development can make a significant difference to risk and return characteristics within uranium mining exposure.
Uranium mining equities can move differently from uranium prices because they are shares in companies, not direct holdings of the commodity. Their performance may reflect equity market sentiment, production updates, cost inflation, financing needs, project delays, management decisions and broader investor appetite for resources companies. In rising uranium markets, miners may sometimes respond strongly because earnings expectations improve. However, they can also fall even when uranium prices are stable or rising if company-specific or market-wide risks increase.
Physical uranium exposure is linked more directly to the price of uranium itself, while uranium miners exposure is linked to the shares of companies operating in the uranium industry. Miners may offer operational leverage to uranium prices, but they also introduce business risks such as mine development, cost control, permitting, balance sheet strength and production reliability. Physical uranium does not carry mining execution risk since direct physical ownership is not typically accessible, but it may have its own structural, liquidity or storage-related considerations. Investors should understand which type of exposure they are researching before comparing performance or risk.
Key risks include commodity price volatility, mining cost inflation, operational disruption, permitting delays, environmental regulation, counterparty risk, royalty streaming risk, political risk and equity market volatility. Uranium mining companies may also face financing risk, especially if they are not yet producing. The sector can be concentrated, meaning a small number of companies or countries may have a significant influence on overall exposure. Nuclear energy policy can also change over time, affecting sentiment toward uranium.
Uranium mining can raise ESG considerations because it involves land use, water management, worker safety, waste handling, decommissioning considerations, radiation controls and community relations. At the same time, uranium supports nuclear power, which produces low operational carbon emissions and can contribute to energy security. Views on nuclear energy vary across investors, regulators and markets. For this reason, investors researching uranium miners may want to look carefully at company practices, jurisdictional oversight, environmental standards and any screening or index methodology used to define the exposure.
Relevant uranium stocks may include established producers, developers, explorers and listed vehicles with exposure to physical uranium. Examples include Kazatomprom, Cameco, Paladin Energy, Denison Mines, NexGen Energy, Uranium Energy, Deep Yellow, Yellow Cake and Energy Fuels. Investors may also come across physical uranium vehicles alongside mining equities, which can behave differently from operating companies. When researching uranium miners, key considerations include uranium spot and contract prices, production costs, reserve quality, geopolitical risk, permitting, restart timelines and utility contracting activity. Larger producers may offer scale and existing output, while smaller developers can provide higher sensitivity to future supply growth but often carry greater financing and execution risk.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
Explore our expert-written monthly fund reports, periodic reviews, and key insights on the Uranium Miners ETF
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The nuclear revival – a new dawn for uranium investment
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Three themes shaping the future of energy and ETFs to access them
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HANetf’s 2024 Outlook
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HANetf 2022 wrap up and outlook for 2023: Where did the inflows go?
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Uranium Miners Monthly Report | August 2026
August 2026
Uranium Miners Monthly Report | July 2026
July 2026
Uranium Miners ETF Report | February 2026
Uranium Miners ETF Report | October 2025
October 2025
Uranium Miners ETF Report | July 2025
July 2025
Uranium Miners ETF Report | June 2025
Uranium Miners ETF Report | May 2025
Uranium Miners ETF Report | April 2025
April 2025
Uranium Miners ETF Report | March 2025
Uranium Miners ETF Report | February 2025
February 2025
Uranium Miners ETF Report | January 2025
January 2025
Uranium Miners ETF Report | October 2024
October 2024
Uranium Miners ETF Report | September 2024
September 2024
Uranium Miners ETF Report | July 2024
July 2024
Uranium Miners ETF Report | June 2024
Uranium Miners ETF Report | April 2024
Uranium Miners ETF Report | Mar 2024
March 2024
Uranium Miners ETF Report | Feb 2024
February 2024
Thematic & Digital Assets Review | H2 2024
Thematic & Digital Assets Review | January – June 2023
July 2023
Thematic Matters | Uranium miners: Reacting to demand
July 2022 |
Unearthing Opportunity: A New Uranium Bull Market Underway?
Unearthing Opportunity: Uranium Miners and the Global Clean Energy Movement
Unearthing the Opportunity: The Broad Appeal of Nuclear Power
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July 2026 |
Is nuclear power back in favour? Metals in Motion with John Ciampaglia
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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 |
HANetf co-CEO on bitcoin topping $100,000 and potential for uranium & defence ETFs
December 2024 |
Video | Sprott Uranium Miners UCITS ETF launches in London to tap into nuclear energy trend
May 2022 |
Video | As demand for nuclear climbs uranium benefits
March 2023 |
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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.
Sprott’s specialized investment products include innovative physical bullion and commodity trusts, managed equities and mining ETFs. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com
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