The nuclear energy sector is experiencing a renaissance unlike anything we've seen in decades. What's driving this transformation? A convergence of energy security concerns, technological breakthroughs, and unprecedented policy support is creating powerful tailwinds for nuclear power.

Energy Security Equals National Security

The European energy crisis following Russia's invasion of Ukraine delivered a stark lesson: energy security is inseparable from national security. Countries that relied heavily on Russian imports found themselves economically vulnerable and grappling with price spikes.

As Range Fund Holdings' Founder and CEO Tim Rotolo noted in our recent webinar: "Energy security is national security and you can't really separate the two." This realization has fundamentally shifted how governments view nuclear power.

The United States, with its diverse domestic energy resources, may have felt insulated from these concerns. But the rise of AI and data centers has changed everything. Power has become the central rate limiter of AI development and economic prosperity in the 21st century.

The AI Power Demand Revolution

President Trump's recent deals and the actions of tech giants like Microsoft, Google, and Amazon underscore a critical reality: AI supremacy requires power supremacy. As Nvidia's CEO has repeatedly emphasized, power generation capacity will determine which nations and companies lead in artificial intelligence.

The numbers are staggering. McKinsey estimates that electricity demand will triple by 2050, potentially requiring up to 800 GW of new nuclear capacity to reach net-zero targets. This would bring nuclear to 10-20% of total electricity production globally⁴.

Why Nuclear Stands Apart

The correlation between power consumption and prosperity is undeniable⁵. The United States remains the most prosperous nation in the world and has the highest electricity consumption per capita.

Global Policy Momentum

Over 30 countries have since COP 28 (held in November 2023)³ signed a declaration to triple nuclear capacity by 2050². This represents an absolutely massive undertaking requiring tremendous global coordination. Countries across continents are taking action:

• France announced plans to build at least six new reactors, with options for eight more
• United Kingdom targets 24GW of nuclear power by 2050
• China continues to lead in new capacity additions
• United States rolled out four executive orders in May 2025, reinforcing the goal to grow US nuclear capacity from 100 to 400 gigawatts

Germany, which shut down nuclear plants after Fukushima, stands as the cautionary tale. Their shift toward renewables while maintaining industrial production led to significant economic challenges and renewed dependence on imported energy after the invasion of Ukraine.

Technology Innovation Accelerating

The U.S. Department of Energy and the Army are pushing to test multiple reactor designs, with applications ranging from forward military bases to industrial power generation for companies like Dow Chemical.⁶

The private sector is finally engaged at scale. When companies like Founders Fund and Union Square Ventures invest in nuclear technology, they bring not just capital but also top-tier software and deep tech talent to an industry that desperately needs innovation.

A Potentially Historic Investment Opportunity

The Range Nuclear Renaissance Index ETF (NUKZ) was designed to capture this entire value chain—from advanced reactors and utilities to construction services and fuel. As Mr. Rotolo explained, "If there's ever going to be a nuclear renaissance, there's never been a time where there's more global support, more global capital being pushed in the direction of nuclear technology."

This isn't just about uranium mining or SMRs. It's about the rising tide that will lift the entire sector as demand grows across utilities, fuel, construction, and services. With the Mag Seven tech companies sitting on hundreds of billions in cash and their business models now fundamentally dependent on power generation, the capital will likely flow to wherever it's needed.

The nuclear renaissance isn't coming—it's already here. The question is whether investors are positioned to benefit from what may be one of the most important long-term themes in global markets.

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

Microsoft, Amazon, Google, Nvidia, Founders Fund and Union Square Ventures make 0% respectively of NUKZ as of 11/21/25.

Sources:

[1] Nuclear Power is the Most Reliable Energy Source and It's Not Even Close, Office of Nuclear Energy, U.S. Department of Energy, March 24, 2021

[2] A Framework for International Regulatory Efficiency to Accelerate Nuclear Deployment, World Nuclear Association, September 2023

[3] Six More Countries Endorse the Declaration to Triple Nuclear Energy by 2050 at COP29, World Nuclear Association, November 2024

[4] What Will It Take for Nuclear Power to Meet the Climate Challenge, McKinsey & Company, March 2023

[5] Global Prosperity Index 2023, Legatum Institute, 2023; Electricity Consumption per Capita, U.S. Energy Information Administration (EIA), July 9, 2024
[6] Project Pele: Mobile Microreactor Program, U.S. Department of Defense, April 2022; Dow and X-Energy Announce SMR Industrial Deployment, Dow Chemical Company, November 2022; Small Modular Reactors: A New Nuclear Age, Office of Nuclear Energy, U.S. Department of Energy, 2021

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. 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 zand 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.