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Fundamental, Research

Three Thematic ETFs Likely to Benefit from Energy & Infrastructure National Self-Reliance

Aniket Ullal , SVP and Head, ETF Research & Analytics

Summary

May 01 2026
Countries' use of natural resources as leverage in conflicts and trade negotiations is driving an emphasis on national self-reliance in energy and infrastructure. This CFRA thematic research identifies three highly-rated ETFs positioned to benefit from this structural shift, including one fund up over 20% YTD as of April 24, 2026.

Key Investment Themes

Clean Energy as Security Imperative (ICLN): Energy security motivations – not just climate policy – are driving clean energy demand in import-dependent regions, including EU, Japan, and India. ICLN delivered 21.7% YTD returns (as of April 24, 2026) with a CFRA 4-star rating.

Global Infrastructure Assets (IGF): 60% concentrated in utilities and energy infrastructure including power generation and transmission. IGF holds a CFRA 5-star rating with a 10.4% YTD return and $10.5B in assets.

U.S. Industrial Real Estate (INDS): CFRA views this as a unique vehicle to access domestic manufacturing capacity expansion and supply chain resilience. INDS delivered 9.0% YTD and 17.5% trailing one-year returns with exposure to logistics and warehouse REITs.

What to Monitor

CFRA recommends tracking these policy and spending indicators as signals of theme acceleration:

  1. Sovereign infrastructure fund announcements (e.g., Canada Strong Fund, April 2026)
  2. Domestic manufacturing subsidies and industrial policy shifts
  3. Grid modernization capex commitments
  4. Strategic petroleum reserve levels by country

Where Growth is Concentrated

According to CFRA analysis, the EU, Japan, U.K., and India show the highest growth potential due to elevated fossil fuel import dependency (43%-84%) combined with low solar penetration (6%-14% of electricity). The three ETFs provide differentiated exposure across these high-opportunity markets.

Download the full report for:

  • Detailed analysis of holdings with CFRA Buy ratings in each ETF
  • Expense ratios, assets under management, and performance data
  • Forward-looking metrics to track theme momentum

Watch CFRA’s Aniket Ullal discuss his analysis on BNN Bloomberg below:

Download the Thematic