ISIN IE000M7V94E1TER 0.55%Assets 1,775 M €
Volatility 1y 36%Worst fall 1y −32%Since 2023-02-03
Themes · general research
Nuclear power and small reactors
Nuclear utilities, uranium miners and enrichers, small modular reactor developers.
Can lose most
Can lose most of the money. Typical volatility 79%, typical worst fall −64%; 5 of 9 companies are more than half below their high. The companies move together (correlation 0.79): owning several of them is one bet.
Small-reactor developers are pre-revenue (Oklo $1.2 M of revenue on a $5.4 B valuation) and fell 76–87 % in the last 12 months after runs of 8–21×. Utilities and suppliers (Constellation, BWXT, Cameco) carry about half the drawdown.
Typical volatilityMedian 1-year volatility of the theme's companies (annualised daily moves).
79%
Typical worst fallMedian of each company's worst peak-to-trough fall in five years (or since listing).
−64%
Typical distance from the high
−62%
Typical 1-year return
−50%
How to hold it in the EU
US-listed ETFs have no KID and cannot be bought by EU retail investors; these UCITS lines can. One fund line spreads the single-company risk.
ISIN IE000NDWFGA5TER 0.65%Assets 530 M €
Volatility 1y 44%Worst fall 1y −39%Since 2022-04-20
ISIN IE0005YK6564TER 0.85%Assets 310 M €
Volatility 1y 40%Worst fall 1y −40%Since 2022-05-03
Green: available; dashed with “?”: the venue is offered, check the line in the terminal; crossed out: not available.
US theme ETFs (URA, NLR) are used only to measure the theme's risk: not buyable by EU retail.
The companies
Research data of 2026-10-15; where we score the company, its live Smart Score and red flags are shown.
| Ticker | Market cap | Revenue (y/y) | P/S | Volatility 1y | Worst fall | From high | 1 year | 12 m: ×2 / −50 % | Where | Our rating |
|---|---|---|---|---|---|---|---|---|---|---|
| CEG Constellation: nuclear power fleet | 99.0 B$ | 31.3 B$ (+26%) | 3× | 49% | −51% | −31% | −27% | 20% / 0% | Freedom24IBKR | 1/10Caution. Negative free cash flow in at least two of the last three years. More in the glossary →Caution. Accruals or the Beneish M-score are in the watch zone. More in the glossary →+2 |
| CCJ Cameco: uranium miner with a Westinghouse stake | 35.4 B$ | 2.5 B$ (−3%) | 14× | 55% | −40% | −39% | −12% | 12% / 0% | Freedom24IBKR | 2/10 |
| BWXT naval reactors and nuclear components | 12.3 B$ | 3.5 B$ (+23%) | 4× | 45% | −44% | −44% | −32% | 3% / 0% | Freedom24IBKR | 1/10Caution. Dividend Safety below 40 points. More in the glossary → |
| LEU Centrus: uranium enrichment (HALEU) | 2.5 B$ | 474 M$ (+8%) | 5× | 89% | −78% | −72% | −70% | 27% / 2% | Freedom24IBKR | 1/10Caution. Share count growing 3–10 % a year over three years. More in the glossary →Caution. Accruals or the Beneish M-score are in the watch zone. More in the glossary →+1 |
| UEC uranium miner (in-situ recovery) | 3.8 B$ | 37 M$ (−44%) | 103× | 79% | −64% | −62% | −50% | 23% / 1% | Freedom24IBKR | Caution. Negative free cash flow in at least two of the last three years. More in the glossary →Caution. Share count growing 3–10 % a year over three years. More in the glossary →+1 |
| NXE NexGen: uranium developer (Canada) | 5.4 B$ | — | n/m | 56% | −54% | −42% | −10% | 11% / 0% | Freedom24IBKR | 1/10Caution. Negative free cash flow in at least two of the last three years. More in the glossary →Caution. Share count growing 3–10 % a year over three years. More in the glossary → |
| OKLO Oklo: small modular reactors, pre-revenue | 5.4 B$ | 1 M$ | n/m | 94% | −83% | −83% | −83% | 32% / 2% | Freedom24IBKR | 1/10Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Caution. Negative free cash flow in at least two of the last three years. More in the glossary →+1 |
| SMR NuScale: small modular reactor design | 2.5 B$ | 11 M$ (−81%) | 235× | 99% | −89% | −89% | −87% | 28% / 25% | Freedom24IBKR | Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Caution. Negative free cash flow in at least two of the last three years. More in the glossary →+1 |
| NNE Nano Nuclear: micro-reactors, pre-revenue | 699 M$ | < 1 M$ | n/m | 90% | −78% | −77% | −76% | 29% / 11% | Freedom24IBKR | Caution. Negative free cash flow in at least two of the last three years. More in the glossary →Caution. Share count growing more than 10 % a year over three years. More in the glossary → |
Survivorship: the list is of companies known in 2026; earlier names that went bankrupt or were taken private are missing, so the “×2” share is an upper bound.
The theme as a basket
Equal weights, monthly rebalance, 08.08.2022–14.10.2026, compared with the S&P 500.
| Equal-weight basket | CAGR | Volatility 1y | Worst fall | 1 year |
|---|---|---|---|---|
| OKLO SMR LEU UEC NXE CCJ BWXT | +36% | 52% | −59% | −56% |
| S&P 500 (SPY) | +15% | 16% | −19% | +13% |
The window starts near the 2022 low, which flatters every basket. Past results do not predict future ones.
Base rates: how such bets usually end
Research results to keep in mind before any upside.
IPOs, 3 years38.5% of IPOs lost more than half in 3 years; 16.1% doubled, 0.5% grew 11× or more.
Jay Ritter, IPO statistics, Table 16e (9,195 IPOs 1975–2021), 23.03.2026
SPAC mergers−51% average 1-year return after a SPAC merger (2012–2024).
Ritter / Gahng–Ritter–Zhang, Table 15c (625 de-SPACs 2012–2024), 05.10.2026
Thematic ETFs−30% risk-adjusted over the first 5 years of specialised (thematic) ETFs.
Lottery stocks> 1% a month: how much “lottery” stocks (the biggest one-day jumps) underperform.
Where the gains come from4% of US stocks created all the net wealth since 1926.
Volatility drag≈ 46% a year is lost to volatility at 96% volatility: +40 % a year on average compounds to about −6 %.
standard approximation: geometric mean ≈ arithmetic mean − σ²/2 (our arithmetic)
Quantum computingAI infrastructure and chipsSpaceRobotics and autonomyCrypto equities and bitcoin productsGenomics and biotech platforms
Source: Nasdaq historical closes 15.10.2021–14.10.2026; stockanalysis.com fundamentals 15.10.2026; justETF profiles and quotes 15.10.2026 · Research data of 2026-10-15 · Methodology and sources
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