EMIF vs NFRA: Grades, Fees and Holdings Compared

iShares Emerging Markets Infrastructure ETF

EMIFDNasdaq

Northern Trust STOXX Global Broad Infrastructure ETF

NFRAANYSE Arca

Overlap

0.9%by weight

Expense ratio

NFRA −0.13pt a year

EMIF0.60%NFRA0.47%

Avg volume · 30D

NFRA 36.0×the volume

EMIF2.17KNFRA78.3K

10Y return · a year

NFRA +5.4pt

EMIF+2.0%NFRA+7.4%

EMIF vs NFRA Performance

Nov 2, 2021 – Nov 2, 2026

+31.5%EMIF+31.5%NFRA

Expense ratio: EMIF 0.60%; NFRA 0.47%, better
Fund size: EMIF $13M; NFRA $3.06B
1Y total return: EMIF +5.8%; NFRA +9.3%, better
Yield (12M): EMIF 4.20%; NFRA 5.73%, better
Holdings: EMIF 43; NFRA 202
Avg volume (30D): EMIF 2.17K sh; NFRA 78.3K sh, better
NAV per share: EMIF $26.06; NFRA $64.63
52W range

ETF.net Grade

Pillar letters and Scores for EMIF, NFRA, with each pillar’s weight
Pillar	EMIF	NFRA
Cost30% weight	D39	A74Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D34	A72Higher
Tradability15% weight	F23	B65Higher
Holdings10% weight	D26	A88Higher
Durability5% weight	B60	A81Higher

Rank among Infrastructure funds

How we build Categories ›

Same Category. EMIF 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 EMIF 24th 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 22DSHPPPacer Industrials and Logistics ETFScore 39
Rank 24DEMIFiShares Emerging Markets Infrastructure ETFScore 34
Rank 24DNGIFNuveen Global Infrastructure Fund: ETF Class SharesScore 34

Our read on each fund

ETF.net Research

EMIFDiShares Emerging Markets Infrastructure ETF

NFRAANorthern Trust STOXX Global Broad Infrastructure ETF

In short

EMIF Most infrastructure ETFs go global or stay home. EMIF does neither: an iShares fund running since 2009 that tracks a roughly 30-stock index of listed emerging-markets infrastructure companies.

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

EMIF The Fund seeks to follow an index of 30 leading publicly listed companies in the emerging-markets infrastructure industry.

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

Why people hold it

EMIF One lane, no detours: emerging markets only, infrastructure only. The category's best-known names (IGF, GII, PAVE) cast a global or U.S. net instead.
Rules-based and readable: it follows the S&P Emerging Markets Infrastructure Index, built around 30 leading listed operators, with no manager stock-picking.
Launched in 2009 under the iShares roof, so the strategy has traded through more than a decade of emerging-market weather.

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

EMIF Costs 0.60% a year, above infrastructure peers such as IFRA (0.30%) and IGF (0.37%).
Small and thinly traded, which typically means wider bid-ask spreads than the category's household names.
About 30 stocks, so individual names and countries move the needle. It sits in the lower half of its infrastructure peer group on our review.

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 EMIF profile⁠

Full NFRA profile⁠

EMIF vs NFRA Holdings

How EMIF and NFRA differ

Overlap by weight

0.9%

Shared holdings make up 19.5% of EMIF and 0.9% of NFRA.

Level by level

Holdings6 in both0.9%
Countryby domicile3.9%
Sector8 Sectors33.1%
Asset classEquity100%

Sector

Sector weights in EMIF and NFRA, widest gap first
Sector	More in EMIFMore in NFRA	EMIF	NFRA
Transportation	EMIF +41.5 points	41.5%	0.0%
Industrials	NFRA +32.8 points	0.0%	32.8%
Communication	NFRA +23.5 points	0.0%	23.5%
Utilities	EMIF +14.7 points	38.6%	23.9%
Energy	EMIF +10.7 points	19.9%	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%

Country, concentration and asset class

Country by domicile

Country weights in EMIF and NFRA, widest gap first
Country	More in EMIFMore in NFRA	EMIF	NFRA
United States	NFRA +41.1 points	0.0%	41.1%
China	EMIF +36.4 points	37.0%	0.6%
Mexico	EMIF +19.1 points	20.0%	0.9%
Brazil	EMIF +16.3 points	17.6%	1.3%
Canada	NFRA +14.0 points	0.0%	14.0%
United Arab Emirates	EMIF +10.9 points	10.9%	0.0%
Japan	NFRA +9.8 points	0.0%	9.8%
Germany	NFRA +8.3 points	0.0%	8.3%
Other countries (21)	NFRA +9.6 points	14.5%	24.1%

Outside the US: EMIF 0% developed, 100% emerging. NFRA 85% developed, 15% emerging.

Concentration

Weight in the 10 largest Holdings

EMIF59.4%
NFRA27.6%

Securities held

EMIF30
NFRA175

Asset class

EMIF: Equity
NFRA: Equity

Holdings

Only in EMIF24
In both6
Only in NFRA169

Only in EMIF

24 securities, 79.7% of EMIF by weight

Grupo Aeroportuario Del Pacifico A10.75%
Companhia De Saneamento Basico Do7.82%
Adnoc Drilling Company6.25%
Grupo Aeroportuario Adr Representi4.96%
Qatar Gas Transport Company Ltd4.57%
Cosco Shipping Energy Transportati4.42%
Grupo Aeroportuario Del Centro Nor4.19%
China Resources Power Ltd4.05%
Companhia Paranaense De Energia Co3.69%
Cgn Power Ltd H3.40%
Korea Electric Power Adr Rep3.34%
Enn Energy Holdings Ltd3.33%
China Oilfield Services Ltd H2.73%
Kunlun Energy Ltd2.67%
Companhia Energetica Minas Gerais2.54%
Huaneng Power International Inc H2.43%
Enel Chile Adr Representing SA1.51%
Zhejiang Expressway Ltd H1.46%
China Suntien Green Energy Corp Lt1.23%
China Longyuan Power Group H1.19%
Cosco Shipping Ports Ltd1.05%
Anhui Expressway Ltd H0.98%
Sk Gas Ltd0.74%
Beijing Capital International Airp0.36%

Only in NFRA

169 securities, 97.2% 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 6 Holdings in both funds, largest gap first.

Holding weights in EMIF and NFRA, widest gap first
Holding	More in EMIFMore in NFRA	EMIF	NFRA
Airports of Thailand Non-Voting Dr	EMIF +8.34 points	8.69%	0.35%
Motiva Infraestrutura De Mobilidad	EMIF +2.82 points	2.95%	0.13%
China Merchants Port Holdings Ltd	EMIF +2.73 points	2.86%	0.13%
Guangdong Investment Ltd	EMIF +1.93 points	2.06%	0.13%
Jiangsu Expressway Ltd H	EMIF +1.89 points	1.97%	0.08%
Shenzhen International Holdings	EMIF +0.93 points	0.97%	0.04%

All 30 EMIF 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.

EMIF vs NFRA Cost

Overpaying EMIF vs NFRA

$2,399

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

EMIF 0.60%
$11,817
NFRA 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

EMIF 0.60%
NFRA 0.47%
Overpaying

Year by year

Year	EMIF	NFRA	Overpaying
10	$1,076	$847	$229
20	$4,116	$3,261	$855
30	$11,817	$9,418	$2,399

Expense ratio

0.60%EMIF
0.47%NFRA, cheaper

NFRA0.47%EMIF0.60%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

NFRA 10th cheapest of 33 funds

EMIF 19th cheapest of 33 funds

EMIF vs NFRA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EMIF 4.20%; NFRA 5.73%, better
Payout (12M): EMIF $1.11; NFRA $3.70
Last payment: EMIF $0.28; NFRA $0.33
Ex-dividend: EMIF Jun 15, 2026; NFRA Sep 18, 2026
Paid on: EMIF Jun 18, 2026; NFRA Sep 24, 2026
Frequency: EMIF Twice a year; NFRA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EMIFTwice a year · 20 paymentsAll EMIF payments⁠

NFRAQuarterly · 40 paymentsAll NFRA payments⁠

EMIF vs NFRA Risk

Fall from peak · 5 years

EMIF
NFRA

Risk facts

VolatilityStd dev, 3 years: EMIF 12.8%NFRA 11.6%, better
Return per unit of riskSharpe ratio, 3 years: EMIF 0.81NFRA 0.87, better
Worst fallMax drawdown, 5 years: EMIF −23.3%NFRA −22.1%, better
Market sensitivityBeta, 5 years: EMIF 0.76NFRA 0.68; Market = 1

EMIF 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, 2026NFRA
New ETFs
Man's new infrastructure ETF costs 0.15 percentage points more than iShares' active fund
Oct 5, 2026NFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026NFRA

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EMIF vs NFRA

In short

Stated mandate

Why people hold it