Next-Generation Nuclear Value Chain Index

Objective

The index seeks to track the performance of publicly listed companies generating meaningful, attributable revenue from nuclear energy activities across the fuel cycle and supporting infrastructure ecosystem.

Structural Tailwinds

Rising global electricity demand, driven by electrification trends, data center expansion, and increasing demand for reliable baseload power, is expected to significantly increase the need for stable energy generation.

Industry and institutional forecasts indicate that global electricity consumption will grow materially over the coming decades, with nuclear energy increasingly viewed as a key solution for providing consistent, low-carbon power.

The Problem with Existing Strategies

Existing nuclear and uranium-focused ETFs typically exhibit one of two limitations:

• Concentrated exposure to uranium mining companies without balanced exposure to fuel-cycle, reactor technology, and nuclear infrastructure companies
• Inclusion of utilities and diversified energy companies

These approaches provide partial exposure but fail to isolate companies directly involved in the nuclear fuel cycle and supporting infrastructure.

The Solution

The Nuclear Energy Pure-Play Value Chain Index applies a transparent, rules-based methodology to identify companies where nuclear energy, nuclear fuel cycle, reactor technology, or nuclear-specific infrastructure represents a primary or defining business exposure.

Key features include:

• Pure-play, primary-exposure eligibility framework
• Exclusion of utilities and diversified energy companies
• Segment-based classification across uranium, fuel cycle, reactors, and nuclear infrastructure
• Uranium exposure cap to reduce overconcentration
• Modified equal-weight approach with exposure-based segment adjustments

Index Construction Highlights

• Eligibility: Companies must meet defined revenue thresholds tied to nuclear-related activities
• Classification: Companies are categorized by nuclear value-chain segment and primary exposure type
• Weighting: Rules-based weighting framework with exposure-based adjustments and position caps
• Rebalancing: Quarterly
• Reconstitution: Semi-annual

Differentiation

The index is designed to deliver:

• Targeted exposure to the nuclear fuel cycle and infrastructure ecosystem
• Reduced dilution from non-nuclear energy exposures
• Transparent and repeatable rules-based construction
• Alignment with long-term structural demand for nuclear energy
• Reduced reliance on uranium-only exposure through a capped uranium allocation and higher weighting to fuel cycle, reactor technology, and infrastructure segments.

Use Case

The index is designed to serve as the underlying benchmark for:

• Exchange-traded funds (ETFs)
• Institutional investment products
• Thematic mandates focused on energy security and nuclear power

Availability