Capturing the companies expected to power a nuclear renaissance
Our Partner
Energy security in a fragmented world
Nuclear reduces reliance on volatile energy imports, with fuel that can be stored on-site and sourced globally. As geopolitics reshapes energy policy, nuclear is becoming central to resilient, domestically controlled power systems.
Meeting rising electricity demand
Surging electricity demand from AI, data centres and electrification is driving need for always-on power. Nuclear’s high capacity factor makes it uniquely positioned to support this sustained, long-term demand growth.
Innovation and policy tailwinds
Government backing and global targets to expand nuclear are accelerating investment, while small modular reactors (SMRs) offer scalable, cost-efficient deployment. The Nuclear ETF aims to captures this through exposure across utilities, construction, and advanced reactor technologies.
Government backing and global targets to expand nuclear are accelerating investment, while small modular reactors (SMRs) offer scalable, cost-efficient deployment.
Infrastructure Capital Nuclear Renaissance UCITS ETF (NUKZ) aims to provide exposure to companies that are involved in the nuclear renaissance.
The ETF targets a diversified mix of global nuclear companies across fuel, construction & services, advanced reactors, and utilities.
The Nuclear ETF tracks the VettaFi Nuclear Renaissance Index using a passive, rules-based approach designed to capture the theme.
Key Risks
Nuclear companies may face considerable risk as a result of, among other risks, incidents and accidents, breaches of security, natural disasters, equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. Consumers of nuclear energy may have the ability to switch between nuclear energy and other energy sources and, as a result, during periods when competing energy sources are less expensive, the revenues of nuclear energy companies may decline with a corresponding impact on earnings. The nuclear industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. Investors’ capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. For a complete overview of all the risks, please refer to the »Risk Factors » in the Nuclear ETF Prospectus
Source: HANetf, data as of 30.09.2026. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (Prospectus) before investing and should refer to the section of the Prospectus entitled Risk Factors for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
No. of holdings: 52
The index is designed to track the performance of companies involved in the full nuclear energy ecosystem, encompassing advanced reactors, utilities, construction & services, and fuel-related businesses. Companies are classified into Pure Play, Pre-Revenue and Diversified categories based on their level of nuclear exposure.
The index also applies risk-focused limits, such as capping aggregate exposure to publicly traded partnerships at 25% and ensuring no more than five issuers exceed a 4.75% weight.
The Vettafi Nuclear Renaissance Index rebalances bi-annually, helping align the portfolio with evolving fundamentals while maintaining diversification and thematic focus.
Nuclear energy sector exposure refers to investments linked to companies involved in uranium mining, nuclear fuel processing, reactor technology, engineering, equipment supply, and nuclear services. This can include upstream uranium producers as well as companies across the broader nuclear value chain. The theme is typically driven by long-term electricity demand, decarbonisation policies, and energy security considerations. The theme is typically driven by long-term electricity demand, decarbonisation policies, and energy security considerations. Nuclear power’s role as a low-carbon baseload source — and the pace at which policy support translates into new capacity — are the key factors shaping this theme’s long-term trajectory.
Nuclear energy is receiving renewed attention due to the need for reliable, low-carbon baseload power in increasingly electrified economies. As countries aim to reduce emissions while maintaining grid stability, nuclear power is being reconsidered alongside renewables. Energy security concerns, particularly following recent geopolitical disruptions to fossil fuel supply chains, have also contributed to renewed interest. In addition, advances in reactor technology, including small modular reactors (SMRs), are improving the long-term outlook for deployment, although timelines remain uncertain and capital-intensive.
Uranium is the primary fuel used in nuclear reactors and sits at the upstream end of the nuclear value chain. It is mined, processed into yellowcake, converted and enriched, and then fabricated into fuel assemblies for reactors. Demand for uranium is driven by reactor operations rather than short-term electricity market cycles, as reactors require a stable and continuous fuel supply. Because fuel costs represent a relatively small portion of overall nuclear power generation costs, demand is typically stable, but supply dynamics can be constrained and slow to adjust.
Long-term demand for nuclear energy is driven by electrification trends, decarbonisation targets, and the need for reliable baseload generation. Many governments are extending the lifespan of existing reactors and planning new builds to support energy transition goals. Rising electricity demand from data centres, AI infrastructure, and industrial electrification is also contributing to interest in nuclear capacity. Policy frameworks and public acceptance remain key variables, as nuclear development often depends on long planning cycles and regulatory approval processes — meaning the translation of favourable demand trends into actual new capacity can take considerably longer than in less regulated sectors.
Supply constraints in uranium markets are influenced by a limited number of producing regions, long development timelines for new mines, and capital-intensive extraction processes. Production can be slow to respond to rising demand due to permitting and infrastructure requirements. In addition, secondary supply sources such as government stockpiles or recycled material can temporarily affect market balance. These dynamics can lead to periods where supply lags demand expectations, contributing to pricing volatility and heightened sensitivity to contracting cycles.
Key risks include regulatory and policy uncertainty, commodity price volatility in uranium, and execution risk in capital-intensive projects. Nuclear energy projects require long lead times and are subject to strict safety and environmental regulation, which can delay development. Public perception and political shifts can also influence nuclear expansion plans. In addition, companies in the sector may face cost overruns, supply chain constraints, and sensitivity to broader energy market dynamics. These factors can lead to cyclical performance and uneven growth profiles.
Nuclear energy provides continuous baseload electricity generation, unlike wind and solar, which are intermittent and depend on weather conditions. This makes nuclear a complement to renewables in maintaining grid stability and meeting constant demand. However, nuclear projects typically involve higher upfront capital costs, longer construction timelines, and complex regulatory requirements. Renewables tend to be faster to deploy but may require additional storage or backup systems. As a result, both technologies are often considered complementary rather than directly substitutive in long-term energy planning.
Policy and regulation are central to nuclear sector growth because the industry is highly regulated and often dependent on government approval and support. Decisions around reactor licensing, safety standards, waste management, and energy strategy directly influence investment and development timelines. In some regions, nuclear energy is explicitly supported as part of decarbonisation policy, while in others it remains constrained by political or public concerns. Long-term visibility on policy direction is therefore a key factor in determining sector expansion.
Relevant nuclear energy stocks may include uranium fuel companies, engineering and construction groups, utilities, reactor technology specialists and companies involved in nuclear services. Examples include Cameco, GE Vernova, Samsung C&T, Rolls-Royce, Endesa, Talen Energy, Dominion Energy, CEZ, Duke Energy and Fortum. This range reflects the breadth of the nuclear value chain, from fuel supply to power generation and infrastructure. Investors researching nuclear exposure should consider regulation, project timelines, safety requirements, electricity demand, financing costs and policy support. Nuclear-related companies can have very different risk profiles: utilities may be driven by power markets and regulation, while fuel or technology companies may be more sensitive to uranium prices and new-build activity.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
Why the Nuclear Sector May Have Room to Grow
October 2026
Navigating geopolitics, energy security and structural demand
April 2026
Global Instability and the Future of European Energy Security
About Partner
Infrastructure Capital Advisors is a boutique financial firm with over $2 billion in managed assets. They are a leading provider of investment management solutions specialising in ETFs, managed hedge funds, and providing consulting services for other investment firms. Their success comes from their ability to offer innovative solutions to meet the needs of income-focused investors.
As shareholders in Infrastructure Capital Advisors’ funds, you own a part of a professionally managed portfolio. They take their role as fiduciaries seriously and offer funds to meet the needs of investors with varying levels of risk tolerance.
They are long-term investors seeking to maximise investment returns over full market cycles. To minimise risk, we they to invest in securities backed by long-lived assets that generate substantial streams of free cash flow. To enhance income for more risk tolerant investors, they may use modest leverage or options strategies.
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