Triuranium octoxide (U₃O₈), commonly referred to as yellowcake, is the primary tradable form of uranium used as fuel in nuclear power plants. Spot and long-term contract prices for U₃O₈ are the key benchmark for the uranium market.

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.

A closed-end fund that holds physical uranium (U₃O₈) in storage facilities. The Sprott Physical Uranium Trust (U.UN on the TSX) is the largest such vehicle and appears as a major holding in URNM. It provides investors with price exposure to uranium without the operational risk of mining companies.

Small-cap mining companies focused on exploration and development rather than active production. Junior miners typically offer higher risk and higher potential upside compared to established producers. In the uranium space, they include companies advancing deposits toward feasibility studies and construction decisions.

The “best” uranium ETF depends on your investment goals. URA is the largest and most liquid, offering broad exposure across miners and nuclear component makers. URNM provides purer uranium mining exposure with a physical uranium holding. NLR includes nuclear utilities for a more diversified approach. URNJ targets higher-risk junior miners for investors seeking maximum leverage to uranium prices.

Growing global recognition of nuclear power as a reliable, low-carbon energy source has driven increased investor interest. Governments worldwide are extending reactor lifetimes, building new plants, and investing in small modular reactors (SMRs). Meanwhile, the uranium supply side remains constrained after years of underinvestment, creating a structural supply deficit that supports higher prices.

URA (Global X) provides broader exposure including nuclear component manufacturers and reactor companies alongside miners. URNM (Sprott) is more concentrated on pure uranium mining companies and also holds the Sprott Physical Uranium Trust, giving it indirect physical commodity exposure. URNM tends to be more volatile and more closely correlated with uranium spot prices.

None of these ETFs directly hold physical uranium. However, URNM holds shares of the Sprott Physical Uranium Trust (U.UN), which stores physical U₃O₈. This gives URNM indirect exposure to the commodity itself, alongside its equity holdings in uranium mining companies.

AUM figures and top holdings are updated monthly. Fund details such as expense ratios, inception dates, and index information are updated as changes occur. Holdings data is sourced from fund websites, fact sheets, and financial data providers.