Turning North American
Energy Independence Into
an Investment Framework
The Ninepoint North American Energy Independence ETF (ENRG) combines a proprietary scoring framework, sector-specific analysis and disciplined portfolio construction to identify companies aligned with the continued development of North America’s energy system.
ENRG begins with eligible companies participating across the North American energy and resource value chain. From energy producers, infrastructure operators, nuclear and uranium companies, critical-minerals businesses to all other companies supporting the energy system.
Scoring
Three Criteria. One Investment Thesis.
North American Exposure
How closely are the company’s assets, earnings, reserves and operations tied to energy activity in Canada, Mexico and the United States?
Strategic Importance
How significant is the company’s role within the North American energy system and value chain, including the scarcity or criticality of its assets?
Reliability
How stable, durable and resilient are the company’s operations, supply profile and cash flows?
ENRG’s Investment Universe
ENRG invests across companies participating in the North American energy and resource system. The Fund will generally invest in companies with at least $5 billion in market capitalization, providing a starting universe focused primarily on larger, established businesses.
Sector Analysis
Applying The Appropriate
Analytical Lens Per Sector.
ENRG’s four investment pillars are united by a single North American energy thesis, but the businesses within them have different economics, capital requirements and risk profiles. Ninepoint applies analysis appropriate to each business model, drawing on specialized expertise across energy production, infrastructure, nuclear and uranium, and critical materials.
Upstream Producers
Reserve characteristics • asset quality • production economics • costs • free cash flow1 • balance-sheet strength • capital allocation
1 Operating cash flow less capital expenditures; non-GAAP.
Midstream Infrastructure
Asset criticality • network position • contract structures • fee-based cash flows • balance-sheet strength • durability
Nuclear and Uranium
Resource quality • project economics • operating or development profile • capital intensity • position within the nuclear value chain
Critical Minerals and Other Energy Sources
Resource or asset quality • jurisdiction • strategic relevance • economics • balance-sheet strength • role in energy infrastructure or electrification
Portfolio Construction
From Scoring to
Portfolio Construction
The scoring framework assesses and ranks companies according to their alignment with the North American energy-independence thesis. The resulting scores inform security selection and portfolio construction alongside fundamental research, valuation, risk considerations and portfolio constraints.
The scores inform portfolio decisions. They do not mechanically determine security selection or portfolio weights.
Ongoing Monitoring
Ongoing Review.
Disciplined Reallocation.
Holdings and investment conditions are monitored on an ongoing basis. The portfolio is reviewed for potential reallocation at least weekly and is expected to be reviewed and rebalanced at least quarterly. Positions may be added, removed, substituted or rebalanced as appropriate.
Illustrative reallocation activity
One Framework
Across the
Energy System
ENRG brings energy production, infrastructure, nuclear and uranium, critical materials and other energy-related businesses together within a single portfolio built around the North American energy-independence thesis.
One Energy System.
One Disciplined Investment Framework.