Tradr 2X Long SMR Daily ETF (SMU) Rebounds +37% Over 30 Days

Key Takeaways

• The Tradr 2X Long SMR Daily ETF (SMU) seeks to deliver two times (2x) the daily performance of NuScale Power (SMR) common shares, making it a non-diversified, single-stock leveraged fund.
• SMU rebounded roughly +37% over the last 30 days, recovering off a July low after a severe drawdown earlier in the period.
• The rebound was amplified by the fund's 2x daily leverage and its concentrated exposure to NuScale Power, a small modular reactor (SMR) developer.
• Over the last quarter the fund remains sharply lower, down approximately 60%, reflecting a broad de-rating of pre-revenue nuclear names.
• Key catalysts include renewed enthusiasm for AI-driven electricity demand, speculation around a potential Tennessee Valley Authority (TVA) agreement, and nuclear-specific AI partnerships.

Tradr 2X Long SMR Daily ETF (SMU) Structure and Holdings

The Tradr 2X Long SMR Daily ETF is a leveraged, single-stock exchange-traded fund that aims for daily results, before fees and expenses, equal to 200% of the daily performance of NuScale Power common shares. Launched in July 2025, the fund keeps at least 80% of its assets in instruments providing that leveraged exposure. Its portfolio is highly concentrated, with top holdings exceeding 380% of assets due to swaps and derivatives. Cash and cash equivalents serve as collateral, alongside a modest direct position in the underlying stock. The fund carries a net expense ratio of 1.30% and is non-diversified. I also checked this using Tickeron’s AI Screener to see how the exposure compares across similar leveraged products.

This setup means SMU delivers magnified daily moves in a high-beta name. Because the leverage resets each day, longer-term results can differ substantially from twice the underlying stock’s cumulative return due to volatility decay, especially in sideways markets.

SMU Price Performance Over 30 Days and the Quarter

In the last 30 days, SMU rose approximately 37%, moving from a close near $4.47 to about $6.14. The path was volatile, with trading ranges stretching from the low $4s to above $7. Over the last quarter, however, the fund fell roughly 60%, dropping from near $15 in late May to the recent level around $6.14. Year-to-date performance has also been weak, consistent with the broader decline in NuScale Power shares. The recent advance looks more like a partial recovery within an ongoing downtrend than a full reversal.

Drivers of the 30-Day Rebound

The bounce in SMU largely tracked a recovery in NuScale Power from its summer lows, magnified by daily 2x leverage. Sentiment around nuclear power as a source for data-center demand stayed supportive, and talk of a possible large Tennessee Valley Authority agreement added periodic lifts. NuScale also announced partnerships with AI-focused nuclear firms to speed up reactor engineering. These developments helped spark short-term gains. Countering this were weak fundamentals, including second-quarter revenue of just $75,000 (down 99% year over year), a $0.13 per share loss, and a $750 million at-the-market offering. Short interest near 18% of the float added to the swings.

Reasons for the Quarterly Decline

The roughly 60% drop over the quarter reflects a cooling in the small modular reactor sector after earlier enthusiasm. Capital rotated toward established nuclear suppliers such as BWX Technologies (BWXT) and away from pre-revenue developers like NuScale Power and Oklo (OKLO). NuScale completed front-end work on its Romania project, leaving a revenue gap that drove the sharp year-over-year decline. The company held about $1.9 billion in cash and investments at quarter-end, much of it from equity issuance that diluted shareholders. Comments favoring natural gas as a quicker power source for AI infrastructure further weighed on sentiment. For a daily-reset leveraged product, these moves compounded over time.

Using Tickeron’s AI Screener for Thematic Research

I find Tickeron’s AI Screener helpful when monitoring leveraged single-stock ETFs and related themes. The platform lets me scan technical indicators, fundamentals, volatility metrics, and industry filters to identify momentum in areas like nuclear energy without manual effort. It has been a practical addition to my process for tracking how products like SMU align with broader sector shifts.

Key Factors to Watch for SMU Going Forward

Progress on any definitive agreement between NuScale’s ENTRA1 partnership and the Tennessee Valley Authority remains a major catalyst, along with milestones on the Romania project and commercialization timelines expected in the early 2030s. Macro conditions such as interest-rate expectations and risk appetite will influence pricing for pre-revenue growth companies. Additional capital raises by NuScale could dilute shareholders further. Industry issues including fuel supply, regulatory approvals, and competition from natural gas or other developers will also matter. Finally, the daily-reset structure means SMU suits short-term tactical use rather than long-term holding, with performance potentially diverging from twice the underlying stock’s return over extended periods.

Disclaimer

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Contributor

Jimmy Landsman|Expert

My name is Jimmy, and I’m a financial analyst. I’m passionate about identifying the most promising ETFs for trading. Every day, I review hundreds of ETFs in search of trading and investment signals based on a variety of factors. I actively use technical analysis to identify short-term opportunities, including channels, indicators, support and resistance levels, and more. I also spend a great deal of time researching ETFs from a long-term investment perspective. My goal is to build a balanced ETF portfolio that combines investment-oriented and speculative ETFs and performs effectively during both market rallies and corrections.

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