Sprott Asset Management LP announced today that it has completed the previously announced acquisition of the North Shore Global Uranium Mining ETF. The fund has been re-named the Sprott Uranium Miners ETF and continues to trade on the New York Stock exchange under the symbol “URNM.”
“Investor interest in uranium and energy-transition related investments continues to increase and the Sprott Uranium Miners ETF (URNM) is the perfect complement to the Sprott Physical Uranium Trust (SPUT),” said John Ciampaglia, CEO of Sprott Asset Management. “With SPUT and URNM, investors now have two compelling options to invest in the uranium sector.”
“As global governments increasingly turn to nuclear energy to address the dual challenges of achieving energy transition and energy security, we expect demand for uranium to remain strong,” added Ciampaglia. “Uranium mining is critical to the clean energy transition and URNM provides investors with access to producers, developers, exploration companies as well as vehicles that hold physical uranium.”
Nuclear power is poised to become a critical energy source as the world looks for alternatives to high emissions energy sources such as fossil fuels. Nuclear power currently creates significantly more energy than other clean energy methods such as solar and wind. A nuclear power plant can run almost all the time, while a solar panel only produces energy during the day and wind turbines are dependent on weather conditions.
With the completion of this acquisition, Sprott is now the largest manager of uranium investments globally, holding approximately $4.7 billion in uranium-related assets under management as of April 22, 2022.
URNM will continue to track the North Shore Global Uranium Mining Index. Sprott will serve as investment advisor for the Sprott Fund, and SS&C ALPS Advisors, Inc. will serve as the sub-advisor for the Sprott Fund.
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