Macquarie Global Listed Infrastructure ETF

The Macquarie Global Listed Infrastructure ETF (BILD) is an actively managed fund holding about 46 infrastructure stocks worldwide, from Enbridge and United Utilities to the Auckland and Paris airport operators. It yielded 4.93% over the 12 months to October 27, 2026, paid quarterly. The trade-offs: a 0.49% expense ratio, higher than all eight similar funds we compared, and only $7.4 million in net assets as of June 30, 2026.

• Over the year to Oct 27, 2026, BILD returned +7.1%, 4th of 9 among similar funds.
• Its worst full calendar year was 2024 (-2.7%); its best was 2025 (+21.1%).
• The deepest fall in its price history was 14.8% (Sep 16, 2024 to Jan 13, 2025), recovered by Jun 2, 2025.

As of Jun 30, 2026, the fund held 46 securities; the ten largest made up 37.42% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $765K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.64%, -2.50%, +0.06%.

BILD does not track an index. Delaware Management Company, its adviser, picks the stocks, seeking both price growth and income. Normally at least 80% of net assets go into listed infrastructure companies: firms earning at least half their revenue or profits from infrastructure assets, or committing at least half their assets to them. That covers utilities, airports, highways, railways, ports, pipelines, renewable power, cell towers and data centers.

At least 40% of total assets normally sit in non-US stocks (30% if the manager judges market conditions warrant it), and some can come from developing (emerging) markets. As of June 30, 2026, 40% was in US companies, 13% in the UK, 11% in Spain and 10% in Canada. The manager may skip companies under $2 billion in market value that it considers hard to trade, and large ones with few publicly available shares.

Stock picking is bottom-up: the manager researches individual companies, weighing its own valuation estimates, checks on management and each stock's risks. The same analysis guides when to trim or exit a holding. As of June 30, 2026, Enbridge was the largest position at 5.9% and the top 10 made up 37%. Turnover, the share of the portfolio replaced over a year, was 34%. The fund uses no leverage and held no derivatives on that date.

• BILD charges 0.49% a year, versus an average of 0.33% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).

Its global mix of infrastructure companies, from utilities to airports, has moved only loosely with the broader market, with a one-year beta of 0.25 as of October 27, 2026.

BILD could add global infrastructure stocks and quarterly income alongside broad stock and bond funds, yielding 4.93% over the 12 months to October 27, 2026. Launched November 28, 2023, it has no record from the 2008, 2020 or 2022 downturns. Its worst calendar year was 2024, a 2.7% loss. Its deepest drop, 14.8%, ran from September 16, 2024 to January 13, 2025; it recovered by June 2, 2025, about 4.6 months after the low. Anyone withdrawing money during a slide like that may have to cash in shares at lower prices, though dividends could cover part of a withdrawal.

Watch cost and size: 0.49% a year, above the 0.33% average of similar funds, and just $7.4 million in net assets as of June 30, 2026; tiny funds close more often. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.