NFRA vs PWRZ

NFRAANorthern Trust STOXX Global Broad Infrastructure ETF

PWRZDTrueShares Eagle Global Next Gen Power Infrastructure ETF

In short

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.

PWRZ Launched in 2022 as a renewable energy income fund, renamed in 2026 to next gen power infrastructure. Same active, global, concentrated approach to the companies that make and move electricity.

Stated mandate

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

PWRZ The Fund seeks long-term growth of capital and, under normal conditions, commits at least 80% of its assets to Power Infrastructure Companies.

Why people hold it

• 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.

• PWRZ Wide mandate: at least 80% of assets in power infrastructure companies, anywhere in the world, chosen by a manager rather than pulled from a fixed index.true-shares.com
• The 2026 rename from renewable energy income stretched the lane past clean power alone into power infrastructure broadly.sec.gov
• Distributions land on a quarterly schedule, and income was in the original blueprint rather than bolted on later.sec.gov

Worth knowing

• 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.comflexshares.com 2
• Volume is moderate rather than heavy for the category, which can mean wider spreads on larger orders.

• PWRZ At 0.75% it runs above the 0.59% category median, and index rivals IFRA (0.30%) and IGF (0.37%) undercut it by a wide margin.
• A small fund that trades thinly, so spreads can run wider than in the category's household names.
• The strategy was redefined in 2026, so much of the record behind it was built under the old renewables only mandate.sec.gov

Full NFRA profile⁠

Full PWRZ profile⁠