New Nuclear ETF Swaps TSM for Broadcom in Rebalance

The ALPS Nautilus SMR, Nuclear & Technology ETF (SMRF) replaced Taiwan Semiconductor Manufacturing Co. (TSM) with Broadcom Inc. (AVGO) during its March rebalancing, signaling a shift in how the month-old nuclear ETF approaches its technology sleeve.

The change reflects the fund’s focus on what ALPS calls a “compute + firm power” strategy, where AI infrastructure companies are paired with nuclear energy providers in a single allocation, according to the fund’s factsheet. The rebalancing added Broadcom at a 2.07% weight while removing Taiwan Semiconductor entirely from its previous 1.98% position.

The fund launched on February 18, 2026 and pulled in $4.42 million in net flows during its first month, according to ETF Database. SMRF tracks the Nautilus SMR, Nuclear & Technology Index, which caps its AI and technology segment at 25% of the portfolio while prioritizing companies that derive more than half their revenue from nuclear or technology-related business segments.

The March rebalancing involved 71 individual ticker changes across the fund’s holdings, according to ETF Database. Weight increases were concentrated in uranium miners and small modular reactor developers, while the portfolio trimmed positions in broader utility services and international power companies to fund the additions.

Nuclear & AI Infrastructure Holdings

The actively managed fund charges a 0.65% expense ratio and uses an options overlay designed to generate income while managing volatility. Energy makes up 45.87% of the fund’s sector allocation, followed by information technology at 25.83%, industrials at 16.43% and utilities at 11.87%, according to the factsheet.

By segment, uranium and mining companies represent 48.76% of holdings, with the artificial intelligence sleeve at 26.08%, nuclear plant operations and construction at 16.51%, and nuclear generation and transmission at 8.65%. The fund’s top holdings include Uranium Energy Corp. (UEC), Energy Fuels (UUUU), Oklo Inc. (OKLO), and Cameco Corp. (CCJ).

The rebalance boosted allocations to NuScale Power Corp. (SMR), which develops small modular reactors, by 0.79 percentage points to 2.79%. Uranium Energy Corp., Energy Fuels Inc. and Kazatomprom JSC each saw increases as the fund moved capital toward companies with direct exposure to the uranium supply chain.

CoreWeave Inc. (CRWV), a private AI cloud infrastructure company that provides computing capacity for AI training and inference, had its weight increased by 0.32 percentage points to 2.07%. The company ranks among the fund’s top 10 holdings alongside nuclear operators and uranium miners.

SMRF March 2026 Rebalance Highlights

Source: ETF Database

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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.

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