Owns companies around the world that earn much of their revenue from uranium and nuclear power, held directly or through depositary receipts.
URAN, the Themes Uranium & Nuclear ETF, is a $24 million ETF whose main story is the power constraint. Over the past year it returned −25.2%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The power constraint →
Utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLU | 32.5% | $21.33bn | −6.8% | 0.08% |
| 2 | GRID | 18.1% | $11.87bn | +20.8% | 0.56% |
| 3 | VPU | 13.0% | $8.52bn | −7.0% | 0.09% |
| 4 | URA | 8.5% | $5.59bn | −16.9% | 0.69% |
| 5 | NLR | 5.4% | $3.55bn | −25.8% | 0.52% |
| 75 other ETFs | 22.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 80 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| URAN | −11.2% | −9.9% | −17.1% | −25.2% | – | – |
| The power constraintits narrative | −4.5% | −9.0% | +1.4% | −1.0% | +20.1% | +11.6% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on September 24, 2024: +13.2% a year.
$10,000 invested September 30, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if URAN traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
URAN moves partly with the market. When the market has moved 1%, URAN has tended to move 1.20%.
URAN moves closely with the power constraint. When the power constraint has moved 1%, URAN has tended to move 1.78%.
Weekly returns over 105 weeks. The narrative is measured without URAN in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The power constraint
Each dot is one of 29 unlevered ETFs whose main narrative is the power constraint, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
URAN is the 5th cheapest of 29 ETFs in the power constraint. The dashed line is the middle of the group, 0.56% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is URAN selling?
URAN’s main story is the power constraint, which covers utilities, nuclear fuel and grid equipment: the power the AI buildout needs.
Which ETFs compete with URAN?
The ETFs whose weekly returns move most like URAN’s over the past 3 years are NLR (0.97), URA (0.95) and URNM (0.91).
How has URAN performed against its story?
Over the past year URAN returned −25.2%, the ETFs carrying the power constraint −1.0% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.77 with the story. Past performance only.
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