ETF Spotlights

SMRF: Nuclear Power Moves to the Center of the AI Infrastructure Buildout

Written by SS&C ALPS Advisors | May 6, 2026 6:04:44 PM
  • The ALPS Nautilus SMR Nuclear & Technology ETF (SMRF) gained 18.29% in April as investors directly linked artificial intelligence (AI) infrastructure growth with the power needed to support it. The month reinforced a core SMRF theme: AI is not just a semiconductor story—it is also becoming a power-availability story, with investors rewarding companies tied to compute, grid equipment, and reliable low-carbon generation. 

  • SMRF’s Artificial Intelligence segment (~26.6% weight) was a major contributor to fund performance in April, led by chip manufacturer, Intel Corp. (INTC, 0.72% weight*), which jumped over 114% after reporting Q1 2026 total revenue and Data Center & AI revenue above expectations, while also boosting Q2 revenue and earnings per share (EPS) guidance—reinforcing that AI infrastructure demand is expanding beyond graphics processing units (GPUs) and lifting demand for CPUs used in agentic AI workloads. AI connectivity chipmaker Astera Labs, Inc. (ALAB, 2.33% weight*), also gained 77.68% in April as investors continued to favor companies that help move data faster within AI data centers, a trend reinforced by the hyperscaler spending wave and Amazon’s expanded partnership with Anthropic.

  • SMRF’s Nuclear Plant Operations/Construction/SMRs segment (~20% weight) also moved higher last month as investors focused on the power side of AI growth. Advanced nuclear reactor developer, Oklo Inc. (OKLO, 6.18% weight*) rallied 46.20% last month after announcing a collaboration with NVIDIA and Los Alamos National Laboratory to advance nuclear fuel initiatives and research for AI-enabled infrastructure and factories. Furthermore, electric power company, GE Vernova Inc. (GEV, 3.53% weight*), gained more than 24% in April after raising its 2026 guidance, with data-center demand driving $2.4 billion of Electrification equipment orders in the first quarter—more than all of 2025. 

“There is no AI without energy...while AI is still an energy taker, it is also becoming an energy maker—driving forward innovative solutions like next-generation nuclear reactors, flexible data centers and long-duration energy storage.”

– Fatih Birol, Executive Director, International Energy Agency (April 16, 2026)

AI Needs Power. Nuclear Is a Long-Term Solution
  • April’s energy and AI data improved long-term visibility and the macro backdrop for nuclear-linked infrastructure and power generation. The International Energy Agency (IEA) reported that data-center electricity demand rose 17% in 2025, while electricity demand from AI-focused data centers grew 50%, and projects global data-center electricity use to roughly double by 2030, with AI-focused demand tripling. More importantly for the nuclear/SMR value chain and SMRF, future power-purchase commitments between data-center operators and SMR projects increased from 25 gigawatts (GW) at the end of 2024 to 45 GW in April 2026, suggesting that rising AI power demand is already beginning to translate into advanced nuclear commitments.

  • SMRF is built to express this combination in a single ETF wrapper. The Fund pairs the nuclear and SMR value chain—uranium miners, nuclear operators, plant construction, SMR developers, and enabling power-equipment companies—with a curated AI sleeve capped at 25% during each monthly rebalance. April's performance reflected that structure: AI enablers rallied as hyperscaler spending moved into revenue and guidance, while nuclear and power-infrastructure names gained as investors focused on the next bottleneck—securing enough reliable power to support sustained AI growth. 

  • Per the IEA’s April AI and energy demand report, conditional SMR offtake agreements (future purchase agreements) tied to data-center operators rose from 25 GW at year-end 2024 to 45 GW in April 2026—an 80% increase and a clear signal that large power users are looking beyond traditional power procurement for reliable, clean electricity.

  • Why SMRF stands apart from peer thematic ETFs: Rather than isolating one part of the story—traditional energy, grid infrastructure, electricity demand, or nuclear alone—SMRF gives investors targeted exposure to the full AI power-demand convergence theme.

 

Performance Summary
  Cumulative Annualized
  1 M YTD 1 Y 3 Y 1 Y 3 Y 5 Y 10 Y SI
SMRF - NAV (Net Asset Value) 18.29% - - - - - - - -8.80%
SMRF - Market Price 18.20% - - - - - - - -8.41%
Nautilus SMR, Nuclear & Technology Index - NTR 18.84% - - - - - - - -8.85%
Bloomberg World Large, Mid & Small Cap Index - NTR 10.03% - - - - - - - -6.68%


Source: Bloomberg L.P. and SS&C ALPS Advisors, cumulative performance as of 04/30/2026 and annualized performance as of 03/31/2026 

Performance data quoted represents past performance. Past performance is no guarantee of future results so that shares, when redeemed, may be worth more or less than their original cost. The investment return and principal value will fluctuate. Current performance may be higher or lower than the performance quoted. For current month-end performance call 1-866-759-5679 or visit www.alpsfunds.com. Performance includes reinvested distributions and capital gains.

Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.

Fund inception date: 02/18/2026; cumulative return presented

Total Operating Expenses: 0.65%

* Weight in SMRF as of 04/30/2026

 

Top 10 Holdings
Oklo Inc 6.18%   Cameco Corp 4.33%
Energy Fuels Inc/Canada 4.81%   CGN Power Co Ltd 4.09%
NAC Kazatomprom JSC 4.46%   BWX Technologies Inc 3.83%
NexGen Energy Ltd 4.45%   Centrus Energy Corp 3.63%
Uranium Energy Corp 4.42%   GE Vernova Inc 3.53%


As of 04/30/2026, subject to change

Important Disclosures & Definitions

An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus containing this and other information, call 1-866-759-5679 or visit www.alpsfunds.com. Read the prospectus carefully before investing.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemable.

Performance data quoted represents past performance. Past performance is no guarantee of future results; current performance may be higher or lower than performance quoted.

All investments are subject to risks, including the loss of money and the possible loss of the entire principal amount invested. Additional information regarding the risks of this investment is available in the prospectus.

The Fund is new and has limited operating history.

The Fund is an actively managed portfolio and is therefore subject to management risk. The Fund’s strategy, which includes the use of call and put options and other derivatives, exposes it to derivatives and liquidity risk and may limit its ability to respond quickly to changing market conditions, particularly during periods of heightened volatility. In addition, the Fund does not guarantee that distributions will be paid or that they will be paid at a stable level.

The Fund is also exposed to sector- and theme-specific risks. Investments in non-US issuers involve risks not typically associated with US securities, including political, economic and regulatory uncertainties. The Fund’s performance may be particularly sensitive to conditions affecting nuclear companies, which may face significant operational, regulatory and technological risks. Investments in companies involved in or exposed to artificial intelligence may be subject to intense competition, rapid technological change, limited resources and dependence on end user demand across multiple industries. To the extent the Fund invests in utilities sector companies, it is subject to risks related to regulation, environmental and civil liabilities, operating costs, supply and demand dynamics, and rate caps or changes, all of which may adversely affect stock prices.

The Fund is considered nondiversified and as a result may experience greater volatility than a diversified fund.

Bloomberg World Large, Mid & Small Cap Index: a float market-cap-weighted equity benchmark that covers the top 99% of market cap of the measured market.

Nautilus SMR, Nuclear & Technology Index: an index of companies involved in developing, operating and enabling small modular reactors (SMRs) and nuclear energy as well as the leading companies in the artificial intelligence industry.

One may not invest directly in an index.

ALPS Advisors, Inc., registered investment adviser with the SEC, is the investment adviser to the Fund. ALPS Advisors, Inc. and ALPS Portfolio Solutions Distributor, Inc., affiliated entities, are unaffiliated with Nautilus ETFs LLC.

ALPS Portfolio Solutions Distributor, Inc. is the distributor for the Fund.

Not FDIC Insured • No Bank Guarantee • May Lose Value

SMR000113  08/31/2026