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SMRF Gains as AI Power Demand Fuels Uranium Rally

BY | ETF Database
10:52 am ET 09/03/26 | 9 VIEWS
The ALPS Nautilus SMR, Nuclear & Technology ETF (SMRF) tracks uranium miners, nuclear utilities, and small modular reactor developers. The fund’s underlying index gained 9.02% in August, according to data from VettaFi.Key Takeaways SMRF’s index rose 9.02% in August, led by uranium stocks. Uranium Energy (UEC) and Kazatomprom (KAP) were the fund’s top contributors. AI data center power needs are lifting nuclear supply-chain stocks. Energy stocks, mostly uranium producers, did the heavy lifting. The sector’s 40.46% weighting returned 17.7% for the month, VettaFi data showed. That contributed 6.64 percentage points to the index’s gain, or more than 70% of SMRF’s total advance for August. According to VettaFi attribution data, Uranium Energy Corp. (UEC) served as SMRF’s largest single contributor for the month. The stock added 1.23 percentage points to the index’s return as shares climbed 27.5%. The rally was already underway by mid-August, when Simply Wall St reported that the stock’s price had climbed 20.37% over the trailing month, with shares closing at $11.17. The publication noted that Uranium Energy’s year-to-date return remained down 14.8% despite the rebound. See more: Nuclear Energy Scaling Up Through New Federal ProjectsUranium Producers Broaden SMRF's August GainsNational Atomic Company Kazatomprom (KAP) added 0.75 percentage points to the index’s return as shares climbed 17.7% for the month, VettaFi data showed. Kazatomprom reported first-half revenue of 717.8 billion tenge, or roughly $1.58 billion, up 9% year over year, in an August 21 release. CEO Meirzhan Yussupov said “the era of ‘cheap’ uranium is fading away.” Utilities are shifting from policy debate toward locking in long-term supply contracts, he explained. Energy Fuels Inc. (UUUU) added 0.92 percentage points to the index’s return as shares gained 28.9% for the month, according to VettaFi attribution data. The company reported a “transformational” second quarter in an August 5 earnings release. It highlighted plans to acquire two rare earth companies: Vacuumschmelze GmbH & Co. and Australian Strategic Materials. The quarter also showed continued strength in Energy Fuels’ uranium segment. The company held nearly $1 billion in working capital at quarter-end, it said.AI Data Centers Power SMRF's Nuclear HoldingsX-energy Inc. (XE) and NuScale Power Corp. (SMR) led gains among small modular reactor developers. X-energy shares advanced 13.1% for the month, adding 0.46 percentage points to the index’s return. NuScale climbed 10.1% over the same period, VettaFi data showed. X-energy signed a supply agreement in early August with Centrus Energy Corp. (LEU), Centrus said in a press release. The deal covers low-enriched and high-assay uranium for X-energy’s Xe-100 small modular reactors. Super Micro Computer Inc. (SMCI) and Lumentum Holdings Inc. (LITE) led gains in the technology sector, VettaFi data showed. The sector returned 7.8% for the month and contributed 1.55 percentage points to the index. Supermicro shares climbed 31.3%, adding 0.42 percentage points, while Lumentum advanced 28.1%, contributing another 0.40 percentage points. Supermicro said fiscal fourth-quarter net sales climbed to $11.1 billion from $5.8 billion a year earlier. Gross margin improved to 17.5% from 9.5% as AI infrastructure demand accelerated. However, not every holding advanced. BWX Technologies Inc. (BWXT) fell 9.58% and GE Vernova Inc. (GEV) dropped 9.27%, while Lightbridge Corp. (LTBR) slipped 8.62%, according to VettaFi data. SMRF’s own trailing one-month return stood at just over 7% as of September 2, according to ETF Database. The fund carries a 0.65% expense ratio and has gathered $16.7 million in assets since its February 18 inception. For more news, information, and analysis, visit the ETF Building Blocks Content Hub. VettaFi LLC (“VettaFi”) is the index provider for SMRF, for which it receives an index licensing fee. However, SMRF is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of SMRF.

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