Uranium ETF Analysis
Uranium ETF Analytical Tear Sheet – November 2025
Sector Overview
The uranium sector is at the forefront of the global clean energy transition, driven by nuclear capacity expansions and critical supply/demand imbalances.
Global uranium demand is projected to rise 28% by 2030 and double by 2040, due to policy momentum, security of supply, and new nuclear builds.
Spot uranium prices rose sharply, peaking near $83/lb in 2025, driven by supply concerns and physical accumulation by funds.
ETF Peer Group Comparison
Key Quantitative Takeaways
NLR and URA led performance in the last month.
URNJ is highest risk (volatility, drawdown) but with major upside in positive uranium cycles.
URA is the sector’s liquidity anchor, top for institutional allocations.
URNM offers highest purity uranium beta (correlation 0.36).
NLR provides the most diversified nuclear value chain exposure.
Advanced Analytics & Trends
Momentum (Trailing Month):
NLR: +6.3%
URA: +6.4%
URNJ: +2.9%
URNM: +0.2%
UX (spot): -4.8%
Volume Trend (Trailing Month):
URNJ volume +112% (surge in trading interest)
Sector volumes up across the board
Current Price Positioning (vs. 1M High/Low):
All ETFs currently trade 9–15% below recent highs but 4–9% above period lows.
URA and NLR retain positive price momentum signals.
Sector Drivers:
New nuclear build momentum: >70 GWe under construction, 22 nations plan to triple nuclear by 2050.
Supply disruptions (Niger, Cameco cutbacks) and under-investment underpin medium-term spot price foundation.
Holdings Summary (as of 10/2025)
URA (Global X Uranium ETF)
Top 3: Cameco 18.6%, Oklo 17.6%, Uranium Energy Corp 6.3%
53 holdings | $5.4B AUM | 7.2M avg. volume
URNM (Sprott Uranium Miners ETF)
Top 3: Cameco 16.4%, Kazatomprom 14.7%, Sprott Physical Uranium Trust 11.6%
34 holdings | $1.2B AUM | 900k avg. volume
NLR (VanEck Uranium + Nuclear)
Top 3: Constellation Energy 7.4%, BWX Technologies 6.0%, PG&E 3.7%
28 holdings | 984k avg. volume
URNJ (Junior Miners)
Top 3: Uranium Energy Corp 18.2%, Energy Fuels 13.0%, Denison Mines 12.9%
31 holdings | 542k avg. volume
UX (Spot uranium proxy)
Tracks physical U3O8 for price reference
Sector Risks & Catalysts
Upside:
Additional reactor construction, further production cutbacks, Sprott/Yellow Cake physical buying, accelerated tech adoption for nuclear baseload power
Downside:
Regulatory setbacks, new cost-effective renewable breakthroughs, economic contraction, geopolitical stabilization
Liquidity & Position Sizing:
URA is suitable for largest institutional blocks; URNJ/URNM/NLR should be right-sized and traded with care on volume days
Risk Management:
Uranium equities are volatile (annualized vol 40-60%); size allocations accordingly, manage concentration risk, rebalance monthly
Strategic Portfolio Framework
Core Exposure: URA (liquidity), NLR (nuclear ecosystem)
Tactical Leverage: URNM (high spot beta), URNJ (high volatility, upside)
Typical Model: Core 40-50%, Strategic 30-40%, Tactical 10-20%, Speculative 0-10%
Rebalancing Timing: Monthly or with sector volatility events
Full Uranium ETF Strategic Report follows
Excel included:
