At a glance
NLR charges 0.52% a year, below the 0.66% average of the 5 funds most like it (the 2nd cheapest of 6). It has $4.21B in assets, the 2nd largest of that group; it paid 3.34% of its price in distributions over the past 12 months, annual. Over the past year it returned −33.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +15.0% a year. At its worst it fell 34.3% in the 2020 crash (S&P 500: 33.7%) and 15.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows. Its ten largest positions make up 61.1% of the fund, out of 25 in all.
The short version
VanEck Uranium and Nuclear ETF (NLR) is an index fund that tracks the MVIS Global Uranium & Nuclear Energy Index, a group of about 25 companies that mine uranium, make nuclear equipment or generate nuclear power. It holds miners such as Cameco alongside power producers such as Constellation Energy and Public Service Enterprise Group. Its 0.52% yearly fee is below the 0.66% average for similar funds, including Global X Uranium ETF (URA) at 0.69%.
Price history
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NLR -33.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NLR official prospectus, to Dec 31, 2025 | — | +55.94% | — | +22.99% | +13.76% | — |
| NLR price data to Oct 27, 2026 | -23.6% | -33.4% | +15.0% | +13.7% | +10.2% | +2.0% |
- Over the year to Oct 27, 2026, NLR returned -33.4%, 6th of 6 among similar funds.
- Its 5-year annualized return was +13.7% and its 10-year +10.2%.
- In the 2020 COVID crash it fell 34.3% and regained its old high 10.6 months after the low.
- Its worst full calendar year was 2008 (-44.8%); its best was 2025 (+56.5%).
- The deepest fall in its price history was 68.7% (Nov 6, 2007 to Oct 27, 2008), recovered by Apr 3, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -23.6% | — |
| 2025 | +56.5% | +55.94% |
| 2024 | +14.3% | +14.52% |
| 2023 | +36.6% | +36.02% |
| 2022 | +2.3% | +2.10% |
| 2021 | +13.6% | +13.48% |
| 2020 | +3.5% | +3.59% |
| 2019 | +0.2% | +0.44% |
| 2018 | +4.9% | +5.15% |
| 2017 | +8.3% | +8.27% |
| 2016 | +9.1% | +8.87% |
| 2015 | -9.4% | — |
| 2014 | +9.6% | — |
| 2013 | +16.1% | — |
| 2012 | -3.0% | — |
| 2011 | -33.8% | — |
| 2010 | +16.6% | — |
| 2009 | +17.4% | — |
| 2008 | -44.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.9% over that stretch · deepest drop along the way 68.7%, back to its old high 185.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.3% over that stretch · deepest drop along the way 34.3%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.2% over that stretch · deepest drop along the way 15.8%, back to its old high 3.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $3.1700 | +419.7% |
| 2024 | $0.6100 | -81.3% |
| 2023 | $3.2600 | +193.7% |
| 2022 | $1.1100 | +1.8% |
| 2021 | $1.0900 | -0.9% |
| 2020 | $1.1000 | +2.8% |
| 2019 | $1.0700 | -44.8% |
| 2018 | $1.9400 | -18.5% |
| 2017 | $2.3800 | +38.4% |
| 2016 | $1.7200 | +15.4% |
| 2015 | $1.4900 | +17.3% |
| 2014 | $1.2700 | +284.8% |
| 2013 | $0.3300 | -82.7% |
| 2012 | $1.9091 | -67.4% |
| 2011 | $5.8485 | +82.1% |
| 2010 | $3.2121 | +152.4% |
| 2009 | $1.2727 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 61.08% of assets, and 2.13% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Cameco Corp | 8.41% | |
| Constellation Energy Corp | 8.04% | |
| Public Service Enterprise Group Inc | 7.09% | |
| BWX Technologies Inc | 6.78% | |
| Fortum Oyj | 5.75% | |
| Oklo Inc | 5.22% | |
| Centrus Energy Corp | 5.05% | |
| Uranium Energy Corp | 4.99% | |
| NexGen Energy Ltd | 4.97% | |
| Denison Mines Corp | 4.77% | |
| NuScale Power Corp | 4.76% | |
| Energy Fuels Inc/Canada | 4.67% | |
| NAC Kazatomprom JSC | 4.38% | |
| Paladin Energy Ltd | 4.35% | |
| CGN Power Co Ltd | 3.90% |
By country
United States 46.25%Canada 24.88%Australia 7.41%Finland 5.75%KZ 4.38%By asset type
Stocks 100.17%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $255.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.59%, -8.01%, -12.89%.
How it works
NLR is an index fund. VanEck doesn't pick stocks for it. Instead, the fund tries to match the MVIS Global Uranium & Nuclear Energy Index, before fees. It normally keeps at least 80% of its assets in the stocks in the index and generally holds the same companies. It doesn't try to beat the index, and it won't move into cash to play defense when markets fall.
To join the index, a company must earn at least half its revenue from uranium mining, building or maintaining nuclear plants and reactors, making electricity from nuclear power, or supplying equipment, technology or services to the nuclear industry. A company also qualifies if at least half its mineral resources are uranium. As of December 31, 2025, the index held 25 companies, worth between about $464 million and $110.4 billion each. Holdings can include foreign companies and depositary receipts. A depositary receipt is a certificate that stands for shares of a foreign company and trades on a local exchange.
The fund is "non-diversified." That means it can put a larger share of its money into a few companies. As of June 30, 2026, its top 10 holdings made up 61% of assets. Cameco was the largest at 8.4%. The fund held no derivatives. Its portfolio turnover was 42%. Turnover measures how much of the portfolio was traded over a year.
What it really costs
- NLR charges 0.52% a year, versus an average of 0.66% for the similar funds below (2nd of 6, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $53 in the first year and $653 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NLR | $53 | $167 | $291 | $653 |
In a retirement portfolio
NLR is a narrow, non-diversified bet on uranium and nuclear power, and it has had very deep drops and long recoveries.
NLR adds a focused bet on uranium and nuclear power, but its swings have been far larger than those of a typical stock fund. It fell 68.7% from November 2007 to October 2008 and lost 44.8% in calendar 2008. It didn't get back to its 2007 peak until April 2024, about 15 years later. It dropped 34.3% in 2020 and 15.8% in 2022, and recovered within a year both times. It lost 33.4% over the year to October 27, 2026. Anyone who has to sell during a slump could lock in deep losses. Its trailing yield was 3.34% as of October 27, 2026, but it pays once a year, so it isn't a steady income source. It costs 0.52% a year, or $53 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, focused stake in nuclear energy that holds uranium miners like Cameco alongside power producers like Constellation Energy.
- Cost-conscious investors comparing uranium funds: NLR's 0.52% expense ratio is below the 0.66% average of similar funds such as URA and URNM.
- Patient holders who can sit through long slumps: after its 68.7% drop in 2007–2008, NLR took about 15 years to regain its peak.
Look elsewhere if
- Retirees who may need to sell shares soon: NLR lost 33.4% in the year to October 27, 2026, and has swung sharply in both directions.
- Investors who want broad diversification: NLR holds about 25 stocks, with 61% of assets in its top 10 as of June 30, 2026.
- Investors who want the lowest fee: Themes Uranium & Nuclear ETF (URAN) charges 0.35%, though it held only about $28 million in assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NLR this fund | — | 0.52% | $4.21B | -33.4% | +15.0% |
| URA Global X Uranium ETF | 53% | 0.69% | $5.44B | -25.9% | +17.5% |
| URAN Themes Uranium & Nuclear ETF | 52% | 0.35% | $27.9M | -30.8% | — |
| URNM Sprott Uranium Miners ETF | 44% | 0.75% | $1.90B | -19.3% | +4.2% |
| NUKZ Range Nuclear Renaissance Index ETF | 25% | 0.85% | $756.1M | -17.3% | — |
| SETM Sprott Critical Materials ETF | 23% | 0.65% | $574.9M | +2.4% | +19.4% |
Questions investors ask
Is NLR good for a retirement portfolio?
NLR is a narrow, volatile sector fund. In a retirement portfolio it fits better as a small side holding than as a core one. It lost 68.7% from November 2007 to October 2008 and needed about 15 years to recover. It has also swung widely in recent years. It gained 55.94% in 2025, then fell 23.6% in 2026 through October 27, 2026. Anyone who may need to sell in a bad year would face that volatility.
What's the difference between NLR and URA?
Both funds focus on uranium and nuclear energy, and their holdings overlapped by 53% in the latest fund reports. NLR is cheaper, at 0.52% a year versus 0.69% for Global X Uranium ETF (URA). URA is larger, with $5.4 billion in assets as of July 31, 2026, against $4.2 billion for NLR as of June 30, 2026. URA performed better in the year to October 27, 2026, with a 25.9% loss against NLR's 33.4% loss. It also did better over three years, at 17.5% a year versus 15%.
Does NLR pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, NLR paid $3.17 per share, a trailing yield of 3.34%. The money comes from dividends paid by the companies it owns. Because it pays annually rather than monthly or quarterly, NLR isn't built to provide regular income. Its share price has also moved far more than its payout, so the yield alone gives a limited picture of what holders have earned.
What stocks are in the NLR ETF?
As of June 30, 2026, NLR held 25 stocks. The largest were Cameco (8.4%), Constellation Energy (8.0%), Public Service Enterprise Group (7.1%), BWX Technologies (6.8%), Fortum (5.8%), Oklo (5.2%) and Centrus Energy (5.1%). The top 10 made up 61% of the fund. By country, 46% was in US companies, 25% in Canada, 7% in Australia and smaller amounts in Finland, Kazakhstan and China.
What is NLR's expense ratio?
NLR's expense ratio is 0.52% a year, according to its prospectus filed April 29, 2026. That includes a 0.50% management fee, with no fee waiver. Under the SEC's standard example, $10,000 earning 5% a year would pay about $53 in costs after one year, $167 after three, $291 after five and $653 after ten. The average for similar uranium and nuclear funds is 0.66%. NLR ranks as the second-cheapest of the six funds compared.