Sprott Inc has announced that Sprott Asset Management LP has entered into a definitive agreement with North Shore Indices, Inc. to acquire an exclusive licence to use the North Shore Global Uranium Mining Index, the performance of which the North Shore Global Uranium Mining ETF (“URNM”), a series of Exchange Traded Concepts Trust (the “Trust”), seeks to track.
The firm writes that in connection with the Agreement, and subject to the approval of a reorganization by both the Board of Trustees of the Trust and shareholders of URNM, it is anticipated that URNM would be reorganised into a newly created series of the Sprott Funds Trust, the Sprott Uranium Miners ETF, which series will be advised by Sprott Asset Management and sub-advised by ALPS Advisors, Inc. Assuming the transaction is approved by the Board of Trustees of the Trust and the shareholders of URNM, the reorganisation is expected to close in the first quarter of 2022.
“We believe we are in the early stages of a uranium bull market and URNM is a perfect complement to the Sprott Physical Uranium Trust (“SPUT”), which is the world’s largest physical uranium fund,” says John Ciampaglia, CEO of Sprott Asset Management. “URNM is the only US-listed pure-play uranium equities ETF and we look forward to providing investors with two compelling options to invest in the sector.”