Forget URA’s Concentration. This Nuclear Fund Spreads the Bet Across Utilities, Miners and Reactor Builders

If you own the Global X Uranium ETF (NYSEARCA:URA) to capture the nuclear power expansion, one stock drives a big share of your returns. URA’s July 31, 2026 SEC filing shows Cameco (NYSE:CCJ | CCJ Price Prediction) at 22.18% of net assets. The VanEck Uranium & Nuclear ETF (NYSEARCA:NLR) held the same miner at 8.41% in its June 30, 2026 filing. URA holders get a liquid, well-known uranium vehicle with a stronger ten-year record; however, NLR packages the same nuclear story with a very different weighting.

NLR Owns the Whole Nuclear Supply Chain

NLR spreads 26 positions across every link that turns uranium into electricity. Reactor operators sit near the top, led by Constellation Energy (NASDAQ:CEG) at 8.04%, Public Service Enterprise Group at 7.09%, and Finland’s Fortum at 5.75%. These companies sell power from plants already running, linking revenue to electricity demand rather than a spot commodity price.

Miners such as Cameco supply the fuel. Equipment maker BWX Technologies (NYSE:BWXT) holds 6.78%, KEPCO Engineering & Construction adds 2.49% as the plant-building leg, and enrichment developer Silex Systems contributes 1.72%. Oklo, at 5.22%, is a speculative, pre-revenue reactor developer and carries far more risk than a regulated utility like PSEG. Fortum, KEPCO E&C and Silex trade on foreign exchanges, so most U.S. investors reach them through the fund.

URA Reaches Past Miners, but Cameco Still Dominates

URA is wider than its reputation. Its July filing lists 86 positions, including Mitsubishi Heavy Industries at 2.04% and Doosan Enerbility at 1.96%. The top remains heavy with Cameco, followed by Sprott Physical Uranium Trust at 6.74% and NexGen Energy at 6.07%.

The Sprott trust stores physical uranium. It has no mines, operating costs, or earnings, so its value tracks the uranium price almost directly, which sharpens URA’s sensitivity to the commodity. NLR holds a smaller physical stake through Yellow Cake at 2.79%, offset by its utility weight.

Five Years Favor NLR, Ten Years Favor URA

NLR trailed badly over the past year, led over five years, and is far behind over ten years. These figures exclude distributions. Returns from broadening across the chain have been mixed, so the case for NLR depends on risk shape, with less riding on one miner and one commodity price.

A Sector-Wide Selloff Hit Both Funds Equally

Over the past month, NLR fell 12.06%, and URA fell 12.05%. Over one week, NLR lost 7.21% and URA 8.37%. Utilities, miners, and reactor developers moved together when nuclear sentiment turned, so chain-wide exposure offered little shelter.

As of September 30, 2026, NLR traded near 103.88 and URA at 40.08.

Fees, Fund Size and a Tax-Aware Switch

NLR’s stated expense ratio is 0.52% — lower than URA’s 0.69%. NLR reported net assets of $4.2 billion as of June 30, 2026, while URA reported $5.4 billion as of July 31, 2026.

The funds overlap heavily, with Cameco, NexGen, Oklo, Kazatomprom, Paladin, and Centrus in both, so a switch mainly re-weights exposure. In a taxable account, selling URA at a gain triggers capital gains tax, and long-term holders may sit on large gains after URA’s ten-year run. An IRA or 401(k) allows a swap without a tax bill.

Match the Fund to the Nuclear Thesis You Hold

URA suits an investor who wants concentrated exposure to the uranium price itself through a large Cameco stake, a physical uranium trust, and a stronger ten-year record. NLR suits an investor who wants to own the expansion as an industrial story, with reactor operators, equipment makers, and builders alongside miners. For readers who prefer picking the names directly, we listed five of our favorites across utilities and fuel in a free nuclear report here). For that second goal, NLR’s holdings line up more closely with the thesis.

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