As the backbone of the energy transition, the global smart grid and grid infrastructure sector has become a growing focus for utilities, corporations, governments, and investors. Reflecting this trend, the Nasdaq OMX Clean Edge Smart Grid InfrastructureTM Index has increased 305.14% over the last 10 years on a total return basis. During the same period, the MSCI World Infrastructure Index, designed to capture the owners and operators of infrastructure assets globally, rose 71.51%. QGDXTM outperformed MSCI World Infrastructure in six of the past 10 years. After years of relatively flat power demand, the expansion of grid infrastructure is seeing unprecedented demand from datacenter buildout, electrification of heating and transportation, and reindustrialization efforts across the globe. BloombergNEF pegs grid expenditures at $24.3 trillion between now and 2050 and the IEA predicts 80 million kilometers (49.7 million miles) of new transmission and distribution (T&D) lines will be needed by 2040, approximately doubling the size of today’s global T&D networks.