What Is URNM? Sprott Uranium Miners ETF

URNM is the Sprott Uranium Miners ETF, the largest US-listed fund dedicated to the uranium sector. It tracks the North Shore Global Uranium Mining Index and holds roughly 30 companies engaged in mining, exploration, development, and production of uranium, plus a sizable allocation to physical uranium through the Sprott Physical Uranium Trust.

Launched in December 2019 and taken over by Sprott in 2022, the fund gives investors one-ticket access to the uranium complex. Its 0.75% expense ratio is standard for a specialized sector product, and its blend of producers and physical metal makes it the flagship way to express a bullish view on nuclear fuel.

Approximate weights as of mid-2026; refresh quarterly from Sprott Asset Management's fund page. Each ticker links to its individual stock guide in Walnut.

URNM is led by Cameco, the world's largest publicly traded uranium producer, alongside the Sprott Physical Uranium Trust, NexGen Energy, Denison Mines, and Kazakhstan's Kazatomprom. Other holdings include Paladin Energy, Uranium Energy, Boss Energy, Energy Fuels, and Centrus Energy.

The top ten positions account for close to 80% of the fund, so URNM is concentrated in the sector's biggest and most established names. The large physical-uranium sleeve is a distinctive feature, linking the fund's performance directly to the uranium spot price on top of the leverage that comes from owning the miners.

URNM is the broad, producer-weighted uranium fund, dominated by large miners and physical uranium. Its sister fund URNJ, the junior version, deliberately excludes the biggest producers and physical uranium to focus on small and mid-cap developers, making it more speculative and typically more volatile.

Investors who want direct commodity exposure sometimes pair or compare URNM with the standalone Sprott Physical Uranium Trust, which holds only the metal. URNM blends both approaches, capturing the operating leverage of the miners plus a direct link to the uranium price through its trust allocation.

URNM's returns are tightly linked to the uranium price and the fortunes of its mining holdings, both of which are highly cyclical. The fund has seen powerful rallies when uranium prices rise on supply concerns or nuclear demand, and sharp drawdowns when sentiment cools, so its performance record is far more volatile than a diversified fund.

The bullish case rests on structural supply deficits, reactor restarts, new nuclear builds, and interest in small modular reactors, all of which could support uranium prices over time. The bearish case includes demand disappointments, policy shifts, and the possibility of new supply, meaning outcomes remain uncertain and cycle-dependent.

Walnut is not an investment adviser, and whether URNM fits depends on your goals, time horizon, and risk tolerance. URNM is a concentrated, cyclical sector fund whose value can swing sharply with the uranium price, so it behaves very differently from a diversified core holding.

Investors who want uranium exposure often hold URNM as a small satellite position sized so that a large drawdown will not derail their overall plan. If you prefer broad diversification, low fees, or stability, a total-market or broad energy fund may align better with your objectives than a single-commodity mining bet.

URNM trades on NYSE Arca and can be purchased through most major brokerages, including Robinhood, Fidelity, Schwab, and Public. Many of these platforms offer fractional shares, so you can take a partial-share position if a full share is more than you want to allocate to a single sector bet.

You can also connect your brokerage account to Walnut to track URNM alongside your other holdings, monitor how it fits your target weights, and build baskets around a uranium or broader energy theme. Walnut helps you follow the position; the trade itself is placed and settled at your own broker.

ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold URNM as a core position, these are the themes you might layer on as satellites.

URNM is the flagship, most liquid way to own the uranium mining complex, blending major producers with physical uranium exposure at a 0.75% fee. It is a concentrated, cyclical sector bet best sized as a satellite position rather than a core holding.

Whether URNM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is URNM a buy?

URNM yields ~2.8% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see URNM dividend: yield and schedule.