The ASX listed Betashares Uranium ETF which holds heavyweights like Cameco (CCJ US) and NAC Kazatomprom (NATKY US) saw it’s US version rally more than 5% overnight, which should be supportive of the ASX listed version today. That said, it’s worth noting that given it’s higher exposure to Cameco (17%), which is trading at all time highs, we believe this particular ETF is more stretched than the ASX Uranium stocks. While we could potentially see some consolidation, we believe it’s a case of when/where to buy the URNM, not where to sell.
- We are targeting new highs for the URNM ETF through 2025/6.
MM remains bullish on the uranium URNM ETF
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