Nickel ETFs

A transition metal used in high-energy-density battery cathodes (NMC and NCA chemistries), stainless steel, and specialty alloys. Class 1 (battery-grade) nickel is increasingly sought after as EV battery production scales globally.

Nickel products with a purity of 99.8% or greater, including cathode, briquettes, and powder. Class 1 nickel is deliverable against the London Metal Exchange (LME) contract, making it the product that determines the global benchmark price. It can be used in high-grade alloys, electroplating, and — when dissolved and processed — as a feedstock for battery-grade nickel sulphate. Refined nickel from conventional sulphide smelting and refining is Class 1, as is nickel cathode produced by electrowinning from HPAL solutions. The LME price is the standard reference point for nickel contracts across the supply chain, though most Indonesian nickel products (NPI, MHP) trade at discounts to LME on a contained-nickel basis.

Nickel-manganese-cobalt (NMC) is a widely used lithium-ion battery cathode chemistry favoured for its high energy density and balanced performance. NMC variants include NMC 532, 622, and 811, with higher nickel ratios delivering greater energy density at the cost of thermal stability.

Whether an ETF provides exposure through equities (stocks of mining companies), futures contracts (commodity derivatives), physical holdings, or a mix. Equity ETFs hold shares in companies; futures-based ETFs hold derivative contracts on the underlying commodities.

The annual fee charged by an ETF to cover management, administration, and operational costs, expressed as a percentage of assets under management. A lower expense ratio means less drag on returns over time.

The total market value of all investments managed by an ETF. Higher AUM generally indicates greater liquidity, tighter bid-ask spreads, and lower trading costs for investors. AUM fluctuates with market prices and fund inflows or outflows.

Nickel ETFs are exchange-traded funds that provide exposure to the nickel market, typically by investing in companies involved in nickel mining, exploration, development, or production. They offer investors a way to gain nickel exposure without buying individual mining stocks or physical nickel.

As of April 2026, there is 1 US-listed ETF focused specifically on nickel — the Sprott Nickel Miners ETF (NIKL). Additional nickel exposure is available through broader critical minerals and battery metals ETFs such as SETM, GMET, and IBAT.

Nickel is a key cathode material in high-energy-density lithium-ion batteries using NMC (nickel-manganese-cobalt) and NCA (nickel-cobalt-aluminium) chemistries. As EV production scales globally, demand for Class 1 battery-grade nickel is accelerating. Nickel is also essential for stainless steel used in renewable energy infrastructure.

NIKL tracks the Nasdaq Sprott Nickel Miners Index, which targets companies deriving at least 50% of their revenue from nickel mining, exploration, development, or production. The index holds approximately 30 securities with a heavy international allocation.

The Sprott Nickel Miners ETF (NIKL) has an expense ratio of 0.75%, meaning investors pay $7.50 annually per $1,000 invested to cover management and operational costs.