At a glance
GII charges 0.4% a year, above the 0.38% average of the 8 funds most like it (the 4th cheapest of 9). It has $962.0M in assets, the 6th largest of that group; it paid 2.74% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +19.9% a year. At its worst it fell 42.8% in the 2020 crash (S&P 500: 33.7%) and 20.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 19 months after the low. Its ten largest positions make up 38.5% of the fund, out of 75 in all.
The short version
SPDR S&P Global Infrastructure ETF (GII) is a State Street index fund that tracks the S&P Global Infrastructure Index. The index holds 75 of the largest listed transportation, utility and energy infrastructure companies from developed and emerging markets. At each rebalance it resets the mix to 40% transportation, 40% utilities and 20% energy. Its 0.40% expense ratio is a little below the 0.44% average of similar funds.
Price history
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GII +7.3% 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 | |
|---|---|---|---|---|---|---|
| GII official prospectus, to Dec 31, 2025 | — | +21.79% | — | +10.23% | +8.70% | — |
| GII price data to Oct 27, 2026 | +6.8% | +7.3% | +19.9% | +9.5% | +8.1% | +5.3% |
- Over the year to Oct 27, 2026, GII returned +7.3%, 4th of 9 among similar funds.
- Its 5-year annualized return was +9.5% and its 10-year +8.1%.
- In the 2020 COVID crash it fell 42.8% and regained its old high 18.9 months after the low.
- Its worst full calendar year was 2008 (-29.7%); its best was 2019 (+26.3%).
- The deepest fall in its price history was 51% (Dec 6, 2007 to Mar 9, 2009), recovered by May 27, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +21.8% | +21.79% |
| 2024 | +14.4% | +14.32% |
| 2023 | +5.9% | +6.11% |
| 2022 | -0.5% | -0.87% |
| 2021 | +11.4% | +11.13% |
| 2020 | -6.8% | -6.30% |
| 2019 | +26.3% | +25.94% |
| 2018 | -10.1% | -10.04% |
| 2017 | +19.1% | +19.36% |
| 2016 | +11.7% | +11.65% |
| 2015 | -11.4% | — |
| 2014 | +11.9% | — |
| 2013 | +15.9% | — |
| 2012 | +5.3% | — |
| 2011 | +0.0% | — |
| 2010 | +1.1% | — |
| 2009 | +8.1% | — |
| 2008 | -29.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 46.7% over that stretch · deepest drop along the way 51%, back to its old high 62.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.8% over that stretch · deepest drop along the way 42.8%, back to its old high 18.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.6% over that stretch · deepest drop along the way 20.7%, back to its old high 18.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7800 | |
| 2025 | $2.2100 | +15.7% |
| 2024 | $1.9100 | -3.5% |
| 2023 | $1.9800 | +23.0% |
| 2022 | $1.6100 | +25.8% |
| 2021 | $1.2800 | -3.8% |
| 2020 | $1.3300 | -28.5% |
| 2019 | $1.8600 | +24.8% |
| 2018 | $1.4900 | -14.9% |
| 2017 | $1.7500 | +25.0% |
| 2016 | $1.4000 | -4.8% |
| 2015 | $1.4700 | -3.3% |
| 2014 | $1.5200 | -17.4% |
| 2013 | $1.8400 | +41.5% |
| 2012 | $1.3000 | -28.2% |
| 2011 | $1.8100 | +15.3% |
| 2010 | $1.5700 | -4.3% |
| 2009 | $1.6400 | +10.8% |
| 2008 | $1.4800 |
What's inside
As of Jun 30, 2026, the fund held 75 securities; the ten largest made up 38.5% of assets.
| Holding | Weight | |
|---|---|---|
| Aena SME SA | 5.10% | |
| Transurban Group | 5.03% | |
| NextEra Energy Inc | 4.80% | |
| Iberdrola SA | 4.16% | |
| Enbridge Inc | 3.97% | |
| Grupo Aeroportuario del Pacifico SAB de CV | 3.89% | |
| Williams Cos Inc | 3.06% | |
| Auckland International Airport Ltd | 3.02% | |
| Southern Co | 2.83% | |
| Duke Energy Corp | 2.65% | |
| Getlink SE | 2.50% | |
| Enel SpA | 2.37% | |
| Qube Holdings Ltd | 2.35% | |
| TC Energy Corp | 2.30% | |
| Flughafen Zurich AG | 2.21% |
By country
United States 36.52%Australia 9.42%Spain 9.25%Canada 8.05%Mexico 7.29%By asset type
Stocks 99.38%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $65.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.71%, -2.47%, +1.16%.
How it works
GII follows the S&P Global Infrastructure Index. S&P Dow Jones Indices runs the index and is separate from the fund's adviser, SSGA Funds Management. To qualify, a company needs a float-adjusted market value of at least $100 million and a total market value of at least $250 million. (Float-adjusted means only shares the public can trade are counted.) It also needs average daily trading of $500,000 over three months. The index picks 15 emerging-market stocks first, with no more than 10 from each group: transportation, utilities and energy. It then adds the 60 largest developed-market stocks, for a total of 30 transportation, 30 utilities and 15 energy companies.
At each rebalance, the three groups are set to 40%, 40% and 20% of the index. No single stock can start above 5%. The index rebalances twice a year, after the last trading day of March and September. Between those dates, weights move with prices.
The fund uses sampling. That means it may hold a subset of index stocks that behaves like the whole index, though it must keep at least 80% in index stocks and their depositary receipts. A depositary receipt is a certificate that trades in the US and represents shares of a foreign company. The fund may also use futures to manage cash. As of June 30, 2026, it held 75 stocks, no derivatives and 1.27% in cash. Its portfolio turnover was 10%.
What it really costs
- GII charges 0.4% a year, versus an average of 0.38% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GII | $41 | $128 | $224 | $505 |
In a retirement portfolio
GII spreads money across 75 transportation, utility and energy infrastructure companies worldwide, such as Aena, NextEra Energy and Enbridge, with only 36.52% in US stocks as of June 30, 2026, so it can broaden a portfolio built mostly on US stocks.
GII has dropped sharply in crashes. It lost 51% from December 2007 to March 2009 and needed 62.6 months, until May 2014, to recover. In early 2020 it fell 42.8% in about a month and took about a year and a half to recover. The 2022 bear market was milder: a 20.7% slide, yet the year ended down only 0.87%. Its worst calendar year was 2008, a 29.7% loss. For retirees drawing income, a cash or bond reserve can limit forced selling after drops like these.
The yield was 2.74% over the twelve months to October 27, 2026, paid twice a year. Its 0.40% expense ratio (annual fee) is near the 0.38% average of similar funds; the SEC example shows $505 in costs on $10,000 over 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a mix reset twice a year to 40% transportation, 40% utilities and 20% energy, via holdings such as Aena, Transurban and NextEra Energy.
- Those seeking global reach: US companies were 36.52% of assets as of June 30, 2026, with sizable stakes in Australia, Spain, Canada and Mexico.
- Investors wanting modest income: the yield was 2.74% as of October 27, 2026, and the fund lost only 0.87% in calendar 2022.
Look elsewhere if
- Cost-focused investors: the 0.40% expense ratio is above the 0.38% peer average, and iShares U.S. Infrastructure ETF (IFRA) charges 0.30% for US-only exposure.
- Investors who can't ride out deep drops: it lost 51% from December 2007 to March 2009 and 42.8% in early 2020.
- Those wanting monthly income or a one-fund core: payouts come twice a year, and 75 infrastructure stocks can't replace a broad market fund.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GII this fund | — | 0.4% | $962.0M | +7.3% | +19.9% |
| IGF iShares Global Infrastructure ETF | 99% | 0.42% | $10.78B | +7.8% | +20.1% |
| JXI iShares Global Utilities ETF | 39% | 0.41% | $322.8M | +3.4% | +18.7% |
| BILD Macquarie Global Listed Infrastructure ETF | 38% | 0.49% | $7.4M | +7.1% | — |
| TOLZ ProShares DJ Brookfield Global Infrastructu… | 34% | 0.46% | $173.7M | +11.9% | +17.3% |
| NFRA FlexShares STOXX Global Broad Infrastructur… | 33% | 0.47% | $3.01B | +6.2% | +15.3% |
| IFRA iShares U.S. Infrastructure ETF | 32% | 0.3% | $4.62B | +8.6% | +20.8% |
| FUTY Fidelity MSCI Utilities Index ETF | 25% | 0.084% | $2.32B | -4.0% | +17.0% |
Questions investors ask
Does GII pay dividends?
Yes. GII pays dividends twice a year, not monthly or quarterly. Its trailing 12-month yield was 2.74% as of October 27, 2026, or about $2.02 per share. The money comes from the utilities, pipeline, airport and toll-road companies the fund owns, so payouts can change from one period to the next. Investors who want steady monthly cash may find the twice-a-year schedule uneven.
What's the difference between GII and IGF?
Very little in holdings. GII and the iShares Global Infrastructure ETF (IGF) had 99% overlap based on their latest N-PORT reports. GII costs 0.40% a year and IGF costs 0.42%. IGF is much bigger, with about $10.8 billion in net assets versus about $962 million for GII as of June 30, 2026. As of October 27, 2026, one-year returns were 7.3% for GII and 7.8% for IGF. Annualized three-year returns were 19.9% and 20.1%.
What are GII's top holdings?
As of June 30, 2026, GII's largest holdings were Spanish airport operator Aena (5.1%), Australia's Transurban (5.0%), NextEra Energy (4.8%), Iberdrola (4.2%) and Enbridge (4.0%). Also in the top 10 were Grupo Aeroportuario del Pacifico, Williams, Auckland International Airport, Southern Co. and Duke Energy. Together, the top 10 made up 38.5% of the fund. The largest country weights were the US at 36.5%, Australia at 9.4% and Spain at 9.3%.
What is GII's expense ratio?
GII's expense ratio is 0.40% a year, according to its prospectus filed January 23, 2026. It has no fee waiver. The average for similar funds is 0.44%, and GII ranks 3rd lowest in cost of the 9 funds compared. In the SEC's standard example, $10,000 earning 5% a year costs about $41 in one year, $224 over five years and $505 over ten years.
Is GII a safe investment for retirement?
No stock fund is safe from losses, and GII has had large ones. It fell 51% from December 2007 to March 2009 and took about 63 months to recover. Its worst quarter was a 29.14% drop in early 2020. On the other hand, its average annual return was 8.7% over the ten years to December 31, 2025. It may work as a diversifier rather than a core holding.