URNM is now trading as a series of Sprott Funds Trust, boosting the firm's ETF offerings in that strategy
Sprott Inc. and Sprott Funds Trust announced that Sprott Asset Management LP, a wholly-owned subsidiary of Sprott, has completed the acquisition of certain assets related to the management of the North Shore Global Uranium Mining ETF (URNM).
Sprott Funds Trust and Exchange Traded Concepts Trust, which served as the investment advisor to URNM, have completed the reorganization of the ETF from an Exchange Traded Concepts Trust series to a Sprott Funds Trust series, Sprott Uranium Miners ETF.
Sprott Asset Management is now advising URNM, with ALPS Advisors, Inc. serving as a sub-adviser.
“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”),” John Ciampaglia, CEO of Sprott Asset Management, stated. “With SPUT and URNM, investors now have two compelling options to invest in the uranium sector.”
Sprott Asset Management has also purchased licensing rights from North Shore Indices, Inc. to utilize the North Shore Global Uranium Mining Index, the performance of which URNM will continue to strive to follow, as part of the acquisition and fund reorganization.
“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,” Ciampaglia added. “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.”
The deal adds roughly $1.1 billion in energy-transition related assets to Sprott's overall AUM. It makes Sprott the world's largest manager of uranium investments as of April 21, 2022, with approximately $4.5 billion in uranium-related, energy-transition AUM.
The Sprott Uranium Miners ETF is still listed on NYSE Arca, with the same ticker symbol (URNM).