Overview
US electric, gas and water utilities — around 75 regulated monopolies whose demand curve just met AI data centres.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NEE | NextEra Energy | 10.8% |
| SO | Southern Co. | 7.2% |
| DUK | Duke Energy | 6.4% |
| CEG | Constellation Energy | 5.8% |
| AEP | American Electric Power | 4.1% |
| SRE | Sempra | 3.7% |
| D | Dominion Energy | 3.6% |
| VST | Vistra Corp. | 3.5% |
| EXC | Exelon Corp. | 3.1% |
| XEL | Xcel Energy | 2.9% |
Fund Details
Investment Thesis
Utilities spent a century as bond proxies; AI made them a growth story, because every data centre needs a grid connection and the power producers finally have pricing power. VPU holds the regulated names and the newly-glamorous independent generators alike, paying 2.8% while electricity demand grows for the first time in twenty years. High rates remain the sector's headwind — the yield competes with Treasuries.
Who It's For
Income investors and defensive allocators who want the electrification story with regulated cash flows underneath. The counter-cyclical sleeve that suddenly has a growth kicker.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $93.98 | -- |
| 2017 | $105.25 | +12.0% |
| 2018 | $109.46 | +4.0% |
| 2019 | $133.55 | +22.0% |
| 2020 | $132.21 | -1.0% |
| 2021 | $150.72 | +14.0% |
| 2022 | $149.21 | -1.0% |
| 2023 | $134.29 | -10.0% |
| 2024 | $165.18 | +23.0% |
| 2025 | $185.00 | +12.0% |
| Year | Yield |
|---|---|
| 2016 | 3.30% |
| 2017 | 3.10% |
| 2018 | 3.30% |
| 2019 | 2.90% |
| 2020 | 3.20% |
| 2021 | 2.90% |
| 2022 | 3.00% |
| 2023 | 3.50% |
| 2024 | 2.90% |
| 2025 | 2.80% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $2.5B | -- |
| 2017 | $3B | +20.0% |
| 2018 | $3.5B | +16.7% |
| 2019 | $4.5B | +28.6% |
| 2020 | $4.5B | +0.0% |
| 2021 | $5.5B | +22.2% |
| 2022 | $6B | +9.1% |
| 2023 | $5B | -16.7% |
| 2024 | $7B | +40.0% |
| 2025 | $8B | +14.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of September 2026.
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