etf-monitor
Energy Select Sector SPDR is the benchmark U.S. energy ETF with a 0.09% expense ratio, heavily weighted to ExxonMobil and Chevron — providing low-cost exposure to integrated oil majors that generate massive free cash flow in a structurally undersupplied global energy market. This analysis is part of Energy Macro’
tollbooth
Consolidated Edison is New York City's irreplaceable grid tollbooth — the sole provider of electricity and gas to 10 million people in the world's most critical urban market, with 50 consecutive years of dividend increases and a rate base that grows with every building, subway line, and
etf-monitor
Sprott Physical Uranium Trust holds physical uranium oxide (U3O8) in storage, offering the most direct publicly-traded exposure to uranium spot prices without mining operational risk — effectively a uranium bullion vehicle that also removes supply from the market, tightening the physical balance. This analysis is part of Energy Macro’s ETF
grid-risk
Missouri's grid straddles MISO and SPP territories, with the Callaway nuclear plant and aging coal fleet anchoring a system facing accelerated coal retirements, growing renewable procurement from Ameren and Evergy, and persistent severe weather threats across the Show-Me State. This analysis is part of Energy Macro’s Grid
etf-monitor
VanEck Uranium+Nuclear Energy ETF blends uranium miners with nuclear utilities and technology companies, providing the most defensive nuclear energy exposure by including stable utility cash flows alongside cyclical mining equities. This analysis is part of Energy Macro’s ETF Monitor research. For our complete infrastructure income framework, see The
tollbooth
WEC Energy Group is a premium Midwest utility tollbooth serving Wisconsin and Illinois, known for operational excellence, consistent 6-7% earnings growth, and one of the strongest regulated investment pipelines in the sector. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our complete infrastructure income framework, see
grid-risk
Mississippi's MISO-operated grid relies heavily on natural gas generation backed by the Grand Gulf nuclear station—the nation's largest single-unit reactor—while Gulf hurricane exposure and limited infrastructure investment create persistent reliability vulnerabilities. This analysis is part of Energy Macro’s Grid Risk research. For our
etf-monitor
Global X Uranium ETF is the broadest uranium and nuclear energy ETF, combining uranium miners with nuclear technology companies and utilities — offering diversified exposure to the nuclear renaissance with lower volatility than the more concentrated URNM. This analysis is part of Energy Macro’s ETF Monitor research. For our complete
tollbooth
Xcel Energy is the Midwest's clean energy tollbooth, operating the nation's largest wind generation portfolio among regulated utilities — earning guaranteed returns on the transition from coal to renewables across 8 states. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our complete infrastructure
grid-risk
Minnesota's MISO grid faces extreme cold weather reliability risk as the state pursues a 100% carbon-free electricity standard by 2040, with Prairie Island nuclear providing critical winter baseload that wind and solar cannot replicate without massive storage investment. This analysis is part of Energy Macro’s Grid Risk
etf-monitor
abrdn Physical Platinum Shares provides direct exposure to platinum — a metal trading at a historic discount to gold with tightening mine supply from South Africa and growing demand from hydrogen fuel cells, catalytic converters, and industrial applications. This analysis is part of Energy Macro’s ETF Monitor research. For our
tollbooth
PG&E is California's largest utility and a turnaround tollbooth — emerging from wildfire-driven bankruptcy with $50+ billion in grid hardening investment ahead, offering leveraged upside to investors who believe the worst is priced in. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our