NUKZ ETF Surges 58% as Nuclear Power Bets Face Trump Policy and Concentration Tests

"The Range Nuclear Renaissance Index ETF has gained 58% over the past year, riding enthusiasm for nuclear power that's built since Microsoft and Amazon announced plans to power data centers with small modular reactors. With $725 million in assets under management and a portfolio spanning uranium miners, reactor manufacturers, and utility operators, NUKZ has become the go-to vehicle for investors betting on nuclear energy's comeback."

"The fund's recent performance masks a more complicated reality. While shares climbed from around $44 to nearly $70, underlying holdings show diverging fortunes. GE Vernova, the fund's ninth-largest position at 2.77%, has surged 76% over the past year, reflecting strong demand for nuclear infrastructure equipment. Meanwhile, Vistra Corp, a nuclear utility representing 1.78% of the portfolio, has declined 9%, highlighting uneven performance across the nuclear value chain."

"Federal energy policy will determine NUKZ's trajectory over the next year-specifically how aggressively the government supports nuclear expansion through tax credits, loan guarantees, and regulatory streamlining. The Inflation Reduction Act provides production tax credits for existing nuclear plants, but the real catalyst would be expanded support for new reactor construction and small modular reactor deployment. Watch for Department of Energy announcements regarding loan program utilization and legislative proposals to accelerate reactor licensing timelines."

NUKZ rose 58% over the past year to nearly $70 per share while holding $725 million in assets and exposure across uranium miners, reactor manufacturers, and utilities. Underlying holdings diverge: GE Vernova jumped 76% while Vistra Corp fell 9%, illustrating uneven returns across the nuclear value chain. Federal policy outcomes—tax credits, loan guarantees, and regulatory streamlining—will largely determine fund performance and justify current valuations. Department of Energy loan program use and Nuclear Regulatory Commission licensing activity will signal whether announcements convert to construction and capital deployment. The fund also faces concentration risk, with Cameco representing over 10% of the portfolio.

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