etf-monitor
iShares U.S. Utilities ETF rounds out the utility ETF trio alongside XLU and VPU, offering iShares-platform convenience and a slightly different index methodology for investors who prefer BlackRock's ecosystem for utility sector allocation. This analysis is part of Energy Macro’s ETF Monitor research. For our complete
tollbooth
Cheniere Energy is America's LNG tollbooth — the largest U.S. liquefied natural gas exporter, operating Sabine Pass and Corpus Christi terminals under 20-year take-or-pay contracts that generate cash flow regardless of commodity prices or global demand cycles. This analysis is part of Energy Macro’s Tollbooth Royalties research.
etf-monitor
Vanguard Utilities ETF holds 65+ utility stocks at Vanguard's low 0.10% expense ratio, offering broader and more diversified utility sector exposure than XLU with additional small and mid-cap utility holdings that capture regional grid operators and smaller power companies. This analysis is part of Energy Macro’s
grid-risk
Oklahoma's SPP-operated grid leverages exceptional wind resources and abundant natural gas production to maintain a resilient and low-cost energy system, though extreme weather events from ice storms to tornadoes create persistent infrastructure threats that demand continued grid hardening investment. This analysis is part of Energy Macro’s Grid
tollbooth
ONEOK is a Midwest and Rocky Mountain NGL pipeline powerhouse that doubled in size with the Magellan Midstream merger — creating a diversified tollbooth spanning natural gas liquids, crude oil, and refined products with 50,000+ miles of pipeline infrastructure. This analysis is part of Energy Macro’s Tollbooth Royalties research.
etf-monitor
Utilities Select Sector SPDR is the benchmark U.S. utilities ETF at just 0.09% expense ratio, holding the S&P 500's regulated power companies — a defensive income allocation that has transformed into a growth play as data center power demand and grid modernization drive unprecedented capital
tollbooth
MPLX is Marathon Petroleum's midstream subsidiary, operating natural gas processing and NGL pipeline infrastructure across the Marcellus and Appalachian basin — a high-yield tollbooth backed by one of the most prolific gas production regions in the world. This analysis is part of Energy Macro’s Tollbooth Royalties research. For
grid-risk
Ohio's PJM-connected grid is navigating a contentious energy transition as nuclear preservation battles, data center demand growth, and natural gas expansion reshape the state's historically coal-heavy generation fleet amid some of the most politically charged energy policy debates in the nation. This analysis is part of
etf-monitor
FlexShares STOXX Global Broad Infrastructure ETF provides global infrastructure exposure spanning utilities, transportation, and energy across developed and emerging markets — the only infrastructure ETF in the Energy Macro framework with significant international diversification. This analysis is part of Energy Macro’s ETF Monitor research. For our complete infrastructure income framework,
tollbooth
Energy Transfer operates one of the most diversified midstream networks in North America — 125,000+ miles of pipelines spanning natural gas, NGL, crude, and refined products — with a 7%+ yield that reflects the company's history of aggressive growth and investor skepticism. This analysis is part of Energy Macro’
grid-risk
North Dakota's MISO-connected grid balances lignite coal legacy generation with rapidly expanding wind capacity, while oil production in the Bakken formation creates substantial industrial demand and the state's extreme winter conditions test grid resilience annually. This analysis is part of Energy Macro’s Grid Risk research.
etf-monitor
First Trust NASDAQ Clean Edge Smart Grid Infrastructure ETF targets the companies modernizing the electrical grid — smart meters, grid-scale batteries, power electronics, and energy management systems — capturing the technology layer of the grid rebuild that enables renewable integration and EV charging. This analysis is part of Energy Macro’s ETF