IFRA vs NFRX

IFRAAiShares U.S. Infrastructure ETF

NFRXDHarrison Street Infrastructure Active 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.

NFRX Harrison Street's first ETF brings its private real-assets playbook to a ticker: an active, global book of utilities, midstream, digital and transport infrastructure. 0.80% net of a waiver through April 30, 2027.

Stated mandate

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

NFRX The fund seeks long-term capital appreciation and income.

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.

• NFRX Actively managed and non-diversified, so the managers can run a concentrated book of infrastructure names rather than track an index.sec.gov
• The hunting ground is spelled out: utilities, midstream energy, digital and transportation infrastructure, the essential-service corners of the market.colliers.com
• Income sits in the mandate alongside long-term capital appreciation, and the fund pays quarterly.
• The debut listed fund from a real-assets house whose day job is private infrastructure, run by its private wealth arm.colliers.com

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.

• NFRX Costs 0.80% net of a waiver through April 30, 2027 (0.85% gross), above the category median; index peers IFRA (0.30%) and IGF (0.37%) charge less.
• Launched January 2026 and thinly traded, so limit orders matter and the track record is still short.
• Non-diversified means a single issuer stumble hits harder than in a broad index fund; concentration risk is named in its own filings.sec.gov

Full IFRA profile⁠

Full NFRX profile⁠