URNM

Sprott Uranium Miners UCITS ETF (Acc) (URNM) is a concentrated equity ETF that tracks the North Shore Global Uranium Mining Index and provides exposure to companies involved in uranium mining, development, royalties and related services, as well as entities that hold physical uranium. The fund combines producer and developer equities with allocations to physical-uranium trusts, producing a portfolio that is heavily weighted toward a small number of large uranium names and physical exposures. Returns are driven primarily by moves in uranium spot and contract prices, progress on mine development and production, and changes in utility and government demand for nuclear fuel. Key risks include high commodity-price volatility, geopolitical or regulatory events affecting nuclear policy or supply, and concentration risk from top holdings; the ETF is most appropriate for investors seeking thematic or tactical exposure to the uranium fuel cycle rather than broad-market diversification.

Top holdings:

• Cameco Corp. (CCJ): 21.12%
• Sprott Physical Uranium Trust (U-U CN): 13.05%
• NexGen Energy Ltd. (NXE): 12.05%
• Uranium Energy Corp. (UEC): 5.06%
• NAC Kazatomprom JSC (KAP LI): 4.87%
• Paladin Energy Ltd. (PDN): 4.86%
• Energy Fuels Inc. (UUUU): 4.52%
• Denison Mines Corp. (DNN): 4.5%