BKGI vs IFRA: Grades, Fees and Holdings Compared

BNY Mellon Global Infrastructure Income ETF

BKGIBCboe

iShares U.S. Infrastructure ETF

IFRAACboe

Overlap

7.5%by weight

Expense ratio

IFRA −0.25pt a year

BKGI0.55%IFRA0.30%

Avg volume · 30D

BKGI 1.1×the volume

BKGI453KIFRA398K

3Y return · a year

BKGI +1.7pt

BKGI+22.3%IFRA+20.6%

BKGI vs IFRA Performance

Oct 31, 2025 – Oct 30, 2026

+10.4%BKGI+12.7%IFRA

Expense ratio: BKGI 0.55%; IFRA 0.30%, better
Fund size: BKGI $1.94B; IFRA $4.07B
1Y total return: BKGI +10.4%; IFRA +12.7%, better
Yield (12M): BKGI 3.05%, better; IFRA 1.74%
Holdings: BKGI 36; IFRA 165
Avg volume (30D): BKGI 453K sh, better; IFRA 398K sh
NAV per share: BKGI $42.37; IFRA $58.33
52W range

ETF.net Grade

Pillar letters and Scores for BKGI, IFRA, with each pillar’s weight
Pillar	BKGI	IFRA
Cost30% weight	C53	A100Higher
Mission25% weight	Not scored	A83
Risk15% weight	A74Higher	B55
Tradability15% weight	B65	A95Higher
Holdings10% weight	Not scored	A82
Durability5% weight	B67	A81Higher

Rank among Infrastructure funds

How we build Categories ›

Same Category. BKGI 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 BKGI 9th of 33 funds in the Infrastructure Category.

Rank 1AIFRAiShares U.S. Infrastructure ETFScore 86
Rank 2AIGFiShares Global Infrastructure ETFScore 83
Rank 8BPOWRiShares U.S. Power Infrastructure ETFScore 66
Rank 9BBKGIBNY Mellon Global Infrastructure Income ETFScore 61
Rank 10BRBLDFirst Trust Alerian U.S. NextGen Infrastructure ETFScore 57

Our read on each fund

ETF.net Research

BKGIBBNY Mellon Global Infrastructure Income ETF

IFRAAiShares U.S. Infrastructure ETF

In short

BKGI Active, not indexed: Newton's team picks about 40 dividend-paying infrastructure names and counts telecom, health care and real estate as infrastructure alongside grids and pipelines. Fee: 0.55% net of a waiver through February 27, 2027.

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

BKGI The fund seeks long-term total return through capital growth and income, investing primarily in dividend-paying infrastructure companies.

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

BKGI Casts a wider net than index infrastructure funds: energy, industrials and utilities, plus communication services, health care and real estate.sec.gov
Income is the stated job. It targets (does not guarantee) a gross forward-looking 12-month yield of 6% or more, no derivatives or option overlays, paid quarterly.bny.com
0.55% net of a waiver through February 27, 2027 (0.65% gross) sits near the infrastructure category median, even with a team picking every name.
Newton, a BNY affiliate, has run this global infrastructure dividend strategy for institutions since 2011. The ETF wrapper arrived in 2022, and it is now a multi-billion-dollar fund.bny.com

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

BKGI Index rivals cost less: IFRA at 0.30%, IGF at 0.37%. Here you pay for security selection, not benchmark replication.
About 40 holdings means each name carries real weight next to index funds holding hundreds.
No index to track: outcomes ride on one team's calls, across a mandate that reaches global and emerging markets.sec.gov

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 BKGI profile⁠

Full IFRA profile⁠

BKGI vs IFRA Holdings

How BKGI and IFRA differ

Overlap by weight

7.5%

Shared holdings make up 14.5% of BKGI and 8.3% of IFRA.

Level by level

Holdings6 in both7.5%
Countryby domicile47.4%
Sector7 Sectors69.4%
Asset classEquity100%

Sector

Sector weights in BKGI and IFRA, widest gap first
Sector	More in BKGIMore in IFRA	BKGI	IFRA
Real Estate	BKGI +16.8 points	16.8%	0.0%
Industrials	IFRA +16.6 points	18.3%	34.9%
Materials	IFRA +13.7 points	0.0%	13.7%
Energy	BKGI +10.6 points	19.7%	9.1%
Communication	BKGI +3.1 points	3.1%	0.0%
Consumer Discretionary	IFRA +0.3 points	0.0%	0.3%
Utilities	BKGI +0.1 points	42.1%	42.0%

Country, concentration and asset class

Country by domicile

Country weights in BKGI and IFRA, widest gap first
Country	More in BKGIMore in IFRA	BKGI	IFRA
United States	IFRA +51.8 points	43.6%	95.4%
Spain	BKGI +16.8 points	16.8%	0.0%
France	BKGI +10.2 points	10.2%	0.0%
Italy	BKGI +7.2 points	7.2%	0.0%
Sweden	BKGI +4.2 points	4.2%	0.0%
Canada	BKGI +3.7 points	7.5%	3.8%
Finland	BKGI +3.4 points	3.4%	0.0%
United Kingdom	BKGI +3.1 points	3.1%	0.0%
Other countries (3)	BKGI +3.2 points	4.0%	0.8%

Outside the US: BKGI 97% developed, 3% emerging.

Concentration

Weight in the 10 largest Holdings

BKGI55.5%
IFRA33.1%

Securities held

BKGI30
IFRA161

Asset class

BKGI: Equity
IFRA: Equity

Holdings

Only in BKGI24
In both6
Only in IFRA155

Only in BKGI

24 securities, 85.4% of BKGI by weight

Naturgy Energy Group SA7.47%
Aena Sme SA7.42%
Enbridge Inc7.32%
Hess Midstream Lp - Class A6.73%
Healthpeak Properties Inc6.62%
Omega Healthcare Investors4.64%
TELE2 Ab-B Shs4.13%
Enel Spa3.84%
American Tower Corp3.79%
Engie3.33%
Fortum Oyj3.27%
Italgas Spa3.16%
Dreyfus Institutional Preferred Government Money M3.10%
Drax Group PLC2.97%
Natl Health Investors Inc2.86%
Veolia Environnement2.45%
Clearway Energy Inc-C2.41%
Apa Group2.21%
Vinci SA2.06%
Eiffage1.95%
Jiangsu Express Co Ltd-H1.62%
Enagas SA1.28%
Sfl Corp Ltd0.74%
Net Current Assets0.10%

Only in IFRA

155 securities, 91.7% 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%
Nucor2.40%
Crh Public Limited PLC2.35%
American Electric Power Inc2.03%
Kinder Morgan1.89%
Tc Energy1.85%
Comfort Systems Usa1.67%
Sempra1.61%
Entergy Corp1.47%
Xcel Energy Inc1.43%
Vulcan Materials1.42%
Exelon Corp1.37%
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%
Jacobs Solutions Inc0.70%
Api Group0.66%
Edison International0.65%
Cms Energy0.63%
James Hardie Industries PLC0.61%
Nisource0.61%
Carlisle Companies0.57%
Evergy0.56%
Nrg Energy Inc0.55%
Alliant Energy Corp0.53%
Carpenter Technology0.53%

Weight gaps

All 6 Holdings in both funds, largest gap first.

Holding weights in BKGI and IFRA, widest gap first
Holding	More in BKGIMore in IFRA	BKGI	IFRA
Oneok IncOKE	BKGI +1.75 points	3.50%	1.75%
Dominion Energy IncD	BKGI +1.69 points	3.37%	1.68%
Eversource EnergyES	BKGI +1.57 points	2.31%	0.74%
Antero Midstream CorpAM	BKGI +1.42 points	1.62%	0.20%
Constellation EnergyCEG	IFRA +0.74 points	1.81%	2.55%
Vistra CorpVST	BKGI +0.54 points	1.86%	1.32%

All 37 BKGI 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.

BKGI vs IFRA Cost

Overpaying BKGI vs IFRA

$4,755

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

BKGI 0.55%
$10,904
IFRA 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

BKGI 0.55%
IFRA 0.30%
Overpaying

Year by year

Year	BKGI	IFRA	Overpaying
10	$988	$545	$443
20	$3,790	$2,113	$1,677
30	$10,904	$6,149	$4,755

Expense ratio

0.55%BKGI
0.30%IFRA, cheaper

IFRA0.30%BKGI0.55%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

IFRA cheapest of 33 funds

BKGI 15th cheapest of 33 funds

BKGI vs IFRA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BKGI 3.05%, better; IFRA 1.74%
Payout (12M): BKGI $1.29; IFRA $1.02
Last payment: BKGI $0.29; IFRA $0.26
Ex-dividend: BKGI Oct 1, 2026; IFRA Sep 15, 2026
Paid on: BKGI Oct 6, 2026; IFRA Sep 18, 2026
Frequency: BKGI Quarterly; IFRA Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

BKGIQuarterly · 16 paymentsAll BKGI payments⁠

IFRAQuarterly · 35 paymentsAll IFRA payments⁠

BKGI vs IFRA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BKGI 13.0%, betterIFRA 17.2%
Return per unit of riskSharpe ratio, 3 years: BKGI 1.28, betterIFRA 0.92
Worst fallMax drawdown, 5 years: BKGI −14.8%since Nov 2022IFRA −19.9%
Market sensitivityBeta, 5 years: BKGI 0.56IFRA 0.96; Market = 1

BKGI 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, 2026IFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026IFRA
ETF Filings
Wedbush files for a 50-stock analog ETF that excludes AI, chips and data centers
Sep 7, 2026IFRA

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