Sprott Physical Uranium Trust

What Sprott Physical Uranium Trust does

Sprott Physical Uranium Trust is a closed-end investment trust established on July 19, 2021 under the laws of the Province of Ontario and listed on the Toronto Stock Exchange (tickers U.UN in Canadian dollars and U.U in U.S. dollars) and on NYSE Arca (U.U). The trust's mandate is to invest and hold substantially all of its assets in physical uranium in the form of U3O8 (triuranium octoxide), giving investors liquid, exchange-traded access to spot uranium price exposure without taking physical possession or managing storage logistics themselves.

As of June 25, 2026, the trust held 81,447,348 pounds of U3O8 with a total Net Asset Value of US$7.11 billion and 344,156,215 units outstanding, making it the largest physical uranium fund globally according to Morningstar's listed commodity fund universe. Uranium is custodied across three jurisdictions with regulated third-party storage providers: Cameco in Canada, ConverDyn in the United States, and Orano in France. Investment management is provided by Sprott Asset Management LP, with RBC Investor Services acting as trustee, WMC Energy as technical advisor, and KPMG as auditor. The trust publishes daily NAV and holdings.

The trust generates revenue primarily through a 0.68% Management Expense Ratio applied to average daily NAV, charged to unitholders. Capital for uranium acquisitions is raised through at-the-market equity programs and bought-deal financings on the listed exchanges. The product is distributed through brokerage channels globally, with options on units trading on the Montreal Exchange under symbol SPUT. Customer segments include individual investors seeking commodity diversification, institutional investors (pension funds, endowments, family offices) looking for nuclear-energy-thematic exposure, and financial advisors allocating to physical commodities on behalf of clients.

Name

Sprott Physical Uranium Trust

Legal name

Sprott Physical Uranium Trust

Website

https://uraniumparticipation.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Sprott Physical Uranium Trust is a publicly listed closed-end trust that holds 81.4 million pounds of physical uranium (U3O8) and provides exchange-traded commodity exposure to individual and institutional investors globally, with NAV of US$7.11 billion as of June 2026.

Ownership category

akta.pro rank

Product category

Physical Commodity Investment Fund

akta.pro primary industry

Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB)

Keywords

• Physical uranium fund
• Uranium commodity trust
• Closed-end fund
• Exchange-listed product
• Nuclear fuel investment

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Management Fees: The trust generates revenue through management fees charged to unitholders. The Management Expense Ratio (MER) is 0.68% based on total expenses (including applicable Canadian taxes and excluding commissions) expressed as an annualized percentage of the average daily NAV.

Pricing tiers

Distribution channels5 records

Marketing channels8 records

Core offering

Sprott Physical Uranium Trust is a closed-end investment trust that invests and holds substantially all of its assets in physical uranium in the form of U3O8 (triuranium octoxide). The trust provides exchange-listed units on the TSX (U.UN) and NYSE Arca (U.U), offering investors direct, liquid, regulated exposure to physical uranium without the operational risks of mining or the logistics of physical commodity ownership.

Product overview

Sprott Physical Uranium Trust operates as a closed-end trust providing direct physical uranium commodity exposure through exchange-traded units. The trust holds uranium in the form of U3O8, with approximately 81.4 million pounds held as of June 2026, valued at $7.11 billion in total net asset value. The primary product, Sprott Physical Uranium Trust (tickers: U.UN on TSX, U.U on NYSE Arca), is complemented by related uranium-focused ETFs including the Sprott Uranium Miners ETF (URNM) and Sprott Junior Uranium Miners ETF (URNJ), which provide equity-based exposure to uranium mining companies. The Sprott Physical Copper Trust (COP.UN/SCOP) extends the physical commodity fund lineup to copper. The trust is managed by Sprott Asset Management LP with physical uranium stored at facilities operated by Cameco (Canada), ConverDyn (U.S.), and Orano (France).

Differentiator

Problem solved

Functional benefit

Products and services

• Sprott Physical Uranium Trust (U.UN/U.U) The world's largest physical uranium fund, structured as a closed-end trust that invests and holds physical uranium (U3O8), offering exchange-traded exposure to uranium commodity prices for individual and institutional investors. As of June 2026, the trust holds approximately 81.4 million pounds of U3O8 with a total NAV of $7.11 billion.
• Sprott Uranium Miners ETF (URNM) Exchange-traded fund providing exposure to uranium mining equities, with concentrated holdings in major uranium producers including Cameco and NexGen Energy, as well as exposure to the Sprott Physical Uranium Trust.
• Sprott Junior Uranium Miners ETF (URNJ) Exchange-traded fund focused on junior uranium mining companies, offering targeted exposure to earlier-stage uranium exploration and development companies within the nuclear energy supply chain.
• Sprott Physical Copper Trust (COP.UN/SCOP) A physical commodity fund that invests in physical copper, providing exchange-traded exposure to copper as a critical industrial material for energy transition and infrastructure applications.

Quantifiable outcome

• 144.11% cumulative return since inception (July 2021 to May 2026)
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Sprott Asset Management LPcoreImplementation/ SI/ Consulting Partner · 19 July 2021Sprott Asset Management LP serves as the investment manager of the Sprott Physical Uranium Trust, providing investment management, portfolio management, and administrative services.
• WMC EnergycoreTechnology or Integration · 19 July 2021WMC Energy serves as the Technical Advisor to the Sprott Physical Uranium Trust, providing uranium market expertise and technical advisory services.
• RBC Investor ServicescoreImplementation/ SI/ Consulting Partner · 19 July 2021RBC Investor Services serves as the Trustee of the Sprott Physical Uranium Trust, providing fiduciary and administrative services.
• KPMGcoreImplementation/ SI/ Consulting Partner · 19 July 2021KPMG serves as the Auditor of the Sprott Physical Uranium Trust, providing independent financial statement audits.
• Cameco CorporationcoreStrategic or Co-development Partner · 19 July 2021Cameco is one of the world's largest uranium producers and serves as a storage provider for the Sprott Physical Uranium Trust. Uranium is stored at Cameco facilities in Canada.
• ConverDyncoreStrategic or Co-development Partner · 19 July 2021ConverDyn is a U.S.-based uranium conversion and storage services provider serving as a storage provider for the Sprott Physical Uranium Trust. Uranium is stored at ConverDyn facilities in the United States.
• OranocoreStrategic or Co-development Partner · 19 July 2021Orano is a French multinational nuclear materials company serving as a storage provider for the Sprott Physical Uranium Trust. Uranium is stored at Orano facilities in France.
• TSX Trust CompanysupportingImplementation/ SI/ Consulting Partner · 19 July 2021TSX Trust Company serves as the transfer agent for Canadian unitholders of the Sprott Physical Uranium Trust, handling unit registrations and transfers.
• Continental Stock Transfer & TrustsupportingImplementation/ SI/ Consulting Partner · 19 July 2021Continental Stock Transfer & Trust serves as the transfer agent for U.S. unitholders of the Sprott Physical Uranium Trust.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Yellow Cake plc: London-listed investment company that holds physical triuranium octoxide (U3O8) as its primary asset, with long-term offtake agreements from Kazatomprom. Directly comparable to SPUT as a publicly traded vehicle providing pure-play physical uranium exposure, though smaller in scale and concentrated on a single supplier.

Others

• Sprott Physical Gold Trust: Sister Sprott closed-end trust that holds allocated physical gold bullion in Royal Canadian Mint vaults. Operationally comparable (same sponsor, same exchange-listed structure, same regulated storage model) but holds a different commodity, making it a structural analog rather than a direct competitor.
• Sprott Physical Silver Trust: Sister Sprott trust holding physical silver bullion, traded under PSLV. Shares the same manager, trustee, auditor, and exchange-listing model as SPUT, providing a directly comparable commodity fund template even though the underlying metal differs.
• Sprott Physical Copper Trust: Sister Sprott trust holding physical copper (COP.UN/SCOP). Operationally and structurally identical to SPUT—same sponsor, same TSX listing, same closed-end trust mechanics—but commodity exposure differs (copper vs. uranium).
• Global X Uranium ETF: NYSE Arca-listed ETF (URA) providing exposure to uranium mining and nuclear energy equities. While SPUT holds physical U3O8, URA targets the same end-investor thesis (uranium/nuclear revival) through equity holdings, including SPUT itself, making it a complementary thematic product rather than a physical uranium competitor.
• Central Fund of Canada Limited: Canadian closed-end investment trust (CEF.A/CEF.U) that holds physical gold and silver bullion. Comparable as a closed-end, exchange-listed, physical-commodity holding trust with similar NAV-reporting and discount-to-NAV dynamics, though commodity mix differs.
• VanEck Uranium and Nuclear ETF: NYSE Arca-listed ETF (NLR) tracking the MVIS Global Uranium & Nuclear Energy Index. Comparable as a uranium thematic investment vehicle, but offers equity exposure to miners and nuclear-energy companies rather than direct physical U3O8 ownership.

Emerging players

• ANU Energy: Joint venture between Cameco and Orano created to purchase and hold physical uranium, providing a utility- and producer-backed alternative to SPUT. Comparable as a physical uranium holder, but emerging in scale and backed by producers rather than financial markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/sprott
• YouTubeyoutube.com/user/sprottgroup
• LinkedInlinkedin.com/company/uranium-participation-corp-u-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sprott Physical Uranium Trust