Sprott Physical Uranium Trust (SPUT) NAV & Discount to NAV Today
On Nov 5, 2026, SPUT (U.UN / SRUUF) traded at $19.11 versus a NAV of $22.07 per unit, a 13.40% discount to NAV. The trust held 81.7 million lbs of U₃O₈ worth $7.51B.
Track SPUT (TSX: U.UN / OTC: SRUUF) daily NAV, holdings, and inflows
SPUT NAV, price and premium/discount
SPUT physical uranium purchases
SPUT Physical Uranium Demand
Net pounds of U₃O₈ Sprott has pulled off the spot market — a direct, real demand signal.
Last 7 days
+0 lbs
no net purchases · as of 2026-11-05
Last 30 days
+0 lbs
no net purchases · as of 2026-11-05
Since tracking began (Jun 22)
+250K lbs
+$21.88M deployed · as of 2026-11-05
Zero is the real print: SPUT's ATM program only issues new units (to buy uranium) at a premium to NAV. When the trust trades at a discount, buying pauses and holdings sit flat — the discount itself is the demand signal.
| Week of | Net lbs U₃O₈ | Deployed |
|---|---|---|
| +0 | — | |
| +0 | — | |
| +0 | — | |
| +0 | — | |
| +0 | — | |
| +0 | — | |
| +0 | — | |
| +0 | — |
Methodology: SPUT holds only physical U₃O₈. When it trades at a premium it issues units (ATM) and buys physical uranium, removing it from the spot market. We sum the trust's reported daily change in holdings (lbs) by week — a real, SPUT-disclosed measure of physical demand. Weeks with redemptions show as negative. Source: Sprott daily holdings disclosure.
Sprott's buying, every week
Sprott's buying, summarized every week in the weekly brief, with the spot price and the week's catalysts. Plus a daily CSV of the uranium equity screener.
SPUT holdings over time
Premium / Discount to NAV
Daily Inflows (lbs U3O8)
No purchases or redemptions in this window: holdings held flat at 81.7M lbs. SPUT is trading below NAV, and its ATM program only issues new units at a premium, so physical buying is paused.
Total Holdings (lbs U3O8)
NAV vs Market Price
About the Sprott Physical Uranium Trust
The Sprott Physical Uranium Trust (TSX: U.UN, OTC: SRUUF) invests and holds substantially all of its assets in physical uranium (U3O8). The amount of U3O8 each trust unit represents is not fixed. It is derived daily from reported holdings and units outstanding (currently ~0.24 lbs per unit), and it shifts as the trust issues units and purchases uranium.
Data sources: All data is taken from Sprott's official daily disclosure. When it is unavailable, the most recent stored snapshot is shown, labeled with its date. Values are never estimated or derived from market prices.
Premium/Discount: Calculated as (Market Price - NAV) / NAV. A premium indicates strong buying demand; a discount may signal selling pressure or arbitrage opportunity.
NAV-implied spot: The implied spot estimate (NAV × units ÷ lbs held) treats the trust's entire NAV as uranium (cash and other net assets are not netted out, since intraday NAV components aren't published), so it can differ slightly from Sprott's own reported implied figures.
Data source: sprott-website | Last updated: N/A
Cite this page
Using our data in an article or report? Please credit Yellowcake Analytics with a link.
Yellowcake Analytics. "Sprott Physical Uranium Trust (SPUT) Tracker." Yellowcake Analytics, 2026, https://www.yellowcakeanalytics.com/sprott.
<a href="https://www.yellowcakeanalytics.com/sprott">Sprott Physical Uranium Trust (SPUT) Tracker</a> — Yellowcake Analytics (www.yellowcakeanalytics.com)
How the SPUT discount to NAV works
Zero is the real print: SPUT's at-the-market (ATM) program only issues new units (to buy uranium) at a premium to NAV. When the trust trades at a discount, buying pauses and holdings sit flat; the discount itself is the demand signal.
Premium or discount is (market price minus NAV) divided by NAV. Units cannot be redeemed for uranium, so nothing forces the price back to NAV; it follows demand for the units. A persistent premium brings new pounds off the spot market through the ATM, which is why the trust's purchases are watched as a uranium spot price driver.
Frequently asked questions
- What is SPUT's NAV today?
- As of Nov 5, 2026, the Sprott Physical Uranium Trust's net asset value was $22.07 per unit, per Sprott's daily disclosure, against a market price of $19.11. NAV is the trust's uranium holdings plus other net assets divided by units outstanding, and it updates each trading day.
- Is SPUT trading at a premium or discount to NAV?
- As of Nov 5, 2026, SPUT traded at a 13.40% discount to NAV (−13.40%): market price $19.11 against NAV $22.07 per unit. The figure is (market price minus NAV) divided by NAV, from Sprott's daily disclosure.
- Why does SPUT trade at a discount to NAV?
- The trust cannot redeem units for uranium, so nothing forces the unit price back to NAV; it moves with demand for the units themselves. When buyers are scarce the units slip below NAV, and because the at-the-market program only issues new units at a premium, uranium buying pauses until the discount closes. On Nov 5, 2026 the discount was 13.40%.
- How much uranium does SPUT hold?
- As of Nov 5, 2026, the Sprott Physical Uranium Trust held 81.7 million pounds of U₃O₈, worth about $7.51B at the implied uranium price, per Sprott's daily holdings disclosure. The pounds-per-unit ratio is not fixed: it is holdings divided by units outstanding and drifts as new units are issued.
- How does SPUT buy uranium?
- Through an at-the-market (ATM) equity program. When the units trade at a premium to NAV, Sprott issues new units into the market and uses the proceeds to buy physical U₃O₈, which is delivered into the trust's storage accounts at licensed facilities. Zero is the real print: the ATM only issues units at a premium, so when the trust trades at a discount, buying pauses and holdings sit flat.
- What are SPUT's tickers (U.UN, SRUUF)?
- The Sprott Physical Uranium Trust is one trust with two listings: U.UN on the Toronto Stock Exchange, quoted in Canadian dollars, and SRUUF over the counter in the United States, quoted in US dollars. Both represent the same units and the same uranium holdings.
- Is SPUT an ETF?
- No. SPUT is a closed-end physical commodity trust, not an exchange-traded fund. It holds uranium oxide in storage rather than shares, cannot be redeemed for the metal by ordinary holders, and grows only by issuing new units through its ATM program, which is why it can trade at a persistent premium or discount to NAV.