Changes to Index Tracked by Sprott Uranium Miners ETF (URNM)

Rhea-AI Summary

Sprott (symbol SII) announced methodology changes to the North Shore Global Uranium Mining Index (URNMX), tracked by the Sprott Uranium Miners ETF (URNM), effective at the rebalance after the close on December 19, 2025.

Key changes: new-security minimum free-float market cap $125,000,000 (existing holdings buffer $100,000,000), new-security ADVT $100,000 (existing buffer $75,000), target minimum 25 constituents, switch to free-float weighting, single-security weight cap increased to 20% (from 15%), removal of a minimum weight constraint, and reconstitution moved to June/December with additional quarterly rebalances in March and September.

Positive

• New-security free-float market cap threshold set at $125,000,000
• New-security ADVT threshold set at $100,000 over three months
• Single-security weight cap increased to 20%
• Reconstitution moved to June and December to align with liquidity

Negative

• Higher market-cap and ADVT thresholds may exclude smaller uranium miners
• Removal of minimum weight may reduce exposure to smaller constituents
• More frequent rebalances could increase ETF turnover and trading costs

North Shore Global Uranium Mining Index methodology amendments seek to improve liquidity and ETF tracking

NEW YORK, Oct. 17, 2025 (GLOBE NEWSWIRE) -- Sprott Asset Management USA, Inc., a wholly-owned subsidiary of Sprott Inc., today announced modifications to the North Shore Global Uranium Mining Index (URNMX), the index that the Sprott Uranium Miners ETF (NYSE Arca: URNM) tracks. The index was recently acquired by VettaFi, a differentiated index provider with modern distribution solutions and a subsidiary of TMX Group.

The index is designed to track the performance of companies that devote at least 50% of their assets to the uranium mining industry, which may include mining, exploration, development and production of uranium, or holding physical uranium, owning uranium royalties or engaging in other non-mining activities that support the uranium mining industry. Changes to the index have been made regarding security eligibility and weighting, as well as to the timing of index reconstitution and rebalances, and are effective at the next scheduled rebalance after the close of trading on December 19, 2025.

Security eligibility and weighting changes are as follows:

• Market Cap Eligibility – The index will require all new securities to have a minimum free-float market capitalization of USD $125 million. For the existing index holdings, a buffer of USD $100 million applies (i.e., an existing constituent remains eligible as long as free-float market capitalization is ≥ USD $100 million). Previously, the minimum company-level market capitalization was USD $40 million, and the minimum market cap for existing index holdings was USD $25 million.
  
  
• Minimum Average Daily Value Traded (ADVT) – All new securities must have an ADVT of USD $100,000 over the three months prior to selection day. For existing index holdings, a buffer of USD $75,000 ADVT applies.
  
  
• Minimum Constituent Count – The index targets a minimum constituent count of 25. If fewer than 25 securities meet all eligibility criteria at a reconstitution, the index will add securities by reducing the free-float market capitalization threshold (in descending order by free-float market cap) until the count of 25 is met. All other eligibility criteria must still be satisfied.
  
  
• Use of Free Float Weighting – The index will use free-float weighting to determine market capitalization eligibility, rather than market capitalization weighting.
  
  
• Security Weighting Maximum and Minimum – The index will apply a single security weight cap of 20%, up from a previous weight cap of 15%. The minimum weight constraint has been removed.
  
  

In addition, index reconstitution dates will be moved to June and December from March and September to better align with market liquidity events. Additionally, quarterly rebalances will be added to the third Fridays of March and September.

For a full overview of URNMX methodology, please visit https://www.indxx.com/indices/other-indices/north_shore_global_uranium_mining_index.

About Sprott Asset Management USA, Inc.

Sprott Asset Management USA, Inc. is a wholly-owned subsidiary of Sprott Inc. (“Sprott”). Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California. For more information, please visit www.sprott.com.

Contact:
Glen Williams
Senior Managing Partner
Investor and Institutional Client Relations
Direct: (416) 943-43945
gwilliams@sprott.com

Important Disclosures

An investor should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. To obtain a fund’s Prospectus, which contains this and other information, contact your financial professional, call 1.888.622.1813 or visit SprottETFs.com. Read the Prospectus carefully before investing.

One may not invest directly in an index.

Exchange Traded Funds (ETFs) are considered to have continuous liquidity because they allow for an individual to trade throughout the day, which may indicate higher transaction costs and result in higher taxes when fund shares are held in a taxable account.

The funds are non-diversified and can invest a greater portion of assets in securities of individual issuers, particularly those in the natural resources and/or precious metals industry, which may experience greater price volatility. Relative to other sectors, natural resources and precious metals investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations. Risks related to extraction, storage and liquidity should also be considered.

Shares are not individually redeemable. Investors buy and sell shares of the funds on a secondary market. Only “authorized participants” may trade directly with the fund, typically in blocks of 10,000 shares.

Sprott Asset Management USA, Inc. is the Investment Adviser to the Sprott ETFs. ALPS Distributors, Inc. is the Distributor for the Sprott ETFs and is a registered broker-dealer and FINRA Member.

ALPS Distributors, Inc. is not affiliated with Sprott Asset Management USA, Inc.

© 2025 Sprott Inc. All rights reserved.

FAQ

What changes to URNMX take effect for Sprott (SII) after December 19, 2025?

Changes include a $125M new-security free-float market cap, $100K ADVT threshold, free-float weighting, a 20% single-security cap, and new reconstitution dates.

How will the new $125M free-float market cap threshold affect URNM holdings for SII investors?

New securities must meet the $125M free-float threshold; existing constituents keep a $100M buffer to remain eligible.

What liquidity requirements did URNMX add that matter to SII shareholders?

The index requires new securities to have a three-month ADVT of at least $100,000, with a $75,000 ADVT buffer for existing holdings.

How does the 20% single-security cap change affect concentration risk for SII investors?

The cap raises the maximum weight from 15% to 20%, which can increase potential concentration in large constituents.

When will index reconstitutions and rebalances occur after the methodology change for SII?

Reconstitutions will shift to June and December, with additional quarterly rebalances on third Fridays of March and September.

Will the URNMX changes likely increase URNM ETF trading costs for SII holders?

More frequent rebalances and stricter eligibility may raise turnover and trading costs, per the new schedule and thresholds.