River1 Launches BUIL ETF to Target U.S. Infrastructure Expansion

The fund, which trades on the Cboe BZX, aims to navigate a shifting investment landscape where utilities alone are expected to commit approximately $1.4 trillion to electricity infrastructure by 2030. According to data from the Electric Power Research Institute, shifting demands from data centers and domestic manufacturing reshoring are creating acute bottlenecks in power and materials, providing the primary catalyst for the fund’s concentrated portfolio approach.

River1, founded by principals with deep ties to the Michels family office, utilizes a "builder-informed" research process to differentiate itself from broad index-based infrastructure funds. CEOs Tony Tagliapietra and CIO Rob Haugen, who each bring over 25 years of experience, manage a tight portfolio of 15 to 25 companies. By focusing on specific supply-chain constraints—such as lead times for natural gas turbines or shortages in low-voltage wire—the managers intend to pivot the fund’s holdings as capital flows move through different sectors of the economy.

With an annual expense ratio of 0.65%, the fund seeks to provide liquid public-market exposure to the real-world buildout of the American physical backbone. The strategy relies on fundamental analysis of cash flow and margin durability, allowing the team to adjust positions in real time as infrastructure priorities shift from generation capacity to transmission and hardware.