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.

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.

Nuclear fission is the splitting of a heavy atomic nucleus, such as uranium-235 or plutonium-239, which releases energy as heat. In a nuclear power plant, that heat is used to produce steam and generate electricity. Fission produces no direct carbon dioxide emissions during reactor operation, although emissions occur elsewhere in the plant and fuel lifecycles.

A small modular reactor is a nuclear reactor with an electrical output typically up to 300 MWe per module. SMRs are designed to use a greater degree of factory fabrication and modular installation than conventional large reactors. Whether this produces lower costs or shorter construction schedules will depend on licensing, supply chains and repeated deployment.

The nuclear fuel cycle covers the processes used to produce and manage nuclear fuel: uranium mining and milling, conversion, enrichment, fuel fabrication, reactor use and management of spent fuel. Spent fuel may be stored before final disposal or, in some countries, reprocessed to recover reusable material.

Enrichment increases the concentration of uranium-235 from approximately 0.7% in natural uranium. Most existing light-water reactors use fuel enriched to no more than about 5%, while high-assay low-enriched uranium, or HALEU, contains more than 5% but less than 20% uranium-235 and is intended for many advanced-reactor designs.

How an ETF obtains its exposure. Equity ETFs hold shares in mining, utility, technology or equipment companies. Other funds use futures contracts, total-return swaps, physically-backed commodity trusts, or a mix of securities and derivatives. A fund described as offering 'physical' exposure may track a commodity-owning trust rather than holding the metal directly.

The annual fee an ETF charges to cover stated operating costs such as management and administration, expressed as a percentage of assets. Depending on the source it may be quoted gross or net of contractual fee waivers. It does not capture every cost of owning a fund: brokerage commissions, bid-ask spreads, any premium or discount to NAV, and — for futures funds — roll effects are all separate. All else equal, a lower expense ratio means less annual fee drag on returns.

The net value of the assets an ETF holds. AUM indicates fund scale, but it does not by itself determine liquidity or trading costs; bid-ask spreads, trading volume, market makers and the liquidity of underlying holdings also matter. AUM changes with market prices and fund inflows or outflows.

Nuclear and uranium ETFs provide exposure to different parts of the nuclear-energy and uranium markets. Most hold shares in uranium miners, fuel-cycle suppliers, reactor and equipment companies, nuclear utilities or advanced-reactor developers. Some funds cover several of these segments, while UX seeks exposure to uranium prices through uranium trusts and derivatives. Their risks and performance can therefore differ substantially.

This directory currently includes 10 unleveraged U.S.-listed nuclear and uranium ETFs. It covers uranium miners, nuclear utilities, fuel-cycle companies, reactor and equipment suppliers, advanced-reactor developers and a fund targeting uranium-price exposure. Leveraged and inverse products are excluded.

There is no single best nuclear ETF because the funds provide different exposures. URA and URNM lean toward uranium producers and related assets, while URNJ focuses on smaller uranium companies. NLR, NUKZ, RCTR, SMRF, TNUK and URAN cover different combinations of utilities, fuel suppliers, reactor developers and nuclear equipment companies. UX instead targets uranium-price exposure. Investors should compare portfolio composition, fund structure, expenses, concentration and trading liquidity rather than relying on the fund name alone.

The Global X Uranium ETF (URA) is currently the largest uranium-focused ETF in this directory. Because AUM changes with market prices and investor flows, use the table above for the latest value and its associated update date. URA tracks the Solactive Global Uranium & Nuclear Components Total Return Index.

A nuclear ETF holds a portfolio of companies under one ticker, reducing dependence on the performance of a single company. It still retains sector-level risks such as uranium-price volatility, nuclear policy changes, project delays and portfolio concentration. An individual nuclear power stock adds company-specific risks relating to its projects, finances, management and operating performance.

Uranium-focused equity ETFs place more weight on miners, developers, uranium trusts and other businesses tied to uranium supply. Broader nuclear-energy ETFs can also hold utilities, reactor and component manufacturers, engineering companies, fuel-cycle suppliers and advanced-reactor developers. The categories overlap: URA and URNM are uranium-focused but are not limited exclusively to mining companies, while NLR, NUKZ and several newer funds cover more of the nuclear value chain.

Uranium requirements are rising as new reactors enter construction, operating reactors receive life extensions and some previously closed units restart. The World Nuclear Association's reference scenario projects annual reactor requirements rising from about 68,920 tonnes of uranium in 2025 to just over 150,000 tonnes in 2040. Small modular and other advanced reactors could add demand over time, but most are still under development. Primary mines currently produce less uranium than annual reactor requirements, with inventories and other secondary supplies covering part of the difference.

Small modular reactors are nuclear reactors with an electrical output typically up to 300 MWe per module. They are designed to allow more factory fabrication than conventional large reactors, although their eventual construction costs and deployment times will depend on licensing, supply chains and repeat orders. Developers include NuScale, Rolls-Royce SMR and GE Vernova Hitachi Nuclear Energy; Oklo and other companies are developing smaller advanced-reactor designs. Proposed applications include grid electricity, data-centre power and industrial heat.

These funds can be highly concentrated and volatile. Uranium-focused funds are sensitive to uranium prices, mine development, permitting and geopolitical supply risks, while broader nuclear funds also depend on electricity markets, construction schedules, government policy and reactor deployment. Newer or smaller ETFs may have wider bid-ask spreads, and funds using swaps or other derivatives introduce counterparty and structural risks. Investors should inspect the underlying holdings because similarly named funds can provide very different exposure.