At a glance
EMIF charges 0.6% a year, above the 0.41% average of the 2 funds most like it (the most expensive of 3). It has $13.1M in assets, the 3rd largest of that group; it paid 4.22% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +4.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +15.3% a year. At its worst it fell 41.3% in the 2020 crash (S&P 500: 33.7%) and 23.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 65 months and 24 months after the lows. Its ten largest positions make up 63.3% of the fund, out of 40 in all.
The short version
The iShares Emerging Markets Infrastructure ETF (EMIF) tracks the S&P Emerging Markets Plus Infrastructure Index, 30 of the largest energy, transportation and utility companies in emerging markets, led by Mexican and Thai airport operators. It shares only about 12% of its holdings with global infrastructure ETFs IGF and GII, but costs more: 0.60% a year versus 0.40% to 0.42%. Net assets were just $13.1 million as of June 30, 2026.
Price history
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EMIF +4.7% 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 | |
|---|---|---|---|---|---|---|
| EMIF official prospectus, to Dec 31, 2025 | — | +32.57% | — | +5.18% | +2.81% | — |
| S And P Emerging Broad Market Index index, same period | — | +23.98% | — | +4.80% | +8.44% | — |
| S And P Emerging Markets Plus Infrastructure Index index, same period | — | +33.42% | — | +5.36% | +2.85% | — |
| EMIF price data to Oct 27, 2026 | -0.5% | +4.7% | +15.3% | +5.0% | +1.5% | +3.3% |
- Over the year to Oct 27, 2026, EMIF returned +4.7%, 3rd of 3 among similar funds.
- Its 5-year annualized return was +5.0% and its 10-year +1.5%.
- In the 2020 COVID crash it fell 41.3% and regained its old high 64.7 months after the low.
- Its worst full calendar year was 2020 (-20.0%); its best was 2025 (+34.0%).
- The deepest fall in its price history was 48% (Jan 26, 2018 to Mar 23, 2020), recovered by Jan 5, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +34.0% | +32.57% |
| 2024 | +1.3% | +0.23% |
| 2023 | +5.7% | +7.82% |
| 2022 | -12.6% | -12.29% |
| 2021 | +3.7% | +2.45% |
| 2020 | -20.0% | -19.79% |
| 2019 | +16.3% | +15.81% |
| 2018 | -13.7% | -12.99% |
| 2017 | +20.7% | +20.05% |
| 2016 | +5.9% | +5.57% |
| 2015 | -14.4% | — |
| 2014 | -2.2% | — |
| 2013 | +2.8% | — |
| 2012 | +22.5% | — |
| 2011 | -13.3% | — |
| 2010 | +18.6% | — |
| 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 | Lost 41.3% over that stretch · deepest drop along the way 41.3%, back to its old high 64.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22% over that stretch · deepest drop along the way 23.3%, back to its old high 23.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $1.3100 | +52.3% |
| 2024 | $0.8600 | +53.6% |
| 2023 | $0.5600 | -12.5% |
| 2022 | $0.6400 | -34.0% |
| 2021 | $0.9700 | +56.5% |
| 2020 | $0.6200 | -4.6% |
| 2019 | $0.6500 | -11.0% |
| 2018 | $0.7300 | -13.1% |
| 2017 | $0.8400 | -4.5% |
| 2016 | $0.8800 | +57.1% |
| 2015 | $0.5600 | -44.0% |
| 2014 | $1.0000 | +2.0% |
| 2013 | $0.9800 | -4.9% |
| 2012 | $1.0300 | +4.0% |
| 2011 | $0.9900 | +10.0% |
| 2010 | $0.9000 |
What's inside
As of Jun 30, 2026, the fund held 40 securities; the ten largest made up 63.26% of assets, and 5.66% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Other | 11.23% | |
| Airports of Thailand Public Company Limited Other | 9.44% | |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP Other | 8.52% | |
| AXIA Energia S.A. Other | 6.01% | |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. Other | 5.96% | |
| ADNOC DRILLING COMPANY P.J.S.C. | 5.87% | |
| QATAR GAS TRANSPORT COMPANY LIMITED (NAKILAT) (QPSC) | 4.71% | |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Other | 4.30% | |
| KOREA ELECTRIC POWER CORPORATION Other | 3.87% | |
| Companhia Paranaense de Energia - Copel Other | 3.36% | |
| COSCO Shipping Energy Transportation Co., Ltd. | 3.36% | |
| MOTIVA INFRAESTRUTURA DE MOBILIDADE S.A. | 3.17% | |
| China Resources Power Holdings Company Limited | 2.93% | |
| Companhia Energetica de Minas Gerais - CEMIG Other | 2.49% | |
| CGN Power Co., Ltd. | 2.26% |
By country
Brazil 23.6%Mexico 21.55%China 16.18%Thailand 9.44%Hong Kong 6.94%By asset type
Other 55.53%Stocks 43.27%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: +3.58%, -6.04%, -2.21%.
How it works
EMIF tracks the S&P Emerging Markets Plus Infrastructure Index. The index holds 30 of the largest listed energy, transportation and utility companies in emerging markets (developing economies). Developed-market companies also qualify if most of their revenue comes from emerging markets. At each rebalancing, members need at least $250 million in total market value, $200 million in float-adjusted value (shares available to trade) and over $1 million in average daily trading value. S&P Dow Jones Indices, not BlackRock, sets membership and weights. As of March 31, 2026, members came from Brazil, China, Mexico, Qatar, South Korea, Thailand and the United Arab Emirates.
BlackRock uses representative sampling. Rather than holding every index stock, it may hold a mix chosen to resemble the index on size, industry, yield and ease of trading. The fund normally keeps at least 80% of net assets in index components. It may also hold cash and derivatives such as futures, and lend securities worth up to one-third of its assets. On June 30, 2026, cash was 5.7%.
Every index member is an infrastructure company, so the fund is concentrated in that industry and in a few names. As of June 30, 2026, the top 10 holdings were 63% of assets, led by Grupo Aeroportuario del Pacifico (11.2%) and Airports of Thailand (9.4%).
What it really costs
- EMIF charges 0.6% a year, versus an average of 0.41% for the similar funds below (3rd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMIF | $61 | $192 | $335 | $750 |
In a retirement portfolio
It is a small, narrow emerging-markets sector fund that once fell 48% from peak to low, so it may fit as a minor add-on rather than a core position.
EMIF could add exposure to emerging-market airports, utilities and energy companies, plus income: a trailing 12-month yield of about 4.2% as of October 27, 2026. It launched in June 2009, after the 2008 crisis, so it has no record from that period. It fell 41.3% in the 2020 COVID crash and didn't recover until August 2025. In the 2022 bear market it dropped 23.3% and took about 24 months to recover. Its worst calendar year was 2020, a 19.8% loss. Its deepest decline, 48% from January 2018 to March 2020, wasn't erased until January 2026. Anyone drawing money in a slump like that could lock in losses, and twice-yearly payouts make income lumpy.
Its 0.60% expense ratio is above the 0.41% average for similar funds. The SEC's standard example puts costs at $750 on $10,000 over 10 years. 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 seeking a focused slice of emerging-market airports, utilities and energy companies that overlaps only about 12% with global infrastructure ETFs IGF and GII.
- Income-minded holders comfortable with lumpy payouts: the trailing 12-month yield was about 4.2% as of October 27, 2026, paid twice a year.
- Patient investors who can stomach deep drops: EMIF fell 41.3% in early 2020 and didn't regain its pre-crash high until August 2025.
Look elsewhere if
- Cost-conscious investors: EMIF's 0.60% expense ratio ranked last of three similar funds, above IGF's 0.42% and GII's 0.40%.
- Those seeking broad emerging-markets growth: over 10 years through 2025, EMIF returned 2.81% a year versus 8.44% for the S&P Emerging Broad Market Index.
- Those wary of small, concentrated funds: net assets were $13.1 million and the top 10 holdings 63% of the portfolio as of June 30, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does EMIF invest in?
EMIF invests in emerging-market infrastructure stocks. It tracks the S&P Emerging Markets Plus Infrastructure Index, which holds 30 of the largest energy, transportation and utility companies in emerging markets. As of June 30, 2026, its largest holdings were Grupo Aeroportuario del Pacifico (11.2%), Airports of Thailand (9.4%), Brazil's SABESP (8.5%), AXIA Energia (6.0%) and Grupo Aeroportuario del Sureste (6.0%). Brazil (23.6%), Mexico (21.6%) and China (16.2%) had the biggest country weights.
Does EMIF pay dividends?
Yes, EMIF pays dividends twice a year. Over the 12 months through October 27, 2026, it paid about $1.10 per share, a trailing yield of about 4.2%. The amount isn't fixed. Payouts depend on what the underlying companies distribute and on currency moves, since the fund's value is calculated in US dollars. Twice-yearly timing means income arrives in lumps rather than monthly or quarterly, which matters for anyone relying on steady cash flow.
What's the difference between EMIF and IGF?
The biggest differences are geography, cost and size. EMIF holds only emerging-market infrastructure companies, while the iShares Global Infrastructure ETF (IGF) holds infrastructure companies worldwide. The two share only about 12% of their holdings. IGF charges 0.42% a year versus 0.60% for EMIF. As of June 30, 2026, IGF had about $10.8 billion in net assets versus EMIF's $13.1 million. Through October 27, 2026, IGF returned 20.1% a year over three years, versus 15.3% for EMIF.
Is EMIF good for retirement?
EMIF may suit only a small, higher-risk slice of a retirement portfolio rather than a core role. It fell 41.3% in the 2020 COVID crash and didn't recover until August 2025. Over the 10 years through December 31, 2025, it returned 2.81% a year, versus 8.44% for the S&P Emerging Broad Market Index. It does pay income, a trailing yield of about 4.2% as of October 27, 2026, but only twice a year and in varying amounts.
What is EMIF's expense ratio?
EMIF's expense ratio, the annual fee taken from fund assets, is 0.60% with no fee waiver, according to its prospectus filed July 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs total about $61 after one year, $192 after three, $335 after five and $750 after 10. That's above the 0.41% average for similar funds: IGF charges 0.42% and GII 0.40%.