Sprott Physical Uranium Trust (SPUT) Explained: Why It Trades Below NAV
60-second answer: The Sprott Physical Uranium Trust (TSX: U.UN in Canadian dollars, U.U in US dollars; OTC: SRUUF) is a closed-end trust that holds physical U₃O₈. On November 5, 2026 its units closed at US$19.11 against a net asset value of US$22.07, a premium or discount of −13.40% (Sprott). It trades below NAV when sellers outnumber buyers, and because units cannot be redeemed for uranium, nothing forces the gap shut. The trust issues new units, and buys uranium with the cash, when units trade above NAV; at a discount, issuing would dilute holders, so buying pauses. Track SPUT NAV today on our Sprott page.
What is SPUT?
SPUT is a closed-end trust managed by Sprott Asset Management that "invests and holds substantially all of its assets in uranium in the form of U₃O₈" (Sprott). It launched on July 19, 2021. Its uranium is stored at Cameco in Canada, ConverDyn in the US and Orano in France.
| Fact | Value | Source and date |
|---|---|---|
| Uranium held | 81,697,348 lb U₃O₈ | Sprott, November 5, 2026 |
| Market value of uranium | $7.51 billion | Sprott, November 5, 2026 |
| Total net assets | $7.60 billion | Sprott, November 5, 2026 |
| Units outstanding | 344,156,215 | Sprott, November 5, 2026 |
| Uranium per unit | 0.2374 lb | Sprott, November 5, 2026 |
| Management expense ratio | 0.71% | Sprott, period ended Jun 30, 2026 |
Sprott describes SPUT as the world's largest physical uranium fund, based on Morningstar's universe of listed commodity funds as of September 30, 2026. The trust holds no income-producing assets, so it pays no regular income.
What NAV and premium or discount mean
NAV per unit is the value of everything the trust owns, less liabilities, divided by units outstanding. For SPUT that is almost entirely uranium: on November 5, 2026, uranium was $7.51 billion of $7.60 billion in net assets, so cash and other net assets were about 1.1% (Sprott; our arithmetic).
The premium or discount compares the market price of a unit with that NAV:
Premium/discount = (market price − NAV per unit) ÷ NAV per unit
On November 5, 2026: (US$19.11 − US$22.07) ÷ US$22.07 = −13.40%. A positive number is a premium and a negative number is a discount. Sprott publishes the figure daily for both the US-dollar line (U.U) and the Canadian-dollar line (U.UN).
For context, at that price a unit buys 0.2374 lb of uranium, which works out to about $80.50 per lb. The spot price on our uranium spot price page was $91.89/lb on November 4, 2026.
Why SPUT trades at a discount
A closed-end fund's price is set by buyers and sellers on the exchange, while its NAV is set by the assets. The two drift apart when demand for the units changes faster than the value of the uranium.
ETFs avoid most of this gap through creation and redemption. Authorized participants can swap shares for the underlying assets, which pulls the price back to NAV. SPUT has no equivalent mechanism: Sprott describes it as "a non-redeemable investment fund" (Sprott, January 26, 2026 release). When more holders want to sell than buy, the price falls below NAV and stays there until demand returns.
The discount has been the normal state recently. Of 251 trading days in calendar 2025, SPUT traded at a premium on 12 (Sprott frequency table, October 28, 2026). In 2026 the count has thinned each quarter:
- Q1 2026: 16 premium days of 62.
- Q2 2026: 6 premium days of 63.
- Q3 2026: 0 premium days of 63.
The discount was −15.2% on October 23, 2026 in our weekly brief and −11.96% on October 28. The current figure is −13.40% (November 5, 2026).
Why buying stops at a discount
SPUT buys uranium mainly by selling new units through its at-the-market (ATM) program. On January 26, 2026, Sprott updated that program to allow up to US$1.0 billion of new units, with proceeds used "to acquire physical uranium" (Sprott release). The program's prospectus supplement ties reimbursement of issuance expenses to "a sufficient premium" between the market price and NAV.
The logic follows from the arithmetic. Selling a unit at US$19.11 that carries US$22.07 of uranium would hand new buyers value taken from existing holders. So the trust issues units when they trade above NAV and pauses when they trade below it.
The implied math: with NAV unchanged, the unit price would need to rise about 15.5%, from US$19.11 to US$22.07, to reach par. That is arithmetic on the day's figures, not a forecast.
What the discount tells you about physical demand
SPUT's purchases are a direct, disclosed source of spot demand, because every pound it buys comes off the market. The discount switches that demand off.
Our SPUT tracker sums the trust's daily reported change in holdings by week. As of October 28, 2026:
- Last 7 days: 0 lb bought.
- Last 30 days: 0 lb bought.
- Every week since the week of September 7, 2026: 0 lb.
- Since our tracking began on June 22, 2026: +250,000 lb, about $21.88 million deployed.
Zero is the real print. Holdings have sat flat at about 81.7 million lb while the units trade below NAV. A move back to a premium is the condition for SPUT to start buying again, so the premium/discount line on our Sprott page is the one to watch.
How much uranium SPUT holds, and how holdings have changed
SPUT held 81,697,348 lb of U₃O₈ on November 5, 2026 (Sprott). For context, that is more than three times Yellow Cake plc's 24.37 million lb (yellowcakeplc.com, October 28, 2026).
The unit count shows when buying happened. On January 22, 2026, the trust had 318,448,764 units outstanding and a NAV of $20.7759 per unit (Sprott prospectus supplement dated January 26, 2026, filed on SEDAR+). By October 28, 2026 it had 344,156,215 units, about 25.7 million more (+8.1%). Those units were issued during the 2026 stretches when SPUT traded at a premium (16 premium days in Q1, 6 in Q2, none in Q3).
Meanwhile, the units have lagged their own uranium. Over the year to September 30, 2026, SPUT's NAV returned +7.55% while its market price returned −7.23% (Sprott). The widening discount accounts for the difference.
How SPUT compares with Yellow Cake plc and the uranium ETFs
All of these give exposure to uranium, through different structures.
| Vehicle | What it holds | Discount mechanics |
|---|---|---|
| SPUT | 81.7 million lb physical U₃O₈ | Closed-end, non-redeemable; can trade far from NAV |
| Yellow Cake plc (LSE: YCA) | 24.37 million lb physical U₃O₈; Kazatomprom supply agreement to Dec 31, 2027 | Listed company; trades at a premium or discount to its net assets |
| URNM | 25 holdings; SPUT 18.13%, Yellow Cake 4.88% | ETF; creation and redemption keep it near NAV (0.50% premium on Oct 28, 2026) |
| URA | 60 holdings; SPUT 8.52%, Yellow Cake 2.30% | ETF |
Sources: Sprott (Oct 28, 2026); yellowcakeplc.com (Oct 28, 2026); Sprott ETFs URNM holdings (Nov 3, 2026); Global X URA holdings (Nov 3, 2026).
The ETFs can still carry a discount indirectly. URNM trades close to its own NAV, but 18.13% of that NAV is SPUT units priced at the market, discount included. Compare the funds in best uranium ETFs and on the URNM page and URA page.
How to buy SPUT
SPUT trades on the Toronto Stock Exchange as U.UN in Canadian dollars and U.U in US dollars, and over the counter in the US as SRUUF. Most brokers that offer Canadian or OTC securities can access one of the lines. Options on the trust trade on the Montréal Exchange (MX) under the symbol SPUT (Sprott).
US investors should note one tax point. Sprott says its physical trusts are generally classified as passive foreign investment companies (PFICs), so US holders in taxable accounts usually need to file a Qualified Electing Fund election on IRS Form 8621 to preserve capital gains treatment. Sprott publishes annual PFIC statements; check with a tax adviser.
For all the ways to own the metal, including why you cannot hold drums yourself, read how to buy physical uranium.
We are not a broker, fund or issuer, and we hold no position in SPUT.
Frequently asked questions
What is SPUT's NAV today? SPUT's NAV was US$22.07 per unit on November 5, 2026, against a market price of US$19.11 (Sprott). Our SPUT tracker updates NAV, price and the discount from Sprott's daily disclosure.
Why is SPUT trading at a discount to NAV? More holders want to sell units than buy them, and SPUT's units cannot be redeemed for uranium, so no arbitrage closes the gap. It traded at a discount on all 63 trading days of Q3 2026 (Sprott).
When does SPUT buy uranium? When its units trade above NAV, SPUT sells new units through its ATM program and uses the proceeds to buy uranium. At a discount, issuing units would dilute holders, so buying pauses. It bought 0 lb in the 30 days to October 28, 2026.
How much uranium does SPUT hold? 81,697,348 lb of U₃O₈ on November 5, 2026, with a market value of $7.51 billion (Sprott). Each unit represented 0.2374 lb.
What are SPUT's tickers? U.UN (Canadian dollars) and U.U (US dollars) on the Toronto Stock Exchange, and SRUUF over the counter in the US. SPUT is the trust's common name and its options symbol on the Montréal Exchange.
Is SPUT an ETF? No. It is a closed-end trust. ETFs let authorized participants create and redeem shares, which keeps prices near NAV; SPUT units are non-redeemable, so the price can drift well away from NAV.
What's the difference between SPUT and URNM? SPUT holds physical uranium only. URNM is an ETF holding 25 uranium miners and physical vehicles, with SPUT units at 18.13% of the fund (Sprott ETFs, November 3, 2026). URNM charges 0.75% against SPUT's 0.71% MER.
Informational only, not investment advice. Every figure links to its primary source so you can check it yourself.