URA ETF Review: Is Global X Uranium ETF Worth Buying?

Global X Uranium ETF is the broadest uranium and nuclear energy ETF, combining uranium miners with nuclear technology companies and utilities — offering diversified exposure to the nuclear renaissance with lower volatility than the more concentrated URNM.

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

What Is URA?

The Global X Uranium ETF tracks companies involved in uranium mining, nuclear component production, and nuclear power generation. Launched in November 2010 by Global X, it follows the Solactive Global Uranium & Nuclear Components Total Return Index, providing exposure to the full nuclear fuel cycle from mining to reactor operations.

With a 0.69% expense ratio, $5.3 billion in assets under management, and 62 holdings, URA offers the broadest uranium sector exposure available in a single ETF.

Current Snapshot

Why It Matters for Real Asset Investors

URA sits at the intersection of our grid risk and resource scarcity themes. As data centers multiply and AI power demands explode, nuclear provides the only carbon-free baseload power that can scale. Unlike wind and solar, nuclear reactors run 24/7 regardless of weather—critical as grid reliability becomes a national security issue.

The uranium market operates on fundamentals that would make OPEC blush. A handful of countries control 80% of global supply, led by Kazakhstan, Canada, and Australia. Meanwhile, demand is accelerating as countries reverse nuclear phase-outs and China builds reactors at breakneck pace. This creates the classic squeeze play real asset investors love: inelastic supply meets surging demand.

URA shines during periods of energy inflation and uranium supply disruptions. It struggles when natural gas prices collapse or nuclear accidents dominate headlines. The sector moves in multi-year cycles, often spending years in the wilderness before explosive rallies when spot uranium prices break out.

Top Holdings

Cameco (CCO.TO) - 22.6%: The world's largest publicly-traded uranium miner, with tier-one assets in Saskatchewan. Cameco's flexible production strategy lets them capitalize on price spikes while preserving reserves during down cycles.

Oklo (OKLO) - 9.0%: The micro-reactor pioneer backed by Sam Altman, developing small modular reactors for industrial and remote applications. High-growth, high-risk bet on nuclear's next generation.

Uranium Energy Corp (UEC) - 5.5%: Texas-based in-situ recovery specialist with projects across the American West. Benefits from domestic uranium mining incentives and supply chain reshoring trends.

NexGen Energy (NXE.TO) - 5.1%: Owner of the Arrow deposit in Saskatchewan's Athabasca Basin, potentially the world's highest-grade uranium project. Pre-production exposure to uranium's upside.

Centrus Energy (LEU) - 4.0%: Enrichment specialist with the only commercial uranium enrichment facility in the U.S. Critical infrastructure play as America rebuilds nuclear fuel independence.

Kazatomprom (KAP) - 3.9%: Kazakhstan's state uranium champion, controlling 40% of global production. Political risk premium but unmatched scale and low-cost operations.

How It Fits the Portfolio

URA functions as a volatility multiplier on nuclear/uranium themes rather than a core holding. When uranium spot prices move 20%, URA typically moves 50-80% because mining companies operate with leverage to the commodity price. This makes position sizing critical—consider 2-5% of total portfolio maximum.

The ETF pairs well with broader infrastructure plays like utilities (XLU) or industrial REITs, creating exposure across the nuclear value chain. It's particularly compelling during periods when uranium spot prices are breaking out of multi-year bases, typically signaling the start of 2-3 year bull cycles.

Regime Signals

URA outperforms during energy inflation periods when uranium spot prices rise above $60/pound, triggering production restarts and new mine development. The ETF also benefits from nuclear policy shifts—Japan's reactor restarts, European energy security concerns, or U.S. strategic uranium stockpile announcements can drive multi-month rallies.

Dollar weakness helps because uranium trades globally in dollars, making it cheaper for international buyers. Rising real rates can pressure the sector because uranium miners burn cash for years before production, making financing expensive. Watch utility nuclear fuel procurement cycles—when utilities start signing long-term contracts above $80/pound, it typically signals a sustained bull market beginning.

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

Is URA a good investment for nuclear energy exposure?

URA provides the broadest publicly available exposure to the nuclear energy supply chain, from uranium miners to reactor technology companies. Its diversification across 40-50 holdings reduces single-stock risk compared to buying individual uranium miners. For investors who believe in the nuclear renaissance thesis but want moderated volatility, URA is the more conservative choice versus URNM. The fund has grown significantly in AUM as nuclear energy sentiment has improved globally.

What is the expense ratio of URA?

URA charges a 0.69% expense ratio, slightly below URNM's 0.75%. For a thematic sector ETF, this is competitive. Global X has built a strong brand in thematic investing, and URA benefits from their ETF management infrastructure including daily portfolio transparency and efficient creation/redemption processes.

What are the top holdings in URA?

URA's largest holdings typically include Cameco (the Western world's largest uranium producer), NexGen Energy, Sprott Physical Uranium Trust, Uranium Energy Corp, and Denison Mines. The fund also holds positions in nuclear technology companies like BWX Technologies and NuScale Power, providing exposure beyond raw uranium mining to the broader nuclear energy ecosystem.

How does URA compare to URNM for portfolio allocation?

URA is better suited for a core nuclear energy allocation due to its broader diversification and inclusion of nuclear technology companies. URNM is better for tactical overweight positions when you have high conviction in uranium prices specifically. Some Energy Macro investors hold both — URA as a core position and URNM as a satellite for additional uranium price beta. The correlation between the two is high but URNM amplifies moves in both directions.

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, Global X filings