From Scarcity to Scale

The Push for Domestic Power in America

For years, policymakers and investors have talked about reshoring supply chains and revitalizing U.S. energy capacity. Today, that conversation is no longer aspirational. From coal investments to nuclear innovation, a coordinated push is underway to ensure America’s power is built at home.

Coal Finds a New Role

In a recent Fox Business interview, Alliance Resource Partners CEO Joe Craft emphasized the growing demand for coal as both a domestic and export commodity. He highlighted how global supply constraints and rising electricity consumption are reinforcing coal’s role as a reliable energy source, particularly as grids strain to meet surging AI and data-center demand [1].

U.S. coal is not just powering domestic grids. Exports are also climbing, as Europe and Asia scramble to secure reliable baseload supply amid natural gas volatility. This dynamic reinforces coal’s strategic role in energy security, even as the U.S. doubles down on advanced nuclear and renewable technologies [1].

From Promise to Power

At the same time, nuclear power is enjoying its strongest tailwinds in decades. Just this month, the Tennessee Valley Authority became the first U.S. utility to file a permit for a small modular reactor (SMR) at its Clinch River site in Tennessee. If approved, the project could produce ~300 MW and be operational by 2032, signaling that advanced reactors are moving from concept to reality [2].

Private capital is also mobilizing. Oklo, backed by prominent investors and now publicly traded, has been touted as a “levered play” on growing electricity demand. Barclays recently upgraded the company, pointing to its nonbinding agreements with data centers and defense clients [3]. Meanwhile, Fermi, an infrastructure firm co-founded by former Energy Secretary Rick Perry, upsized its IPO target to $715 million to fund nuclear-powered energy and data complexes [4]. In our opion, markets are clearly betting that nuclear can be both profitable and scalable.

From Courtrooms to Core Fuel

Policy and regulation are also reshaping the nuclear landscape. A federal judge struck down New York’s attempt to curb radioactive water discharges from the decommissioning of Indian Point, ruling that nuclear oversight rests with the NRC [5]. The decision clears a path for Holtec to accelerate its decommissioning plans, and potentially pursue a $10 billion restart proposal.

On the federal level, the Department of Energy is distributing high-assay low-enriched uranium (HALEU), the critical fuel for next-gen reactors, while simultaneously funding pilot projects to streamline small reactor demonstrations [6]. This builds on bipartisan backing for the ADVANCE Act, designed to accelerate licensing and commercialization [6].

Domestic Manufacturing Push

Energy security is not just about generation; it’s about supply chains. The Nuclear Company’s new partnership with Nucor aims to certify U.S.-made steel for nuclear projects, reducing reliance on foreign suppliers and reinforcing America’s industrial base [7]. It’s part of a broader movement to rebuild domestic capacity in energy infrastructure, echoing the same reshoring narrative seen in semiconductors and critical minerals.

From Narrative to Necessity

The convergence of coal’s durability and nuclear’s scalability signals a deeper shift: America is prioritizing homegrown power. The drivers are clear:

• Reliability: Coal remains a cornerstone of baseload supply when renewables fall short [1]
• Innovation: SMRs and advanced reactors are moving closer to commercial deployment [2][6]
• Capital Alignment: From Wall Street IPOs to government loan guarantees, funding is accelerating [3][4]
• Policy Support: Federal and state actions are increasingly clearing barriers rather than adding them [5][6]

As The Nuclear Review noted earlier this year, “This is not the beginning of a renaissance, it is the middle of one” [8]. The same could now be said for America’s energy rebuild more broadly. Coal, nuclear, and advanced manufacturing are no longer just pieces of the puzzle they are pillars of a new era in U.S. energy independence.

How May Investors Gain Exposure to Companies in the Coal and Nuclear Power Industry?

The Range Global Coal Index ETF (COAL) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Range Global Coal Index. The Index aims to track the performance of a portfolio of stocks that are involved in the met and thermal coal industry.

The Range Nuclear Renaissance Index ETF (NUKZ) seeks to track the performance, before fees and expenses, of the Range Nuclear Renaissance Index. The index aims to track the performance of a portfolio of stocks that are involved in the nuclear fuel and energy industry.

See www.rangeetfs.com/nukz for a full list of NUKZ positions. Holdings subject to change.

See www.rangeetfs.com/coal for a full list of COAL positions. Holdings subject to change.

Alliance Resource Partners makes up 6.34% of COAL as of 9/26/2025

Oklo, NuScale, Talen Energy Corp. and Vistra Corp. make up 5.11%, 2.96%, 2.07% and 2.53% respectively of NUKZ as of 9/26/25.

Sources

[1] Fox Business, Alliance Resource Partners CEO on Coal Investment (2025)

[2] AP News, First U.S. utility seeks permit for small nuclear reactor (2025)

[3] Investor’s Business Daily, Oklo stock touted as levered play (2025)

[4] Reuters, Rick Perry’s Fermi upsizes IPO to $715M (2025)

[5] Reuters, New York law curbing radioactive Indian Point discharges voided (2025)

[6] Reuters, US selects 11 projects for program to fast-track small nuclear test reactors (2025); DOE, HALEU Distribution and Pilot Program Updates (2025)

[7] Reuters, Nuclear Company announces partnership with Nucor (2025)

[8] Nuclear Review, State of the Nuclear Renaissance (Substack, 2025)

Risk Disclosures:

Carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's full or summary prospectus, which may be obtained by visiting www.rangeetfs.com/nukz and www.rangeetfs.com/coal. Read it carefully before investing or sending money.

Investing involves risk, including possible loss of principal. There is no guarantee the Funds will achieve their stated investment objectives.

Investments in the energy industry are subject to significant volatility due to changes in commodity prices. Additional risks include changes in exchange rates, government regulation, world events, economic and political conditions in the countries where energy companies are located or do business, and risks for environmental damage claims.

The Fund is non-diversified. Its concentration in an industry or sector can increase the impact of, and potential losses associated with, the risks from investing in those industries/sectors.

Nuclear companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of revenues of nuclear companies depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of companies in this sub-industry.

International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility.

The Fund may invest in securities denominated in foreign currencies. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if currencies of the underlying securities depreciate against the U.S. dollar or if there are delays or limits on repatriation of such currencies. Currency exchange rates can be very volatile and can change quickly and unpredictably.

Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Moreover, investors will not be able to evaluate the Fund against one or more comparable funds on the basis of relative performance until the Funds has established a track record.

Exchange Traded Concepts, LLC serves as the investment advisor of the funds. NUKZ, LNGZ, COAL, and OFOS ETFs are distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA 19456), which is not affiliated with Exchange Traded Concepts, LLC, or any of its affiliates.