IFRA vs NFRA: Grades, Fees and Holdings Compared

iShares U.S. Infrastructure ETF

IFRAACboe

Northern Trust STOXX Global Broad Infrastructure ETF

NFRAANYSE Arca

Overlap

21.3%by weight

Expense ratio

IFRA −0.17pt a year

IFRA0.30%NFRA0.47%

Avg volume · 30D

IFRA 5.1×the volume

IFRA398KNFRA78.3K

5Y return · a year

IFRA +6.4pt

IFRA+12.2%NFRA+5.8%

IFRA vs NFRA Performance

Oct 29, 2021 – Oct 30, 2026

+77.5%IFRA+32.3%NFRA

Expense ratio: IFRA 0.30%, better; NFRA 0.47%
Fund size: IFRA $4.07B; NFRA $3.06B
1Y total return: IFRA +12.7%, better; NFRA +9.2%
Yield (12M): IFRA 1.74%; NFRA 5.74%, better
Holdings: IFRA 165; NFRA 202
Avg volume (30D): IFRA 398K sh, better; NFRA 78.3K sh
NAV per share: IFRA $58.33; NFRA $64.63
52W range

ETF.net Grade

Pillar letters and Scores for IFRA, NFRA, with each pillar’s weight
Pillar	IFRA	NFRA
Cost30% weight	A100Higher	A74
Mission25% weight	A83	Not scored
Risk15% weight	B55	A71Higher
Tradability15% weight	A95Higher	B65
Holdings10% weight	A82	A88Higher
Durability5% weight	A81	A81

Rank among Infrastructure funds

How we build Categories ›

Same Category. IFRA 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 ›

IFRA ranks 1st and NFRA 4th 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

Our read on each fund

ETF.net Research

IFRAAiShares U.S. Infrastructure ETF

NFRAANorthern Trust STOXX Global Broad Infrastructure ETF

In short

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.

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

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

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

Why people hold it

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.

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

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.

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 IFRA profile⁠

Full NFRA profile⁠

IFRA vs NFRA Holdings

How IFRA and NFRA differ

Overlap by weight

21.3%

Shared holdings make up 43.9% of IFRA and 21.3% of NFRA.

Level by level

Holdings27 in both21.3%
Countryby domicile45.8%
Sector9 Sectors65.7%
Asset classEquity100%

Sector

Sector weights in IFRA and NFRA, widest gap first
Sector	More in IFRAMore in NFRA	IFRA	NFRA
Communication	NFRA +23.5 points	0.0%	23.5%
Utilities	IFRA +18.1 points	42.0%	23.9%
Materials	IFRA +13.7 points	13.7%	0.0%
Health Care	NFRA +4.9 points	0.0%	4.9%
Real Estate	NFRA +4.6 points	0.0%	4.6%
Industrials	IFRA +2.1 points	34.9%	32.8%
Technology	NFRA +1.1 points	0.0%	1.1%
Consumer Discretionary	IFRA +0.3 points	0.3%	0.0%
Energy	NFRA +0.1 points	9.1%	9.2%

Country, concentration and asset class

Country by domicile

Country weights in IFRA and NFRA, widest gap first
Country	More in IFRAMore in NFRA	IFRA	NFRA
United States	IFRA +54.3 points	95.4%	41.1%
Canada	NFRA +10.2 points	3.8%	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 +11.0 points	0.8%	11.8%

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

Concentration

Weight in the 10 largest Holdings

IFRA33.1%
NFRA27.6%

Securities held

IFRA161
NFRA175

Asset class

IFRA: Equity
NFRA: Equity

Holdings

Only in IFRA134
In both27
Only in NFRA148

Only in IFRA

134 securities, 56.0% of IFRA by weight

Quanta Services Inc3.59%
Caterpillar Inc3.10%
United Rentals2.82%
Nucor2.40%
Crh Public Limited PLC2.35%
Tc Energy1.85%
Comfort Systems Usa1.67%
Vulcan Materials1.42%
Steel Dynamics Inc1.31%
Consolidated Edison1.23%
Martin Marietta Materials1.21%
Emcor Group1.16%
Wec Energy Group1.08%
Ameren0.88%
Ati0.87%
Reliance Steel & Aluminum0.86%
Fortis0.86%
Atmos Energy0.83%
PG&E Corp0.83%
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%
Carlisle Companies0.57%
Evergy0.56%
Nrg Energy Inc0.55%
Alliant Energy Corp0.53%
Carpenter Technology0.53%
Mueller Industries Inc0.46%
Mastec Inc0.46%
Emera Inc0.43%
Sterling Infrastructure0.40%
Tetra Tech0.38%
Solstice Advanced Materials Inc0.37%
Owens Corning0.37%
Advanced Drainage Systems Inc0.37%
Pinnacle West0.37%
Oshkosh Corp0.33%
Aecom0.32%
Stantec0.32%
Ies Inc0.31%
Valmont Inds0.31%

Only in NFRA

148 securities, 76.9% 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%
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%
National Grid PLC Common Stock Gbp 12.431291.48%
Transurban Group Stapled Security Aud 01.41%
Equinix Inc Reit USD 0.0011.39%
Enel Spa Common Stock Eur 11.36%
Kddi Corp Common Stock Jpy1.32%
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%
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%
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%
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%
Digital Realty Trust Inc Reit USD 0.010.88%
Engie SA Common Stock Eur 10.86%
Adani Ports & Special Economic Zone Ltd Common0.83%
E.on SE Common Stock Eur 00.79%
Rwe AG Common Stock Eur 00.76%
Sse PLC Common Stock Gbp 500.72%
United Utilities Group PLC Common Stock Gbp 50.71%
Gfl Environmental Inc Common Stock Cad0.66%
Republic Services Inc Common Stock USD 0.010.66%
Swisscom AG Common Stock Chf 10.57%
Severn Trent PLC Common Stock Gbp 97.890.55%
Crown Castle International Corp0.52%
Nebius Group NV Common Stock USD 0.010.51%
Bt Group PLC Common Stock Gbp 50.50%
Cia De Saneamento Basico Do Estado De Sao Paulo0.50%
Pembina Pipeline Corp Common Stock Cad 00.50%
Koninklijke Kpn NV Common Stock Eur 0.040.50%
Apollo Hospitals Enterprise Ltd Common Stock Inr 50.48%
Bce Inc Common Stock Cad 00.46%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in IFRA and NFRA, widest gap first
Holding	More in IFRAMore in NFRA	IFRA	NFRA
CsxCSX	IFRA +2.41 points	3.75%	1.34%
Norfolk Southern CorpNSC	IFRA +1.92 points	2.99%	1.07%
Union PacificUNP	IFRA +1.75 points	4.25%	2.50%
Nextera EnergyNEE	IFRA +1.63 points	4.06%	2.43%
SouthernSO	IFRA +1.59 points	3.09%	1.50%
Duke Energy CorpDUK	IFRA +1.47 points	2.85%	1.38%
Constellation Energy CorpCEG	IFRA +1.35 points	2.55%	1.20%
WilliamsWMB	IFRA +1.33 points	2.60%	1.27%
American Electric Power IncAEP	IFRA +1.05 points	2.03%	0.98%
Kinder MorganKMI	IFRA +0.97 points	1.89%	0.92%
OneokOKE	IFRA +0.91 points	1.75%	0.84%
Dominion EnergyD	IFRA +0.86 points	1.68%	0.82%
SempraSRE	IFRA +0.84 points	1.61%	0.78%
Entergy CorpETR	IFRA +0.76 points	1.47%	0.71%
Xcel Energy IncXEL	IFRA +0.73 points	1.43%	0.70%
VistraVST	IFRA +0.71 points	1.32%	0.61%
Exelon CorpEXC	IFRA +0.71 points	1.37%	0.66%
Public Service Enterprise GroupPEG	IFRA +0.54 points	1.06%	0.52%
American Water WorksAWK	IFRA +0.42 points	0.82%	0.40%
Essential Utilities IncWTRG	IFRA +0.20 points	0.35%	0.15%
Dt MidstreamDTM	IFRA +0.18 points	0.36%	0.18%
Antero MidstreamAM	IFRA +0.11 points	0.20%	0.09%
American States WaterAWR	IFRA +0.05 points	0.10%	0.05%
California Water Service GroupCWT	IFRA +0.05 points	0.09%	0.04%
Kinetik Holdings Class AKNTK	IFRA +0.04 points	0.10%	0.06%
H2O AmericaHTO	IFRA +0.04 points	0.07%	0.03%
Middlesex WaterMSEX	IFRA +0.01 points	0.03%	0.02%

All 161 IFRA 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.

IFRA vs NFRA Cost

Overpaying NFRA vs IFRA

$3,269

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

IFRA 0.30%
$6,149
NFRA 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

IFRA 0.30%
NFRA 0.47%
Overpaying

Year by year

Year	IFRA	NFRA	Overpaying
10	$545	$847	$302
20	$2,113	$3,261	$1,148
30	$6,149	$9,418	$3,269

Expense ratio

0.30%IFRA, cheaper
0.47%NFRA

IFRA0.30%NFRA0.47%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

IFRA cheapest of 33 funds

NFRA 10th cheapest of 33 funds

IFRA vs NFRA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IFRA 1.74%; NFRA 5.74%, better
Payout (12M): IFRA $1.02; NFRA $3.70
Last payment: IFRA $0.26; NFRA $0.33
Ex-dividend: IFRA Sep 15, 2026; NFRA Sep 18, 2026
Paid on: IFRA Sep 18, 2026; NFRA Sep 24, 2026
Frequency: IFRA Quarterly; NFRA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IFRAQuarterly · 35 paymentsAll IFRA payments⁠

NFRAQuarterly · 40 paymentsAll NFRA payments⁠

IFRA vs NFRA Risk

Fall from peak · 5 years

IFRA
NFRA

Risk facts

VolatilityStd dev, 3 years: IFRA 17.2%NFRA 11.6%, better
Return per unit of riskSharpe ratio, 3 years: IFRA 0.92, betterNFRA 0.87
Worst fallMax drawdown, 5 years: IFRA −19.9%, betterNFRA −22.1%
Market sensitivityBeta, 5 years: IFRA 0.96NFRA 0.68; Market = 1

IFRA 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, 2026IFRANFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026IFRANFRA
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, 2026IFRA

Popular comparisons

IFRAAvsIGFA
iShares U.S. Infrastructure ETF · iShares Global Infrastructure ETF
Expense ratio
0.30% · 0.37%
Category
NFRAAvsIGFA
Northern Trust STOXX Global Broad Infrastructure ETF · iShares Global Infrastructure ETF
Expense ratio
0.47% · 0.37%
Category
IFRAAvsGIIA
iShares U.S. Infrastructure ETF · State Street SPDR S&P Global Infrastructure ETF
Expense ratio
0.30% · 0.40%
Category
NFRAAvsGIIA
Northern Trust STOXX Global Broad Infrastructure ETF · State Street SPDR S&P Global Infrastructure ETF
Expense ratio
0.47% · 0.40%
Category
IFRAAvsPAVEA
iShares U.S. Infrastructure ETF · Global X U.S. Infrastructure Development ETF
Expense ratio
0.30% · 0.47%
Category
NFRAAvsPAVEA
Northern Trust STOXX Global Broad Infrastructure ETF · Global X U.S. Infrastructure Development ETF
Expense ratio
0.47% · 0.47%
Category

IFRA vs NFRA

In short

Stated mandate

Why people hold it