IFRA vs TPZ: Grades, Fees and Holdings Compared

iShares U.S. Infrastructure ETF

IFRAACboe

Tortoise Electrification Infrastructure ETF

TPZDNYSE

Overlap

24.6%by weight

Expense ratio

IFRA −0.55pt a year

IFRA0.30%TPZ0.85%

Avg volume · 30D

IFRA 46.5×the volume

IFRA398KTPZ8.56K

IFRA vs TPZ Performance

Oct 31, 2025 – Nov 2, 2026

+13.4%IFRA+4.4%TPZ

Expense ratio: IFRA 0.30%, better; TPZ 0.85%
Fund size: IFRA $4.07B; TPZ $113M
1Y total return: IFRA +13.4%, better; TPZ +4.4%
Yield (12M): IFRA 1.73%; TPZ 3.56%, better
Holdings: IFRA 165; TPZ 36
Avg volume (30D): IFRA 398K sh, better; TPZ 8.56K sh
NAV per share: IFRA $58.33; TPZ $20.95
52W range

ETF.net Grade

Pillar letters and Scores for IFRA, TPZ, with each pillar’s weight
Pillar	IFRA	TPZ
Cost30% weight	A100Higher	F9
Mission25% weight	A83	Not scored
Risk15% weight	B55Higher	C49
Tradability15% weight	A95Higher	D29
Holdings10% weight	A82Higher	D29
Durability5% weight	A81Higher	C40

Rank among Infrastructure funds

How we build Categories ›

Same Category. IFRA 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 ›

IFRA ranks 1st and TPZ 30th of 33 funds in the Infrastructure Category.

Rank 1AIFRAiShares U.S. Infrastructure ETFScore 86
Rank 2AIGFiShares Global Infrastructure ETFScore 83
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

IFRAAiShares U.S. Infrastructure ETF

TPZDTortoise Electrification 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.

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

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

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

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.

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

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.

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 IFRA profile⁠

Full TPZ profile⁠

IFRA vs TPZ Holdings

How IFRA and TPZ differ

Overlap by weight

24.6%

Shared holdings make up 58.2% of TPZ and 27.9% of IFRA.

Level by level

Holdings19 in both24.6%
Sector7 Sectors48.4%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in IFRA and TPZ, widest gap first
Sector	More in IFRAMore in TPZ	IFRA	TPZ
Energy	TPZ +50.4 points	9.1%	59.5%
Industrials	IFRA +29.5 points	34.9%	5.4%
Materials	IFRA +13.7 points	13.7%	0.0%
Utilities	IFRA +8.0 points	42.0%	34.0%
Financials	TPZ +0.9 points	0.0%	0.9%
Consumer Discretionary	IFRA +0.3 points	0.3%	0.0%
Technology	TPZ +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in IFRA and TPZ, widest gap first
Country	More in IFRAMore in TPZ	IFRA	TPZ
Canada	TPZ +1.4 points	3.8%	5.2%
United States	IFRA +1.2 points	95.4%	94.2%
Switzerland	IFRA +0.8 points	0.8%	0.0%
Germany	TPZ +0.6 points	0.0%	0.6%

Concentration

Weight in the 10 largest Holdings

IFRA33.1%
TPZ60.4%

Securities held

IFRA161
TPZ35

Asset class

IFRA: Equity
TPZ: Equity

Holdings

Only in IFRA142
In both19
Only in TPZ16

Only in IFRA

142 securities, 72.0% of IFRA by weight

Union Pacific4.25%
Csx3.75%
Caterpillar Inc3.10%
Southern3.09%
Norfolk Southern Corp2.99%
Duke Energy Corp2.85%
United Rentals2.82%
Nucor2.40%
Crh Public Limited PLC2.35%
Kinder Morgan1.89%
Dominion Energy1.68%
Comfort Systems Usa1.67%
Xcel Energy Inc1.43%
Vulcan Materials1.42%
Exelon Corp1.37%
Steel Dynamics Inc1.31%
Consolidated Edison1.23%
Martin Marietta Materials1.21%
Emcor Group1.16%
Public Service Enterprise Group1.06%
Ameren0.88%
Ati0.87%
Reliance Steel & Aluminum0.86%
Fortis0.86%
Atmos Energy0.83%
PG&E Corp0.83%
American Water Works0.82%
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%
Carlisle Companies0.57%
Nrg Energy Inc0.55%
Alliant Energy Corp0.53%
Carpenter Technology0.53%
Mueller Industries 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%
Essential Utilities Inc0.35%
Oshkosh Corp0.33%

Only in TPZ

16 securities, 41.7% of TPZ by weight

Targa Resources Corp8.92%
Cheniere Energy Inc8.60%
Energy Transfer LP7.71%
Mplx Lp4.71%
Enterprise Products Partners LP3.37%
Western Midstream Partners LP1.51%
Solaris Energy Infrastructure Inc1.43%
Talen Energy Corp1.07%
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 19 Holdings in both funds, largest gap first.

Holding weights in IFRA and TPZ, widest gap first
Holding	More in IFRAMore in TPZ	IFRA	TPZ
Entergy CorpETR	TPZ +4.93 points	1.47%	6.40%
WilliamsWMB	TPZ +3.93 points	2.60%	6.53%
Tc EnergyTRP	TPZ +3.39 points	1.85%	5.24%
Centerpoint EnergyCNP	TPZ +2.98 points	0.80%	3.78%
Dt MidstreamDTM	TPZ +2.92 points	0.36%	3.28%
Wec Energy GroupWEC	TPZ +2.41 points	1.08%	3.49%
OneokOKE	TPZ +2.28 points	1.75%	4.03%
Quanta Services IncPWR	IFRA +2.25 points	3.59%	1.34%
Venture Global Class AVG	TPZ +1.91 points	0.22%	2.13%
Constellation Energy CorpCEG	TPZ +1.88 points	2.55%	4.43%
Dte EnergyDTE	TPZ +1.24 points	0.81%	2.05%
SempraSRE	TPZ +1.14 points	1.61%	2.76%
Mastec IncMTZ	TPZ +1.04 points	0.46%	1.50%
EvergyEVRG	TPZ +1.04 points	0.56%	1.60%
Nextera EnergyNEE	IFRA +1.04 points	4.06%	3.02%
American Electric Power IncAEP	TPZ +0.84 points	2.03%	2.87%
Myr Group IncMYRG	TPZ +0.75 points	0.17%	0.92%
NisourceNI	TPZ +0.58 points	0.61%	1.19%
VistraVST	TPZ +0.29 points	1.32%	1.61%

All 161 IFRA 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.

IFRA vs TPZ Cost

Overpaying TPZ vs IFRA

$10,050

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

IFRA 0.30%
$6,149
TPZ 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

IFRA 0.30%
TPZ 0.85%
Overpaying

Year by year

Year	IFRA	TPZ	Overpaying
10	$545	$1,508	$963
20	$2,113	$5,706	$3,593
30	$6,149	$16,199	$10,050

Expense ratio

0.30%IFRA, cheaper
0.85%TPZ

IFRA0.30%TPZ0.85%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

IFRA cheapest of 33 funds

TPZ 30th cheapest of 33 funds

IFRA vs TPZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IFRA 1.73%; TPZ 3.56%, better
Payout (12M): IFRA $1.02; TPZ $0.75
Last payment: IFRA $0.26; TPZ $0.20
Ex-dividend: IFRA Sep 15, 2026; TPZ Sep 24, 2026
Paid on: IFRA Sep 18, 2026; TPZ Sep 25, 2026
Frequency: IFRA Quarterly; TPZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IFRAQuarterly · 35 paymentsAll IFRA payments⁠

TPZQuarterly · 111 paymentsAll TPZ payments⁠

IFRA vs TPZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IFRA 17.2%TPZ 14.6%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: IFRA 0.92TPZ 0.29since Jan 2025
Worst fallMax drawdown, 5 years: IFRA −19.9%TPZ −17.8%since Dec 2024
Market sensitivityBeta, 5 years: IFRA 0.96TPZ 0.45; Market = 1

IFRA 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, 2026IFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026IFRA
ETF Filings
Wedbush files for a 50-stock analog ETF that excludes AI, chips and data centers
Sep 7, 2026IFRA

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IFRA vs TPZ

In short

Stated mandate

Why people hold it