Ninepoint Partners, a Toronto-based asset management firm, began trading its first U.S.-listed fund on September 22. The Ninepoint North American Energy Independence ETF trades on NYSE Arca under the ticker ENRG and represents a bet that energy interdependence between Canada and the United States will withstand broader trade disruptions.
The fund holds between 25 and 50 stocks across oil and gas production, pipelines, nuclear and uranium, copper, and critical minerals. It charges an expense ratio of 0.65%, with Tidal Investments serving as adviser and Ninepoint Partners as sub-adviser.
Portfolio composition and geographic focus
According to Ninepoint co-CEO John Wilson, approximately two-thirds of the fund's oil and gas producers will be U.S.-based, while Canadian pipeline operators and uranium, copper, and other metals miners will comprise most of those asset classes. The fund focuses on Canada, Mexico, and the United States, with up to 10% of investments allowed outside North America.
Energy integration across borders
Trade data underscores the depth of North American energy integration. In 2025, daily average American natural gas imports from Canada reached 8.6 billion cubic feet. Electricity trade amounted to $3.2 billion, with Canadian imports accounting for 67% of that volume. Canada supplied 63.4% of U.S. crude oil imports and nearly 100% of natural gas imports in the same period.
Wilson stated that energy dependence across the border predates current political administrations and will outlast rhetorical trade disputes. Portfolio manager Eric Nuttall attributed the strong dependency to energy security concerns, which intensified following Russia's invasion of Ukraine and China's controls on rare earth exports.
Power constraints and mining economics
The ETF's thesis intersects with mounting pressure on electrical grids. Electricity demand from data centers increased by 17 percent, creating bottlenecks in grid connections and infrastructure capacity. The U.S. interconnection queue reportedly contains approximately 2,600 GW of capacity awaiting grid connection, while a Berkeley Lab report indicated more than 2,060 GW of active generation and storage were queued at the end of 2025.
Bitcoin mining is acutely affected by power constraints. The Cambridge Centre for Alternative Finance estimates electricity represents over 80 percent of miners' operating expenditures. CoinShares reported the weighted average ex-tax cash cost of producing one Bitcoin reached approximately $75,500 as of Q2 2026.
Faced with expensive and limited electricity, mining firms including Core Scientific, Keel, Cipher, and IREN are scaling down mining capacity or discontinuing operations to repurpose infrastructure for artificial intelligence and high-performance computing instead.
While the ENRG fund itself will not directly influence Bitcoin prices, it reflects the same power availability constraints affecting mining economics across North America.
