NLR ETF

What are you actually investing in?

When you invest in NLR, you are investing in shares of companies across the entire nuclear energy value chain – from uranium mining to electricity generation and equipment manufacturing for nuclear power plants.

NLR's returns are generated through:

• increases or decreases in the market value of company shares in the portfolio;
• the fund's dividend yield (~2.32% per year).

The investment is directly linked to the business performance of companies in the nuclear industry. Key drivers of returns include the uranium price, the pace of new reactor construction, growth in electricity demand and utility tariff regulation.

Fund composition

NLR's portfolio includes 29 companies spanning the entire nuclear energy value chain:

• Utility companies – major energy companies that operate nuclear power plants and sell electricity to consumers. 
  Constellation Energy (8.67%), Public Service Enterprise Group (6.18%), PG&E Corporation (5.54%), Fortum Oyj (5.01%), CEZ Group (4.39%)
• Uranium miners – companies with active mines and projects at the development stage. 
  Cameco (7.75%), Kazatomprom (4.69%), Uranium Energy (4.42%), Energy Fuels (4.27%), NexGen Energy (4.23%), Denison Mines (4.13%), Paladin Energy (4.04%)
• Nuclear tech and small modular reactors – companies developing next-generation reactors and nuclear technologies. 
  Oklo (3.89%), NuScale Power (3.59%), Centrus Energy (3.85%), Nano Nuclear Energy (1.36%)
• Defence and engineering nuclear sector – companies manufacturing nuclear reactors for naval and industrial applications. 
  BWX Technologies (6.70%)

The fund's composition is reviewed in accordance with the MVIS index methodology.

How the structure works

NLR uses a standard ETF structure:

• company shares are held within the fund's custodial infrastructure through licensed custodians;
• the fund's structure is fully transparent and disclosed daily;
• the fund is overseen by US regulators and auditors.

The fund's AUM stands at approximately $4.63 billion. As an index fund, NLR follows the composition and weightings of the MVIS Global Uranium & Nuclear Energy Index.

Fees

Investor returns are generated through changes in the fund's market value. You purchase a share of NLR at the current price and realise it upon exit.

• Total Expense Ratio (TER): 0.56% per year.

When purchasing NLR through the Regolith platform, an entry fee of 2% of the transaction amount applies. Performance fee: 0%.

The role of NLR in an investment portfolio

NLR serves as a balanced tool for participating in the growth of nuclear energy, with broader coverage than purely uranium-focused ETFs. The fund can be used for the following purposes:

• Full nuclear value chain – from uranium mining to electricity generation at nuclear power plants. NLR includes both commodity companies and utilities that sell electricity to consumers.
• Lower volatility – NLR has a beta of approximately 0.92 (below market). Utility companies (Constellation Energy, PG&E) stabilise the fund compared to purely uranium-focused ETFs. 
• Dividend yield – approximately 2.32% per year. Utility companies in the fund traditionally pay higher dividends.
• AI and data centers – Constellation Energy and PG&E are signing contracts to supply nuclear electricity to data centers operated by Microsoft, Google and Amazon.
• Balanced alternative to URA – while URA is an aggressive bet on uranium, NLR offers more balanced exposure to the entire nuclear industry with a defensive element through utilities.

Nuclear energy and uranium: current context

The nuclear energy sector is experiencing a renaissance. In 2025, NLR delivered a return of +56% – the best result in the fund's history. The 6-year CAGR stands at approximately 19.3%.

The key difference between NLR and purely uranium-focused funds is the presence of utility companies. Constellation Energy has become one of the fastest-growing energy companies in the world after signing a contract to supply nuclear electricity to Microsoft's data centers. PG&E and Public Service Enterprise Group are also expanding their nuclear capacity.

US electricity demand is set to hit a record in 2026 (EIA data), driven largely by AI data centers. Nuclear energy is one of the few sources of stable carbon-free generation. Dozens of new reactors are being built worldwide. The uranium deficit persists.

NLR allows investors to participate in this trend through a diversified basket of 29 companies – from raw material extraction to end-stage electricity generation.

Risks

Investing in NLR involves a number of factors typical of the nuclear and energy industry:

• Uranium price dependency – a decline in the spot uranium price affects mining companies in the portfolio.
• Regulatory risks – the nuclear industry is heavily regulated. Accidents, changes in energy policy or decisions to phase out nuclear power in individual countries could affect the entire sector. 
• Tariff regulation – utility companies depend on regulatory decisions regarding electricity tariffs. 
• Concentration – the top 5 positions account for approximately 35% of the fund, creating dependency on several companies. 
• Growth-stage companies – Oklo, NuScale and Nano Nuclear are at the development stage and do not generate stable profits. 
• Geopolitical risks – a significant share of the world's uranium reserves is concentrated in Kazakhstan and Russia. 
• Long cycle – building nuclear power plants takes years, and bringing new mines to full capacity requires substantial investment and time.

As an equity instrument, the fund is subject to market fluctuations and does not guarantee positive returns. Investors may lose some or all of their investment.

Instrument parameters

• Ticker: NLR
• Type: Uranium and nuclear energy ETF 
• Exchange: NYSE Arca 
• Management type: Passive (index-tracking) 
• Index: MVIS Global Uranium & Nuclear Energy Index 
• Number of companies: 29 
• AUM: approximately $4.63 billion 
• Expense Ratio: 0.56% 
• Beta: approximately 0.92 
• Dividend yield: ~2.32% per year 
• ISIN: US92189F6016

Deposit and withdrawal terms on Regolith

NLR purchases are processed on a rolling basis without a fixed date. Trades are executed 1–3 times per week.

• Minimum investment period: 1 week 
• Minimum amount: $50 
• Entry fee: 2% 
• Performance fee: 0%