Electricity can now be treated as a true portfolio building block, and the Skylar Electricity Futures ETF (NYSE Arca: MWHS) is designed to turn that idea into regulated, exchange-traded access to U.S. power markets.
The market has spent years rewarding the visible winners of the digital and industrial buildout—chips, cloud platforms, data-center real estate, automation, and advanced manufacturing—while paying far less attention to the input they all depend on: electricity. That blind spot matters now because the next phase of U.S. growth is will increasingly be defined by access to power. It will be shaped by a broader New Power Economy in which AI, reshoring, EV adoption, electrification, and strategic manufacturing all compete for the same underlying resource: reliable power.
The Skylar Electricity Futures ETF, listed on NYSE Arca under the ticker MWHS, is built around that premise. The fund seeks capital appreciation primarily through investments in U.S. electricity futures contracts, with a primary focus on the ERCOT and PJM power markets—two regions where load growth, market liquidity, and access to listed futures converge in a way investors can participate in.
The Missing Exposure
Most portfolios have owned energy in one form or another. They have owned oil, natural gas, pipeline operators, utilities, infrastructure funds, and broad commodity baskets. What they generally have not owned is electricity itself. MWHS is designed to provide access to the commodity price of electricity rather than to companies adjacent to the power system.
That distinction is more than semantics. Utility stocks carry equity beta, regulatory exposure, and rate sensitivity. Broad energy funds blend multiple commodities and business models. Major commodity indices have historically omitted electricity, which means many diversified portfolios have lacked a direct way to capture the price dynamics emerging from tightening regional power markets.
The New Power Economy
AI is part of this story, but it is not the whole story. The larger shift is that electricity is moving closer to the center of economic growth. Data centers are one source of rising load, but they are joined by domestic manufacturing buildouts, EV charging demand, electrified buildings, and energy-intensive strategic industries that require large, stable power supply.
That is what makes the opportunity more durable. A product framed only around AI can sound cyclical or fashion-driven. A product framed around the New Power Economy captures a broader and more persistent shift in how electricity demand is being created across the U.S. economy.
Reshoring and manufacturing matter here. Strategic manufacturing projects are not just capital expenditures; they are power-demand projects. CSIS notes that semiconductor fabs and battery manufacturing plants require vast volumes of energy and compete directly for electricity resources alongside other large users.
Semiconductor fabrication is especially important because it reinforces the point that the electricity story extends well beyond data centers. Schneider Electric notes that large semiconductor fabs can use up to 100 megawatt-hours of power each hour, while McKinsey has written that a typical semiconductor fabrication plant can use as much power in a year as about 50,000 homes. In other words, the same infrastructure story investors associate with AI also applies to the physical manufacturing backbone being built around semiconductors and other strategic industries.
EV adoption adds another layer. Reuters reports that rising EV penetration is expected to add meaningful electricity demand in the coming years and will require grid integration tools to manage peak load risk. That matters because transport electrification does not just raise total power needs; it changes when and where those needs show up on the grid.
Put together, these forces create a stronger thesis than an AI-only narrative can support. They point to a broader re-pricing of electricity as a strategic economic input—one that sits underneath digital infrastructure, industrial policy, transportation, and domestic production capacity.
Why ERCOT and PJM
The focus on ERCOT (Electric Reliability Council of Texas) and PJM (The Mid Atlantic / Mid Atlantic Grid (Pennsylvania, Ohio, New Jersey, Illinois, Maryland)) is a market-structure choice. These are two of the most relevant U.S. power regions for investors seeking access to where electricity demand, transmission constraints, and futures market liquidity converge.
ERCOT matters because Texas combines population growth, industrial expansion, and a rising concentration of large power users, including data centers. ERCOT’s June 2025 planning update shows an adjusted 2031 peak-load forecast of roughly 150 to 156 GW, underscoring the scale of the demand buildout now being contemplated in that market.
PJM matters because it is the largest U.S. wholesale power market and a critical region for East Coast and Mid-Atlantic load growth. Recent coverage of PJM’s load outlook points to stronger long-term demand expectations tied in part to large-load additions such as data centers, reinforcing the idea that power demand is becoming more regionally concentrated and more economically visible.utilitydive+1
For an ETF built on electricity futures, those regions matter for another reason: they are accessible through listed contracts. The Intercontinental Exchange’s North America power futures products include ERCOT and PJM products, which turns “the grid” from a macro talking point into something with transparent prices, standardized contracts, and practical investment access.
How MWHS Accesses the Grid
MWHS seeks capital appreciation primarily through investments in U.S. electricity futures contracts. The strategy focuses on the most liquid ERCOT and PJM hubs and concentrates in the front portion of the power curve, generally the first 12 months and, where appropriate, extending farther out.
That matters because the front of the curve is where new market information registers first, translating supply and demand factors into price. Weather, fuel costs, reserve margins, congestion, and demand shocks can all alter pricing there. MWHS uses a listed ETF wrapper to provide access to a part of the commodity market that has historically been harder for many investors to reach directly.
MWHS is not a utility equity fund. It is not a broad commodity wrapper with a power label attached. It is a focused electricity futures strategy built around the proposition that ERCOT and PJM are instrumental to the New Power Economy. They are among the places where its physical consequences may be felt most directly.
The Portfolio Case
This is not a universal allocation, and it should not be framed as one. Electricity futures are specialized instruments. They can be volatile, region-specific, and sensitive to weather, fuel inputs, infrastructure constraints, and changes in market structure.
Even so, the portfolio case is real. For advisors and allocators already using differentiated sleeves in commodities, infrastructure, or thematic allocations, MWHS may offer a more direct expression of electricity price exposure than what utility equities or broad energy funds can provide. It gives investors a way to access electricity as its own investable ecosystem rather than as a side effect buried inside another asset class.
That is the stronger claim. Electricity is not just another energy story. It is increasingly the operating constraint behind digital infrastructure, semiconductor production, EV adoption, reshoring, and broader electrification.
MWHS exists because that constraint now has a market, and that market now has an ETF. Explore MWHS ETF >
Important Information
The Skylar Electricity Futures ETF (NYSE Arca: MWHS) seeks to provide exposure to U.S. electricity futures contracts and is subject to substantial risk, including commodity futures risk, derivatives risk, market volatility, concentration risk in U.S. electricity markets, liquidity risk, and regulatory or market-structure risk. Because the Fund focuses on electricity futures in ERCOT and PJM, its performance may be significantly affected by regional weather events, fuel input costs, transmission constraints, grid conditions, and changes in supply-demand dynamics.
An investment in MWHS is not a bank deposit, is not insured by the FDIC or any other government agency, and may lose value. Past performance does not guarantee future results. Investors should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information and should be read carefully before investing.
Read the prospectus and fact sheet here. Advisors and investors should evaluate MWHS in the context of their own objectives, risk tolerance, and overall portfolio considerations.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (888) 806-6567 or visit the website at https://skylaretfs.com/investor-materials. Read the prospectus or summary prospectus carefully before investing.
The Fund is distributed by Foreside Fund Services, LLC. Exchange Traded Concepts, LLC serves as the investment advisor of the Fund. Skylar Capital Management, LP serves as sub-advisor of the Fund. Foreside Fund Services, LLC is not affiliated with Exchange Traded Concepts, LLC, Skylar Capital Management, LP, or any of its affiliates.
Risk Disclosures:
Investing involves risk, including possible loss of principal. There is no guarantee the Fund will achieve their stated objectives.
New Fund Risk. The Fund is new and currently has fewer assets than larger funds, and like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Additionally, because the Fund has fewer assets than larger funds over which to spread its fixed costs, its expense levels on a percentage basis will be higher than that of a larger Fund.
Non-Diversification Risk. The Fund is non-diversified under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Fund’s performance.
Commodities Risk. Commodity prices can have significant volatility, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner.
Commodity Regulatory Risk. The Fund’s use of commodities subject to regulation by the CFTC has caused the Fund to be classified as a “commodity pool” and this designation requires that the Fund comply with CFTC rules, which may impose additional regulatory requirements and compliance obligations.
Futures Investment Risk. The Fund’s rolling strategy involves the replacement of shorter dated futures contracts with longer-dated futures contracts. The net asset value of the Fund may be adversely affected by the cost of rolling positions forward where prices of the futures contracts with later expiration dates are higher than those with earlier expiration dates, which would create a negative “roll yield” known as “contango.”
Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.
Electricity Futures Regulatory Risk. The wholesale electricity markets operated by ERCOT, PJM, and other RTOs and ISOs are subject to extensive regulation, and the rules, protocols, and market structures governing these markets may be modified or amended at any time.
Premium/Discount Risk. The market price of the Fund’s shares will generally fluctuate in accordance with changes in the Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment adviser cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset value and the bid/ask spread on the Fund’s shares may widen. Additionally, the Fund’s shares may trade at a significant premium or discount to their net asset value in the event that a lead market maker is unwilling or unable to make a market in the Fund’s shares.
Net Asset Value (NAV). NAV per share for the Fund is computed by dividing the value of the net assets of that Fund (I.e., the value of its total assets less total liabilities) by its total number of shares outstanding. Expenses and fees, including management and distribution fees, if any, are accrued daily and taken into account for purposes of determining NAV. NAV is determined each business day, normally at 4:00 p.m. Eastern Time.
Market Price. The current price at which shares are bought and sold.
The Electric Reliability Council of Texas, Inc. (ERCOT) is a nonprofit organization that ensures reliable electric service for 90 percent of the state of Texas. The grid operator is regulated by the Public Utility Commission of Texas and the Texas Legislature. As of March 2026, ERCOT reported that it offers over 104,000 megawatts of generation capacity and manages the flow of electric power to more than 27 million Texas customers, representing about 90 percent of the state’s electric load.
PJM Interconnection LLC (PJM) is an RTO that coordinates the movement of wholesale electricity in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and the District of Columbia. As of December 31, 2024, PJM reported that it provided electricity to over 67 million people and offers over 182,000 megawatts of generation capacity, generating over $51.7 billion in annual billings.
