AIRR vs NFRA: Grades, Fees and Holdings Compared

First Trust RBA American Industrial RenaissanceTM ETF

AIRRCNasdaq

Northern Trust STOXX Global Broad Infrastructure ETF

NFRAANYSE Arca

Overlap

0.2%by weight

Expense ratio

NFRA −0.22pt a year

AIRR0.69%NFRA0.47%

Avg volume · 30D

AIRR 9.9×the volume

AIRR779KNFRA78.3K

10Y return · a year

AIRR +10.6pt

AIRR+17.8%NFRA+7.2%

AIRR vs NFRA Performance

Oct 29, 2021 – Oct 30, 2026

+126.7%AIRR+32.3%NFRA

Expense ratio: AIRR 0.69%; NFRA 0.47%, better
Fund size: AIRR $8.37B; NFRA $3.06B
1Y total return: AIRR −1.3%; NFRA +9.2%, better
Yield (12M): AIRR 0.10%; NFRA 5.74%, better
Holdings: AIRR 56; NFRA 202
Avg volume (30D): AIRR 779K sh, better; NFRA 78.3K sh
NAV per share: AIRR $98.55; NFRA $64.63
52W range

ETF.net Grade

Pillar letters and Scores for AIRR, NFRA, with each pillar’s weight
Pillar	AIRR	NFRA
Cost30% weight	D27	A74Higher
Mission25% weight	C41	Not scored
Risk15% weight	D25	A71Higher
Tradability15% weight	A96Higher	B65
Holdings10% weight	A76	A88Higher
Durability5% weight	A87Higher	A81

Rank among Infrastructure funds

How we build Categories ›

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

Infrastructure⁠

Category · 33 funds

See all 33 ›

NFRA ranks 4th and AIRR 15th of 33 funds in the Infrastructure Category.

Rank 1AIFRAiShares U.S. Infrastructure ETFScore 86
Rank 2AIGFiShares Global Infrastructure ETFScore 83
Rank 3AGIIState Street SPDR S&P Global Infrastructure ETFScore 78
Rank 4ANFRANorthern Trust STOXX Global Broad Infrastructure ETFScore 74
Rank 5APAVEGlobal X U.S. Infrastructure Development ETFScore 71
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

NFRAANorthern Trust STOXX Global Broad 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.

NFRA Most global infrastructure funds stop at utilities and toll roads. NFRA's index goes wider, adding cell towers, data centers, hospitals, prisons and postal routes to the pipelines and railroads, across developed and emerging markets.

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.

NFRA The fund seeks to match, before fees and expenses, the performance of the STOXX Global Broad Infrastructure Index.

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.

NFRA Five supersectors in one wrapper: communications, energy, utilities, transportation and government outsourcing (hospitals, postal, correctional), across roughly 220 holdings.flexshares.com
Charges 0.47% net (0.48% gross), net of a waiver through March 1, 2027, below the infrastructure category median.
The index does real work: half of revenue must come from infrastructure, names must clear a $1 million daily-volume screen, and sector caps limit crowding. Rebalanced quarterly.flexshares.com
Listed in 2013 and now a multi-billion-dollar fund that pays quarterly, it sits among the stronger builds in its 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.

NFRA Cheaper options sit on the same shelf: IFRA at 0.30%, IGF at 0.37%, GII at 0.40%. Each tracks a different index with a different definition of infrastructure.
Broad cuts both ways: telecoms, railroads and postal operators share the portfolio with utilities, so this is not a pure regulated-utility sleeve.flexshares.com flexshares.com 2
Volume is moderate rather than heavy for the category, which can mean wider spreads on larger orders.

Full AIRR profile⁠

Full NFRA profile⁠

AIRR vs NFRA Holdings

How AIRR and NFRA differ

Overlap by weight

0.2%

Shared holdings make up 2.5% of AIRR and 0.2% of NFRA.

Level by level

Holdings1 in both0.2%
Sector10 Sectors37.2%
Countryby domicile41.1%
Asset classEquity100%

Sector

Sector weights in AIRR and NFRA, widest gap first
Sector	More in AIRRMore in NFRA	AIRR	NFRA
Industrials	AIRR +45.4 points	78.2%	32.8%
Communication	NFRA +23.5 points	0.0%	23.5%
Utilities	NFRA +23.2 points	0.7%	23.9%
Financials	AIRR +8.9 points	8.9%	0.0%
Materials	AIRR +7.7 points	7.7%	0.0%
Energy	NFRA +5.5 points	3.7%	9.2%
Health Care	NFRA +4.9 points	0.0%	4.9%
Real Estate	NFRA +4.6 points	0.0%	4.6%
Technology	NFRA +1.1 points	0.0%	1.1%
Consumer Discretionary	AIRR +0.7 points	0.7%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in AIRR and NFRA, widest gap first
Country	More in AIRRMore in NFRA	AIRR	NFRA
United States	AIRR +58.9 points	100.0%	41.1%
Canada	NFRA +14.0 points	0.0%	14.0%
Japan	NFRA +9.8 points	0.0%	9.8%
Germany	NFRA +8.3 points	0.0%	8.3%
United Kingdom	NFRA +4.2 points	0.0%	4.2%
Spain	NFRA +4.1 points	0.0%	4.1%
India	NFRA +3.7 points	0.0%	3.7%
Australia	NFRA +3.0 points	0.0%	3.0%
Other countries (19)	NFRA +11.8 points	0.0%	11.8%

Outside the US: NFRA 85% developed, 15% emerging.

Concentration

Weight in the 10 largest Holdings

AIRR33.5%
NFRA27.6%

Securities held

AIRR55
NFRA175

Asset class

AIRR: Equity
NFRA: Equity

Holdings

Only in AIRR54
In both1
Only in NFRA174

Only in AIRR

54 securities, 97.4% 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%
Owens Corning3.34%
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%
Argan, Inc.3.01%
Core & Main, Inc. (Class A)2.98%
Forgent Power Solutions, Inc. (Class A)2.68%
Sterling Infrastructure, Inc.2.63%
Saia, Inc.2.61%
Old National Bancorp2.46%
Advanced Drainage Systems, Inc.2.45%
Mueller Industries, Inc.2.19%
Oshkosh Corporation2.14%
SPX Technologies2.12%
Primoris Services Corporation1.90%
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%
Granite Construction Incorporated1.59%
Ryder System, Inc.1.57%
Xometry, Inc. (Class A)1.53%
Associated Banc-Corp1.52%
Wintrust Financial Corporation1.50%
Kirby Corporation1.39%
IES Holdings, Inc.1.35%
Mercury Systems, Inc.1.29%
Construction Partners, Inc. (Class A)1.25%
Landstar System, Inc.1.07%
Federal Signal Corporation1.06%
Fulton Financial Corporation0.94%
Everus Construction Group, Inc.0.88%
Zurn Elkay Water Solutions Corp.0.86%
Ducommun Incorporated0.86%
Legence Corp. (Class A)0.83%
Leonardo DRS, Inc.0.83%
CSW Industrials, Inc.0.83%
DNOW Inc.0.82%
Tutor Perini Corporation0.77%
Mueller Water Products, Inc.0.76%
Blue Bird Corporation0.72%
SOLV Energy, Inc. (Class A)0.69%
First Financial Bancorp.0.69%

Only in NFRA

174 securities, 97.9% of NFRA by weight

Canadian Pacific Kansas City Ltd Common Stock Cad3.67%
Canadian National Railway Co Common Stock Cad 03.19%
Softbank Group Corp Common Stock Jpy2.91%
Dhl AG Common Stock Eur 02.89%
Deutsche Telekom AG Common Stock Eur 02.68%
Iberdrola SA Common Stock Eur 0.752.57%
Verizon Communications Inc Common Stock USD 0.12.57%
Union Pacific Corp Common Stock USD 2.52.50%
Nextera Energy Inc Common Stock USD 0.012.43%
Waste Connections Inc Common Stock2.15%
AT&T Inc Common Stock USD 12.03%
Enbridge Inc Common Stock Cad 01.82%
Bharti Airtel Ltd Common Stock Inr 51.71%
Ntt Inc Common Stock Jpy1.51%
The Southern Company1.50%
National Grid PLC Common Stock Gbp 12.431291.48%
Transurban Group Stapled Security Aud 01.41%
Equinix Inc Reit USD 0.0011.39%
Duke Energy Corp Common Stock USD 0.0011.38%
Enel Spa Common Stock Eur 11.36%
Csx Corp Common Stock USD 11.34%
Kddi Corp Common Stock Jpy1.32%
Williams Cos Inc/The Common Stock USD 11.27%
American Tower Corp Reit USD 0.011.22%
East Japan Railway Co Common Stock Jpy1.22%
Waste Management Inc Common Stock USD 0.011.21%
Constellation Energy Corp Common Stock USD1.20%
Central Japan Railway Co Common Stock Jpy1.16%
Veolia Environnement SA Common Stock Eur 51.14%
Comcast Corp Common Stock USD 0.011.13%
Tc Energy Corp Common Stock Cad 01.13%
Norfolk Southern Corp Common Stock USD 11.07%
T-Mobile Us Inc Common Stock USD 0.00011.04%
Aena Sme SA Common Stock Eur 11.03%
Fresenius SE & Co Kgaa Common Stock Eur 01.02%
American Electric Power Co Inc Common Stock USD0.98%
Hca Healthcare Inc Common Stock USD 0.010.97%
Cheniere Energy Inc Common Stock USD 0.0030.94%
Targa Resources Corp Common Stock USD 0.0010.94%
International Container Terminal Services Inc0.92%
Kinder Morgan Inc Common Stock USD 0.010.92%
Digital Realty Trust Inc Reit USD 0.010.88%
Engie SA Common Stock Eur 10.86%
Oneok Inc Common Stock USD 0.010.84%
Adani Ports & Special Economic Zone Ltd Common0.83%
Dominion Energy Inc Common Stock USD 00.82%
E.on SE Common Stock Eur 00.79%
Sempra Common Stock USD 00.78%
Rwe AG Common Stock Eur 00.76%
Sse PLC Common Stock Gbp 500.72%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in AIRR and NFRA, widest gap first
Holding	More in AIRRMore in NFRA	AIRR	NFRA
Clean Harbors, Inc.CLH	AIRR +2.32 points	2.52%	0.20%

All 55 AIRR holdings⁠All 220 NFRA 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 NFRA Cost

Overpaying AIRR vs NFRA

$4,011

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

AIRR 0.69%
$13,429
NFRA 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

AIRR 0.69%
NFRA 0.47%
Overpaying

Year by year

Year	AIRR	NFRA	Overpaying
10	$1,232	$847	$385
20	$4,697	$3,261	$1,436
30	$13,429	$9,418	$4,011

Expense ratio

0.69%AIRR
0.47%NFRA, cheaper

NFRA0.47%AIRR0.69%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

NFRA 10th cheapest of 33 funds

AIRR 24th cheapest of 33 funds

AIRR vs NFRA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AIRR 0.10%; NFRA 5.74%, better
Payout (12M): AIRR $0.09; NFRA $3.70
Last payment: AIRR $0.07; NFRA $0.33
Ex-dividend: AIRR Mar 26, 2026; NFRA Sep 18, 2026
Paid on: AIRR Mar 31, 2026; NFRA Sep 24, 2026
Frequency: AIRR Quarterly; NFRA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AIRRQuarterly · 27 paymentsAll AIRR payments⁠

NFRAQuarterly · 40 paymentsAll NFRA payments⁠

AIRR vs NFRA Risk

Fall from peak · 5 years

AIRR
NFRA

Risk facts

VolatilityStd dev, 3 years: AIRR 26.3%NFRA 11.6%, better
Return per unit of riskSharpe ratio, 3 years: AIRR 0.89, betterNFRA 0.87
Worst fallMax drawdown, 5 years: AIRR −28.2%NFRA −22.1%, better
Market sensitivityBeta, 5 years: AIRR 1.28NFRA 0.68; Market = 1

AIRR and NFRA in the news

All news⁠

Category Review
Infrastructure ETFs lagged stocks, and large construction funds fell hardest in the quarter
Updated Oct 20, 2026AIRRNFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026AIRRNFRA
New ETFs
Man's new infrastructure ETF costs 0.15 percentage points more than iShares' active fund
Oct 5, 2026NFRA
ETF Filings
Wedbush files for a 50-stock analog ETF that excludes AI, chips and data centers
Sep 7, 2026AIRR

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