IFRA vs TOLZ

IFRAAiShares U.S. Infrastructure ETF

TOLZBProShares DJ Brookfield Global 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.

TOLZ Named for toll roads, and it means it. TOLZ holds the owners and operators of infrastructure itself (airports, pipelines, cell towers, water) across developed markets, not the contractors that build it.

Stated mandate

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

TOLZ The fund seeks capital appreciation and income through an actively managed portfolio of companies associated with sustainable infrastructure and the transition to a more sustainable global economy.

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.

• TOLZ Pure-play screen: the index tracks owners and operators of the assets, from toll roads and ports to power lines and cell towers, not the firms that pour the concrete.proshares.comproshares.com 2
• Costs 0.46% a year, under the typical infrastructure ETF, and it has followed the same Dow Jones Brookfield index since launching in 2014.proshares.com
• Roughly 110 developed-market companies, distributions paid quarterly, and one of the stronger builds in a crowded infrastructure 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.

• TOLZ Thinly traded with a modest asset base, so spreads can run wider than on the category's giants and orders deserve a limit price.
• Holds master limited partnerships, which brings partnership tax quirks and means part of a distribution can be a return of capital.proshares.com
• The pure-play rule leaves out engineering, machinery and materials names, so the U.S. build-out exposure inside funds like PAVE is absent here.proshares.com

Full IFRA profile⁠

Full TOLZ profile⁠