There are two broad ways to invest in uranium through a fund: funds that hold physical uranium, whose value follows the spot price, and ETFs that hold uranium mining and nuclear stocks, which add company and equity-market risk on top.
Comparison
| Fund | Ticker | Holds | Follows |
|---|---|---|---|
| Sprott Physical Uranium Trust | TSX: U.U (US$), U.UN (C$); OTC: SRUUF | Physical U3O8 (~81.7 million lb, Oct 2, 2026) | Spot price (via NAV) |
| Yellow Cake plc | LSE: YCA; OTC: YLLXF | Physical U3O8 | Spot price (via NAV) |
| Global X Uranium ETF | URA (NYSE Arca) | Uranium miners and nuclear component companies; also physical uranium fund units | Uranium & nuclear equities |
| Sprott Uranium Miners ETF | URNM (NYSE Arca) | Uranium miners, developers and physical uranium funds | Uranium mining equities |
| Sprott Junior Uranium Miners ETF | URNJ (Nasdaq) | Small and mid-cap uranium miners and explorers | Junior miners (highest volatility) |
| VanEck Uranium and Nuclear ETF | NLR (NYSE Arca) | Uranium miners, nuclear utilities and fuel-cycle companies | Broader nuclear sector |
Physical uranium funds
Sprott Physical Uranium Trust (SPUT) is the largest. It is a closed-end trust: it issues new units through an at-the-market programme only when units trade at or above net asset value, and uses the cash to buy uranium. That makes SPUT both a way to own uranium and a major source of spot demand. When units trade at a discount, as for much of early 2025 and again at times in 2026, buying stops and the trust may buy back units instead.
Yellow Cake plc is a London-listed company holding U3O8 bought under a long-term agreement with Kazatomprom. Like SPUT it can trade at a premium or discount to its estimated NAV.
Physical funds give the purest exposure to the uranium price, but they generate no income, charge management and storage costs, and their market price can diverge from NAV.
Mining ETFs
URA is the oldest and largest uranium ETF (launched 2010) and includes nuclear-component and reactor companies as well as miners. URNM concentrates on miners and physical funds, so it is more sensitive to the uranium price. URNJ holds smaller developers and explorers and is usually the most volatile. NLR is broader, mixing miners with nuclear utilities and services.
Mining equities typically move more than the uranium price itself — in both directions — because miners have fixed costs and development projects whose value depends heavily on long-term prices.
Questions to ask before choosing
- Do you want exposure to the uranium price, to mining companies, or to the nuclear sector as a whole?
- How concentrated is the fund? Uranium ETFs often have large weights in a few names such as Cameco, Kazatomprom and NexGen.
- What are the fees, and is the fund available in your account and currency?
- For physical funds, is the unit price above or below NAV?
Live charts
Live URA, URNM and SPUT charts are on our homepage; quotes for all the funds above are on uranium stocks. To understand what drives the underlying price, see uranium spot price explained.
This article is general information, not investment advice. Figures are as of the dates stated and can change.
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