deep-dive
Energy Macro Deep Dive — February 12, 2026 The Inflation Reduction Act promised to rebuild America's energy infrastructure. 18 months later, we finally know where the money is actually going — and it's creating the biggest copper shortage since the 1970s. Here's the number that should
deep-dive
etf-monitor
Global X MSCI Colombia ETF provides frontier-market exposure to a dollarizing, reform-minded economy with significant oil production, gold mining, and coal exports — a high-risk, high-reward allocation for investors seeking commodity-leveraged Latin American equity exposure off the beaten path. This analysis is part of Energy Macro’s ETF Monitor research. For
tollbooth
Teck Resources is a late-cycle copper tollbooth positioned to capture outsized gains from North American grid modernization and AI data center buildouts, with 6.7 billion pounds of proven copper reserves and a newly commissioned QB2 project adding 320,000 tonnes of annual production just as structural demand accelerates. This
etf-monitor
iShares MSCI Brazil ETF provides concentrated exposure to Latin America's largest economy — a commodity powerhouse exporting iron ore, soybeans, oil, and beef — making it a leveraged play on global commodity demand cycles and Chinese economic activity. This analysis is part of Energy Macro’s ETF Monitor research. For
tollbooth
Southern Copper operates the world's largest copper reserves in Peru and Mexico, with 70+ million tonnes of copper in the ground — a multi-generational tollbooth on the electrification megatrend with the lowest cost structure and longest reserve life among major copper producers. This analysis is part of Energy Macro’
etf-monitor
Xtrackers Emerging Markets Carbon Reduction ETF provides broad emerging market equity exposure with a tilt toward lower-carbon companies, capturing the growth potential of developing economies while screening out the heaviest emitters — a modernized approach to EM allocation. This analysis is part of Energy Macro’s ETF Monitor research. For our
tollbooth
Freeport-McMoRan is the world's largest publicly traded copper producer, operating the Grasberg mine in Indonesia — the world's largest copper and gold deposit — making it the dominant tollbooth on the metal most essential to grid electrification, data centers, and the energy transition. This analysis is part of
etf-monitor
SPDR S&P 500 ETF Trust is the world's most heavily traded ETF with over $500 billion in AUM, serving as the benchmark equity allocation and the reference point against which all Energy Macro real asset and commodity strategies are measured for relative performance. This analysis is
tollbooth
Centrus Energy is the only U.S.-owned uranium enrichment company and the sole domestic producer of HALEU fuel required for next-generation nuclear reactors — a strategic monopoly tollbooth as America races to rebuild its nuclear fuel supply chain independent of Russia. This analysis is part of Energy Macro’s Tollbooth
etf-monitor
SPDR Bloomberg 1-3 Month T-Bill ETF is the lowest-risk liquid investment available, holding ultra-short U.S. Treasury bills that serve as the cash management vehicle within the Energy Macro framework — dry powder earning the risk-free rate while waiting for high-conviction deployment opportunities. This analysis is part of Energy Macro’s
tollbooth
NexGen Energy is developing the Rook I project in Canada's Athabasca Basin — the highest-grade undeveloped uranium deposit on Earth — offering transformative upside if the project reaches production in a market facing a structural uranium supply deficit. This analysis is part of Energy Macro’s Tollbooth Royalties research. For