Overview
America's regulated power complex — NextEra, Southern, Duke and 47 others, the broader Russell-based alternative to XLU with waste and multi-utilities included.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NEE | NextEra Energy | 10.9% |
| SO | Southern Company | 6.5% |
| DUK | Duke Energy | 6.0% |
| CEG | Constellation Energy | 5.6% |
| WM | Waste Management | 5.2% |
| AEP | American Electric Power | 4.4% |
| D | Dominion Energy | 3.7% |
| SRE | Sempra | 3.5% |
| VST | Vistra Corp. | 3.2% |
| ETR | Entergy Corp. | 3.2% |
Fund Details
Investment Thesis
The AI power story's safest expression: every data centre signs a decades-long power contract with somebody in this book, and regulators guarantee the return on the grid spending that follows. A -7% year as yields rose is the standard utility rate-sensitivity — and the standard entry: utilities bought at rate peaks have historically compounded through the cuts that follow, with 2.6% paid along the way and demand growth running at levels the sector hasn't seen in a generation.
Who It's For
Defensive income investors who want the regulated side of the AI power boom — bond-proxy stability with a growth story attached for the first time in decades.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $60.91 | -- |
| 2017 | $66.44 | +9.1% |
| 2018 | $67.11 | +1.0% |
| 2019 | $81.03 | +20.7% |
| 2020 | $77.60 | -4.2% |
| 2021 | $88.43 | +14.0% |
| 2022 | $86.54 | -2.1% |
| 2023 | $79.93 | -7.6% |
| 2024 | $96.21 | +20.4% |
| 2025 | $108.36 | +12.6% |
| Year | Yield |
|---|---|
| 2016 | 2.64% |
| 2017 | 2.64% |
| 2018 | 2.88% |
| 2019 | 2.88% |
| 2020 | 3.30% |
| 2021 | 2.64% |
| 2022 | 2.36% |
| 2023 | 2.83% |
| 2024 | 2.38% |
| 2025 | 2.31% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.6B | -- |
| 2017 | $0.7B | +16.7% |
| 2018 | $0.7B | +0.0% |
| 2019 | $0.9B | +28.6% |
| 2020 | $0.9B | +0.0% |
| 2021 | $1B | +11.1% |
| 2022 | $1B | +0.0% |
| 2023 | $1.0B | +0.0% |
| 2024 | $1.2B | +20.0% |
| 2025 | $1.4B | +16.7% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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