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Kazakhstan is the largest exporter of uranium.
So either $KZAP
Or the North American variant $CCO
The ETF is already relatively expensive with a TER of 0.55%.

Edit: I don't think uranium mining in the USA is sustainable, especially for environmental reasons, which are slowly gaining in importance in the USA too.
Nobody wants to have a mine like that in their neighborhood, so I would rather bet on Kazakhstan.

Or $YCA, which buys uranium, stores it and sells it on at a profit
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@Der_Dividenden_Monteur

Two questions:

Does it make sense to invest in just one uranium company?

Why did you name exactly these two companies?

Do you think that America will want to buy from such countries again after the Russian events? Wouldn't it make sense to move production to the western regions? What reasons could there be for keeping production abroad or bringing it home? What do you think about this?
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@Der_Dividenden_Monteur So do you think Kazakhstan will benefit more than Canada?
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@MrStonkss if etf then rather the $URNM which unfortunately is not tradable here.
That's why I chose $CCO as the price performance follows the uranium price or the price performance of the ETF.

No, I don't see a problem with Kazakhstan. As the USA continues to buy from such countries, Germany continues to buy Russian gas, but via India.

I don't see Kazakhstan as an endangered trading partner, as uranium exports make up a large part of the BiP. They are certainly not going to mess it up.

And on the subject of bringing uranium back to the West, no country wants to do that if it has alternatives. See the mining of coal or iron ore.
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@Der_Dividenden_Monteur Thank you very much.

Do you think uranium will play a big role at all in the next few years? I think nuclear power will be important for hydrogen production. What do you think? You seem to know a lot about it.
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@MrStonkss Kazakhstan accounts for 43% of global uranium production. So yes.
https://www.bgr.bund.de/DE/Themen/Energie/Kernbrennstoffe/kernbrennstoffe_node.html#:~:text=Rund%2085%20%25%20der%20Weltf%C3%B6rderung%20wurde,21.200%20t%20Uran%20erneut%20Kasachstan.&text=Mit%20Stand%20Juni%202023%20befanden,darunter%20allein%2021%20in%20China.
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@MrStonkss I'm a bit unsure about hydrogen😅 I think that many countries, unlike Germany, will continue to rely on nuclear power plants and so there will still be a market
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@Der_Dividenden_Monteur I can only buy the Kazatomprom share via my broker (Trade Republic) as a GDR, does this have any disadvantages?

Should I rather buy Cameco?