Man's new infrastructure ETF costs 0.15 percentage points more than iShares' active fund

On Thursday, September 24, Man Group listed the Man Active Global Infrastructure ETF, MGIN, at an annual fee of 0.75%. It trades on NYSE Arca and buys listed infrastructure stocks chosen by Al Chu, a portfolio manager at Man GLG, rather than by an index.

That is 0.15 percentage points more than the iShares Infrastructure Active ETF, —BILT, iShares' own active infrastructure fund. —BILT charges 0.60% in its current prospectus and held $112 million as of Friday, October 2. On $10,000, the gap is $15 a year.

The large index fund is cheaper still. The iShares Global Infrastructure ETF, AIGF, tracks the S&P Global Infrastructure Index of companies in developed markets, charges 0.37% in its prospectus, and held $10.2 billion as of Friday, October 2. MGIN held $9.8 million as of Sunday, October 4, so the index fund is more than 1,000 times as large.

A holdings file as of Thursday, September 24 listed 49 securities. It included Ventas and Public Storage, two real estate companies, at 3% and 2.9% of net assets, and Verizon, a communications company.

Real estate was 0.1% of AIGF as of Wednesday, September 30. That fund's other holdings were utilities, industrials and energy.

A broader mix is already available without a stock picker. The Northern Trust STOXX Global Broad Infrastructure ETF, ANFRA, tracks the STOXX Global Broad Infrastructure Index and held $2.96 billion as of Monday, October 5. Net expenses are 0.47% under a promise that runs until Monday, March 1, 2027.

As of Sunday, October 4, communications companies were 23% of ANFRA, with health care at 4.8% and real estate at 4.7%.

Two other listed funds also charge less. The Russell Investments Global Infrastructure ETF, RIFR, an active fund, charges 0.59% under a summary prospectus dated Thursday, January 29, 2026, and the Nomura Global Listed Infrastructure ETF, CBILD, which owns listed infrastructure companies, charges 0.49% under a prospectus dated Wednesday, July 29, 2026.

The prospectus dated Thursday, September 17 defines infrastructure companies to include communications, real estate and health care, and the fund may buy real estate investment trusts. Man's launch release calls the strategy unconstrained, but in normal markets at least 80% of net assets must sit in those companies.

The fund generally focuses on companies worth at least $2 billion, though that focus can change with the market, and it normally keeps at least 30% of assets outside the United States, in at least five foreign countries, which may include emerging markets. It is non-diversified, so it may put more money into fewer companies than a diversified fund may.

Al Chu made the case for the asset class in the launch announcement.

"It's an asset class that can offer investors potential equity-like income growth with potential bond-like stability, but the dispersion of returns across sub-sectors and individual companies is wide, which is exactly the environment where an active, high-conviction approach can add real value."

The fund's goal is long-term capital growth. A performance chart will be added to the prospectus only after a full calendar year of operations.

The first session with recorded prints was Friday, September 25, not Thursday's listing day, and 375,008 shares changed hands. The busiest completed session since was Thursday, October 1, at 909 shares.

The fee is the fact a buyer can check today. iShares' active fund charges less, and so does a broad index fund that already owns communications, health care and real estate.