Owns companies worldwide that mine and develop uranium, plus firms that hold physical uranium or uranium royalties, following the VettaFi Global Uranium Mining Index.
URNM, the Sprott Uranium Miners ETF, is a $1.8 billion ETF whose main story is the power constraint. Over the past year it returned −19.7%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.8 of its exposure.
The power constraint →
Utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLU | 32.5% | $21.33bn | −6.8% | 0.08% |
| 2 | GRID | 18.1% | $11.87bn | +20.8% | 0.56% |
| 3 | VPU | 13.0% | $8.52bn | −7.0% | 0.09% |
| 4 | URA | 8.5% | $5.59bn | −16.9% | 0.69% |
| 5 | NLR | 5.4% | $3.55bn | −25.8% | 0.52% |
| 75 other ETFs | 22.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 80 ETFs on the narrative page →
Also carries: Hard asset flight →
Gold, silver and the miners: assets held because no government issues them.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| URNM | −13.7% | −10.2% | −13.6% | −19.7% | +4.6% | +7.1% |
| The power constraintits narrative | −4.5% | −9.0% | +1.4% | −1.0% | +20.1% | +11.6% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on December 4, 2019: +24.7% a year.
$10,000 invested December 31, 2019
Year by year
Total return in each calendar year; this year is year to date. A year appears only if URNM traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
URNM moves partly with the market. When the market has moved 1%, URNM has tended to move 1.35%.
URNM moves partly with the power constraint. When the power constraint has moved 1%, URNM has tended to move 1.74%.
Weekly returns over 157 weeks. The narrative is measured without URNM in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The power constraint
Each dot is one of 29 unlevered ETFs whose main narrative is the power constraint, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
URNM is the 21st cheapest of 29 ETFs in the power constraint. The dashed line is the middle of the group, 0.56% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Second narrative: read in the ETF’s own filing.
Common questions
What story is URNM selling?
URNM’s main story is the power constraint, which covers utilities, nuclear fuel and grid equipment: the power the AI buildout needs. Its second is hard asset flight.
Which ETFs compete with URNM?
The ETFs whose weekly returns move most like URNM’s over the past 3 years are URNJ (0.98), URA (0.95) and NLR (0.91).
How has URNM performed against its story?
Over the past year URNM returned −19.7%, the ETFs carrying the power constraint −1.0% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.65 with the story. Past performance only.
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