At a glance
URAN charges 0.35% a year, below the 0.74% average of the 5 funds most like it (the cheapest of 6). It has $27.9M in assets, the 6th largest of that group; it paid 3.27% of its price in distributions over the past 12 months, annual. Over the past year it returned −30.8% with distributions reinvested (S&P 500: +11.5%), 5th of those 6 funds. Its ten largest positions make up 40.2% of the fund, out of 42 in all.
The short version
Themes Uranium & Nuclear ETF (URAN) tracks the BITA Global Uranium & Nuclear Select NTR Index, a basket of companies that earn significant revenue from the uranium and nuclear industries. Its main draw is cost: the 0.35% expense ratio (annual fee) is well below the 0.61% to 0.85% charged by five similar funds. The trade-offs are size, just $27.9 million as of June 30, 2026, and steep swings, including a 43.2% drop in 2026.
Price history
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URAN -30.8% 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 | |
|---|---|---|---|---|---|---|
| URAN official prospectus, to Dec 31, 2025 | — | +48.78% | — | — | — | +45.73% |
| URAN price data to Oct 27, 2026 | -22.0% | -30.8% | — | — | — | +9.5% |
- Over the year to Oct 27, 2026, URAN returned -30.8%, 5th of 6 among similar funds.
- Its worst full calendar year was 2025 (+49.0%); its best was 2025 (+49.0%).
- The deepest fall in its price history was 43.2% (Jan 28, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -22.0% | — |
| 2025 | +49.0% | +48.78% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.0600 |
What's inside
As of Jun 30, 2026, the fund held 42 securities; the ten largest made up 40.22% of assets.
| Holding | Weight | |
|---|---|---|
| Constellation Energy Corp | 9.64% | |
| American Electric Power Co Inc | 4.10% | |
| Duke Energy Corp | 3.94% | |
| Public Service Enterprise Grou | 3.72% | |
| Oklo Inc | 3.36% | |
| NexGen Energy Ltd | 3.15% | |
| CNNP | 3.12% | |
| Cameco Corp | 3.11% | |
| Denison Mines Corp | 3.09% | |
| NuScale Power Corp | 3.00% | |
| Uranium Energy Corp | 2.88% | |
| Yellow Cake PLC | 2.81% | |
| CGN Power Co Ltd | 2.71% | |
| PG&E Corp | 2.70% | |
| IsoEnergy Ltd | 2.70% |
By country
United States 50.98%Canada 17.53%Australia 12.9%China 7.53%United Kingdom 2.81%By asset type
Stocks 97.56%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.99%, -7.10%, -12.10%.
How it works
URAN is passively managed. It aims to match the BITA Global Uranium & Nuclear Select NTR Index, before fees, rather than relying on a manager's stock picks. BITA GmbH, which is independent of the fund's adviser, Themes Management Company, draws the index from seven areas: uranium mining and exploration; uranium refining, conversion and enrichment; uranium trading, investing and royalties; nuclear fuel materials; nuclear equipment; nuclear plant construction and waste disposal; and nuclear power generation.
Each company gets a Thematic Exposure Score: the share of its revenue from those areas. A company qualifies if that share is at least 30%, or if it ranks among the five biggest earners in dollars from uranium or from nuclear. That second route can admit large companies that earn less than 30% of revenue from the theme. Companies from several countries, including Russia, India and South Korea, are excluded. So are stocks under $100 million in market value or averaging under $100,000 in daily trading over three months. Every stock that passes goes into the index.
Stocks are weighted by free-float market value (the value of shares available to trade), adjusted by thematic score with BITA's own formula, and the index is rebalanced quarterly. The fund owns company shares, not uranium, so it can lag or outrun uranium prices.
What it really costs
- URAN charges 0.35% a year, versus an average of 0.74% for the similar funds below (1st of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| URAN | $36 | $113 | $197 | $443 |
In a retirement portfolio
URAN is a single-theme stock fund that gained 48.78% in 2025 and then fell 43.2% in 2026, so it fits a small side position better than a core one.
URAN could add focused exposure to uranium and nuclear stocks, but its record is short. It launched on September 24, 2024, so it has no history through the 2008, 2020 or 2022 market declines. Its worst, and only, full calendar year was 2025, a 48.78% gain. Then it fell 43.2% between January 28 and October 23, 2026, and had not recovered as of October 27, 2026. A retiree forced to sell during that slide would have locked in deep losses.
Income arrives once a year, with a trailing yield of 3.27% as of October 27, 2026. The 0.35% expense ratio is less than half the 0.74% average of similar funds. Under the SEC's standard $10,000 example, costs come to $36 after one year. 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
- Cost-conscious investors wanting uranium and nuclear exposure: URAN's 0.35% expense ratio is below NLR's 0.61%, URA's 0.69% and URNM's 0.75%.
- Investors wanting the nuclear supply chain, from uranium explorers to power generators, in one fund led by Constellation Energy (9.6% as of June 30, 2026).
- Investors with a long horizon who can hold a small, volatile slice through drops like the 43.2% fall from January to October 2026.
Look elsewhere if
- Anyone needing regular income: URAN pays a single annual distribution, with a 3.27% trailing yield as of October 27, 2026.
- Those preferring larger, longer-running funds: URAN held $27.9 million on June 30, 2026, versus $4.2 billion for NLR.
- Investors wanting a direct play on uranium prices: URAN owns company shares, which can under- or over-perform the metal itself.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| URAN this fund | — | 0.35% | $27.9M | -30.8% | — |
| NLR VanEck Uranium and Nuclear ETF | 52% | 0.61% | $4.21B | -33.4% | +15.0% |
| URNM Sprott Uranium Miners ETF | 39% | 0.75% | $1.90B | -19.3% | +4.2% |
| URA Global X Uranium ETF | 35% | 0.69% | $5.44B | -25.9% | +17.5% |
| URNJ Sprott Junior Uranium Miners ETF | 27% | 0.8% | $326.9M | -29.5% | -1.1% |
| NUKZ Range Nuclear Renaissance Index ETF | 26% | 0.85% | $756.1M | -17.3% | — |
Questions investors ask
What stocks are in the URAN ETF?
URAN held 42 stocks as of June 30, 2026, and its 10 largest made up 40.2% of the fund. Constellation Energy led at 9.6%, followed by American Electric Power (4.1%), Duke Energy (3.9%), Public Service Enterprise Group (3.7%) and Oklo (3.4%). NexGen Energy, China National Nuclear Power, Cameco, Denison Mines and NuScale Power made up about 3% each. By country, 51% was in the US, 17.5% in Canada, 12.9% in Australia and 7.5% in China.
What's the difference between URAN and NLR?
URAN is much cheaper and much smaller. Both hold uranium and nuclear stocks, and about 52% of their holdings overlap. URAN's expense ratio is 0.35%, compared with 0.61% for VanEck Uranium and Nuclear ETF (NLR). But NLR held $4.2 billion as of June 30, 2026, against URAN's $27.9 million, and it has a longer track record. Over the year to October 27, 2026, URAN lost 30.8% and NLR lost 33.4%.
Does URAN pay dividends?
Yes, but only once a year. URAN paid $1.06 per share in the year to October 27, 2026, a trailing yield of 3.27%. Because it makes a single annual distribution, the amount can change from one year to the next. Investors wanting monthly or quarterly checks won't get them here. Price swings also dwarf the yield: the fund lost 30.8% over the same period.
Does URAN track the price of uranium?
No. URAN owns shares of companies, not uranium itself. Its index covers businesses across the uranium and nuclear industries, from mining and enrichment to equipment makers, plant builders and power generators, so many holdings depend on more than the uranium price. The prospectus warns that uranium-related stocks can under- or over-perform the metal over short or long periods. The fund also holds foreign stocks, so currency moves against the US dollar can affect returns.
Is URAN good for retirement?
It is more likely to fit as a small side holding than a core position, because it is a high-risk, single-theme fund. URAN gained 48.78% in 2025, its only full calendar year. It then fell 43.2% between January 28 and October 23, 2026, and had not recovered as of October 27, 2026. It launched in September 2024, so it missed the 2008, 2020 and 2022 market declines. Its 0.35% expense ratio is low for the theme, but income arrives only once a year.