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Electricity is the new strategic resource. Whilst capital flows into semiconductors and AI models, the more exciting opportunity lies in the physical world: with the companies that generate, transmit and distribute energy. After all, without a reliable electricity supply, neither artificial intelligence nor the digital economy can function.

This is precisely where the Power Shortage Index comes in. It invests across the entire energy value chain – from uranium and nuclear power, through grid infrastructure and transformers, to utilities and critical raw materials. The theme is structural, not cyclical.

When electricity becomes the key resource

The world is entering a new phase of energy demand. Digitalisation, artificial intelligence, electric mobility and the reshoring of industrial production are driving demand upwards structurally. Energy is thus once again becoming the strategic foundation for growth, security of supply and economic strength.

Data centres as drivers of demand

Demand is growing particularly strongly where the modern economy is emerging: in data centres, digital infrastructure, the field of electric mobility, heat pumps and new industrial applications. AI and cloud computing, in particular, are significantly increasing electricity consumption. What is needed is not just more energy – but reliable energy that is available at all times.

This is precisely where the problem lies. For years, too little has been invested in power stations, grids, transformers, substations and raw material capacities. Whilst demand is rising, supply is growing only slowly. This creates a structural gap that will shape the energy sector for years to come. The expansion of infrastructure is thus becoming the central investment theme of our time.

The revival of nuclear energy

Against this backdrop, nuclear energy is regaining importance worldwide. It can supply large quantities of electricity in a virtually carbon-neutral, stable and weather-independent manner. This is precisely what makes it attractive in an energy system that must become cleaner, more resilient and more efficient. Many countries are therefore reviewing their energy policies, extending the operating lives of existing plants and assessing new projects.

New technologies such as Small Modular Reactors (SMRs) are also coming more into focus. They promise shorter construction times, modular scalability and the ability to be deployed in industrial regions and at data centres. For investors, SMR developers such as Oklo or NuScale Power represent strategic options on a new era of scalable nuclear power.

From megatrend to investment opportunity

The Power Shortage Index provides access to the beneficiaries of this development across the entire value chain. This includes uranium producers such as Energy Fuels, which could benefit from the return of nuclear energy to a structurally tight supply. As new mines often take many years to reach production, structural bottlenecks are possible.

Infrastructure operators such as Enbridge or Williams represent physical network capacities that have been built up over decades and are virtually impossible to replicate. Utilities such as Southern, NRG Energy or Vistra Corp combine predictable cash flows with direct exposure to structurally rising electricity demand. And commodities stocks such as Anglo American or Albemarle supply the materials that make electrification and battery technology possible in the first place.

Quality-focused approach

The index takes a focused, quality-oriented approach. Weighting is based on strategic relevance within the energy system, not on market capitalisation. This creates concentrated exposure to the key drivers – from baseload power and grid bottlenecks to future nuclear options.

Those who supply electricity win. Those who build the grids do too.

The product is open for subscription until Monday, 13 April 2026. The issue price is CHF 100 and the ISIN is CH1413567145. It is an actively managed ETP listed on SIX. The management fee is 0.85 percent p.a. Full details can be found at amc.mavx.com.

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