All sectors · 56 names
The nuclear field
Nuclear investing splits along the fuel chain, and the main difference between sectors is how much of the uranium price each one carries. Physical funds hold the pounds themselves: price exposure and nothing else. Producers get a share of it, held back by long-term contracts at fixed prices. Developers and explorers are leveraged on it: a higher price turns marginal deposits into mines, but they need money and permits first, and a lower one strands them. Royalty companies take a slice of revenue without paying the costs.
Further down the chain the thesis changes. Fuel-cycle companies earn on conversion and enrichment, where prices are set by the end of Russian supply rather than by uranium. Reactor designers are pre-revenue technology bets, and utilities trade on power prices and data-centre demand; fuel is too small a share of their costs for uranium to matter. UCITS ETFs bundle several of these for EU investors, in mixes that vary a lot from fund to fund.
The sectors
Physical uranium 3
Funds that buy uranium and store it. No mines, no management risk; you own pounds. The purest bet on the price.
Producers 11
Companies mining uranium today, from Kazatomprom (about 40% of world supply) to US in-situ producers ramping a few hundred thousand pounds.
Developers 11
Companies with a defined deposit, building or seeking permission and money to build a mine. The next wave of supply.
Explorers 13
Drill targets and early resources. Most never become mines; the ones that do can return many times over.
Royalty 1
A share of revenue from other companies' mines, without the operating costs.
Fuel cycle 4
Conversion, enrichment and fuel fabrication, the steps between a mine and a reactor. A separate thesis from the uranium price.
Reactors & SMRs 6
Companies designing new reactors, mostly small modular ones. Pre-revenue technology bets, not uranium price bets.
Nuclear utilities 3
Power companies that own and run reactors, now selling their output to data centres on 20-year contracts.
UCITS ETFs 4
Baskets EU investors can buy. US uranium ETFs (URA, URNM) have no PRIIPs KID, so EU retail brokers block them.
