The ALPS Nautilus SMR, Nuclear & Technology ETF (SMRF) has returned 21.3% since the end of March, making it a top performer among ALPS funds as AI infrastructure spending accelerated.
Key Takeaways:
- SMRF topped ALPS funds with a 21.3% return as Astera Labs surged 77% on AI chip demand.
- Technology holdings returned 38.7%, contributing nearly eight percentage points to overall gains.
- CoreWeave’s $27B in cloud deals drove 58% returns in the compute infrastructure segment.
The gains come as artificial intelligence companies raced to secure both computing infrastructure and the reliable power needed to run it. SMRF’s dual focus on nuclear energy and AI-enabling technology captured returns across what the fund calls the “compute + firm power” value chain.
Technology holdings delivered the largest contribution to performance, returning 38.7% and adding 7.97 percentage points to the fund’s total return, according to VettaFi. Astera Labs, Inc. (ALAB) led the segment with a 77.1% gain, with the company’s high-speed connectivity chips solving signal degradation in massive GPU clusters as orders for AI infrastructure surged, MarketBeat reported.
The connectivity theme extended to Coherent Corp. (COHR), which returned 47.1% as optical networking demand for data centers accelerated, VettaFi shows. The gains come as Nvidia Corp. and Coherent announced a multiyear strategic partnership to develop next-generation silicon photonics, with Nvidia committing $2 billion to expand supply and advance U.S.-based manufacturing.
Stocks Jump on Infrastructure Build-Out
Beyond connectivity hardware, industrials contributed 4.58 percentage points to returns, returning 21.3% as the second-largest sector contribution, according to VettaFi. Nuclear reactor developers capitalized on AI’s power requirements, with Oklo Inc. (OKLO) surging 46% as the company announced an agreement with Nvidia and Los Alamos National Laboratory to advance nuclear fuel validation for AI-powered data centers.
GE Vernova Inc. (GEV) returned 29.2% after reporting first-quarter orders of $2.4 billion in electrification equipment for data centers, more than all of 2025, according to Investors Business Daily reporting.
In the cloud computing segment, media and communications holdings returned 54.5% and contributed 2.45 percentage points, with cloud infrastructure provider CoreWeave Inc. (CRWV) climbing 58.2%, VettaFi shows. CoreWeave recently announced a $21 billion expansion with Meta Platforms, Inc., a $6 billion agreement with Jane Street, and a multiyear deal to power Anthropic’s Claude AI models.
The fuel supply side also saw gains. Energy sector holdings returned 16% and contributed 6.07 percentage points, VettaFi shows. Uranium producers and enrichment facilities benefited from long-term nuclear fuel demand. Centrus Energy Corp. (LEU) gained 25.1% after selecting Geiger Brothers, Inc. as construction contractor for its multibillion-dollar uranium enrichment plant expansion in Piketon, Ohio.
Rounding out sector performance, utilities returned 1.7% and added 0.24 percentage points to the fund’s total return, according to VettaFi. Terrestrial Energy Inc. (IMSR) climbed 37.9%, with the company submitting a foundational safety analysis to the U.S. Nuclear Regulatory Commission, marking progress toward licensed commercial operation of its Integral Molten Salt Reactor plant.
Top 15 SMRF Holdings by One-Month Performance
| Ticker | Company Name | % Change |
|---|---|---|
| ALAB | Astera Labs Inc. | 0.771 |
| 6082:HKG | Shanghai Biren Technology Co. | 0.667 |
| CRWV | CoreWeave Inc. | 0.582 |
| WDC | Sandisk Corp. | 0.541 |
| AMD | Advanced Micro Devices Inc. | 0.492 |
| INTC | Intel Corp. | 0.479 |
| COHR | Coherent Corp. | 0.471 |
| OKLO | Oklo Inc. | 0.46 |
| ANET | Arista Networks Inc. | 0.448 |
| MU | Micron Technology Inc. | 0.443 |
| IMSR | Terrestrial Energy Inc. | 0.379 |
| NNE | NANO Nuclear Energy Inc. | 0.337 |
| AVGO | Broadcom Inc. | 0.314 |
| GEV | GE Vernova Inc. | 0.292 |
| SMCI | Super Micro Computer Inc. | 0.282 |
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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.
