A recent episode of The Shawn Ryan Show offered a timely example of the growing interest in nuclear energy, a topic that has been steadily gaining momentum beyond traditional industry circles [1]. Hosted by former U.S. Navy SEAL Shawn Ryan, the show has built a large following, and one episode featuring a General Matter CEO discussing uranium enrichment even broke into Spotify’s top podcast charts [2]. The combination of technical insight and mainstream exposure reflects how nuclear energy is becoming a more frequent part of everyday conversation.
This cultural shift coincides with a pivotal change in policy direction. New York Governor Kathy Hochul has formally instructed the New York Power Authority to develop a zero-emissions advanced nuclear power plant of at least one gigawatt by 2040 [3]. This initiative reflects a broader effort to both ensure grid reliability and meet the state’s ambitious climate goals, 70 percent renewable electricity by 2030 and full decarbonization by 2040 [4]. The proposal builds on earlier momentum. New York already generates about 20 percent of its electricity from nuclear, and officials see new generation as essential to support growing electrification and industrial expansion [5].
At the national level, the idea of expanding nuclear capacity has broad support. President Trump issued executive actions aimed at streamlining licensing and ramping up U.S. production to as much as 300 gigawatts of new nuclear energy by 2050 [6]. This bipartisan embrace underscores how nuclear power is increasingly valued not just for its low emissions, but also for its strategic and economic implications.
While nuclear takes the spotlight, coal is finding itself entering an unexpected second act. Coal plants have declined markedly over the past few decades, shrinking the U.S. fleet by about 70 percent between 2025 and 2050 in base-case projections [7]. Yet recent analysis from Wood Mackenzie suggests coal may decline more slowly without carbon capture technology, highlighting its persistent role in grid reliability during peak demand or rapid electricity growth [8].
A particularly interesting development is the growing trend to repurpose retired or retiring coal plant sites for nuclear deployment. A study by the University of Michigan evaluated 245 coal facilities for their suitability to host advanced nuclear reactors, citing benefits like existing infrastructure, workforce continuity, and community support [9]. Carrying out such conversions could accelerate nuclear deployment while easing socioeconomic disruption in regions once dominated by coal.
These trends showcase a unique convergence of culture, policy, markets, and community. The Shawn Ryan Show, ranked consistently ranked #3 among U.S. podcasts for average weekly listeners as of June 2025 [10], now features discussions on nuclear power, reactor safety, and the strategic value of uranium mining. Meanwhile, policymakers are translating that buzz into large-scale projects, and developers are exploring creative ways to align with climate goals and grid needs, such as converting former coal yards into nuclear facilities.
The renewed interest in coal and nuclear is more than just a fleeting media cycle. It reflects a broader reassessment of how we produce energy, preserve reliability, and secure long-term growth. Alongside policy shifts and mainstream media, a new wave of influencers on platforms like YouTube, TikTok, and Instagram are helping demystify these energy sources for younger audiences. Their content, often blending facts with humor, visuals, and cultural references, is making nuclear and even coal part of the conversation for a generation that will ultimately inherit today’s energy decisions. With mainstream voices elevating the dialogue and social platforms amplifying it, what was once a quiet technical debate is now a public priority.
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 and www.rangeetfs.com/coal for a full list of positions. Holdings subject to change.
Sources:
[1] “The Shawn Ryan Show.” Spotify, https://open.spotify.com/show/5eodRZd3qR9VT1ip1wI7xQ. Accessed 21 July 2025.
[2] “#211 Scott Nolan: Uranium Enrichment, Nuclear Reactors, and America's Energy Future.” YouTube, uploaded by Shawn Ryan Show, 17 June 2024, https://www.youtube.com/watch?v=wP2zcESIpOo. Accessed 21 July 2025.
[3] “Governor Hochul Directs New York Power Authority to Develop Zero-Emission Advanced Nuclear Energy Project.” Office of Governor Kathy Hochul, 7 Mar. 2024, https://www.governor.ny.gov/news/governor-hochul-directs-new-york-power-authority-develop-zero-emission-advanced-nuclear-energy. Accessed 21 July 2025.
[4] “Clean Energy Standard.” New York State Energy Research and Development Authority (NYSERDA), https://www.nyserda.ny.gov/All-Programs/Clean-Energy-Standard. Accessed 21 July 2025.
[5] “Governor Hochul Directs New York Power Authority to Develop Zero-Emission Advanced Nuclear Energy Project.” Office of Governor Kathy Hochul, 7 Mar. 2024, https://www.governor.ny.gov/news/governor-hochul-directs-new-york-power-authority-develop-zero-emission-advanced-nuclear-energy. Accessed 21 July 2025.
[6] “9 Key Takeaways from President Trump’s Executive Orders on Nuclear Energy.” U.S. Department of Energy, 24 May 2025, https://www.energy.gov/ne/articles/9-key-takeaways-president-trumps-executive-orders-nuclear-energy. Accessed 21 July 2025.
[7] “New Energy Realities Risk Extending Coal's Sunset.” Wood Mackenzie, 15 Feb. 2025, https://www.woodmac.com/press-releases/new-energy-realities-risk-extending-coal-sunset. Accessed 21 July 2025.
[8] “New Energy Realities Risk Extending Coal's Sunset.” Wood Mackenzie, 15 Feb. 2025, https://www.woodmac.com/press-releases/new-energy-realities-risk-extending-coal-sunset. Accessed 21 July 2025.
[9] Duffy, Tim. “Pinpointing Coal Plants to Convert to Nuclear Energy, Considering Both Practicality and Community Support.” University of Michigan News, 28 Mar. 2024, https://news.umich.edu/pinpointing-coal-plants-to-convert-to-nuclear-energy-considering-both-practicality-and-community-support. Accessed 21 July 2025.
[10] “The Shawn Ryan Show.” Spotify, https://open.spotify.com/show/5eodRZd3qR9VT1ip1wI7xQ. Accessed 21 July 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 and COAL 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.
