Three nuclear-focused ETFs see strategy divergence as tech giants secure multi-decade reactor deals, moving beyond uranium spot prices.
Nuclear sector ETFs are pivoting from uranium spot price exposure to long-term utility contracts and reactor restarts. The Range Nuclear Renaissance Index ETF (NUKZ) has gained 46% since its 2024 launch by covering the full nuclear supply chain, while peers URNM and NLR target specific segments like mining or utilities.
Uranium prices drove the sector’s initial rally over the past three years, but new catalysts include reactor restarts at Palisades and Three Mile Island’s Crane Clean Energy Center, alongside power purchase agreements from Microsoft, Amazon, and Google. Small modular reactor programs are also advancing from announcements to permitting.
Recent performance has been weak, with NUKZ, URNM, and NLR each falling 10% to 14% over the past month, reflecting investor uncertainty amid the transition to Phase 2 of the nuclear trade.