Highlights

  • URNM follows the Indxx North Shore Uranium Mining index before fees and expenses.
  • Its mandate includes uranium producers, explorers, developers and businesses holding uranium related assets.
  • The ten largest positions represented 77.71% of the portfolio.
  • Canada represented 37.37% and Australia 19.16% of geographic exposure.

Betashares Global Uranium ETF (ASX:URNM) provides exposure to companies and vehicles involved in the uranium industry. Its benchmark includes mining, exploration, development and production, alongside holdings of physical uranium, royalties and other non-mining assets. At the time of writing on 6 November 2026, URNM was trading at AUD 7.61. The portfolio combines operating businesses with uranium holding vehicles, creating several routes to exposure within a single industry theme.

A uranium mandate extending beyond mining shares

The fund aims to track the Indxx North Shore Uranium Mining Index before fees and expenses. The mandate covers different stages of the uranium industry. A producer, an exploration company and a physical uranium holding vehicle can have different commercial risks even when all relate to the same commodity.

The reported portfolio contained 41 holdings. Energy represented 97.07% of sector exposure and basic materials 2.93%. These classifications do not change the industry focus: the portfolio remains concentrated in uranium related investments rather than providing a broad energy or resources allocation across many commodities.

Large leading positions combine different uranium exposures

Kazatomprom was the largest holding at 15.88%, followed by Sprott Physical Uranium Trust at 15.19% and Cameco at 15.08%. NexGen Energy represented 5.30% and Paladin Energy 5.26%. Uranium Energy, Yellow Cake, Denison Mines, Energy Fuels and Deep Yellow completed the ten largest positions.

Together, those positions represented 77.71% of the portfolio. The presence of physical uranium holding vehicles means the holdings should not all be described as mining operators. Their values can be influenced differently from companies that face extraction costs, project delivery requirements or production targets. The large leading positions also mean a relatively small group carries substantial portfolio weight.

Country company size and Commodity related risks

Canada represented 37.37% of geographic exposure, Australia 19.16%, Kazakhstan 18.72%, the United States 15.77%, the United Kingdom 5.26% and China 3.71%. Jurisdictional differences can affect operating, financing and regulatory conditions within the portfolio.

Companies above AUD 1 billion represented 52.69% of the Market Capitalisation breakdown, with 25.29% between AUD 500 million and AUD 1 billion and 22.02% below AUD 500 million. The smaller company component adds financing and Liquidity considerations. Uranium prices, project approvals, operating execution and currency changes remain relevant across the different holdings.

Management fees and costs were listed at 0.69%. Fund size was AUD 272.17 million. A distribution of AUD 0.217 per unit had an ex-distribution date of 1 July 2026, a Record Date of 2 July 2026 and a payment date of 16 July 2026. Distribution amounts can change and do not represent a fixed payment commitment.

Key Insights

URNM combines uranium operating companies, project developers and physical holding vehicles. Its exposure is concentrated both by industry and by leading positions, while the country mix introduces several operating and regulatory environments.