This ASX-traded ETF provides Australian investors with diversified exposure to leading global companies involved in the uranium industry, including mining, exploration and production, by tracking a uranium-focused index. It has enjoyed a strong albeit volatile year, which is arguably befitting of a nuclear-facing ETF. It’s advanced ~300% from its 2025 low but with two sharp ~25% corrections along the way.
- The ETF currently holds 39 stocks, with its 5 largest positions being NAC Kazatomprom, Cameco Corp, Sprott Physical Uranium, CGN Mining, and Paladin – it has more than a 15% allocation to ASX Uranium names.
This is another investment theme that may confuse some ethical investors, but at MM, we believe nuclear power is the obvious clean energy source that works today, and US big tech agrees, as they pour money into Small Modular Reactors (SMRs).
- We like the URNM after its latest pullback, wanting to be long the uranium sector until further notice.
MM is bullish towards the URNM ETF around $13
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