Sprott Physical Uranium Trust Fund
SRUUF
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- Sprott Physical Uranium Trust (SRUUF) is a closed-end investment trust that invests and holds substantially all of its assets in physical uranium, primarily in the form of uranium oxide in concentrates (U3O8), also known as yellowcake, and uranium hexafluoride (UF6); the Trust provides a secure, convenient, and exchange-traded alternative for investors seeking direct exposure to uranium without the operational complexities of mining or futures contracts. Units trade on the Toronto Stock Exchange under the symbols U.U (US$) and U.UN (CA$), as well as over-the-counter in the US as SRUUF, with redeemable units offering liquidity to a global investor base including institutional and retail participants focused on the energy transition and nuclear power sectors. The Trust's uranium holdings, totaling approximately 74 million pounds of U3O8 as of December 2025, are stored in licensed facilities in Canada (Cameco), the United States (ConverDyn), and France (Orano), managed under Canadian and US regulatory frameworks. Launched on July 19, 2021, following Sprott Asset Management LP's reorganization and renaming of the former Uranium Participation Corporation (originally incorporated in 2005), the Trust is headquartered in Toronto, Canada, with Sprott Asset Management LP serving as manager, WMC Energy as technical advisor, RBC Investor Services as trustee, and KPMG as auditor. It operates within the commodities investment industry, targeting long-term capital appreciation tied to uranium market dynamics amid rising nuclear energy demand, supply deficits, and geopolitical shifts favoring nuclear as a reliable, low-carbon baseload power source. Recent major developments include a US$25.55 million non-brokered private placement in May 2025 to fund uranium acquisitions; an upsized US$200 million bought-deal financing announced in June 2025 (increased from US$100 million due to strong demand, in partnership with Canaccord Genuity Corp.), closing on June 20, 2025, to further expand holdings; and the listing of options on Bourse de Montréal in September 2025 under symbol SPUT, enhancing trading flexibility. These capital raises have supported the acquisition of approximately 48 million pounds of U3O8 since inception, positioning the Trust as the world's largest physical uranium fund with a net asset value exceeding US$5.9 billion as of December 2025. The low management expense ratio of 0.70% underscores its cost-efficient structure for investors.