Do NLR and SMRF hold the same stocks?

By their latest filings, 56% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, NLR or SMRF?

NLR has 16% of its weight in S&P 500 names and SMRF has 28%, so NLR differs more from the index.

Which is cheaper, NLR or SMRF?

NLR charges 0.52% a year and SMRF charges 0.65%, so NLR is cheaper. Fees come from each fund's prospectus.

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NLR vs SMRF: which is really different?

NLR and SMRF hold 56% of their weight in the same names. VanEck Uranium and Nuclear ETF and ALPS Nautilus SMR, Nuclear & Technology ETF.

15.8%

NLR in the S&P 500

27.8%

SMRF in the S&P 500

−21.8%

NLR total return, 1 year

−11.7%

SMRF total return, since launch

NLR · 1 year to Sep 30, 202684% of its weight is outside the S&P 500

16% of NLR's weight is in S&P 500 companies and 84% is outside the index

SMRF · 6 months to Sep 30, 202672% of its weight is outside the S&P 500

28% of SMRF's weight is in S&P 500 companies and 72% is outside the index

ETFIQ Off-Index Score · NLR scores higherHow much of it is not the index it is sold as an alternative to?

NLR 78.3

SMRF 27.5

0.1, the lowest in this set92.0, the highest

A percentile among the 375 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, NLR and SMRF hold 56% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Sep 30, 2026.

50%

half

56% in common

Positions both hold, largest shared weight first

Holding NLR SMRF

Cameco Corp 8.16% 4.30%

Cgn Power Co Ltd 5.28% 4.28%

Nexgen Energy Ltd 5.57% 4.23%

Bwx Technologies Inc 6.20% 4.23%

Oklo Inc 5.14% 4.22%

Uranium Energy Corp 4.33% 4.00%

Nac Kazatomprom Jsc 4.56% 3.82%

Nuscale Power Corp 3.89% 3.77%

Energy Fuels Inc/Canada 4.03% 3.54%

Paladin Energy Ltd 4.05% 3.41%

Centrus Energy Corp 3.81% 3.17%

Denison Mines Corp 4.10% 2.96%

Only in NLR

X-Energy Inc 4.37%

Kepco Engineering & Construction Co Inc 2.94%

Only in SMRF

Ge Vernova Inc 3.82%

Astera Labs Inc 2.83%

Micron Technology Inc 2.43%

Rolls-royce Holdings Plc 2.16%

Sandisk Corp/de 2.04%

Nebius Group Nv 2.02%

Seagate Technology Holdings Plc 1.85%

Western Digital Corp 1.85%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

56% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	NLR	SMRF	NLR	SMRF	NLR	SMRF
3 months	−9.9%	−11.2%	−12.4 pts	−13.7 pts	−12.1 pts	−13.3 pts
6 months	−23.0%	−2.9%	−40.0 pts	−19.9 pts	−49.9 pts	−29.8 pts
1 year	−21.8%	not published	−37.5 pts	not published	−45.6 pts	not published
3 years	+57.6%	not published	−27.4 pts	not published	−52.4 pts	not published
Since launch NLR Jan 2010 · SMRF Feb 2026	+158.9%	−11.7%	−645.7 pts	−24.0 pts	−1578.6 pts	−34.7 pts

NLR and SMRF over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NLR

VanEck Uranium and Nuclear ETF · Holds 25 stocks in nuclear and uranium, 16% of its weight in S&P 500 companies

SMRF

ALPS Nautilus SMR, Nuclear & Technology ETF · Holds 72 stocks in nuclear and uranium, 28% of its weight in S&P 500 companies

Issuer VanEck ALPS

Theme Nuclear and uranium Nuclear and uranium

In the S&P 500 15.8% 27.8%

Active share vs the S&P 500 99.8% 92.5%

In the Nasdaq-100 8.2% 14.4%

Holdings 25 72

Top ten, share of the fund 62.3% 40.2%

Expense ratio 0.52% 0.65%

Fee for the differing part 0.52% 0.70%

Total return, 1 year −21.8% −11.7% (since launch on Feb 19, 2026)

vs the S&P 500 −37.5 pts −24.0 pts

vs the Nasdaq-100 −45.6 pts −34.7 pts

Below its high −37.1% −22.1%

Net assets $3.5bn $11m

NLR and SMRF on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NLR in plain words

By weight, 16% of NLR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 62% of the fund across 25 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned −21.8% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 37.5 pts. It sits 37.1% below its all-time high of Jan 28, 2026.

SMRF in plain words

By weight, 28% of SMRF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 40% of the fund across 72 positions, as filed for May 31, 2026. Since it launched on Feb 19, 2026 the fund returned −11.7% with distributions reinvested against +12.3% for the S&P 500, so a holder was behind by 24.0 pts. It sits 22.1% below its all-time high of Jun 2, 2026.

Questions people ask

Do NLR and SMRF hold the same stocks?: By their latest filings, 56% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, NLR or SMRF?: NLR has 16% of its weight in S&P 500 names and SMRF has 28%, so NLR differs more from the index.
Which is cheaper, NLR or SMRF?: NLR charges 0.52% a year and SMRF charges 0.65%, so NLR is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLR vs CIBR NLR vs COPX NLR vs DRAM NLR vs FDN SMRF vs TNUK SMRF vs URAN SMRF vs URNJ SMRF vs URNM

NLR on its own →SMRF on its own →How every figure is computed →Standards and sources →

Where these figures came from

NLR filings on SEC EDGAR ↗NLR prospectus with the expense ratio (SEC) ↗VanEck website ↗SMRF filings on SEC EDGAR ↗SMRF prospectus with the expense ratio (SEC) ↗ALPS website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NLR against SMRF, data as of Sep 30, 2026. https://etfiq.com/compare/themes/nlr-vs-smrf

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.