Nuclear & Uranium ETFs

A naturally occurring radioactive element used as fuel in nuclear reactors. Uranium is mined from deposits worldwide, processed into uranium oxide concentrate (yellowcake), then enriched and fabricated into fuel assemblies. The spot price of uranium and long-term contract prices are key drivers of uranium mining company valuations.

Uranium oxide concentrate, the primary commercial form of uranium produced by mining operations. Yellowcake is sold on spot and term contract markets before being converted, enriched, and fabricated into nuclear fuel. Spot uranium prices are quoted in U.S. dollars per pound of U3O8.

The process of splitting heavy atomic nuclei (typically uranium-235 or plutonium-239) to release enormous amounts of energy as heat, which is used to generate steam and drive turbines for electricity production. Nuclear fission produces no direct carbon emissions during operation.

A small modular reactor (SMR) is a nuclear fission reactor with an electrical output typically below 300 MW — compared to 1,000–1,600 MW for conventional large reactors. SMRs are designed to be factory-built and modular, potentially reducing construction time and capital costs. Developers include NuScale, Rolls-Royce SMR, GE Vernova Hitachi (BWRX-300), and X-energy, among others.

The nuclear fuel cycle encompasses all industrial processes involved in producing nuclear energy, from uranium mining and milling, to conversion, enrichment, fuel fabrication, reactor use, and ultimately the storage or reprocessing of spent fuel. Investors in nuclear often focus on specific steps in the cycle — particularly the “front end” (mining through enrichment) which has seen increased investor interest alongside the nuclear renaissance.

The process of increasing the concentration of uranium-235 (the fissile isotope) from its natural level of 0.7% to 3-5% for use in light water reactors, or to 5-20% (HALEU) for advanced reactor designs. Major enrichment companies include Urenco, Orano, and Rosatom.

The ratio of actual electricity generated to the maximum theoretical output if a plant ran at full capacity continuously. Geothermal plants achieve capacity factors of roughly 75–90%, among the highest of any generation source, because they run around the clock regardless of weather. By contrast, modern onshore wind is typically 30–45%, offshore wind 40–55%+, and solar 15–25%. Capacity factor drives project economics and is a function of resource quality, technology, and downtime.

Whether an ETF provides exposure through equities (stocks of mining companies), futures contracts (commodity derivatives), physical holdings, or a mix. Equity ETFs hold shares in companies; futures-based ETFs hold derivative contracts on the underlying commodities.

The total market value of all investments managed by an ETF. Higher AUM generally indicates greater liquidity, tighter bid-ask spreads, and lower trading costs for investors. AUM fluctuates with market prices and fund inflows or outflows.

Nuclear and uranium ETFs invest in companies involved in uranium mining, nuclear fuel production, nuclear reactor construction, nuclear power generation, and advanced reactor technology development. These funds provide exposure to the nuclear energy value chain, from upstream fuel supply to downstream electricity generation.

As of April 2026, there are 6 US-listed ETFs focused on nuclear energy and uranium. These range from pure-play uranium mining funds (URA, URNM, URNJ) to broader nuclear value chain ETFs (NUKZ, NLR, URAN) that include nuclear utilities and reactor technology companies.

There is no single best nuclear ETF because the funds target different slices of the sector. NLR leans toward nuclear utilities and the broader nuclear value chain, URA and URNM are weighted toward uranium miners, URNJ focuses on junior miners, and NUKZ targets the nuclear renaissance theme including reactor and technology companies. The right fund depends on whether you want uranium price exposure, utility income exposure or new-build growth exposure. Compare AUM, expense ratios and top holdings in the table above.

The Global X Uranium ETF (URA) is the largest uranium-focused ETF with approximately $7.3 billion in assets under management, making it one of the largest thematic ETFs in the energy transition space. URA tracks the Solactive Global Uranium & Nuclear Components Total Return Index.

A nuclear ETF holds a basket of nuclear and uranium companies in a single ticker, spreading risk across the sector. Nuclear power stocks are individual companies, such as utilities operating reactor fleets, SMR developers, fuel processors and engineering firms, each carrying company-specific risk. Investors who prefer researching individual names can use our Nuclear Power Stocks list, linked in Related Lists below.

Uranium mining ETFs like URA, URNM, and URNJ focus primarily on companies that mine, extract, and refine uranium. Broader nuclear energy ETFs like NUKZ and NLR also include nuclear utilities that operate reactors, nuclear technology companies, and firms developing next-generation small modular reactors (SMRs). NUKZ in particular includes defense and advanced technology firms involved in nuclear innovation.

Global uranium demand is driven by three converging trends: existing reactor fleet restarts and life extensions, new reactor construction programs (particularly in China, India, and Eastern Europe), and growing interest in small modular reactors (SMRs) for data center power and industrial heat. Global uranium demand is expected to roughly double by 2040, while primary mine supply has been in persistent deficit.

Small modular reactors are advanced nuclear reactors with power output typically under 300 MW, designed for modular factory fabrication and scalable deployment. Companies like NuScale Power, Oklo, and GE Hitachi are developing SMR designs for applications including grid power, data center electricity, industrial process heat, and remote community power. Several uranium and nuclear ETFs hold SMR developers.