Published on: 2026-08-05
Uranium ETFs package several different trades under one label, from physical uranium and producing mines to speculative projects and nuclear utilities. Their returns can diverge sharply because each fund owns a different part of the fuel and power chain. These six US-listed funds were selected because they represent the main exposure types available through uranium and nuclear ETFs, rather than because of their recent returns.
| ETF | Main holding mix | Main risk |
|---|---|---|
| URA | Miners, uranium trusts and nuclear companies | Large holdings can dominate returns |
| URNM | Producers, developers and physical uranium | Mining and commodity concentration |
| URNJ | Junior miners and undeveloped projects | Financing, dilution and project failure |
| NLR | Miners, utilities and equipment suppliers | Weak connection to spot uranium |
| UX | Uranium trusts and swaps | Tracking and counterparty risk |
| URAN | Utilities, miners and nuclear infrastructure | Smaller size and indirect uranium exposure |
Current annual expense ratios are 0.69% for URA, 0.75% for URNM, 0.80% for URNJ, 0.52% for NLR, 0.75% for UX and 0.35% for URAN.
URA is the largest fund in this group as it holds miners, uranium-linked assets, enrichment companies and nuclear technology stocks. Cameco accounts for roughly one-fifth of URA, making it the fund’s dominant holding.
The fund covers more of the industry than a mining-only ETF, although its size does not remove concentration. Cameco and a handful of volatile nuclear companies can have a much larger effect than the fund’s total holding count suggests.
URA is available to trade with EBC as an ETF CFD, allowing traders to take a view on the fund’s price without owning the underlying ETF shares. View EBC’s ETF CFD products and current trading conditions.
URNM focuses on uranium producers, mine developers and companies that own physical uranium. Its portfolio includes large operators such as Cameco and Kazatomprom alongside smaller companies and the Sprott Physical Uranium Trust.
That mix gives URNM a closer link to uranium mining economics than funds filled with utilities. Returns still depend on production, operating costs, contract prices and political conditions. A higher spot price will not repair a disrupted mine or an expensive development project.
URNJ targets mid-, small- and micro-cap uranium companies, including explorers and businesses developing deposits that have not reached commercial production. The fund is built for smaller companies with greater potential asset and revenue growth, along with greater execution risk.
Junior miners can react strongly to drilling results, resource estimates, permits and takeover interest. They can also dilute existing shareholders when they issue stock to fund exploration or construction. URNJ therefore carries more project and financing risk than producer-heavy funds.
Its largest positions include several uranium developers and smaller producers, rather than regulated utilities or physical uranium trusts.
NLR held 29 positions as of 3 August, led by Constellation Energy and Cameco. As of 31 July, Constellation Energy was its largest holding at 9.19%, followed by Cameco at 7.70%. Utilities represented 31.2% of the portfolio, while industrial companies accounted for 18.4%.
NLR can benefit from rising electricity demand, reactor maintenance and nuclear construction even when uranium prices are flat. It can also trail mining funds during a uranium rally because nearly half of its assets sit outside the mining sector.
UX is designed to follow physical uranium more closely than an equity-based mining fund. It uses securities and swaps linked mainly to the Sprott Physical Uranium Trust and Yellow Cake rather than owning operating mines. Its exposure is concentrated in swaps and securities linked mainly to the Sprott Physical Uranium Trust and Yellow Cake.
This removes mine-level risks such as cost overruns and weak production. It replaces them with swap, counterparty and tracking risks. UX can also diverge from uranium when the trusts it references trade at premiums or discounts to the value of their uranium.
URAN holds companies involved in mining, nuclear power, equipment and infrastructure. Its portfolio is led by Constellation Energy, which represented 10.78% of assets on 31 July. Cameco accounted for only 2.81%, far below its weight in URA.
The fund’s 0.35% expense ratio is the lowest in this comparison, although fees are only one cost. Its low fee and wider nuclear-industry exposure distinguish it from miner-heavy funds, although its returns may be less sensitive to uranium prices.
Producing miners: Revenue depends on output, operating costs and contract prices. Most uranium trade occurs through multi-year agreements, so a miner’s realised price may not follow the daily spot market immediately.
Junior miners: Many hold deposits without producing uranium. Their valuations depend on drilling, permits, financing and whether a mine can be built economically.
Physical uranium funds: These respond more closely to the commodity, although trust discounts, swap costs and tracking errors can alter returns.
Nuclear utilities: Their profits depend more heavily on electricity prices, regulation, interest rates and plant performance.
Equipment companies: Reactor orders, construction schedules and government approvals can outweigh uranium-price movements.
International holdings: Currency changes, trade restrictions and domestic mining rules affect companies operating in Canada, Kazakhstan, Australia and other markets.
A uranium-price rally can therefore lift UX or URNM while producing a smaller move in NLR or URAN. The reverse can happen when electricity demand or nuclear construction drives utility and equipment stocks higher.
Uranium supply: Production guidance, mine disruptions and new capacity will shape expectations for available material. Global output remains concentrated, with more than 60% of 2024 production coming from ten mines in four countries.
Fuel security: The United States banned imports of Russian low-enriched uranium in August 2024, although temporary waivers remain available; waivers may continue through 1 January 2028. The Department of Energy announced $2.7 billion in January 2026 to expand domestic uranium enrichment over the next decade.
Reactor demand: The global fleet currently includes 441 operable reactors and 79 under construction. New reactors, restarts and life extensions can increase future fuel requirements, although projects may take years to complete.
| Goal | ETF | Why |
|---|---|---|
| Follow physical uranium | UX | Uses uranium trusts and swaps |
| Focus on miners | URNM | Concentrated in producers and developers |
| Own a broad uranium basket | URA | Covers miners and nuclear companies |
| Trade junior mining projects | URNJ | Targets smaller developers and explorers |
| Follow the wider nuclear industry | NLR | Holds utilities and equipment suppliers |
| Seek a lower annual fee | URAN | Charges 0.35% |
UX is the closest of these funds to uranium prices, although swaps and trust discounts mean it is not a perfect spot-price tracker.
Read the holdings. Check whether the fund owns miners, utilities, uranium trusts or reactor companies.
Check the largest weights. A long holding list may still depend heavily on one or two companies.
Separate producers from developers. A producing mine earns revenue today. An undeveloped deposit may require years of financing and approvals.
Compare liquidity with fees. A low expense ratio can be offset by a wide bid-ask spread.
Review country exposure. Mining policy, currencies and transport routes can affect overseas holdings.
Identify the return driver. Decide whether the trade depends on uranium prices, mine profits, project approvals or electricity demand.
Compare average volume and bid-ask spreads. Thinly traded ETFs can produce a worse entry or exit price, especially when market orders are used.
A uranium ETF holds companies or financial instruments connected to uranium mining, physical uranium or nuclear power. Its price depends on its portfolio and may not follow the uranium commodity directly.
URA tracks a basket of uranium and nuclear companies. It also holds the Sprott Physical Uranium Trust, although company earnings, costs and valuations can cause it to diverge from uranium.
URA spreads its holdings across miners, uranium-linked assets and nuclear companies. URNM concentrates more heavily on uranium producers, mine developers and physical uranium ownership.
UX is designed to approximate physical uranium-price movements through trusts and swaps. Counterparty costs, trust discounts and tracking differences can still affect its performance.
A uranium price rally may favour UX and miner-heavy funds such as URNM, while stronger electricity demand or new reactor investment may benefit NLR and URAN more. URNJ adds greater project and financing risk, while URA spreads exposure across several parts of the industry. The most useful comparison is to identify which source of return its holdings are built to capture.
