---
title: "URNM's 0.44% premium left a 13.5% sleeve 7.23% below uranium"
url: "https://etf.net/news/urnm-s-0-44-premium-left-a-13-5-sleeve-7-23-below-uranium-2026-09-06"
published_at: "2026-09-06T16:43:23.794Z"
updated_at: "2026-09-06T16:43:23.794Z"
byline: "ETF.net Research"
---

# URNM's 0.44% premium left a 13.5% sleeve 7.23% below uranium

Sprott Uranium Miners ETF URNM stood at a 0.44% premium on Friday, September 4, 2026, while its 13.5% Sprott Physical Uranium Trust holding sat at a 7.23% discount to the metal.

By ETF.net Research. Published Sep 6, 2026.

Sprott's uranium miners fund URNM finished Friday at a **0.44%** premium. A 13.5% sleeve inside it, the Sprott Physical Uranium Trust, stood **7.23%** below the uranium it holds: **0.98%** of the ETF, and a gap the fund's own premium/discount field will never show. The outer wrapper did its job. The inner one is allowed, by design, not to.

## URNM held a closed-end uranium trust at 13.5%

URNM reported a NAV of **$56.88** on Friday and a 4 p.m. ET midpoint of **$57.13**, that 0.44% premium, against a 30-day median spread of **0.24%** as of Thursday. That is a small gap on a $2.12 billion ETF that can create and redeem.

One holding cannot. The fund held the Sprott Physical Uranium Trust at 13.5% of assets, behind only Cameco, the uranium miner, at **19.3%**.

Chart: The uranium trust is URNM's **second-largest** holding

The trust is a closed-end vehicle for pounds of U3O8, not an ETF. On Friday it reported a NAV of **$21.54** and a 7.23% discount, with **81.7 million** pounds in the vault.

The 0.98% is not a fee to trade URNM. The miners fund already marks the trust units at the market price. It is the share of the ETF that lives in a vehicle with no daily create window against the uranium. URNM itself has no one-way regime: it traded at a premium on 29 days and a discount on 32 in the second quarter. Calendar 2025 ran 132 premium days against 115 discount days.

## SLV's official premium followed the London noon auction

iShares values the physical silver trust SLV on each day's announced LBMA Silver Price, an auction that starts at 12:00 noon London time: **7 a.m.** Eastern. The shares keep trading on NYSE Arca until 4 p.m. When silver falls through the U.S. day, the tape follows the metal and the NAV does not. When silver rises after 7 a.m., the published field flips the other way.

On Friday, August 28, SLV closed at $60.02, down 4.4% on the session, and iShares posted a **5.46%** discount. By Thursday, September 3, the same field read a **2.08%** premium on a $60.54 midpoint. The 30-day median bid/ask spread, still **0.02%** as of Thursday, is what a liquid silver trust looks like when the wrapper is doing its job. The 2.08% figure is not a 2.08% trading cost.

SLV published these official readings, each using that day's 4 p.m. midpoint against that day's London-noon NAV:

Table: Exposure, Session, 4 p.m. midpoint, Official gap vs NAV

Friday, September 4, repeated the clock in the other direction. iShares posted a NAV of **$60.38**, up $1.07, or **1.81%**. The shares closed at $59.82, down 1.2%, and the official field printed a **0.93%** discount.

The Nasdaq-100 fund QQQ closed Friday at $718.96 against a same-session NAV of $719.18, a **0.03%** discount. U.S. exchanges are shut Monday for Labor Day. Tuesday's premium will have to be dated against whatever NAV the sponsors post after a three-day gap. The field on URNM will still not show you the trust. The field on SLV will still be waiting on London.

Source: etf.net, https://etf.net/news/urnm-s-0-44-premium-left-a-13-5-sleeve-7-23-below-uranium-2026-09-06. Please cite the page URL.