VanEck Uranium and Nuclear ETF - NLR

VanEck Uranium and Nuclear ETF is an exchange-traded fund that invests in companies involved in uranium mining, nuclear power generation, and related nuclear energy infrastructure, tracking the MVIS Global Uranium & Nuclear Energy Index. The VEFZ ticker you provided refers to this ETF as traded in Germany (such as via Hamburg/LS Exchange), but the underlying fund itself is the VanEck Uranium and Nuclear ETF originally listed in the United States under the ticker NLR. ## Fund objective and strategy The ETF seeks to replicate, before fees and expenses, the price and yield performance of the MVIS Global Uranium & Nuclear Energy Index, which includes companies that mine uranium, build and service nuclear reactors, generate electricity from nuclear sources, or supply equipment and services to the nuclear industry. The fund uses a full replication approach, meaning it generally holds the same securities as the index in similar weights rather than using sampling or derivatives. ## Key characteristics The ETF is structured as a U.S.-domiciled fund within the VanEck ETF Trust and has been in operation since August 13, 2007. It charges a total expense ratio of about 0.56% and has several billion U.S. dollars in net assets, reflecting significant investor interest in uranium and nuclear energy exposure. ## Portfolio composition The portfolio is concentrated in energy and utilities companies, with additional exposure to industrials that support nuclear infrastructure. Major holdings include large uranium miners and nuclear-focused utilities such as Cameco, Constellation Energy, Oklo, BWX Technologies, NexGen Energy, Centrus Energy, and others involved in uranium production and nuclear power generation. ## Geographic and sector exposure The fund’s allocations are primarily to companies listed in the United States and Canada, with additional exposure to Australia, China, Kazakhstan, various European markets, and the United Kingdom, reflecting the global nature of uranium mining and nuclear power. Sector weights are dominated by energy and utilities, with a smaller but meaningful allocation to industrials that provide technology and services to the nuclear sector. ## Income and distributions The ETF distributes income annually, mainly from dividends paid by its underlying holdings, and maintains a relatively modest indicated yield compared with more traditional high-dividend equity funds. Historical distribution records show recurring year-end payouts, with amounts varying over time in line with sector profitability and market conditions.