GII vs TPZ: Grades, Fees and Holdings Compared

State Street SPDR S&P Global Infrastructure ETF

GIIANYSE Arca

Tortoise Electrification Infrastructure ETF

TPZDNYSE

Overlap

21.4%by weight

Expense ratio

GII −0.45pt a year

GII0.40%TPZ0.85%

Avg volume · 30D

GII 4.9×the volume

GII41.6KTPZ8.56K

GII vs TPZ Performance

Oct 31, 2025 – Nov 2, 2026

+11.3%GII+4.4%TPZ

Expense ratio: GII 0.40%, better; TPZ 0.85%
Fund size: GII $962M; TPZ $113M
1Y total return: GII +11.3%, better; TPZ +4.4%
Yield (12M): GII 2.69%; TPZ 3.56%, better
Holdings: GII 89; TPZ 36
Avg volume (30D): GII 41.6K sh, better; TPZ 8.56K sh
NAV per share: GII $74.56; TPZ $20.95
52W range

ETF.net Grade

Pillar letters and Scores for GII, TPZ, with each pillar’s weight
Pillar	GII	TPZ
Cost30% weight	A86Higher	F9
Mission25% weight	Not scored	Not scored
Risk15% weight	A72Higher	C49
Tradability15% weight	A72Higher	D29
Holdings10% weight	B68Higher	D29
Durability5% weight	A85Higher	C40

Rank among Infrastructure funds

How we build Categories ›

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

Infrastructure⁠

Category · 33 funds

See all 33 ›

GII ranks 3rd and TPZ 30th 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 30DOBORKraneShares MSCI One Belt One Road Index ETFScore 25
Rank 30DTPZTortoise Electrification Infrastructure ETFScore 25
Rank 32FWUGIAXS Esoterica NextG Economy ETFScore 19
MLPANot yet graded

Our read on each fund

ETF.net Research

GIIAState Street SPDR S&P Global Infrastructure ETF

TPZDTortoise Electrification Infrastructure ETF

In short

GII Toll roads, airports, pipelines and power grids in one ticker. GII has tracked the S&P Global Infrastructure Index since 2007, an early entrant in the category, and charges less than the typical infrastructure fund.

TPZ Most infrastructure funds buy the whole board: airports, toll roads, pipelines. TPZ narrows to power and energy infrastructure with a stated emphasis on stable, defensive names. A specialist in a cohort of generalists.

Stated mandate

GII The fund seeks to track the total return of the S&P Global Infrastructure Index. That index provides exposure to large publicly listed infrastructure companies across transportation, utilities, and energy infrastructure.

TPZ The Fund seeks exposure primarily to power and energy infrastructure companies, with an emphasis on stable and defensive investments.

Why people hold it

GII Tracks an index of 75 of the largest listed infrastructure companies, screened for float and liquidity, spread across transportation, utilities and energy infrastructure in developed and emerging markets.ssga.com
0.40% a year against a 0.55% median for infrastructure ETFs. The cheap end of a category that often is not cheap.
Live since 2007, so the record covers the financial crisis, a decade of low rates and the 2022 rate shock. It rates among the strongest implementations in its infrastructure peer group.

TPZ Most of this cohort buys infrastructure wholesale. IGF, GII and TOLZ sweep in transport, utilities and the rest. TPZ stays on the power and energy side.
The defensive tilt sits in the mandate itself, which calls for an emphasis on stable and defensive investments, not just in the marketing.
A late-2024 launch built around electrification infrastructure from the start, rather than a broad infrastructure index with some power names in it.

Worth knowing

GII IGF follows the same index for 0.37%, three basis points less. GII's own trading is moderate rather than heavy, so spreads count alongside the fee gap.
Roughly 70 stocks across three sectors and several currencies. A focused, globally scattered book that can behave quite differently from a broad world equity fund.ssga.com
Distributions arrive on an annual or semiannual schedule, so cash lands in lumps rather than monthly.

TPZ At 0.85%, it runs above the 0.55% cohort median and well above index rivals like IFRA (0.30%) and IGF (0.37%). The narrow lens carries a price.
It is a small fund and thinly traded, so the bid-ask spread can cost more than the fee for anyone moving in and out on short notice.
Distributions arrive on an irregular schedule, and the end-2024 launch leaves a short record to judge it by.

Full GII profile⁠

Full TPZ profile⁠

GII vs TPZ Holdings

How GII and TPZ differ

Overlap by weight

21.4%

Shared holdings make up 52.5% of TPZ and 23.1% of GII.

Level by level

Holdings11 in both21.4%
Countryby domicile43.7%
Sector7 Sectors64.3%
Asset classEquity100%

Sector

Sector weights in GII and TPZ, widest gap first
Sector	More in GIIMore in TPZ	GII	TPZ
Energy	TPZ +34.3 points	25.2%	59.5%
Industrials	GII +23.4 points	28.8%	5.4%
Financials	GII +6.0 points	6.9%	0.9%
Technology	GII +5.7 points	6.0%	0.3%
Utilities	TPZ +1.4 points	32.6%	34.0%
Communication	GII +0.3 points	0.3%	0.0%
Real Estate	GII +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in GII and TPZ, widest gap first
Country	More in GIIMore in TPZ	GII	TPZ
United States	TPZ +56.3 points	37.9%	94.2%
Spain	GII +9.1 points	9.1%	0.0%
Mexico	GII +7.4 points	7.4%	0.0%
France	GII +6.7 points	6.7%	0.0%
Australia	GII +6.3 points	6.3%	0.0%
China	GII +4.7 points	4.7%	0.0%
United Kingdom	GII +3.5 points	3.5%	0.0%
New Zealand	GII +3.5 points	3.5%	0.0%
Other countries (9)	GII +15.0 points	20.8%	5.8%

Outside the US: GII 78% developed, 22% emerging.

Concentration

Weight in the 10 largest Holdings

GII38.6%
TPZ60.4%

Securities held

GII76
TPZ35

Asset class

GII: Equity
TPZ: Equity

Holdings

Only in GII65
In both11
Only in TPZ24

Only in GII

65 securities, 76.7% of GII by weight

Aena Sme SA4.94%
Transurban Group4.90%
Iberdrola SA4.09%
Auckland Intl Airport Ltd4.02%
Grupo Aeroportuario Pac Adr3.98%
Enbridge Inc3.61%
Southern Co/The2.95%
Getlink SE2.87%
Duke Energy Corp2.71%
National Grid PLC2.33%
Tc Energy Corp2.21%
Kinder Morgan Inc2.19%
Enel Spa2.15%
Adp2.15%
Flughafen Zurich AG Reg2.00%
Grupo Aeroportuario Sur Adr1.86%
Dominion Energy Inc1.58%
Grupo Aeroportuario Cen Adr1.55%
Japan Airport Terminal Co1.43%
Engie1.37%
Xcel Energy Inc1.36%
Exelon Corp1.31%
E.on SE1.29%
Rwe AG1.24%
Sse PLC1.18%
Consolidated Edison Inc1.18%
Sats Ltd1.09%
China Merchants Port Holding1.05%
Public Service Enterprise Gp1.01%
Pembina Pipeline Corp0.98%
Fraport AG Frankfurt Airport0.96%
Dalrymple Bay Infrastructure0.83%
Jiangsu Express Co Ltd H0.75%
Enav Spa0.61%
Zhejiang Expressway Co H0.55%
Atlas Arteria0.52%
Hutchison Port Holdings Tr U0.44%
Westshore Terminals Investme0.44%
Keyera Corp0.38%
Cosco Shipping Ports Ltd0.37%
Shenzhen Intl Holdings0.37%
Anhui Expressway Co Ltd H0.36%
Corp America Airports SA0.33%
Cia Saneamento Basico De Adr0.30%
Frontline PLC0.26%
Gaztransport Et Techniga SA0.26%
South Bow Corp0.25%
Sia Engineering Co Ltd0.24%
Antero Midstream Corp0.24%
Sichuan Expressway Group Co0.16%

Only in TPZ

24 securities, 47.4% of TPZ by weight

Energy Transfer LP7.71%
TC Energy Corp5.24%
Mplx Lp4.71%
CenterPoint Energy Inc3.78%
WEC Energy Group Inc3.49%
Enterprise Products Partners LP3.37%
Venture Global Inc2.13%
DTE Energy Co2.05%
Evergy Inc1.60%
Western Midstream Partners LP1.51%
MasTec Inc1.50%
Solaris Energy Infrastructure Inc1.43%
Quanta Services Inc1.34%
NiSource Inc1.19%
Talen Energy Corp1.07%
MYR Group Inc0.92%
Kodiak Gas Services Inc0.76%
Accelevation Holdings Corp0.73%
Vertiv Holdings Co0.66%
First American Government Obligations Fund 12/01/20310.64%
Innio NV0.59%
Terawulf Inc0.38%
Hut 8 Corp0.37%
Cipher Digital Inc0.24%

Weight gaps

All 11 Holdings in both funds, largest gap first.

Holding weights in GII and TPZ, widest gap first
Holding	More in GIIMore in TPZ	GII	TPZ
Targa Resources CorpTRGP	TPZ +6.72 points	2.20%	8.92%
Cheniere Energy IncLNG	TPZ +6.43 points	2.17%	8.60%
Entergy CorpETR	TPZ +4.98 points	1.42%	6.40%
Williams Cos IncWMB	TPZ +3.51 points	3.02%	6.53%
Dt Midstream IncDTM	TPZ +2.85 points	0.43%	3.28%
Oneok IncOKE	TPZ +2.04 points	1.99%	4.03%
Constellation EnergyCEG	TPZ +2.03 points	2.40%	4.43%
Nextera Energy IncNEE	GII +1.70 points	4.72%	3.02%
SempraSRE	TPZ +1.21 points	1.55%	2.76%
American Electric PowerAEP	TPZ +0.93 points	1.94%	2.87%
Vistra CorpVST	TPZ +0.38 points	1.23%	1.61%

All 75 GII holdings⁠All TPZ 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.

GII vs TPZ Cost

Overpaying TPZ vs GII

$8,109

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

GII 0.40%
$8,090
TPZ 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

GII 0.40%
TPZ 0.85%
Overpaying

Year by year

Year	GII	TPZ	Overpaying
10	$723	$1,508	$785
20	$2,793	$5,706	$2,913
30	$8,090	$16,199	$8,109

Expense ratio

0.40%GII, cheaper
0.85%TPZ

GII0.40%TPZ0.85%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

GII 6th cheapest of 33 funds

TPZ 30th cheapest of 33 funds

GII vs TPZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GII 2.69%; TPZ 3.56%, better
Payout (12M): GII $2.02; TPZ $0.75
Last payment: GII $0.78; TPZ $0.20
Ex-dividend: GII Jun 1, 2026; TPZ Sep 24, 2026
Paid on: GII Jun 3, 2026; TPZ Sep 25, 2026
Frequency: GII Twice a year; TPZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GIITwice a year · 19 paymentsAll GII payments⁠

TPZQuarterly · 111 paymentsAll TPZ payments⁠

GII vs TPZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GII 12.5%TPZ 14.6%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: GII 1.17TPZ 0.29since Jan 2025
Worst fallMax drawdown, 5 years: GII −20.7%TPZ −17.8%since Dec 2024
Market sensitivityBeta, 5 years: GII 0.56TPZ 0.45; Market = 1

GII and TPZ in the news

All news⁠

Category Review
Infrastructure ETFs lagged stocks, and large construction funds fell hardest in the quarter
Updated Oct 20, 2026GII
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026GII

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GII vs TPZ

In short

Stated mandate

Why people hold it

Worth knowing

How GII and TPZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GII

Only in TPZ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Infrastructure ETFs lagged stocks, and large construction funds fell hardest in the quarter

Infrastructure ETFs diverged nine points in September

How GII and TPZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GII

Only in TPZ

Weight gaps