Disclosure policy

Metals & Machines is written by its founder, who invests in the sectors it covers. Readers should know that, and should know what kind of positions the author holds. This policy explains what we disclose and when.

1. The author's current positions

As of the date above, the author holds European-listed exchange-traded funds (UCITS funds, bought through European brokers) in each of the three sectors Metals & Machines covers: uranium and nuclear energy, critical minerals, and defense technology.

The watchlist in each issue is built from the largest holdings of three U.S.-listed reference funds, below. The author does not hold these three funds; the funds the author holds cover the same sectors, so they are likely to own many of the same companies.

Reference fund (full name)	ISIN	Listing	Sector
VanEck Uranium and Nuclear ETF (NLR)	US92189F6016	NYSE Arca	Uranium
Sprott Critical Materials ETF (SETM)	US85208P4028	Nasdaq	Mining
Global X Defense Tech ETF (SHLD)	US37960A5294	NYSE Arca	Defense

The reference funds are U.S.-listed so that a U.S. reader can look up the same holdings through an ordinary domestic brokerage account; European UCITS funds are generally not available to U.S. persons.

The author's funds hold shares in many of the companies Metals & Machines writes about. That means the author has an indirect financial interest in news about those companies, even when the company itself isn't held directly.

The author holds no shares directly in any individual company: only the funds described above. If that changes, any direct position in a company covered by Metals & Machines will be listed on this page, with the date, and disclosed in every issue that mentions the company. Any change to the author's holdings is reflected on this page before or when it is next relevant to an issue.

2. Disclosure in every issue

Every weekly issue and every alert, in both channels, ends with a disclosure block. It states that the author holds European-listed ETFs in the three sectors and may therefore indirectly own companies mentioned, and it names the companies in that issue that are among the largest holdings of the reference funds.

3. Personal trading

The author follows a published personal trading policy. In short: no buying or selling of any security or fund mentioned in an issue during the 48 hours before and the 48 hours after its publication.

4. Compensation

Metals & Machines is paid only by its subscribers. It does not accept payment, free shares, or any other benefit from companies or funds it covers, and it does not publish sponsored content.

5. Questions

Questions about this policy can be sent to contact@metalsandmachines.com.