At a glance
NIKL charges 0.75% a year. It has $53.7M in assets; it paid 3.63% of its price in distributions over the past 12 months, annual. Over the past year it returned −22.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −7.1% a year. Its ten largest positions make up 74.3% of the fund, out of 26 in all.
The short version
Sprott Nickel Miners ETF (NIKL) is an index fund that tracks the Nasdaq Sprott Nickel Miners Index, a basket of about 20 to 35 companies that mine, develop or supply nickel. It is narrow and concentrated. As of June 30, 2026, about 74% of assets sat in its 10 largest holdings, and Indonesian and Australian companies made up more than two-thirds of the fund. It charges 0.75% a year.
Price history
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NIKL -22.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NIKL official prospectus, to Dec 31, 2025 | — | +50.54% | — | — | — | -0.97% |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | — | — | +22.99% |
| Nasdaq Sprott Nickel Miners Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +51.69% | — | — | — | -0.27% |
| NIKL price data to Oct 27, 2026 | -29.9% | -22.8% | -7.1% | — | — | -10.3% |
- Over the year to Oct 27, 2026, NIKL returned -22.8%.
- Its worst full calendar year was 2024 (-22.4%); its best was 2025 (+52.0%).
- The deepest fall in its price history was 60.4% (Jul 13, 2023 to Apr 8, 2025), recovered by Jan 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -29.9% | — |
| 2025 | +52.0% | +50.54% |
| 2024 | -22.4% | -20.73% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4000 | +8.1% |
| 2024 | $0.3700 |
What's inside
As of Jun 30, 2026, the fund held 26 securities; the ten largest made up 74.25% of assets.
| Holding | Weight | |
|---|---|---|
| Nickel Industries Ltd | 15.93% | |
| Antam Persero Tbk | 12.83% | |
| Merdeka Battery Materials Tbk Pt | 10.87% | |
| Igo Ltd | 9.31% | |
| Talon Metals Corp | 4.70% | |
| Magna Mining Inc | 4.60% | |
| Trimegah Bangun Persada Tbk Pt | 4.56% | |
| Vale Indonesia Tbk Pt | 4.43% | |
| Sunrise Energy Metals Ltd | 3.66% | |
| Nickel Asia Corp | 3.36% | |
| Canada Nickel Co Inc | 3.23% | |
| Lifezone Metals Ltd | 2.83% | |
| Power Metallic Mines Inc | 2.74% | |
| Centaurus Metals Ltd | 2.24% | |
| Xinjiang Xinxin Mining Industry Co Ltd | 2.19% |
By country
Indonesia 34.97%Australia 33.42%Canada 14.92%Philippines 5.03%British Virgin Islands 4.7%By asset type
Stocks 98.07%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $502K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.06%, -11.07%, -16.37%.
How it works
NIKL tracks the Nasdaq Sprott Nickel Miners Index. The index targets companies that get at least 50% of their revenue or assets from mining, exploring, developing, producing or supplying nickel, or from investments in nickel. Candidates are found through a proprietary screen that can include industry publications, analyst research and meetings with management. A stock needs a free float market value (the value of shares available to trade) of at least $30 million to join and $25 million to stay.
Holdings are weighted by free float market value, with caps. At each semi-annual review, the largest company can be no more than 24% of the index. Other companies above 5% are capped at 25% combined. Every other stock must sit between 0.30% and 4.75%. Companies with only a 25% to 50% link to nickel get a reduced weight and are capped at 15% combined. The index is rebalanced in June and December.
Sprott and its sub-adviser, ALPS Advisors, generally buy every stock in the index at its index weight, though they may use a sample. Up to 20% of assets can go outside the index. The fund is non-diversified and owns stocks from Australia, Canada and emerging and frontier markets, so currency moves affect returns. As of June 30, 2026, it held no derivatives.
What it really costs
- NIKL charges 0.75% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NIKL | $77 | $240 | $417 | $930 |
In a retirement portfolio
NIKL is a concentrated, single-metal mining fund with a 60.4% peak-to-trough drop in its short history, so it fits as a small add-on, not a foundation.
NIKL launched in March 2023, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its own history is rough. It lost 20.73% in 2024, its worst calendar year. It fell 60.4% from its July 13, 2023 peak to an April 8, 2025 low, then regained that peak on January 6, 2026, nine months after the low. Through October 27, 2026, it was down 29.9% for the year. Anyone forced to sell shares during a stretch like that would lock in deep losses.
The trailing 12-month yield was 3.63% as of October 27, 2026. It is paid once a year, which makes it a lumpy source of income. The fee is 0.75%, or $77 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted stake in nickel miners, mainly in Indonesia, Australia and Canada, kept as a minor slice of a larger portfolio.
- Those who want nickel exposure through company stocks rather than futures, with no leverage, swaps or options in the fund as of June 30, 2026.
- Holders who can sit through swings like the 60.4% drop from July 2023 to April 2025 and leave the money alone for years.
Look elsewhere if
- Retirees who need steady cash flow: the 3.63% trailing yield is paid only once a year and may change a lot from year to year.
- Cost-conscious investors who want broad diversification: 0.75% a year buys only 26 stocks, with about 74% of assets in the top 10.
- Anyone who may need to sell in a slump: the fund lost 20.73% in 2024 and was down 29.9% for 2026 through October 27.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does NIKL invest in?
NIKL holds the nickel mining, development and supply companies in the Nasdaq Sprott Nickel Miners Index. As of June 30, 2026, it owned 26 stocks. The largest were Nickel Industries (15.9%), ANTAM (12.8%), Merdeka Battery Materials (10.9%) and IGO (9.3%). The top 10 made up about 74% of assets. By country, Indonesia was about 35%, Australia 33% and Canada 15%, so a large share comes from an emerging market.
Is NIKL a good investment for retirement?
In a retirement portfolio, NIKL usually fits only as a small, higher-risk slice. It tracks the miners of a single metal. Its one-year volatility, a measure of how widely returns swing, was 43.4% as of October 27, 2026. It fell 60.4% from July 2023 to April 2025 and was down 29.9% for 2026 through October 27. Because it launched in 2023, it has no record in earlier bear markets.
Does NIKL pay dividends?
Yes. NIKL pays a distribution once a year. Its trailing 12-month yield was 3.63% as of October 27, 2026, based on $0.40 per share paid over that period. The fund holds mining companies whose payouts depend on their profits and on nickel prices, so the amount can change a lot from year to year. Paying only once a year also makes it a lumpy source of income for anyone drawing cash regularly.
What is NIKL's expense ratio?
NIKL's expense ratio is 0.75% a year, all of it management fee, according to the prospectus filed April 30, 2026. There is no fee waiver. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $77 after one year, $240 after three, $417 after five and $930 after ten. That is the price of a narrow, specialized index. Broad stock index funds generally charge less.
How has NIKL performed compared with the S&P 500?
NIKL has trailed the S&P 500 since launch, with much bigger swings. Through December 31, 2025, the fund returned -0.97% a year since its March 2023 inception, against 22.99% for the S&P 500 Total Return Index. Its 2025 gain of 50.54% beat the S&P 500's 17.88%, but it lost 20.73% in 2024. Its own benchmark, the Nasdaq Sprott Nickel Miners Index, returned -0.27% a year over the same period, before fees.