Fund · VanEck Uranium and Nuclear ETF · measured from SEC filings
NLR holdings
NLR reports 25 holdings and behaves like 19.2 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-06-30. The fact sheet publishes the first number; this page computes the second, and traces it across 28 quarters of filings.
Measured concentration
as of 2026-06-30Read this figure with the following in mind
2.1% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 19.0
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 75.89% at a quoted market price (level 1), 9 issuer countries.
What stands out
as of 2026-06-30NLR's largest investment is Cameco Corp at 8.41% of net assets. Constellation Energy Corp and Public Service Enterprise Group Inc follow; the three together are 23.54%. Ten companies are 60.97% of the fund; the other 15 share the rest. Among the 721 equity funds measured here, NLR behaves like 19.2 holdings against a median of 42.4 — 2.2 times more concentrated than the median. Across 28 quarterly filings NLR has held roughly steady since 2019-09-30 (19.1 then, 19.2 now). Between the 2026-03-31 and 2026-06-30 filings 2 positions were added and 2 dropped; 12.2% of the weight moved. the United States is the largest country at 47.29% of the portfolio, across 9 countries in the filing.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
28Between 2019-09-30 and 2026-06-30, NLR went from behaving like 19.1 equally weighted positions to 19.2 — 0% more, while its top ten went from 60.06% to 60.97% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-06-30 | 25 | 19.2 | 60.97% | 8.39% |
| 2026-03-31 | 25 | 20 | 58.01% | 7.99% |
| 2025-12-31 | 25 | 20.9 | 55.69% | 8.2% |
| 2025-09-30 | 25 | 21.3 | 55.74% | 7.57% |
| 2025-06-30 | 25 | 21.7 | 53.69% | 8.14% |
| 2025-03-31 | 25 | 19.2 | 62.06% | 8.55% |
| 2024-12-31 | 25 | 19.6 | 61.78% | 8.49% |
| 2024-09-30 | 25 | 19.8 | 59.71% | 9.66% |
Earlier filings (20 more, back to 2019-09-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-06-30 | 25 | 20.2 | 58.99% | 8.22% |
| 2024-03-31 | 25 | 19.5 | 60.52% | 8.12% |
| 2023-12-31 | 25 | 19.9 | 59.27% | 8.22% |
| 2023-09-30 | 25 | 20.2 | 58.72% | 7.62% |
| 2023-06-30 | 25 | 19.8 | 59.53% | 7.95% |
| 2023-03-31 | 25 | 19.3 | 61.41% | 8.49% |
| 2022-12-31 | 25 | 19.6 | 59.54% | 8.3% |
| 2022-09-30 | 25 | 19.5 | 61.51% | 7.65% |
| 2022-06-30 | 25 | 19.3 | 60.79% | 8.51% |
| 2022-03-31 | 26 | 19.7 | 61.12% | 7.98% |
| 2021-12-31 | 25 | 19.3 | 61.53% | 8.31% |
| 2021-09-30 | 25 | 20 | 59.2% | 7.79% |
| 2021-06-30 | 25 | 19.1 | 60.47% | 8.23% |
| 2021-03-31 | 25 | 19.2 | 59.88% | 8.15% |
| 2020-12-31 | 26 | 19.3 | 59.81% | 7.77% |
| 2020-09-30 | 25 | 18.8 | 60.6% | 8.58% |
| 2020-06-30 | 25 | 19.2 | 60.1% | 8.05% |
| 2020-03-31 | 25 | 19.2 | 60.74% | 8.05% |
| 2019-12-31 | 25 | 19.1 | 60.36% | 8.1% |
| 2019-09-30 | 26 | 19.1 | 60.06% | 8.25% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
Compared with, in the essays
1Overlap with other funds
1Measured against every other fund on this site, from the same filings. Combined effective holdings is how the pair behaves held in equal size.
| With | Overlap | Shared | Combined effective |
|---|---|---|---|
| NLR vs URA | 51.23% | 19 | 18.7 |
As filed, collateral included
2.13% collateralNLR's filing lists 26 positions including 2.13% of net assets in securities-lending cash collateral. Counted as filed the fund reads 19 effective holdings with a top ten of 61.08%; on its own investments — the figure above — it reads 19.2 with a top ten of 60.97%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-06-30The 15 largest of 25 positions in NLR's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: NLR.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | Cameco Corp | 8.39% | 8.4% |
| 2 | Constellation Energy Corp | 8.03% | 16.4% |
| 3 | Public Service Enterprise Group Inc | 7.08% | 23.5% |
| 4 | BWX Technologies Inc | 6.77% | 30.3% |
| 5 | Fortum Oyj | 5.74% | 36.0% |
| 6 | Oklo Inc | 5.22% | 41.2% |
| 7 | Centrus Energy Corp | 5.04% | 46.3% |
| 8 | Uranium Energy Corp | 4.98% | 51.3% |
| 9 | NexGen Energy Ltd | 4.96% | 56.2% |
| 10 | Denison Mines Corp | 4.76% | 61.0% |
| 11 | NuScale Power Corp | 4.76% | 65.7% |
| 12 | Energy Fuels Inc/Canada | 4.67% | 70.4% |
| 13 | NAC Kazatomprom JSC | 4.37% | 74.8% |
| 14 | Paladin Energy Ltd | 4.35% | 79.1% |
| 15 | CGN Power Co Ltd | 3.90% | 83.0% |
By country of issuer
as of 2026-06-30Share of NLR's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.
| Country | Share |
|---|---|
| United States | 46.17% |
| Canada | 24.84% |
| Australia | 7.40% |
| Finland | 5.74% |
| Kazakhstan | 4.37% |
| China | 3.90% |
| Jersey° | 2.78% |
| South Korea | 2.49% |
Returns the fund reported
2019-07 – 2026-06Monthly total returns from Item B.5 of NLR's own filings, 84 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference 0.18 percentage points over 84 months, which is roughly the distributions. Every month with the filing it came from: NLR.json · all funds.
Who borrows NLR's shares
2026-06-30The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-06-30, $680m was out to 23 borrowers, 16.15% of net assets. The largest, BARCLAYS BANK PLC, held 39.2% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| BARCLAYS BANK PLC | $267m | 39.2% |
| BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED | $112m | 16.4% |
| BofA Securities, Inc. | $68m | 10.0% |
| GOLDMAN SACHS INTERNATIONAL | $65m | 9.5% |
| BARCLAYS CAPITAL INC. | $41m | 6.1% |
Cash collateral reported against the loan: 2.13% of net assets, 13.2% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter NLR has filed, with each borrower: NLR.json · all funds.
Since the previous filing
2026-03-31 → 2026-06-3025 positions became 25: 2 added (3.1% of the fund at the later date), 2 dropped (10.0% at the earlier date). Half the sum of all weight changes, a turnover proxy: 12.2%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of NLR compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-03-31 | 2026-06-30 | Largest decreases | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| Centrus Energy Corp | 3.61% | 5.04% | CGN Power Co Ltd | 4.85% | 3.90% |
| Oklo Inc | 3.79% | 5.22% | CGN Mining Co Ltd | 2.86% | 2.32% |
| NuScale Power Corp | 3.73% | 4.76% | KEPCO Engineering & Construction Co Inc | 2.85% | 2.49% |
| Public Service Enterprise Group Inc | 6.12% | 7.08% | NAC Kazatomprom JSC | 4.59% | 4.37% |
| NexGen Energy Ltd | 4.38% | 4.96% | Yellow Cake PLC | 2.91% | 2.78% |
| NANO Nuclear Energy Inc | 1.35% | 1.92% |
New: X-Energy Inc (2.38%), Ur-Energy Inc (0.76%). Gone: PG&E Corp (5.59%), CEZ AS (4.44%).
Asset categories and pricing
as of 2026-06-3097.92% equity, 2.08% short-term investment as filed; 75.9% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of NLR (19.2). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 27 | 19 | 60.12% | 2026-06-30 |
| XLG Invesco S&P 500 Top 50 ETF | 52 | 19.1 | 60.09% | 2026-07-31 |
| SPUS Sp Funds S&P 500 Sharia Industry Exclusions ETF | 213 | 19.1 | 58.05% | 2026-05-31 |
| KSA iShares MSCI Saudi Arabia ETF | 120 | 19.1 | 58.32% | 2026-05-31 |
| MIGO MIG Core ETF | 49 | 19.2 | 49.55% | 2026-05-31 |
| XLP State Street(R) Consumer Staples Select Sector SPDR(R) ETF | 38 | 19.4 | 62.57% | 2026-06-30 |
| FBCG Fidelity Blue Chip Growth ETF | 230 | 19.4 | 57.31% | 2026-07-31 |
| NORW Global X MSCI Norway ETF | 60 | 19.6 | 58.96% | 2026-07-31 |
| EMXC iShares MSCI Emerging Markets ex China ETF | 664 | 19.7 | 44.17% | 2026-05-31 |
| KWEB KraneShares CSI China Internet ETF | 33 | 19.7 | 60.21% | 2026-06-30 |
Measures applied in the essays
4Essays that examine NLR
3-
URA vs URNM vs NLR: Uranium Miners vs Nuclear Utilities — Two Bets on the Same Thesis
URA and URNM express the uranium thesis through mining equity; NLR blends miners with nuclear utilities and fuel-cycle names, and that structural difference...
-
The Impact of 2026 Energy Policies on Your Long-Term Portfolio
Five thematic ways to express a 2026 energy-policy view — PAVE, GRID, NLR, XLU, VXUS — have produced very different 5-year returns, but the risk-adjusted...
-
Nuclear Energy Renaissance: Investing in the Zero-Carbon AI Future
NLR, URA, and NUKZ all carry the "nuclear ETF" label but express three very different bets: utility cash flows, uranium spot leverage, and small modular...
Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.