Roundhill’s Uranium ETF Targets Nuclear Energy’s Explosive Growth

Roundhill Investments is jumping on the nuclear energy bandwagon with the Roundhill Uranium ETF (UX), representing the first U.S.-listed ETF providing exposure to the spot price of uranium.

While a handful of ETFs offer exposure to the growing nuclear power theme, UX is being promoted as a pure play on nuclear and the uranium mining value chain.

According to etf.com data, the biggest fund in the general category is the $3.3 billion Global X Uranium ETF (URA), which tracks a market-cap-weighted index of companies involved in uranium mining and the production of nuclear components.

URA had a solid 46.3% gain in 2023 but was flat last year and is down 2.7% so far in 2025.

The best performer among the tight group of uranium-adjacent funds is the Range Nuclear Renaissance Index ETF (NUKZ), which was launched in January 2024 and is up nearly 68% over the past 12 months. NUKZ is also nominated for etf.com's ETF of the Year.

Rounding out the list is the $1.4 billion Sprott Uranium Miners ETF (URNM), which lost 14% last year and is down 9.9% this year; the $1.1 billion VanEck Uranium and Nuclear ETF (NLR), which gained 14.3% last year and is up 2.9% this year; and the $234 million Sprott Junior Uranium Miners ETF (URNJ), which lost 18.2% last year and is down 8.6% this year.

UX Rides Wave of Energy Demand

According to Roundhill, the uranium market is poised for growth, but a recent pullback suggests this is also a potentially volatile asset.

While the price of uranium peaked in January 2024, the price has dropped by more than 26% over the past 12 months, including a volatile 5.3% decline from the start of 2025.

Roundhill’s case for UX is pegged to expectations of global uranium demand nearly doubling by 2040 to “nearly 130,000 tons as more nuclear reactors are built to meet the world’s increasing electricity needs.”

In an email exchange with a Roundhill Chief Executive Officer Dave Mazza, UX was described as the only alternative for uranium investing beyond funds investing in publicly traded uranium miners.

“UX offers access to investors to directly express an investment view on uranium as a commodity via the fund,” Mazza said. “Investors also have the ability to utilize options on UX, which we see as an important tool for enhancing investment access to the uranium market.”

In terms of UX success, Mazza said, “The growth of global nuclear power capacity will be important.”

“AI power demand could have an influence on the uranium market as well,” Mazza added, citing International Energy Agency data showing ChatGPT inquiries consume large amounts of energy.

“Consequently, further AI adoption will lead to an increase in data center power demand. Goldman Sachs Research forecasts a 160% increase by 2030,” Mazza said.

In terms of potential risks, he said, “The theme could take time to develop."

“Looking at nuclear production, existing nuclear power plants are already operating near capacity year-round,” Mazza added. “In order to increase production, substantial amounts of capex and time are involved.”

New York-based Roundhill has 21 ETFs that combine for $4.2 billion.