Why uranium ETFs are in focus in 2026

Nuclear power is staging a comeback in 2026 that would have seemed unthinkable a few years ago. This time the trigger is not climate policy alone but the power hunger of artificial intelligence: hyperscalers such as Amazon, Microsoft and Meta are locking in the output of entire nuclear plants under long-term contracts, because data centers need around-the-clock baseload power — something wind and solar alone cannot deliver. At the same time, the world’s mines have for years been producing less uranium than the global reactor fleet consumes. The spot price of uranium (U₃O₈) sits at around $85 per pound in June 2026, after marking a year-to-date high of just over $101 in late January. Investors who want exposure in Europe can choose between four UCITS ETFs — which differ markedly in strategy, cost and risk. The key is to distinguish three kinds of uranium exposure:

• Pure uranium-miner ETFs: the Sprott Uranium Miners (URNM) and Sprott Junior Uranium Miners (URNJ) hold only producers, developers and holders of physical uranium — maximum leverage to the uranium price, in both directions.
• Broad nuclear baskets: the VanEck Uranium and Nuclear Technologies combines uranium miners with plant operators, reactor builders and SMR developers — less leverage, more diversification. The Global X Uranium sits in between.
• Physical uranium: vehicles such as Yellow Cake or the Sprott Physical Uranium Trust store real U₃O₈ — but they are not UCITS ETFs (details below).

The four uranium and nuclear UCITS ETFs compared

All four products are domiciled in Ireland, accumulating and physically replicating. The VanEck ETF is by far the largest at around €2.1 billion and, at a 0.55 % TER, also the cheapest — it tracks the MarketVector Global Uranium and Nuclear Energy Infrastructure Index, mixing miners with nuclear infrastructure. The Sprott URNM (North Shore Sprott Uranium Miners Index) is the pure play on uranium miners and also admits companies that hold physical uranium. The Global X URNU (Solactive Global Uranium & Nuclear Components Index) takes a middle path, while the young URNJ concentrates on small explorers and developers — the most speculative product of the group.

AI data centers: the new demand engine for nuclear power

The investment story has shifted fundamentally since 2024. Uranium demand used to hinge on government energy plans — today it is driven by private tech giants with deep pockets. Goldman Sachs estimates that data-center electricity demand will rise by around 160 % by 2030. AI clusters run 24/7 and need predictable baseload power — exactly the profile of a nuclear plant. Policy adds a tailwind: at the UN climate conferences, more than 20 countries pledged to triple global nuclear capacity by 2050, and in 2026 alone roughly 15 new reactors are scheduled to come online worldwide, led by China’s build-out programme.

The hyperscalers have long moved from talk to contracts: Meta has secured agreements for up to 7.8 gigawatts of nuclear capacity, Amazon (AWS) is taking 1.92 gigawatts under a 17-year deal from the Susquehanna plant, and Microsoft has reserved more than 800 megawatts of dedicated reactor capacity — including the restart of Three Mile Island. For needs further out, the companies are betting on small modular reactors (SMRs). Some hyperscalers are now even negotiating long-term uranium supply directly with mining companies. Against this stands a structural deficit on the supply side: mine production runs below reactor requirements, secondary stockpiles from old inventories are largely depleted, and new mines often take a decade to reach production.

Physical uranium: Yellow Cake & the Sprott trust are not UCITS ETFs

Investors who want the uranium price without the miner detour will come across two well-known names: Yellow Cake plc and the Sprott Physical Uranium Trust. Both buy and store real U₃O₈ in licensed facilities — but neither is a UCITS ETF. Yellow Cake is a London-listed holding company (an ordinary share), while the Sprott trust is a Canadian closed-end fund that many EU brokers do not even offer for purchase because it lacks a PRIIPs key information document. Both can also trade at a premium or discount to their net asset value. Indirectly, physical uranium still finds its way into a portfolio: the index behind the Sprott URNM also admits companies that hold physical uranium — including precisely these vehicles.

Risks: extreme swings, few stocks, one commodity price

• Extreme volatility: in early 2026 the uranium spot price fell from just over $101 to about $85 within a week — mining stocks amplify such moves with leverage. Drawdowns of 30 to 50 % are historically normal in this sector.
• Concentration risk: a handful of companies dominate the indices — Cameco alone regularly accounts for roughly a fifth to a quarter of the weight in pure uranium ETFs, alongside Kazatomprom and a few developers.
• Spot-price dependence: miners are a leveraged bet on the uranium price. If it falls below producers’ extraction costs, earnings and share prices collapse disproportionately.
• Political and accident risk: a single reactor accident can freeze the sector for a decade — Fukushima in 2011 was followed by a roughly ten-year bear market. On top of that, Kazakhstan accounts for around 40 % of world production, a geopolitical concentration risk.

🌍 Taxes: the German rules as an example

How uranium ETF gains are taxed depends entirely on where you are tax resident — rules vary by country, so check your local regime. Germany illustrates how detailed it can get: all four products count as equity funds (equity share above 51 %), so the 30 % partial exemption (Teilfreistellung) applies — only 70 % of gains and distributions are subject to the 25 % flat withholding tax plus solidarity surcharge. Because all four ETFs accumulate, German investors also owe a small annual advance lump-sum tax (Vorabpauschale), withheld automatically by the broker, and gains up to the €1,000 annual saver’s allowance remain tax-free. Unlike physically backed gold products, uranium ETFs enjoy no tax exemption after a one-year holding period anywhere — they are ordinary equity funds.

FAQ — uranium ETFs 2026