At a glance
URNM charges 0.75% a year, above the 0.7% average of the 3 funds most like it (the 3rd cheapest of 4). It has $1.90B in assets, the 3rd largest of that group; it paid 3.89% of its price in distributions over the past 12 months, annual. Over the past year it returned −19.3% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +4.2% a year. At its worst it fell 41.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 73.2% of the fund, out of 26 in all.
The short version
Sprott Uranium Miners ETF (URNM) is an index fund that tracks the VettaFi Global Uranium Mining Index. It held 26 uranium miners, explorers and developers, plus companies that own physical uranium or royalties, as of June 30, 2026. The index gives a fixed 17.5% to holders of physical uranium, such as the Sprott Physical Uranium Trust. Its 0.75% expense ratio is above the 0.70% average of similar uranium funds, and its price swings are extreme.
Price history
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URNM -19.3% 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 | |
|---|---|---|---|---|---|---|
| URNM official prospectus, to Dec 31, 2025 | — | +40.41% | — | +24.92% | — | +31.57% |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | +14.42% | — | +15.73% |
| Vetta Fi Global Uranium Mining Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +41.95% | — | +25.84% | — | +32.70% |
| URNM price data to Oct 27, 2026 | -18.5% | -19.3% | +4.2% | +3.2% | — | +23.0% |
- Over the year to Oct 27, 2026, URNM returned -19.3%, 1st of 4 among similar funds.
- Its 5-year annualized return was +3.2%.
- Its worst full calendar year was 2024 (-14.1%); its best was 2021 (+78.7%).
- The deepest fall in its price history was 50.7% (May 20, 2024 to Apr 8, 2025), recovered by Sep 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -18.5% | — |
| 2025 | +40.6% | +40.41% |
| 2024 | -14.1% | -13.38% |
| 2023 | +57.5% | +56.88% |
| 2022 | -11.9% | -12.03% |
| 2021 | +78.7% | +81.28% |
| 2020 | — | +67.10% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.8% over that stretch · deepest drop along the way 41%, back to its old high 14.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.7400 | +35.9% |
| 2024 | $1.2800 | -26.9% |
| 2023 | $1.7500 | -27.4% |
| 2021 | $2.4100 |
What's inside
As of Jun 30, 2026, the fund held 26 securities; the ten largest made up 73.17% of assets.
| Holding | Weight | |
|---|---|---|
| Cameco Corp | 17.17% | |
| Sprott Physical Uranium Trust | 13.23% | |
| Nexgen Energy Ltd | 11.35% | |
| Energy Fuels Inc/canada | 4.88% | |
| Denison Mines Corp | 4.85% | |
| Nac Kazatomprom Jsc | 4.85% | |
| Deep Yellow Ltd | 4.38% | |
| Uranium Energy Corp | 4.26% | |
| Paladin Energy Ltd | 4.16% | |
| Cgn Mining Co Ltd | 4.04% | |
| Yellow Cake Plc | 3.78% | |
| Ur-energy Inc | 2.88% | |
| Bannerman Energy Ltd | 2.39% | |
| Isoenergy Ltd | 2.22% | |
| Boss Energy Ltd | 1.60% |
By country
Canada 62.48%Australia 14.3%United States 5.14%KZ 4.85%Cayman Islands 4.04%By asset type
Stocks 94.59%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $117.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.82%, -9.29%, -14.47%.
How it works
URNM is a passive fund. Before fees, it aims to match the total return of the VettaFi Global Uranium Mining Index. Sprott is the adviser and ALPS Advisors, Inc. is the sub-adviser. They generally buy every security in the index at its index weight, but they may hold only a sample when buying everything isn't practical. To qualify, a company must have at least 50% of its assets in uranium mining, or in related businesses such as holding physical uranium or owning royalties. It must also meet minimums for company size and daily trading volume.
The index splits its weight into two buckets. Miners, explorers, developers and producers get 82.5%. Companies holding physical uranium, royalties or other non-mining assets get 17.5%. Inside each bucket, companies are weighted by free-float market value, meaning the value of shares available to trade. No single company can exceed 20%, and companies weighing more than 5% are capped at 50% combined. The index aims for at least 25 members.
The index is rebuilt in June and December and rebalanced every quarter. The fund can own closed-end trusts such as the Sprott Physical Uranium Trust, which a Sprott affiliate manages. The fund has adopted policies meant to keep that conflict from affecting decisions. The fund is non-diversified, so a few holdings can drive results. It can also own companies in emerging and frontier markets.
What it really costs
- URNM charges 0.75% a year, versus an average of 0.7% for the similar funds below (3rd of 4, cheapest first).
- 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 |
|---|---|---|---|---|
| URNM | $77 | $240 | $417 | $930 |
In a retirement portfolio
URNM is a concentrated, non-diversified bet on one small industry, and it has fallen by half within a single year.
URNM could add a small, focused stake in uranium companies, whose fortunes depend heavily on uranium prices. Its price history starts June 2, 2020, so it doesn't cover the 2008 crisis or the 2020 COVID crash. In 2022 it fell 41% between April and July and didn't recover until September 2023. Its deepest drop was 50.7%, from May 2024 to April 2025, and it regained its old high in September 2025. Its weakest calendar year was 2024, at -13.38%. Anyone forced to sell during a slump like these could lock in large losses. The trailing yield was 3.89% as of October 27, 2026, but the fund pays only once a year. It costs 0.75% a year, or $77 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, 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 uranium exposure in a small slice of a portfolio, including a fixed 17.5% weight in holders of physical uranium.
- Long-horizon holders who can sit through drops like the 50.7% fall from May 2024 to April 2025 without needing to sell.
- People comfortable with heavy Canadian exposure (62.5% as of June 30, 2026), led by Cameco, Sprott Physical Uranium Trust and NexGen Energy.
Look elsewhere if
- Cost-focused investors: URNM's 0.75% expense ratio is higher than the 0.69% for Global X Uranium ETF and 0.61% for VanEck Uranium and Nuclear ETF.
- Anyone who needs steady income: the fund pays once a year, and its 3.89% trailing yield (as of October 27, 2026) isn't a fixed payout.
- Investors who want broad diversification: the fund is non-diversified, with 26 holdings and 73% in its top ten as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is URNM good for retirement?
URNM is a narrow, very volatile fund. In a retirement portfolio it is more likely to fill a small, higher-risk slice than to serve as a core holding. Its one-year volatility was 53.1% as of October 27, 2026, and it lost 19.3% over the year to that date. It fell 41% in 2022 and 50.7% from May 2024 to April 2025. Anyone who may need to sell in a downturn could face steep losses.
What's the difference between URNM and URA?
Both funds hold uranium companies, and their holdings overlap by about 55%. URA, the Global X Uranium ETF, is cheaper at 0.69% a year versus URNM's 0.75%. It is also larger, with $5.4 billion in net assets as of July 31, 2026, against URNM's $1.9 billion as of June 30, 2026. As of October 27, 2026, URNM lost less over one year (-19.3% vs. -25.9%), but URA led over three years (17.5% a year vs. 4.2%).
Does URNM pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $1.74 per share, a trailing yield of 3.89%. Mining companies' payouts can change a lot from year to year, so that figure may not repeat. The fund may suit investors who don't rely on it for regular income.
What are URNM's top holdings?
As of June 30, 2026, the largest holdings were Cameco (17.2%), Sprott Physical Uranium Trust (13.2%) and NexGen Energy (11.3%). Next came Energy Fuels, Denison Mines and NAC Kazatomprom, at about 4.9% each. The top ten made up 73% of the fund. The Sprott Physical Uranium Trust holds uranium itself and is managed by a Sprott affiliate. The fund has adopted policies meant to manage that conflict.
How has URNM performed since it launched?
URNM has posted strong long-term gains with sharp swings along the way. As of December 31, 2025, it returned 40.41% over one year, 24.92% a year over five years and 31.57% a year since its 2019 launch. The S&P 500 returned 14.42% a year over the same five years. Its worst quarter was a 31.49% loss in the second quarter of 2022. It was down 18.5% for 2026 through October 27.