AIRR vs IFRA: Grades, Fees and Holdings Compared

First Trust RBA American Industrial RenaissanceTM ETF

AIRRCNasdaq

iShares U.S. Infrastructure ETF

IFRAACboe

Overlap

3.4%by weight

Expense ratio

IFRA −0.39pt a year

AIRR0.69%IFRA0.30%

Avg volume · 30D

AIRR 2.0×the volume

AIRR779KIFRA398K

5Y return · a year

AIRR +5.6pt

AIRR+17.8%IFRA+12.2%

AIRR vs IFRA Performance

Oct 29, 2021 – Oct 30, 2026

+126.7%AIRR+77.5%IFRA

Expense ratio: AIRR 0.69%; IFRA 0.30%, better
Fund size: AIRR $8.37B; IFRA $4.07B
1Y total return: AIRR −1.3%; IFRA +12.7%, better
Yield (12M): AIRR 0.10%; IFRA 1.74%, better
Holdings: AIRR 56; IFRA 165
Avg volume (30D): AIRR 779K sh, better; IFRA 398K sh
NAV per share: AIRR $98.55; IFRA $58.33
52W range

ETF.net Grade

Pillar letters and Scores for AIRR, IFRA, with each pillar’s weight
Pillar	AIRR	IFRA
Cost30% weight	D27	A100Higher
Mission25% weight	C41	A83Higher
Risk15% weight	D25	B55Higher
Tradability15% weight	A96Higher	A95
Holdings10% weight	A76	A82Higher
Durability5% weight	A87Higher	A81

Rank among Infrastructure funds

How we build Categories ›

Same Category. AIRR and IFRA are both graded against the same 33 Infrastructure funds, so their Grades compare head to head.

Infrastructure⁠

Category · 33 funds

See all 33 ›

IFRA ranks 1st and AIRR 15th of 33 funds in the Infrastructure Category.

Rank 1AIFRAiShares U.S. Infrastructure ETFScore 86
Rank 2AIGFiShares Global Infrastructure ETFScore 83
Rank 14CEVXVanEck Environmental Services ETFScore 52
Rank 15CAIRRFirst Trust RBA American Industrial RenaissanceTM ETFScore 50
Rank 15CBILDNomura Global Listed Infrastructure ETFScore 50

Our read on each fund

ETF.net Research

AIRRCFirst Trust RBA American Industrial RenaissanceTM ETF

IFRAAiShares U.S. Infrastructure ETF

In short

AIRR A 2014 bet on American factories from Richard Bernstein: about 60 small- and mid-cap US industrials plus the community banks that lend to them. Not toll roads and pipelines. Machine shops, truckers, Main Street lenders.

IFRA Most infrastructure funds pick a side: the companies that build the stuff, or the ones that own it. IFRA holds both, stays entirely American, and charges well under the category's typical fee.

Stated mandate

AIRR The fund tracks an index of small- and mid-cap U.S. companies focused on industrial activity and community banking. The index emphasizes infrastructure, manufacturing, transportation, and related services.

IFRA The fund seeks to track an index of U.S. companies with infrastructure exposure, balancing infrastructure enablers and infrastructure asset owners.

Why people hold it

AIRR Unusual pairing: manufacturers and transport names sit next to community banks, the lenders that finance small-town factory expansion. Both sides of one idea.ftportfolios.com
Running since 2014, well before reshoring hit headlines, on a Richard Bernstein Advisors index that has kept the fund in the same lane.
A multi-billion-dollar fund that trades actively, so getting in and out is typically cheap in normal markets. Pays quarterly.
Sits in the upper half of its infrastructure peer group, with a portfolio that stays close to what its index describes.

IFRA 0.30% a year, roughly half the typical fee in the infrastructure category and cheaper than bigger-name rivals IGF (0.37%), GII (0.40%) and PAVE (0.47%).
Tracks the NYSE FactSet U.S. Infrastructure Index, which balances the enablers (builders and suppliers) against the asset owners, rather than betting on the construction cycle alone.
Roughly 160 holdings spread the theme wide, and the fund pays out quarterly.
Running since 2018 with over a billion in assets, it sits among the strongest implementations in its infrastructure peer group.

Worth knowing

AIRR At 0.69%, it charges more than the typical fund in its infrastructure group, and more than double index peers like IFRA at 0.30%.
Small caps, cyclicals and regional banks all swing with the economy, and a roughly 60-stock lineup means individual names carry real weight.
Filed under infrastructure, but it is not pipelines and airports. It can behave very differently from global infrastructure funds like IGF.

IFRA US-only by design. The overseas toll roads, airports and utilities that global peers like IGF and GII hold are simply not here.
A narrow slice of the market, so it can move quite differently from a broad US index in either direction.
Volume is moderate rather than heavy. Limit orders are the sane default, especially around the open and close.

Full AIRR profile⁠

Full IFRA profile⁠

AIRR vs IFRA Holdings

How AIRR and IFRA differ

Overlap by weight

3.4%

Shared holdings make up 24.3% of AIRR and 3.4% of IFRA.

Level by level

Holdings13 in both3.4%
Sector6 Sectors47.3%
Countryby domicile95.4%
Asset classEquity100%

Sector

Sector weights in AIRR and IFRA, widest gap first
Sector	More in AIRRMore in IFRA	AIRR	IFRA
Industrials	AIRR +43.3 points	78.2%	34.9%
Utilities	IFRA +41.3 points	0.7%	42.0%
Financials	AIRR +8.9 points	8.9%	0.0%
Materials	IFRA +6.0 points	7.7%	13.7%
Energy	IFRA +5.4 points	3.7%	9.1%
Consumer Discretionary	AIRR +0.4 points	0.7%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in AIRR and IFRA, widest gap first
Country	More in AIRRMore in IFRA	AIRR	IFRA
United States	AIRR +4.6 points	100.0%	95.4%
Canada	IFRA +3.8 points	0.0%	3.8%
Switzerland	IFRA +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

AIRR33.5%
IFRA33.1%

Securities held

AIRR55
IFRA161

Asset class

AIRR: Equity
IFRA: Equity

Holdings

Only in AIRR42
In both13
Only in IFRA148

Only in AIRR

42 securities, 75.6% of AIRR by weight

Karman Holdings Inc.3.72%
Huntington Ingalls Industries, Inc.3.54%
Herc Holdings, Inc.3.51%
Kratos Defense & Security Solutions, Inc.3.46%
C.H. Robinson Worldwide, Inc.3.33%
BWX Technologies, Inc.3.26%
Nextpower Inc. (Class A)3.12%
Dycom Industries, Inc.3.11%
RBC Bearings Incorporated3.06%
Core & Main, Inc. (Class A)2.98%
Forgent Power Solutions, Inc. (Class A)2.68%
Saia, Inc.2.61%
Clean Harbors, Inc.2.52%
Old National Bancorp2.46%
SPX Technologies2.12%
F.N.B. Corporation1.84%
Applied Industrial Technologies, Inc.1.80%
Powell Industries, Inc.1.80%
MSC Industrial Direct Co., Inc. (Class A)1.74%
AAON, Inc.1.68%
Ryder System, Inc.1.57%
Xometry, Inc. (Class A)1.53%
Associated Banc-Corp1.52%
Wintrust Financial Corporation1.50%
Kirby Corporation1.39%
Mercury Systems, Inc.1.29%
Landstar System, Inc.1.07%
Federal Signal Corporation1.06%
Fulton Financial Corporation0.94%
Zurn Elkay Water Solutions Corp.0.86%
Ducommun Incorporated0.86%
Leonardo DRS, Inc.0.83%
CSW Industrials, Inc.0.83%
DNOW Inc.0.82%
Mueller Water Products, Inc.0.76%
Blue Bird Corporation0.72%
SOLV Energy, Inc. (Class A)0.69%
First Financial Bancorp.0.69%
Applied Aerospace & Defense, Inc.0.64%
Shoals Technologies Group, Inc. (Class A)0.59%
Werner Enterprises, Inc.0.58%
DXP Enterprises, Inc.0.51%

Only in IFRA

148 securities, 96.5% of IFRA by weight

Union Pacific4.25%
Nextera Energy4.06%
Csx3.75%
Quanta Services Inc3.59%
Caterpillar Inc3.10%
Southern3.09%
Norfolk Southern Corp2.99%
Duke Energy Corp2.85%
United Rentals2.82%
Williams2.60%
Constellation Energy Corp2.55%
Nucor2.40%
Crh Public Limited PLC2.35%
American Electric Power Inc2.03%
Kinder Morgan1.89%
Tc Energy1.85%
Oneok1.75%
Dominion Energy1.68%
Comfort Systems Usa1.67%
Sempra1.61%
Entergy Corp1.47%
Xcel Energy Inc1.43%
Vulcan Materials1.42%
Exelon Corp1.37%
Vistra1.32%
Steel Dynamics Inc1.31%
Consolidated Edison1.23%
Martin Marietta Materials1.21%
Emcor Group1.16%
Wec Energy Group1.08%
Public Service Enterprise Group1.06%
Ameren0.88%
Ati0.87%
Reliance Steel & Aluminum0.86%
Fortis0.86%
Atmos Energy0.83%
PG&E Corp0.83%
American Water Works0.82%
Dte Energy0.81%
Centerpoint Energy0.80%
Amrize AG0.79%
Firstenergy Corp0.78%
Ppl Corp0.77%
Eversource Energy0.74%
Jacobs Solutions Inc0.70%
Api Group0.66%
Edison International0.65%
Cms Energy0.63%
James Hardie Industries PLC0.61%
Nisource0.61%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in AIRR and IFRA, widest gap first
Holding	More in AIRRMore in IFRA	AIRR	IFRA
Owens CorningOC	AIRR +2.97 points	3.34%	0.37%
Argan, Inc.AGX	AIRR +2.83 points	3.01%	0.18%
Sterling Infrastructure, Inc.STRL	AIRR +2.23 points	2.63%	0.40%
Advanced Drainage Systems, Inc.WMS	AIRR +2.08 points	2.45%	0.37%
Oshkosh CorporationOSK	AIRR +1.81 points	2.14%	0.33%
Primoris Services CorporationPRIM	AIRR +1.75 points	1.90%	0.15%
Mueller Industries, Inc.MLI	AIRR +1.73 points	2.19%	0.46%
Granite Construction IncorporatedGVA	AIRR +1.38 points	1.59%	0.21%
Construction Partners, Inc. (Class A)ROAD	AIRR +1.08 points	1.25%	0.17%
IES Holdings, Inc.IESC	AIRR +1.04 points	1.35%	0.31%
Legence Corp. (Class A)LGN	AIRR +0.74 points	0.83%	0.09%
Everus Construction Group, Inc.ECG	AIRR +0.68 points	0.88%	0.20%
Tutor Perini CorporationTPC	AIRR +0.62 points	0.77%	0.15%

All 55 AIRR holdings⁠All 161 IFRA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AIRR vs IFRA Cost

Overpaying AIRR vs IFRA

$7,280

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AIRR 0.69%
$13,429
IFRA 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

AIRR 0.69%
IFRA 0.30%
Overpaying

Year by year

Year	AIRR	IFRA	Overpaying
10	$1,232	$545	$687
20	$4,697	$2,113	$2,584
30	$13,429	$6,149	$7,280

Expense ratio

0.69%AIRR
0.30%IFRA, cheaper

IFRA0.30%AIRR0.69%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

IFRA cheapest of 33 funds

AIRR 24th cheapest of 33 funds

AIRR vs IFRA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AIRR 0.10%; IFRA 1.74%, better
Payout (12M): AIRR $0.09; IFRA $1.02
Last payment: AIRR $0.07; IFRA $0.26
Ex-dividend: AIRR Mar 26, 2026; IFRA Sep 15, 2026
Paid on: AIRR Mar 31, 2026; IFRA Sep 18, 2026
Frequency: AIRR Quarterly; IFRA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AIRRQuarterly · 27 paymentsAll AIRR payments⁠

IFRAQuarterly · 35 paymentsAll IFRA payments⁠

AIRR vs IFRA Risk

Fall from peak · 5 years

AIRR
IFRA

Risk facts

VolatilityStd dev, 3 years: AIRR 26.3%IFRA 17.2%, better
Return per unit of riskSharpe ratio, 3 years: AIRR 0.89IFRA 0.92, better
Worst fallMax drawdown, 5 years: AIRR −28.2%IFRA −19.9%, better
Market sensitivityBeta, 5 years: AIRR 1.28IFRA 0.96; Market = 1

AIRR and IFRA in the news

All news⁠

Category Review
Infrastructure ETFs lagged stocks, and large construction funds fell hardest in the quarter
Updated Oct 20, 2026AIRRIFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026AIRRIFRA
ETF Filings
Wedbush files for a 50-stock analog ETF that excludes AI, chips and data centers
Sep 7, 2026AIRRIFRA

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