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The Finance Base
ETFs

Uranium ETFs vs. Nuclear Energy ETFs: What Each One Holds

Uranium ETFs tend to focus on miners and the uranium supply chain; nuclear energy ETFs may also own utilities, plant suppliers, and technology companies. Compare mandates and dated holdings, not labels alone.

By TheFinanceBase Team 4 min read
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A uranium ETF usually concentrates on companies tied to uranium mining and its supply chain. A nuclear energy ETF can also hold electricity-generating utilities, nuclear plant builders and maintainers, equipment makers, and technology or service providers. The labels are not strict rules: check each fund’s index, investment policy, and dated holdings to see what you would actually own.

How uranium and nuclear energy ETF exposure differs

The clearest distinction is where a fund sits along the nuclear-energy value chain. Uranium-focused funds tend to emphasize finding, developing, and producing uranium, while broader nuclear funds may include businesses that use nuclear fuel to generate electricity or support nuclear facilities and technology.

Exposure Examples of businesses What may influence results
Uranium supply Exploration and mining companies, developers, producers, royalty owners, physical uranium holders, and businesses supporting mining Uranium-industry conditions and company-specific factors
Nuclear power generation Utilities and other electricity producers operating nuclear capacity Electricity markets, utility economics, and regulation
Nuclear facilities and suppliers Plant construction, engineering, maintenance, equipment, technology, and service providers Project activity, capital spending, regulation, and company-specific factors

The business categories suggest different potential drivers, but they do not establish a predictable relationship between uranium prices and any fund’s returns. Issuer descriptions define eligible activities; they do not prove how a security or ETF will perform.

What representative funds say they hold

Global X Uranium ETF (URA)

Global X says URA provides exposure to companies involved in uranium mining and nuclear-component production, including extraction, refining, exploration, and manufacturing equipment for the uranium and nuclear industries. Its benchmark is the Solactive Global Uranium & Nuclear Components Total Return Index, so the mandate itself crosses from uranium supply into nuclear-industry components. Global X’s URA fund page describes the mandate.

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Global X’s equity-sector breakdown dated August 31, 2026, was 60.7% Energy, 26.5% Industrials, 6.2% Utilities, 5.7% Materials, and 0.9% Information Technology. These are sector allocations, not percentages of uranium producers; Global X notes that sector breakdowns exclude cash and other holdings. See the issuer’s fund page for the breakdown.

Sprott Uranium Miners ETF (URNM)

URNM’s April 30, 2026 summary prospectus says it seeks to correspond generally to the total return of the VettaFi Global Uranium Mining Index. Under normal circumstances, the fund invests at least 80% of total assets in index securities and at least 80% of net assets plus investment borrowings in securities of Uranium Mining Companies. The index can include mining, exploration, development, and production businesses, as well as physical uranium holders, royalty owners, and non-mining companies that support mining. Read the SEC-filed summary prospectus.

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The same prospectus lists total annual operating expenses of 0.75% and portfolio turnover of 35% for the fiscal year ended December 31, 2025. Those figures apply to URNM, not to uranium ETFs generally. URNM’s prospectus provides the disclosures.

VanEck Uranium and Nuclear ETF (NLR)

VanEck describes NLR’s index as covering companies involved in uranium mining; construction, engineering, and maintenance of nuclear power facilities and reactors; electricity production from nuclear sources; or provision of equipment, technology, or services to the nuclear power industry. VanEck’s NLR page sets out those categories.

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The holdings displayed on that page on October 4, 2026, included Constellation Energy, Cameco, Public Service Enterprise Group, Fortum, BWX Technologies, NexGen Energy, China General Nuclear Power, Oklo, Kazatomprom, and X-Energy. The mix spans power producers, uranium companies, and nuclear-industry suppliers or technology businesses. VanEck cautions that securities and holdings may vary, so treat the list as a dated snapshot rather than a permanent roster. Check the issuer’s current holdings.

iShares Nuclear Energy and Uranium Mining UCITS ETF (NUUR)

NUUR is a UK-marketed, Irish-domiciled UCITS fund. BlackRock’s June 2026 factsheet says it aims to reflect the STOXX Global Nuclear Energy and Uranium Mining Index and reports 41 holdings. Its ten largest holdings as of June 30, 2026, included Cameco, Dominion Energy, Duke Energy, Constellation Energy, Kansai Electric Power, GE Vernova, IHI, Siemens Energy, Talen Energy, and Siemens. The list includes utilities and power-related companies alongside uranium exposure. See BlackRock’s factsheet.

How to compare funds before investing

Compare the fund rules and holdings, not just the words in its name. An index centered on uranium mining is different from one that explicitly includes nuclear power generation, facilities, and suppliers; URNM’s prospectus also specifies minimum investment policies that do not apply automatically to other funds.

  1. Read the mandate and index rules. Identify qualifying activities and any stated minimum investment policy. A broad nuclear-industry index can include companies with little direct uranium-mining exposure.
  2. Classify the businesses. Separate miners and developers from utilities, power producers, engineering firms, component makers, and technology or service providers. This shows whether the fund’s exposure is concentrated upstream or spread across the value chain.
  3. Check dated holdings and concentration. Review the current holdings list, top positions, and weights together. A list without weights cannot show how much a single company influences the portfolio.
  4. Compare costs and structure. Use each fund’s latest prospectus or factsheet for expenses, and verify its listing market, domicile, and relevant trading currency. The 0.75% expense ratio cited above is specific to URNM.
  5. Verify geography and date. Global funds may hold businesses listed or domiciled in several markets. Do not treat a dated factsheet and a separately updated holdings page as synchronized; note each disclosure date and consult the issuer for current information.
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What fund labels cannot tell you

“Uranium ETF” does not necessarily mean a portfolio made up only of miners: URA includes nuclear-component businesses, and uranium-focused strategies may include physical uranium holders, royalties, or mining-support companies. “Nuclear energy ETF” does not necessarily mean only utilities: NLR and NUUR show combinations of power producers, uranium exposure, and other industry businesses.

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A fund’s holdings can change, and a sector allocation is not a measure of how much of the portfolio consists of uranium producers. Issuer pages and factsheets establish a portfolio at a stated date, not a guarantee of future holdings, performance, or suitability.

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