Sprott Inc and Sprott Funds Trust have jointly announced that Sprott Asset Management LP, a wholly-owned subsidiary of Sprott, has completed the acquisition of certain assets relating to managing the North Shore Global Uranium Mining ETF (“URNM”), to which Exchange Traded Concepts, LLC acted as the investment adviser.
Sprott Funds Trust and Exchange Traded Concepts Trust have completed the reorganisation of the North Shore Global Uranium Mining ETF from a series of Exchange Traded Concepts Trust to Sprott Uranium Miners ETF, a series of Sprott Funds Trust. URNM is now advised by Sprott Asset Management and sub-advised by ALPS Advisors, Inc.
In connection with the acquisition and fund reorganisation, Sprott Asset Management has also acquired licensing rights from North Shore Indices, Inc. to use the North Shore Global Uranium Mining Index, the performance of which URNM will continue to seek to track.
“Investor interest in uranium and energy-transition related investments continues to increase and the Sprott Uranium Miners ETF (“URNM”) is the perfect complement to the Sprott Physical Uranium Trust (“SPUT”),” says John Ciampaglia, CEO of Sprott Asset Management. “With SPUT and URNM, investors now have two compelling options to invest in the uranium sector.”
“As global governments increasingly turn to nuclear energy to address the dual challenges of achieving energy transition and energy security, we expect demand for uranium to remain strong,” says Ciampaglia. “Uranium mining is critical to the clean energy transition and URNM provides investors with access to producers, developers, exploration companies as well as vehicles that hold physical uranium.”
This transaction adds approximately USD1.1 billion of energy-transition related assets to Sprott’s total Assets Under Management (“AUM”) and, the firm writes, establishes Sprott as the largest manager of uranium investments in the world1 with approximately USD4.5 billion in uranium related, energy-transition AUM, as of April 21, 2022.
The Sprott Uranium Miners ETF is listed on NYSE Arca and the ticker symbol of the ETF (URNM) remains the same.
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