IGF vs NFRA: Grades, Fees and Holdings Compared

iShares Global Infrastructure ETF

IGFANasdaq

Northern Trust STOXX Global Broad Infrastructure ETF

NFRAANYSE Arca

Overlap

33.6%by weight

Expense ratio

IGF −0.10pt a year

IGF0.37%NFRA0.47%

Avg volume · 30D

IGF 11.2×the volume

IGF874KNFRA78.3K

10Y return · a year

IGF +1.0pt

IGF+8.2%NFRA+7.2%

IGF vs NFRA Performance

Oct 29, 2021 – Oct 30, 2026

+59.9%IGF+32.3%NFRA

Expense ratio: IGF 0.37%, better; NFRA 0.47%
Fund size: IGF $10.9B; NFRA $3.06B
1Y total return: IGF +11.2%, better; NFRA +9.2%
Yield (12M): IGF 2.93%; NFRA 5.74%, better
Holdings: IGF 89; NFRA 202
Avg volume (30D): IGF 874K sh, better; NFRA 78.3K sh
NAV per share: IGF $65.84; NFRA $64.63
52W range

ETF.net Grade

Pillar letters and Scores for IGF, NFRA, with each pillar’s weight
Pillar	IGF	NFRA
Cost30% weight	A92Higher	A74
Mission25% weight	A85	Not scored
Risk15% weight	A72Higher	A71
Tradability15% weight	A83Higher	B65
Holdings10% weight	A72	A88Higher
Durability5% weight	A92Higher	A81

Rank among Infrastructure funds

How we build Categories ›

Same Category. IGF 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 ›

IGF ranks 2nd 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

IGFAiShares Global Infrastructure ETF

NFRAANorthern Trust STOXX Global Broad Infrastructure ETF

In short

IGF About 80 developed-market infrastructure companies in one ticker, tracked against the S&P Global Infrastructure Index since 2007, for 0.37% a year (well under the category norm).

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

IGF The Fund seeks to track an index of developed-market equities focused on the infrastructure industry.

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

Why people hold it

IGF Costs 0.37% a year against a cohort median of 0.55%, so the toll on a long hold is smaller than most infrastructure funds charge.
The one other fund on the same S&P Global Infrastructure Index, GII, charges 0.40%. Same benchmark, cheaper wrapper here.
Trading since December 2007, now a multi-billion-dollar, actively traded fund that has tracked its index closely.
Goes global where the biggest peers stay home: IFRA and PAVE are US-only, while this one spans developed markets worldwide.

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

IGF About 80 holdings in one industry. A concentrated basket, so a bad stretch for utilities or transport operators shows up fast.
Distributions arrive once or twice a year, not monthly, and foreign holdings bring currency swings along with the dividends.
Developed markets only. The fast-building infrastructure of emerging economies sits outside the mandate.

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 IGF profile⁠

Full NFRA profile⁠

IGF vs NFRA Holdings

How IGF and NFRA differ

Overlap by weight

33.6%

Shared holdings make up 79.3% of IGF and 33.6% of NFRA.

Level by level

Sector8 Sectors33.1%
Holdings42 in both33.6%
Countryby domicile69.1%
Asset classEquity100%

Sector

Sector weights in IGF and NFRA, widest gap first
Sector	More in IGFMore in NFRA	IGF	NFRA
Transportation	IGF +39.3 points	39.3%	0.0%
Industrials	NFRA +32.8 points	0.0%	32.8%
Communication	NFRA +23.5 points	0.0%	23.5%
Utilities	IGF +16.5 points	40.4%	23.9%
Energy	IGF +11.2 points	20.4%	9.2%
Health Care	NFRA +4.9 points	0.0%	4.9%
Real Estate	NFRA +4.6 points	0.0%	4.6%
Technology	NFRA +1.1 points	0.0%	1.1%

Country, concentration and asset class

Country by domicile

Country weights in IGF and NFRA, widest gap first
Country	More in IGFMore in NFRA	IGF	NFRA
Japan	NFRA +8.3 points	1.5%	9.8%
Mexico	IGF +6.6 points	7.5%	0.9%
Canada	NFRA +6.0 points	8.0%	14.0%
Spain	IGF +5.1 points	9.2%	4.1%
Germany	NFRA +4.7 points	3.6%	8.3%
France	IGF +4.5 points	6.8%	2.3%
China	IGF +4.2 points	4.8%	0.6%
India	NFRA +3.7 points	0.0%	3.7%
Other countries (19)	IGF +2.2 points	58.6%	56.4%

Outside the US: IGF 80% developed, 20% emerging. NFRA 85% developed, 15% emerging.

Concentration

Weight in the 10 largest Holdings

IGF38.6%
NFRA27.6%

Securities held

IGF75
NFRA175

Asset class

IGF: Equity
NFRA: Equity

Holdings

Only in IGF33
In both42
Only in NFRA133

Only in IGF

33 securities, 20.5% of IGF by weight

Grupo Aeroportuario Del Pacifico A4.02%
Aeroports De Paris SA2.13%
Grupo Aeroportuario Adr Representi1.84%
Grupo Aeroportuario Del Centro Nor1.55%
Japan Airport Terminal1.46%
Consolidated Edison1.18%
Sats Ltd1.10%
Fraport AG0.96%
Enav Spa0.62%
Zhejiang Expressway Ltd H0.55%
Athens International Airport0.50%
Hutchison Port Holdings Units Trus0.44%
Westshore Terminals Investment0.43%
Cosco Shipping Ports Ltd0.40%
Anhui Expressway Ltd H0.37%
Corporacion America Airports SA0.31%
Companhia De Saneamento Basico Do0.29%
Frontline PLC0.26%
Gaztransport & Technigaz SA0.25%
Sia Engineering Ltd0.24%
Sichuan Express H0.16%
Shenzhen Expressway Corp Ltd H0.16%
China Resources Power Ltd0.15%
Beijing Capital International Airp0.14%
Companhia Paranaense De Energia Co0.14%
Cgn Power Ltd H0.13%
Enn Energy Holdings Ltd0.12%
Sky Harbour Group Class A0.11%
Kunlun Energy Ltd0.10%
Companhia Energetica Minas Gerais0.10%
Cosco Shipping Energy Transportati0.10%
Huaneng Power International Inc H0.09%
China Longyuan Power Group H0.04%

Only in NFRA

133 securities, 64.5% 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%
Verizon Communications Inc Common Stock USD 0.12.57%
Union Pacific Corp Common Stock USD 2.52.50%
Waste Connections Inc Common Stock2.15%
AT&T Inc Common Stock USD 12.03%
Bharti Airtel Ltd Common Stock Inr 51.71%
Ntt Inc Common Stock Jpy1.51%
Equinix Inc Reit USD 0.0011.39%
Csx Corp Common Stock USD 11.34%
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%
Norfolk Southern Corp Common Stock USD 11.07%
T-Mobile Us Inc Common Stock USD 0.00011.04%
Fresenius SE & Co Kgaa Common Stock Eur 01.02%
Hca Healthcare Inc Common Stock USD 0.010.97%
International Container Terminal Services Inc0.92%
Digital Realty Trust Inc Reit USD 0.010.88%
Adani Ports & Special Economic Zone Ltd Common0.83%
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%
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%
West Japan Railway Co Common Stock Jpy0.42%
American Water Works Co Inc Common Stock USD 0.010.40%
Grupo Aeroportuario Del Pacifico Sab De Cv Common0.40%
Cellnex Telecom SA Common Stock Eur 0.250.36%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.10.36%
Santos Ltd Common Stock Aud 00.36%
Airports of Thailand Pcl Nvdr Thb 10.35%
Ramsay Health Care Ltd Common Stock Aud 00.35%
Mtr Corp Ltd Common Stock Hkd 00.33%
Coreweave Inc Common Stock USD 0.00010.32%
Max Healthcare Institute Ltd Common Stock Inr 100.31%

Weight gaps

All 42 Holdings in both funds, largest gap first.

Holding weights in IGF and NFRA, widest gap first
Holding	More in IGFMore in NFRA	IGF	NFRA
Aena Sme SA	IGF +3.86 points	4.89%	1.03%
Transurban Group Stapled Units	IGF +3.51 points	4.92%	1.41%
Auckland International Airport	IGF +3.08 points	3.45%	0.37%
Getlink	IGF +2.59 points	2.85%	0.26%
Nextera EnergyNEE	IGF +2.37 points	4.80%	2.43%
Enbridge	IGF +1.79 points	3.61%	1.82%
Flughafen Zuerich AG	IGF +1.79 points	2.01%	0.22%
WilliamsWMB	IGF +1.72 points	2.99%	1.27%
Iberdrola	IGF +1.51 points	4.08%	2.57%
SouthernSO	IGF +1.46 points	2.96%	1.50%
Duke Energy CorpDUK	IGF +1.35 points	2.73%	1.38%
Cheniere EnergyLNG	IGF +1.30 points	2.24%	0.94%
Targa ResourcesTRGP	IGF +1.28 points	2.22%	0.94%
Kinder MorganKMI	IGF +1.26 points	2.18%	0.92%
Constellation Energy CorpCEG	IGF +1.17 points	2.37%	1.20%
OneokOKE	IGF +1.17 points	2.01%	0.84%
Tc Energy	IGF +1.08 points	2.21%	1.13%
American Electric Power IncAEP	IGF +0.97 points	1.95%	0.98%
China Merchants Port Holdings Ltd	IGF +0.94 points	1.07%	0.13%
National Grid PLCNG.L	IGF +0.84 points	2.32%	1.48%
Enel	IGF +0.79 points	2.15%	1.36%
Dominion EnergyD	IGF +0.79 points	1.61%	0.82%
SempraSRE	IGF +0.77 points	1.55%	0.78%
Dalrymple Bay Infrastructure Stapl	IGF +0.73 points	0.83%	0.10%
Entergy CorpETR	IGF +0.70 points	1.41%	0.71%
Xcel Energy IncXEL	IGF +0.67 points	1.37%	0.70%
Jiangsu Expressway Ltd H	IGF +0.66 points	0.74%	0.08%
Exelon CorpEXC	IGF +0.65 points	1.31%	0.66%
VistraVST	IGF +0.59 points	1.20%	0.61%
Public Service Enterprise GroupPEG	IGF +0.50 points	1.02%	0.52%
E.on N	IGF +0.50 points	1.29%	0.79%
Engie SA	IGF +0.49 points	1.35%	0.86%
Pembina Pipeline	IGF +0.48 points	0.98%	0.50%
Atlas Arteria Stapled Units	IGF +0.47 points	0.52%	0.05%
Rwe AG	IGF +0.45 points	1.21%	0.76%
Sse PLCSSE.L	IGF +0.45 points	1.17%	0.72%
Shenzhen International Holdings	IGF +0.32 points	0.36%	0.04%
Dt MidstreamDTM	IGF +0.24 points	0.42%	0.18%
Keyera	IGF +0.18 points	0.38%	0.20%
Antero MidstreamAM	IGF +0.14 points	0.23%	0.09%
South Bow	IGF +0.13 points	0.25%	0.12%
Guangdong Investment Ltd	NFRA +0.05 points	0.08%	0.13%

All 75 IGF 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.

IGF vs NFRA Cost

Overpaying NFRA vs IGF

$1,905

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

IGF 0.37%
$7,513
NFRA 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

IGF 0.37%
NFRA 0.47%
Overpaying

Year by year

Year	IGF	NFRA	Overpaying
10	$670	$847	$177
20	$2,590	$3,261	$671
30	$7,513	$9,418	$1,905

Expense ratio

0.37%IGF, cheaper
0.47%NFRA

IGF0.37%NFRA0.47%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

IGF 3rd cheapest of 33 funds

NFRA 10th cheapest of 33 funds

IGF vs NFRA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IGF 2.93%; NFRA 5.74%, better
Payout (12M): IGF $1.93; NFRA $3.70
Last payment: IGF $0.93; NFRA $0.33
Ex-dividend: IGF Jun 15, 2026; NFRA Sep 18, 2026
Paid on: IGF Jun 18, 2026; NFRA Sep 24, 2026
Frequency: IGF Twice a year; NFRA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IGFTwice a year · 19 paymentsAll IGF payments⁠

NFRAQuarterly · 40 paymentsAll NFRA payments⁠

IGF vs NFRA Risk

Fall from peak · 5 years

IGF
NFRA

Risk facts

VolatilityStd dev, 3 years: IGF 12.4%NFRA 11.6%, better
Return per unit of riskSharpe ratio, 3 years: IGF 1.18, betterNFRA 0.87
Worst fallMax drawdown, 5 years: IGF −20.8%, betterNFRA −22.1%
Market sensitivityBeta, 5 years: IGF 0.62NFRA 0.68; Market = 1

IGF 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, 2026IGFNFRA
New ETFs
Man's new infrastructure ETF costs 0.15 percentage points more than iShares' active fund
Oct 5, 2026IGFNFRA
Deep Dive
Infrastructure ETFs diverged nine points in September
Sep 9, 2026IGFNFRA
New ETFs
iShares' new AI fund holds $220 million, and Walmart is its largest stock
Oct 5, 2026IGF

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IGF vs NFRA

In short

Stated mandate

Why people hold it