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NLR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is VanEck Uranium and Nuclear ETF (NLR) stock moving?
NLR closed at $91.13 on Nov 10, about 6% below its Oct 29 high of $96.92 and about 10% above its Nov 5 low of $83.01. The stock fell from roughly $96 in late October to $84.71 on Nov 5, on the heaviest volume in the window (1.06M shares, about twice the usual level of 400K-600K). It then rebounded to $88.44 on Nov 6 and $94.57 on Nov 9 on 574K shares, before easing to $91.13 on Nov 10. Closes have been trading between roughly $88 and $95 since Nov 4, and the stock has not regained the $95-97 zone seen in late October. The two news items provided are not about NLR or its holdings: one is an amended early warning filing by Jeremy Gillis on Northern Lights Resources Corp., and the other is an exploration update from Northern Lights Resources' Alum Shale properties in Sweden. Neither is a material catalyst for an ETF of uranium and nuclear stocks, and no SEC filings are available for the ETF in the past 45 days. The price action therefore reflects sector sentiment and volatility rather than a company-specific event, and the evidence is thin.
About VanEck Uranium and Nuclear ETF
VanEck Uranium and Nuclear ETF is a passively managed fund, launched in 2007, that holds companies across the nuclear energy industry worldwide. It owns the whole nuclear value chain in one fairly concentrated basket of about 30 stocks: uranium miners, nuclear-heavy utilities, and makers of reactors and nuclear equipment.
How the fund works
The fund tracks the MVIS Global Uranium & Nuclear Energy Index, which weights companies by market value (bigger companies get bigger weights). It holds companies that mine uranium, build or maintain nuclear plants, generate nuclear power, or supply nuclear equipment and services. Top holdings have included Cameco, Constellation Energy, Public Service Enterprise Group, BWX Technologies, PG&E, Kazatomprom and Uranium Energy Corp. Roughly speaking, energy and uranium stocks and utilities each make up a large share of the fund, with industrials making up most of the rest. The expense ratio is about 0.5% a year. Assets have recently been around $3 billion to $4.5 billion. Because the fund holds few stocks, with the top 10 making up roughly 60% or more of assets, its price can swing sharply. In 2026 it fell from a 52-week high of about $165 to around $90.
What usually moves NLR
- Uranium spot and contract prices
- Government nuclear policy and reactor approvals
- AI data-center power demand deals with nuclear utilities
- Progress of small modular reactors (SMRs)
- Power prices and utility interest-rate sensitivity