How to buy the URNM uranium miners ETF from India

Yes, an Indian resident can buy URNM — legally, in US dollars, under the RBI's Liberalised Remittance Scheme (LRS). URNM (Sprott Uranium Miners ETF) trades on NYSE Arca. It pays a small annual distribution. URNM is the higher-beta uranium expression: pure miners only, no utility dilution, maximum correlation to uranium spot price. If you want the full nuclear basket with less volatility, URA is the alternative.

The 30-second version

• Legal and simple. Buy URNM via Vested, INDmoney, or Interactive Brokers India.
• Small annual distribution. File Form W-8BEN for 15% DTAA withholding; claim FTC via Form 44.
• India tax on gains: hold more than 24 months → 12.5% LTCG (Section 112); shorter hold → slab rate.
• Estate-tax trap: US-situs ETF units — above $60,000 of total US-situs assets, up to 40% US estate tax, no treaty relief.
• The key distinction vs URA: URNM holds only uranium miners — no Sprott Physical Uranium Trust, no utilities like CEG, no equipment makers. This makes URNM more volatile than URA in both directions. In a uranium bull run URNM outperforms; in a flat/down uranium market URNM underperforms.

Quick facts

Can an Indian resident buy it?	Yes — fully legal under the LRS
Ticker / exchange	URNM / NYSE Arca
TER (annual fee)	0.75%
AUM	~$1.7B
How	IBKR, Rovia, INDmoney, or Vested
Minimum	A fraction of one unit
Distribution	Small annual distribution (~0.4% yield)
India tax on gains	12.5% LTCG after 24 months; else your slab (Section 112)
Distribution tax	15% US WHT (DTAA) + Indian slab; FTC via Form 44
Estate-tax risk	US-situs above $60k → up to 40%, no treaty relief
Annual compliance	Schedule FA + distribution disclosure every year

How to buy it — 3 steps

1. Open an account and finish KYC. Use IBKR for the widest access and best execution, Rovia for a combined RSU + LRS experience, or INDmoney / Vested for a simple India-funded flow. File Form W-8BEN during onboarding.
2. Fund via the LRS. Cap: $250,000/year. 20% TCS above ₹7 lakh — creditable against income tax.
3. Place the order. URNM trades ~$35–55/unit (varies with uranium spot). Stagger entries — uranium miners are cyclical, and URNM can swing 40–60% over a 12-month period as spot prices and hyperscaler nuclear deals move sentiment.

What URNM actually holds

URNM tracks the North Shore Global Uranium Mining Index — approximately 35–40 holdings, all uranium miners:

Name	Approx weight	Notes
Cameco (CCJ)	~17%	World's largest listed producer
Kazatomprom	~13%	World's largest by volume; Kazakh state company
NexGen Energy (NXE)	~10%	Arrow deposit — largest undeveloped uranium deposit
Paladin Energy	~9%	Australian miner, Langer Heinrich mine
Uranium Energy Corp (UEC)	~7%	US domestic ISR producer
Denison Mines	~5%	Canadian explorer/developer
Uranium Royalty Corp	~4%	Uranium royalty streaming
Energy Fuels (UUUU)	~4%	US miner + rare earths
Remaining names	~31%	Smaller explorers and developers

No utilities. No physical uranium trust. No equipment makers. That's the URNM value proposition — pure miner exposure.

The Kazatomprom consideration: Kazatomprom (~13% weight) is the world's largest uranium producer by volume. It is listed on the London Stock Exchange (KAP) and the Astana International Exchange. URNM holds it as a component. Kazatomprom has repeatedly guided production shortfalls due to sulphuric acid supply constraints — which is actually bullish for uranium prices (less supply). Geopolitical risk is real but distinct from Russia exposure.

The tax that actually matters

On capital gains:

Holding period	Treatment	Rate
24 months or less	Short-term	Your slab rate
More than 24 months	Long-term	12.5%, no indexation

On annual distribution: US withholds 15% (with W-8BEN); balance at Indian slab; claim FTC via Form 44.

Full rules: how US stocks are taxed in India.

The $60,000 estate-tax trap

URNM units are US-situs assets. Above $60,000 of total US-situs holdings at death, US estate tax of up to 40% — no India-US treaty protection. See the estate-tax trap guide.

URNM vs URA vs CCJ directly

If you want…	Best route
Pure uranium miners, maximum spot-price beta	URNM
Broader nuclear basket (miners + physical + utilities)	URA
Concentrated Cameco position	CCJ directly
Full nuclear investment picture	Nuclear stocks guide for Indian investors