VanEck Uranium+Nuclear ETF

The VanEck Uranium+Nuclear ETF (NLR) tracks the MVIS Global Uranium & Nuclear Energy Index, providing exposure to a mix of uranium miners like Cameco and Kazatomprom, nuclear utilities such as Constellation Energy, and equipment providers like BWX Technologies. With roughly 60% in utilities and 40% in miners, it offers balanced access to the nuclear fuel cycle. In the nuclear renaissance, fueled by decarbonization mandates, AI-driven power demand, and energy security concerns post-Ukraine, NLR positions investors to capture growth from reactor restarts, small modular reactor development, and uranium supply shortages.

Over the past 12 months through mid-2024, NLR delivered a total return of about 28%, driven by uranium spot prices surging past $90/lb amid Kazatomprom production cuts and Western bans on Russian supply. Assets under management grew to $1.2 billion with steady inflows. Key risks include uranium price volatility from potential oversupply, regulatory delays in new builds like Vogtle, high interest rates pressuring utility valuations, and geopolitical tensions disrupting mining output.

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