Betashares Global Uranium ETF (URNM) — Review & Analysis

URNM is Australia's most popular pure-play uranium-themed ETF, with $348 million in assets as at May 2026 — making it one of the highest-conviction thematic plays available to Australian investors. Betashares launched URNM in June 2022 and the fund has grown alongside the global nuclear renaissance. URNM tracks the North Shore Global Uranium Mining Index, holding approximately 40 companies across uranium mining, exploration, conversion and enrichment. The management fee is 0.69% per annum — high vs broad-market ETFs but standard for narrow thematic exposure. URNM is the most concentrated uranium-miner ETF available on the ASX — sister product ATOM includes reactor builders and nuclear utilities for broader exposure.

To compare URNM side-by-side with every other ETF on the ASX, see the full ETF directory.

URNM is concentrated in the world's largest uranium producers. As at May 2026, top holdings include Cameco (Canada), Kazatomprom (Kazakhstan), NexGen Energy, Yellow Cake (physical uranium fund), Energy Fuels, Denison Mines, Paladin Energy, Boss Energy and Sprott Physical Uranium Trust — together making up roughly 65% of the fund. Geographic exposure: approximately 40% Canada, 20% Australia, 15% Kazakhstan, 15% US, with the remainder spread across other producing jurisdictions. Over the 3 years to May 2026, URNM returned an exceptional +118.2% total return — though the 1-year return has cooled to +47.0% as the uranium spot price stalled after a multi-year rally.

URNM pays distributions annually (late June) at a minimal yield. As at May 2026, the trailing 12-month distribution yield runs under 1% — uranium miners typically don't pay meaningful dividends, particularly the smaller exploration and development names. URNM is currency-unhedged. The fund's strong performance is driven by uranium spot price (which has tripled since 2020) combined with operating leverage from miners as commodity prices rise.

URNM is a high-volatility thematic satellite — appropriate as a 2-5% position size in a growth-oriented portfolio, not a core holding. Multiple drawdowns of 30-40% have occurred since launch. The structural thesis remains strong: global nuclear reactor build-out (especially China, US small modular reactors) is consuming uranium faster than mines can produce, supporting prices long-term. But timing within that cycle matters — at +118% 3-year, valuations are no longer cheap. A $10,000 investment in URNM at its June 2022 launch (with all distributions reinvested) would be worth roughly $25,000 as at May 2026 — an annualised return of about 27% per year over the 4-year period.