The Gains Last Week Were Driven by Carbon Offset and Uranium ETFs

Several uranium funds and an exchange-traded fund that holds futures contracts on voluntary carbon offset credits had strong performances last week.

This is in response to output cuts at the world's top producer and the ongoing process of a nuclear energy bill in the United States Congress.

The Simplify Tail Risk Strategy ETF (CYA), which just had a 20-for-1 reverse stock split, jumped 21% and is not included in the top ETFs.

Among the uranium investment options offered by Sprott, the KraneShares Global Carbon Offset Strategy ETF (KSET) surged 12% last week, while the Sprott Junior Uranium Miners ETF (URNJ) gained 9.9% and the Sprott Uranium Miners ETF (URNM) gained 9.2%.

Bloomberg reports that following the reduction in output anticipated by the world's largest producer, Kazatomprom of Kazakhstan, uranium and carbon offset prices surged. 

Overall, prospects for uranium usage are growing, and an analyst's note noted the fast-tracking of the National Defense Authorization Act, which includes nuclear support.

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