Energy & Power Infrastructure Index (XTPW)
The supply side of AI power demand: nuclear and uranium, grid equipment, merchant power and electrification.
Index thesis
Why this theme
Electricity is the binding constraint of the AI decade: data-centre demand is colliding with an under-built grid and repricing every reliable electron. The index holds nuclear operators and the uranium fuel cycle, grid equipment, merchant power, regulated utilities with data-centre pipelines and the electrification complex. It monetises the same AI narrative as the compute index, but from the supply side of the meter, at materially lower valuation multiples and with regulated-utility ballast.
Thesis risk: permitting and construction delays, power-price normalisation, and high volatility in uranium juniors and small modular reactor developers.
Backtest
Simulated index performance
Month-end levels of the target basket, rebased to 100. Simulated, not live performance.
Simulated basket level (base 100)
481.46
+402.7% · 28/02/2021 — 31/08/2026
Simulated month-end backtest of the target basket, rebased to 100 at the history start date. Hypothetical, gross of fees, and supplied by the index committee for illustration only. It is not live index performance and not an indication of future results.
Composition
Target composition
Sort by any column. Filter by tier or by availability. Compositions are indicative until confirmed.
| Tokenised availability | |||||
|---|---|---|---|---|---|
| TSLA | Tesla | 15.0% | -21.4% | Core | Verified — approved issuer |
| GEV | GE Vernova | 13.0% | +40.0% | Core | Verified — approved issuer |
| NEE | NextEra Energy | 12.0% | +5.4% | Core | Verified — approved issuer |
| VST | Vistra | 10.0% | -11.5% | Core | Verified — approved issuer |
| CEG | Constellation Energy | 10.0% | -18.4% | Core | Verified — approved issuer |
| TLN | Talen Energy | 6.0% | -20.3% | Satellite | Verified — approved issuer |
| CCJ | Cameco | 6.0% | +5.5% | Satellite | Verified — approved issuer |
| PCG | PG&E | 4.0% | -16.4% | Satellite | Verified — approved issuer |
| LNT | Alliant Energy | 4.0% | +6.0% | Satellite | Verified — approved issuer |
| ALB | Albemarle | 4.0% | -2.5% | Satellite | Verified — approved issuer |
| ENPH | Enphase Energy | 4.0% | +10.3% | Satellite | Verified — approved issuer |
| UEC | Uranium Energy | 4.0% | -1.3% | Satellite | Verified — approved issuer |
| SMR | NuScale Power | 4.0% | -33.2% | Satellite | Verified — approved issuer |
| OKLO | Oklo | 4.0% | -44.8% | Satellite | Verified — approved issuer |
| 14 lines shown | 100.0% | ||||
Weights are indicative launch targets. Every line is an identified ticker, verified as available in tokenised form from an approved issuer.
Weighting
Weighting methodology
The index uses the 5/25 framework: five core holdings make up 60% of the index and are capped at 15% each, while the satellite sleeve holds the remainder. Weight rebalancing is triggered quarterly if a core asset drifts by 5% in absolute terms or a satellite asset drifts by 25% in relative terms. For XTPW: semi-annual reconstitution, quarterly band check, core band 5% absolute and satellite band 30% relative (uranium juniors set the width), with band-edge resets. The index is fully invested with no cash buffer.
Download the full methodology (PDF)
The full build and rebalancing document for Energy & Power Infrastructure Index (XTPW).