Sprott Uranium Miners ETF (URNM US) – Portfolio Construction Methodology

The underlying North Shore Global Uranium Mining Index targets pure-play uranium exposure by screening a proprietary global universe for companies materially involved in uranium mining, exploration, development or production, and for entities that hold physical uranium or uranium royalties. Eligibility requires company market cap ≥ USD 40m for new entrants (USD 25m for incumbents). Constituents are split into two buckets: 82.5% aggregate weight for miners/explorers/developers/producers and 17.5% for physical-holding and royalty entities; within each bucket, members are market-cap weighted. Single-name weights are capped at 15% with a 0.30% floor; no more than five issuers may exceed 4.70%, and the combined weight of >5% names is capped at 50%. If multiple share classes exist, ADRs are preferred when available. The index reconstitutes and rebalances semi-annually on the last trading day of March and September, with selection about one month prior and weights frozen 10 days before the effective date.

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