A Closer Look at AI Power Infrastructure ETFs
A Wave of AI Power Infrastructure ETF Listings
Differentiation Driven by Portfolio Composition
As electricity demand from AI data centers surges, concerns over power shortages are becoming increasingly tangible. In the ETF market, the AI value chain is rapidly expanding from AI technology into AI power infrastructure. This month alone, four new ETFs have been listed: KODEX AI Power Core Equipment, KODEX U.S. AI Power Core Infrastructure, KoAct AI Infrastructure Active, and SOL U.S. AI Power Infrastructure.
Most AI-related ETFs have traditionally been concentrated in semiconductor stocks centered on Nvidia. By contrast, AI power infrastructure ETFs include a significant number of industrial and utility stocks, offering investors exposure beyond the technology sector and enabling broader diversification within AI-themed portfolios.
The newly listed AI power infrastructure ETFs can be broadly divided into those investing in Korean equities—KODEX AI Power Core Equipment and KoAct AI Infrastructure Active—and those focused on U.S. equities—KODEX U.S. AI Power Core Infrastructure and SOL U.S. AI Power Infrastructure.
Among the U.S.-focused ETFs, representative holdings include Constellation Energy (CEG), a power producer anchored in nuclear generation, and Vertiv Holdings (VRT), a provider of data center server cooling solutions. KODEX U.S. AI Power Core Infrastructure employs a concentrated approach, investing in just ten power infrastructure-related stocks. In addition to the two names above, top holdings include Arista Networks, which supplies data center communication network infrastructure; Eaton Corporation, a manufacturer of electrical equipment and components; and Trane Technologies, a leader in HVAC and cooling systems.
SOL U.S. AI Power Infrastructure combines exposure to ten power infrastructure stocks and ten nuclear-related stocks. On the infrastructure side, key holdings include Vertiv Holdings, Eaton Corporation, GE Vernova—which has attracted attention following its corporate spin-off—and NextEra Energy, a major renewable-focused power producer. Its nuclear exposure extends beyond Constellation Energy to include NuScale Power, known for small modular reactors (SMRs), and Oklo, a nuclear startup backed by OpenAI CEO Sam Altman.
ETFs investing in Korean equities are dominated by manufacturers of power equipment, such as HD Hyundai Electric, LS Electric, and Hyosung Heavy Industries. In KODEX AI Power Core Equipment, these three companies account for 56% of the portfolio, rising to 72% when LS Group’s holding company is included—resulting in a highly concentrated top-10 structure. KoAct AI Infrastructure Active, on the other hand, extends beyond power infrastructure to include semiconductor and network-related stocks, leveraging the flexibility of an active ETF. The portfolio is diversified across 27 stocks, with no single holding exceeding 10%, aside from price-driven increases.
Market strategists note that economic growth is likely to slow and that expectations for interest rate cuts are already largely reflected in asset prices. Against this backdrop, artificial intelligence remains one of the few standout growth themes. However, portfolios heavily skewed toward technology stocks—particularly Nvidia—are increasingly viewed as a concentration risk. The emergence of AI power infrastructure ETFs may help alleviate some of this imbalance.
That said, further efforts are needed—whether through the discovery of additional growth themes or the development of balanced and covered call products—to reduce volatility within AI-themed portfolios. In that sense, AI power infrastructure ETFs may represent not an endpoint, but a new phase in the evolution of AI-focused investing.