At a glance
EFRA charges 0.47% a year, below the 0.55% average of the 7 funds most like it (the 2nd cheapest of 8). It has $5.7M in assets, the 8th largest of that group; it paid 4.19% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +3.3% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +15.7% a year. Its ten largest positions make up 50.1% of the fund, out of 96 in all.
The short version
iShares Environmental Infrastructure and Industrials ETF (EFRA) is a BlackRock index fund tracking the FTSE Green Revenues Select Infrastructure and Industrials Index, which picks global utility, industrial and materials companies earning at least 40% of revenue from “green” activities like clean water and pollution control. Its 0.47% annual fee undercuts the 0.55% average of similar funds, but its net assets were just $5.7 million as of June 30, 2026, the smallest in the group.
Price history
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EFRA +3.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EFRA official prospectus, to Dec 31, 2025 | — | +13.98% | — | — | — | +12.63% |
| F T S E All World Index index, same period | — | +22.62% | — | — | — | +20.74% |
| EFRA price data to Oct 27, 2026 | +5.3% | +3.3% | +15.7% | — | — | +12.4% |
- Over the year to Oct 27, 2026, EFRA returned +3.3%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+7.9%); its best was 2023 (+14.5%).
- The deepest fall in its price history was 17.5% (Dec 17, 2024 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.3% | — |
| 2025 | +13.8% | +13.98% |
| 2024 | +7.9% | +8.25% |
| 2023 | +14.5% | +13.88% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3400 | |
| 2025 | $1.4400 | +25.2% |
| 2024 | $1.1500 | +113.0% |
| 2023 | $0.5400 |
What's inside
As of Jun 30, 2026, the fund held 96 securities; the ten largest made up 50.12% of assets.
| Holding | Weight | |
|---|---|---|
| XYLEM INC. | 6.19% | |
| SMURFIT WESTROCK PUBLIC LIMITED COMPANY | 6.16% | |
| AMERICAN WATER WORKS COMPANY, INC. | 6.00% | |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | 5.86% | |
| VEOLIA ENVIRONNEMENT SA | 5.86% | |
| VERALTO CORPORATION | 5.77% | |
| CLEAN HARBORS, INC. | 4.01% | |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | 3.56% | |
| UNITED UTILITIES GROUP PLC | 3.42% | |
| NGK Corporation | 3.29% | |
| PENTAIR PUBLIC LIMITED COMPANY | 3.26% | |
| ADVANCED DRAINAGE SYSTEMS, INC. | 3.02% | |
| Essential Utilities, Inc. | 2.88% | |
| WATTS WATER TECHNOLOGIES, INC. | 2.82% | |
| SEVERN TRENT PLC | 2.76% |
By country
United States 47.39%Japan 11.52%Ireland 9.42%United Kingdom 6.96%France 6.12%By asset type
Stocks 99.19%Other 0.42%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.93%, -2.68%, +4.17%.
How it works
EFRA aims to match the FTSE Green Revenues Select Infrastructure and Industrials Index. The starting pool is the FTSE Global All Cap Index, which spans large, mid-size and small companies in developed and emerging markets. Only utilities, industrial and basic materials firms are eligible. FTSE removes companies tied to tobacco, controversial weapons, civilian firearms, thermal coal or oil sands, those caught up in human rights, labor, environmental or corruption controversies, and tiny or thinly traded stocks.
Companies must earn at least 40% of revenue from 29 “green” business lines in three themes: energy efficiency and emissions reduction, pollution reduction (such as water purification and waste management), and land and resource optimization (such as recycling and desalination equipment). FTSE uses company disclosures where possible and its own estimates otherwise. Activities it rates as net neutral or negative for the environment, such as nuclear, don't count. Existing members stay unless green revenue falls below 35%.
Stocks are weighted by the market value of their freely traded shares, with each capped at 6% and those above 4.5% limited to 45% combined. The index reviews its member list in March and September and resets weights quarterly. The fund uses no leverage or options. As of June 30, 2026, it had 96 holdings, with 50% of assets in the top 10.
What it really costs
- EFRA charges 0.47% a year, versus an average of 0.55% for the similar funds below (2nd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EFRA | $48 | $151 | $263 | $591 |
In a retirement portfolio
EFRA is a narrow thematic fund with a short record and a very small asset base, so it fits better as a small add-on than as a core position.
EFRA launched November 3, 2022, after the 2022 market slump bottomed, so it has no record in the 2008, 2020 or 2022 downturns. Its weakest calendar year was 2024, still a gain of 8.25%. Its deepest drop was 17.5%, from December 17, 2024, to April 8, 2025; it regained its prior peak by June 26, 2025, about 2.6 months after the low. Anyone drawing income during that slide would have cashed out shares at lower prices, and its short history says little about a severe recession.
Its yield over the past 12 months was 4.19% as of October 27, 2026, with payouts twice a year. The 0.47% annual fee is below the 0.55% peer average. From launch through December 31, 2025, it returned 12.63% a year, trailing the FTSE All-World Index's 20.74%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a global slice of environmental infrastructure, from Xylem and American Water Works to Veolia, for 0.47% a year, below the 0.55% peer average.
- Those who want values-based screens built in: the index excludes tobacco, controversial weapons, civilian firearms, thermal coal and oil sands companies.
- Investors wanting global reach: just 47% of assets were in US companies as of June 30, 2026, with Japan, Ireland and the UK next.
Look elsewhere if
- Anyone wary of tiny funds: net assets were $5.7 million as of June 30, 2026, smallest among peers, which can raise closure risk.
- Investors seeking broad global stock exposure: from launch through December 31, 2025, it returned 12.63% a year versus 20.74% for the FTSE All-World Index.
- Those wanting wide diversification: only utility, industrial and materials stocks qualify, and the top 10 made up 50% of assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EFRA this fund | — | 0.47% | $5.7M | +3.3% | +15.7% |
| CGW Invesco S&P Global Water Index ETF | 50% | 0.59% | $1.05B | -1.3% | +14.8% |
| TBLU Tortoise Global Water ESG Fund | 48% | 0.4% | $56.7M | -4.8% | — |
| AQWA Global X Clean Water ETF | 42% | 0.5% | $21.4M | -5.3% | +12.3% |
| FIW First Trust Water ETF | 33% | 0.53% | $1.86B | -3.2% | +13.4% |
| PHO Invesco Water Resources ETF | 30% | 0.59% | $2.00B | -1.6% | +13.9% |
| PIO Invesco Global Water ETF | 29% | 0.75% | $273.4M | -3.9% | +12.8% |
| IWTR iShares MSCI Water Management Multisector E… | 21% | 0.47% | $6.4M | 0.0% | +13.9% |
Questions investors ask
What stocks are in EFRA?
EFRA owns utility, industrial and materials companies worldwide that earn at least 40% of revenue from green activities, as judged by index provider FTSE. As of June 30, 2026, it had 96 holdings, and the top 10 made up 50% of assets. The largest were Xylem (6.2%), Smurfit Westrock (6.2%), American Water Works (6.0%), Wabtec (5.9%), Veolia (5.9%) and Veralto (5.8%). US companies were 47% of assets, followed by Japan (11.5%), Ireland (9.4%) and the UK (7.0%).
What is EFRA's expense ratio?
EFRA charges 0.47% a year, deducted from fund assets, per its prospectus filed July 27, 2026. That's below the 0.55% average of seven similar funds; only Tortoise Global Water ESG Fund (TBLU), at 0.40%, costs less, and iShares MSCI Water Management Multisector ETF (IWTR) charges the same. In the SEC's standard example, $10,000 earning 5% a year would incur about $48 in costs after one year, $263 after five and $591 after 10, assuming shares are redeemed at the end of each period.
Does EFRA pay dividends?
Yes. EFRA pays distributions twice a year. Its trailing 12-month yield, the past year's payouts divided by the share price, was 4.19% as of October 27, 2026, based on $1.45 per share. Payouts depend mainly on dividends from its holdings, so amounts can rise or fall between payments, and one year's yield isn't a guide to the next. Retirees who rely on monthly cash flow would need to budget around the twice-yearly schedule.
What's the difference between EFRA and CGW?
They differ mainly in focus, cost and size, though about 50% of their portfolios overlap. EFRA's FTSE index spans water, waste, clean transport and energy efficiency; Invesco S&P Global Water Index ETF (CGW) follows a water-focused S&P index. EFRA charges 0.47% versus 0.59%. As of October 27, 2026, EFRA returned 3.3% over one year and 15.7% a year over three, versus a 1.3% loss and 14.8% for CGW. CGW had $1.05 billion in net assets as of July 31, 2026; EFRA had $5.7 million as of June 30, 2026.
Is EFRA good for retirement?
It is more likely to fit as a small add-on than a core holding. EFRA is a narrow thematic fund launched November 3, 2022, so it missed the 2008, 2020 and 2022 downturns. Its deepest drop was 17.5%, from December 17, 2024, to April 8, 2025, and it recovered by June 26, 2025. From launch through December 31, 2025, it returned 12.63% a year, trailing the FTSE All-World Index's 20.74%. Its $5.7 million in net assets as of June 30, 2026, also makes it unusually small.