NLR ETF Review: Is VanEck Uranium+Nuclear Worth Buying?

VanEck Uranium+Nuclear Energy ETF blends uranium miners with nuclear utilities and technology companies, providing the most defensive nuclear energy exposure by including stable utility cash flows alongside cyclical mining equities.

Last updated: 2026-02-02 · Data: Yahoo Finance, fund prospectuses, SEC filings

What Is NLR?

The VanEck Uranium+Nuclear Energy ETF provides exposure to companies involved in uranium mining, nuclear power generation, and nuclear technology development. Managed by VanEck, the fund tracks a modified market-cap weighted index of global nuclear energy companies. Unlike pure uranium miners, NLR casts a wider net across the entire nuclear fuel cycle—from mining to power generation to reactor technology.

Key Stats: 0.56% expense ratio | $3.6B AUM | Launched 2007 | 2.56% dividend yield

Current Snapshot

Why It Matters for Real Asset Investors

NLR sits at the intersection of three Energy Macro pillars: grid security, debasement protection, and infrastructure scarcity. Nuclear power represents the only proven technology capable of delivering 24/7 baseload electricity without carbon emissions—making it essential infrastructure as the world electrifies everything from cars to data centers.

The uranium market exhibits extreme supply-demand imbalances that mirror other strategic commodities. Decades of underinvestment in mining capacity, combined with rising electricity demand and nuclear renaissance policies, creates the type of physical bottlenecks that drive real asset outperformance during inflationary periods.

Unlike pure commodity plays, NLR's utility holdings provide dividend income and regulated cash flows, while its uranium miners offer leveraged exposure to fuel price increases. This structure performs well when investors rotate from financial assets into hard assets during periods of currency debasement or energy insecurity.

Top Holdings

Constellation Energy (8.3%) - America's largest nuclear operator, spinning out from Exelon with 21 reactors across competitive power markets. Direct beneficiary of rising electricity prices and nuclear subsidies.

Cameco (8.2%) - Canadian uranium mining giant controlling roughly 18% of global production. Owns the world's highest-grade uranium mines in Saskatchewan's Athabasca Basin.

BWX Technologies (5.6%) - Nuclear reactor component manufacturer supplying both commercial and naval nuclear programs. Benefits from reactor life extensions and new build cycles.

Public Service Enterprise Group (5.5%) - New Jersey utility operating four nuclear reactors. Regulated utility model provides stability while nuclear assets offer upside exposure.

PG&E (5.3%) - California utility with nuclear exposure through Diablo Canyon, which received a controversial life extension despite the state's anti-nuclear stance.

NexGen Energy (4.6%) - Developing the Rook I uranium project in Saskatchewan, potentially the world's largest undeveloped high-grade uranium deposit.

Oklo (4.5%) - Small modular reactor (SMR) developer backed by Sam Altman, positioning for the next generation of nuclear technology.

How It Fits the Portfolio

NLR works best as a 3-7% allocation within a broader real assets sleeve, paired with traditional infrastructure and commodity exposures. The fund's dual nature—part utility income, part commodity speculation—provides both downside protection and upside leverage.

Consider NLR when uranium spot prices trade below long-term incentive costs (currently around $60-70/lb) or when nuclear capacity factors remain artificially suppressed by policy rather than economics. The fund typically experiences extreme volatility, making dollar-cost averaging more effective than lump-sum positioning.

Pair NLR with broader infrastructure holdings like utilities (VPU) or MLPs (AMLP) to balance the commodity exposure with regulated cash flows. During inflation regimes, NLR's commodity sensitivity provides portfolio protection that traditional utility holdings cannot match.

Regime Signals

NLR outperforms during three distinct macro environments: energy security crises (Europe post-2022), inflationary periods when hard assets outperform financial assets, and early economic recovery phases when industrial electricity demand rebounds.

The fund struggles during deflationary periods, environmental policy backlash against nuclear power, or when natural gas prices collapse and crowd out nuclear economics. Rate cuts typically benefit NLR's utility holdings while dollar weakness supports uranium prices denominated in USD.

Watch for uranium spot price momentum above $70/lb, nuclear plant life extension announcements, or data center electricity demand growth as positive regime indicators. Conversely, renewable energy cost deflation or nuclear plant shutdowns signal headwinds.

Related Research

• Alabama Power Grid Risk Assessment
• Cameco Corporation (CCJ) Tollbooth Analysis
• Uranium Energy Corp (UEC) Tollbooth Analysis
• Denison Mines (DNN) Tollbooth Analysis
• NexGen Energy (NXE) Tollbooth Analysis

Frequently Asked Questions

How does NLR differ from URA and URNM?

NLR has the highest allocation to nuclear utilities (companies like Constellation Energy, Duke Energy, and Endesa) compared to URA and URNM, which focus more heavily on uranium miners. This gives NLR lower volatility and some dividend income, but less direct leverage to uranium price moves. NLR is the nuclear ETF for investors who want the theme with less mining risk.

What is the expense ratio of NLR?

NLR charges a 0.61% expense ratio, the lowest among the three major nuclear ETFs (URA at 0.69%, URNM at 0.75%). The lower cost reflects the inclusion of large-cap utilities that are cheaper to access than niche mining stocks. Combined with its lower volatility profile, NLR offers the most cost-efficient entry into the nuclear energy theme.

Is NLR a good long-term nuclear energy investment?

NLR's utility-heavy composition makes it the best nuclear ETF for long-term, low-maintenance holdings. The utility component provides ballast during uranium price corrections, while the mining exposure captures upside during uranium rallies. However, this blended approach means NLR will underperform URNM and URA during strong uranium bull markets. It is best for investors who want nuclear exposure as part of a diversified portfolio rather than a concentrated bet.

What types of companies does NLR hold?

NLR holds three categories: uranium miners (Cameco, Kazatomprom), nuclear utilities (Constellation Energy, EDF, Endesa), and nuclear technology companies (BWX Technologies). This tri-factor approach captures value from the entire nuclear energy chain — from fuel supply to power generation to reactor technology. The result is a more balanced risk profile than pure-play uranium mining ETFs.

For our complete allocation framework across real assets, infrastructure, and income strategies, see The Blackout Fortune Playbook.

Last updated: February 1, 2026 | Data: Yahoo Finance, VanEck filings