Sprott Asset Management has completed its takeover of the North Shore Global Uranium Mining ETF (URNM), renaming it the Sprott Uranium Miners ETF.
The Toronto-based Sprott completed the $1.18 billion fund’s reorganization under its own ETF trust on Monday, closing a deal that it had announced last November. Terms of the deal were not disclosed.
The fund retains its previous expense ratio of 0.85% and still follows the North Shore Global Uranium Mining Index that Sprott licensed, meaning the fund’s strategies aren’t changing under the new management.
URNM and the $2.16 billion Global X Uranium ETF (URA) rose to as high as a 30% and 24% gain year-to-date in late April, respectively, on speculation that the West would turn to nuclear energy en masse as part of a broader strategy to wean itself off Russian oil.
Uranium futures on the Chicago Mercantile Exchange have nosedived in the last week, however, with prices falling from $64 per pound on April 20 to $56.60 per pound and dragging uranium mining equities in tow.
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