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% |
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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