IGF vs TPZ: Grades, Fees and Holdings Compared

iShares Global Infrastructure ETF

IGFANasdaq

Tortoise Electrification Infrastructure ETF

TPZDNYSE

Overlap

21.4%by weight

Expense ratio

IGF −0.48pt a year

IGF0.37%TPZ0.85%

Avg volume · 30D

IGF 102.1×the volume

IGF874KTPZ8.56K

IGF vs TPZ Performance

Oct 31, 2025 – Nov 2, 2026

+11.2%IGF+4.4%TPZ

Expense ratio: IGF 0.37%, better; TPZ 0.85%
Fund size: IGF $10.9B; TPZ $113M
1Y total return: IGF +11.2%, better; TPZ +4.4%
Yield (12M): IGF 2.93%; TPZ 3.56%, better
Holdings: IGF 89; TPZ 36
Avg volume (30D): IGF 874K sh, better; TPZ 8.56K sh
NAV per share: IGF $65.84; TPZ $20.95
52W range

ETF.net Grade

Pillar letters and Scores for IGF, TPZ, with each pillar’s weight
Pillar	IGF	TPZ
Cost30% weight	A92Higher	F9
Mission25% weight	A85	Not scored
Risk15% weight	A72Higher	C49
Tradability15% weight	A83Higher	D29
Holdings10% weight	A72Higher	D29
Durability5% weight	A92Higher	C40

Rank among Infrastructure funds

How we build Categories ›

Same Category. IGF 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 ›

IGF ranks 2nd and TPZ 30th 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 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

IGFAiShares Global Infrastructure ETF

TPZDTortoise Electrification 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).

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

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

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

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.

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

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.

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 IGF profile⁠

Full TPZ profile⁠

IGF vs TPZ Holdings

How IGF and TPZ differ

Overlap by weight

21.4%

Shared holdings make up 52.5% of TPZ and 23.1% of IGF.

Level by level

Holdings11 in both21.4%
Countryby domicile44.3%
Sector6 Sectors54.4%
Asset classEquity100%

Sector

Sector weights in IGF and TPZ, widest gap first
Sector	More in IGFMore in TPZ	IGF	TPZ
Transportation	IGF +39.3 points	39.3%	0.0%
Energy	TPZ +39.1 points	20.4%	59.5%
Utilities	IGF +6.4 points	40.4%	34.0%
Industrials	TPZ +5.4 points	0.0%	5.4%
Financials	TPZ +0.9 points	0.0%	0.9%
Technology	TPZ +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in IGF and TPZ, widest gap first
Country	More in IGFMore in TPZ	IGF	TPZ
United States	TPZ +55.7 points	38.5%	94.2%
Spain	IGF +9.2 points	9.2%	0.0%
Mexico	IGF +7.5 points	7.5%	0.0%
France	IGF +6.8 points	6.8%	0.0%
Australia	IGF +6.4 points	6.4%	0.0%
China	IGF +4.8 points	4.8%	0.0%
United Kingdom	IGF +3.6 points	3.6%	0.0%
New Zealand	IGF +3.5 points	3.5%	0.0%
Other countries (6)	IGF +13.9 points	19.7%	5.8%

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

Concentration

Weight in the 10 largest Holdings

IGF38.6%
TPZ60.4%

Securities held

IGF75
TPZ35

Asset class

IGF: Equity
TPZ: Equity

Holdings

Only in IGF64
In both11
Only in TPZ24

Only in IGF

64 securities, 76.6% of IGF by weight

Transurban Group Stapled Units4.92%
Aena Sme SA4.89%
Iberdrola4.08%
Grupo Aeroportuario Del Pacifico A4.02%
Enbridge3.61%
Auckland International Airport3.45%
Southern2.96%
Getlink2.85%
Duke Energy Corp2.73%
National Grid PLC2.32%
Tc Energy2.21%
Kinder Morgan2.18%
Enel2.15%
Aeroports De Paris SA2.13%
Flughafen Zuerich AG2.01%
Grupo Aeroportuario Adr Representi1.84%
Dominion Energy1.61%
Grupo Aeroportuario Del Centro Nor1.55%
Japan Airport Terminal1.46%
Xcel Energy Inc1.37%
Engie SA1.35%
Exelon Corp1.31%
E.on N1.29%
Rwe AG1.21%
Consolidated Edison1.18%
Sse PLC1.17%
Sats Ltd1.10%
China Merchants Port Holdings Ltd1.07%
Public Service Enterprise Group1.02%
Pembina Pipeline0.98%
Fraport AG0.96%
Dalrymple Bay Infrastructure Stapl0.83%
Jiangsu Expressway Ltd H0.74%
Enav Spa0.62%
Zhejiang Expressway Ltd H0.55%
Atlas Arteria Stapled Units0.52%
Athens International Airport0.50%
Hutchison Port Holdings Units Trus0.44%
Westshore Terminals Investment0.43%
Cosco Shipping Ports Ltd0.40%
Keyera0.38%
Anhui Expressway Ltd H0.37%
Shenzhen International Holdings0.36%
Corporacion America Airports SA0.31%
Companhia De Saneamento Basico Do0.29%
Frontline PLC0.26%
Gaztransport & Technigaz SA0.25%
South Bow0.25%
Sia Engineering Ltd0.24%
Antero Midstream0.23%

Only in TPZ

24 securities, 47.4% of TPZ by weight

Energy Transfer LP7.71%
TC Energy Corp5.24%
Mplx Lp4.71%
CenterPoint Energy Inc3.78%
WEC Energy Group Inc3.49%
Enterprise Products Partners LP3.37%
Venture Global Inc2.13%
DTE Energy Co2.05%
Evergy Inc1.60%
Western Midstream Partners LP1.51%
MasTec Inc1.50%
Solaris Energy Infrastructure Inc1.43%
Quanta Services Inc1.34%
NiSource Inc1.19%
Talen Energy Corp1.07%
MYR Group Inc0.92%
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 11 Holdings in both funds, largest gap first.

Holding weights in IGF and TPZ, widest gap first
Holding	More in IGFMore in TPZ	IGF	TPZ
Targa ResourcesTRGP	TPZ +6.70 points	2.22%	8.92%
Cheniere EnergyLNG	TPZ +6.36 points	2.24%	8.60%
Entergy CorpETR	TPZ +4.99 points	1.41%	6.40%
WilliamsWMB	TPZ +3.54 points	2.99%	6.53%
Dt MidstreamDTM	TPZ +2.86 points	0.42%	3.28%
Constellation Energy CorpCEG	TPZ +2.06 points	2.37%	4.43%
OneokOKE	TPZ +2.02 points	2.01%	4.03%
Nextera EnergyNEE	IGF +1.78 points	4.80%	3.02%
SempraSRE	TPZ +1.21 points	1.55%	2.76%
American Electric Power IncAEP	TPZ +0.92 points	1.95%	2.87%
VistraVST	TPZ +0.41 points	1.20%	1.61%

All 75 IGF 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.

IGF vs TPZ Cost

Overpaying TPZ vs IGF

$8,686

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

IGF 0.37%
$7,513
TPZ 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

IGF 0.37%
TPZ 0.85%
Overpaying

Year by year

Year	IGF	TPZ	Overpaying
10	$670	$1,508	$838
20	$2,590	$5,706	$3,116
30	$7,513	$16,199	$8,686

Expense ratio

0.37%IGF, cheaper
0.85%TPZ

IGF0.37%TPZ0.85%

0.30%2.10%

Middle half of Infrastructure funds
Median 0.55%

IGF 3rd cheapest of 33 funds

TPZ 30th cheapest of 33 funds

IGF vs TPZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IGF 2.93%; TPZ 3.56%, better
Payout (12M): IGF $1.93; TPZ $0.75
Last payment: IGF $0.93; TPZ $0.20
Ex-dividend: IGF Jun 15, 2026; TPZ Sep 24, 2026
Paid on: IGF Jun 18, 2026; TPZ Sep 25, 2026
Frequency: IGF Twice a year; TPZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IGFTwice a year · 19 paymentsAll IGF payments⁠

TPZQuarterly · 111 paymentsAll TPZ payments⁠

IGF vs TPZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IGF 12.4%TPZ 14.6%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: IGF 1.18TPZ 0.29since Jan 2025
Worst fallMax drawdown, 5 years: IGF −20.8%TPZ −17.8%since Dec 2024
Market sensitivityBeta, 5 years: IGF 0.62TPZ 0.45; Market = 1

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

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IGF vs TPZ

In short

Stated mandate

Why people hold it