What are infrastructure ETFs?
Infrastructure ETFs own companies tied to the physical systems an economy runs on, such as power grids, pipelines, railroads, airports and toll roads. They also own firms that make the machines and materials used to build them. The stock that turns up most often is NextEra Energy, held by 7 of the 15 funds with holdings listed here. Enbridge appears in 6. Naturgy Energy, Williams Companies, Southern Company and TC Energy appear in 4 each.
The funds disagree about what counts as infrastructure. PAVE, the largest, tracks the Indxx U.S. Infrastructure Development Index and owns US suppliers such as Deere, Fastenal, Emerson Electric and Nucor. IGF and GII own global operators, led by Aena, Transurban, NextEra and Iberdrola. IFRA mixes both, with Caterpillar, NextEra and Union Pacific at the top. Smaller funds focus on a theme: PKB targets building and construction, and UPGR green infrastructure. NFRA is the broadest, with 185 stocks. EMIF and BKGI are the most concentrated, with 63% and 56% of assets in their top 10. BKGI, INFR and BILD name no index in their objectives, which generally means a manager picks the stocks. ICAP and SCAP are option-income funds, which use options contracts to raise extra cash for payouts. None of the funds is leveraged or inverse.
Costs range widely. The median expense ratio (the yearly fee taken out of fund assets) is 0.49%. IFRA charges the least at 0.30%, followed by IGF at 0.37% and GII at 0.40%. The option-income funds cost far more: SCAP charges 2.20% and ICAP 2.47%.
Money is bunched in a few funds. Of about $35 billion in these ETFs, 94.9% sits in the five largest: PAVE, IGF, IFRA, NFRA and BKGI. PAVE alone has about $13.5 billion. UPGR and BILD hold about $6.5 million and $7.4 million.
Infrastructure ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 15 biggest infrastructure ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Nextera Energy, Inc. | 7 of 15 | 3.97% |
| Enbridge Inc. | 6 of 15 | 3.97% |
| Naturgy Energy Group SA | 4 of 15 | 5.1% |
| The Williams Companies, Inc. | 4 of 15 | 3.05% |
| The Southern Company | 4 of 15 | 2.83% |
| TC Energy Corporation | 4 of 15 | 2.3% |
| Union Pacific Corporation | 3 of 15 | 3.11% |
| Crh Public Limited Company | 3 of 15 | 3.03% |
| Oneok Inc | 3 of 15 | 2.93% |
| Quanta Services, Inc. | 3 of 15 | 2.93% |
| Sempra | 3 of 15 | 2.75% |
| Duke Energy Corporation | 3 of 15 | 2.65% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest infrastructure ETFs, side by side
Swipe the table to see all 5 funds.
| PAVE | IGF | IFRA | NFRA | BKGI | |
|---|---|---|---|---|---|
| Net assets | $13.50B | $10.78B | $4.62B | $3.01B | $1.31B |
| Expense ratio | 0.47% | 0.37% | 0.3% | 0.47% | 0.55% |
| Holdings | 100 | 88 | 161 | 185 | 29 |
| In the 10 largest | 31.74% | 38.47% | 32.34% | 28.53% | 56.45% |
| Biggest holding | Deere & Company (3.38%) | Aena, S.M.E., S.A. (5.1%) | Caterpillar Inc. (4.57%) | Canadian Pacific Kansas City Ltd. (3.74%) | Hess Midstream Lp (7.88%) |
| Yield | 0.79% | 2.97% | 1.75% | 5.8% | 3.06% |
| 1-year return | +13.8% | +7.8% | +8.6% | +6.2% | +9.1% |
| 3 years, a year | +23.2% | +20.1% | +20.8% | +15.3% | +22.8% |
| 5 years, a year | +15.0% | +9.6% | +12.1% | +5.5% | — |
| Worst drop, past year | -13.8% | -10.4% | -13.7% | -7.3% | -10.5% |
| Launched | 2017 | 2007 | 2018 | 2013 | 2022 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Nov 2, 2026.
Head to head
PAVE vs IGF
The two largest funds share one holding, worth 1.6% of assets. PAVE owns 100 US construction suppliers, led by Deere at 3.38%, with 31.7% in its top 10. IGF owns 88 global operators, led by airport group Aena at 5.1%, with 38.5% in its top 10. IGF costs 0.37% to PAVE's 0.47%. As of October 29, 2026, IGF yielded 2.97% to PAVE's 0.79%. PAVE returned 13.2% over one year to IGF's 7.8%, but its worst drop was deeper, 13.8% to 10.4%. PAVE may suit investors focused on US building. IGF may suit those wanting income from global utilities and transport.
PAVE vs IFRA
These US funds share 53 holdings worth 37.3% of assets, the most overlap among the five largest. IFRA is broader, with 161 stocks to PAVE's 100, and cheaper, at 0.30% a year to 0.47%. IFRA's top holdings are Caterpillar (4.57%), NextEra and Union Pacific. PAVE leans on equipment and materials makers such as Deere. Both keep about 32% in their top 10. As of October 29, 2026, PAVE returned 13.2% over one year to IFRA's 8.6%, with similar worst drops of 13.8% and 13.7%. IFRA may suit investors wanting broader, cheaper US exposure. PAVE may suit those focused on construction suppliers.
IGF vs NFRA
These global funds share 54 holdings worth 32.9% of assets. NFRA is broader, with 185 stocks and 28.5% in its top 10. Its largest holding is Canadian Pacific Kansas City at 3.74%, and it also owns SoftBank and Deutsche Telekom. IGF holds 88 stocks, led by Aena at 5.1%, with 38.5% in its top 10. It costs 0.37% to NFRA's 0.47%. As of October 29, 2026, NFRA yielded 5.8% to IGF's 2.97% and had a shallower worst drop, 7.3% to 10.4%. But NFRA returned 6.2% over one year to IGF's 7.8%. NFRA may suit income-minded investors wanting breadth. IGF may suit those who put lower fees first.
How much do the largest infrastructure ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| PAVE and IFRA | 37.3% | 53 | |
| IGF and NFRA | 32.9% | 54 | |
| IGF and IFRA | 32.1% | 19 | |
| IFRA and NFRA | 22% | 28 | |
| IGF and BKGI | 19.1% | 10 | |
| NFRA and BKGI | 11.7% | 16 | |
| IFRA and BKGI | 7.2% | 6 | |
| PAVE and NFRA | 5.5% | 4 | |
| PAVE and IGF | 1.6% | 1 | |
| PAVE and BKGI | 0% | 0 |
From each fund’s full holdings in its latest N-PORT report.
How have infrastructure ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing infrastructure ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | PAVE Global X US Infrastructure Development ETF | $13.50B | 0.47% | +1.1% | +14.1% | +13.8% | +23.2% |
| 2 | TOLZ ProShares DJ Brookfield Global Infrastructure ETF | $173.7M | 0.46% | +6.1% | +10.9% | +11.9% | +17.3% |
| 3 | RBLD First Trust Alerian US NextGen Infrastructure ETF | $40.5M | 0.65% | +1.8% | +14.6% | +11.8% | +22.0% |
| 4 | BKGI BNY Mellon Global Infrastructure Income ETF | $1.31B | 0.55% | -0.9% | +6.9% | +9.1% | +22.8% |
| 5 | ICAP Infrastructure Capital Equity Income ETF | $119.6M | 2.47% | -2.1% | +5.7% | +8.6% | +19.8% |
| 6 | IFRA iShares U.S. Infrastructure ETF | $4.62B | 0.3% | +3.5% | +10.9% | +8.6% | +20.8% |
| 7 | IGF iShares Global Infrastructure ETF | $10.78B | 0.37% | +4.2% | +7.3% | +7.8% | +20.1% |
| 8 | GII SPDR S&P Global Infrastructure ETF | $962.0M | 0.4% | +3.9% | +6.8% | +7.3% | +19.9% |
| 9 | NFRA FlexShares STOXX Global Broad Infrastructure Inde… | $3.01B | 0.47% | +0.7% | +7.5% | +6.2% | +15.3% |
| 10 | PKB Invesco Building & Construction ETF | $429.6M | 0.57% | -5.0% | -4.9% | -10.6% | +23.5% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How infrastructure ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| PAVE | not yet launched | not yet launched | -16.5% |
| IGF | not yet launched | -42.1% | -14.0% |
| IFRA | not yet launched | -41.0% | -13.8% |
| NFRA | not yet launched | -32.5% | -21.0% |
| BKGI | not yet launched | not yet launched | not yet launched |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives infrastructure ETFs?
Infrastructure companies make money in two broad ways. Operators such as utilities, pipelines, airports and toll roads collect steady fees, often set or overseen by regulators. Their profits depend on regulators' decisions, traffic and energy volumes. They tend to borrow heavily and pay sizable dividends, which makes their shares sensitive to interest rates. When rates rise, borrowing costs more and bonds compete for income-seekers' money. Builders and suppliers, such as Deere and Nucor in PAVE or Vulcan Materials in PKB, depend instead on construction spending, government budgets and prices for steel and other materials. Green-energy firms like those in UPGR also depend on subsidies and financing costs.
These traits have shown up in past downturns. In the 2020 COVID crash, IGF fell 42.1% and IFRA 41%, more than the S&P 500's 33.7% drop. It was a reminder that these stocks can fall hard when economic activity stops suddenly. NFRA's 32.5% fall was close to the market's. In the 2022 bear market, interest rates rose quickly. Even so, the four largest funds old enough to have a record all fell less than the S&P 500's 24.5%: IFRA lost 13.8%, IGF 14%, PAVE 16.5% and NFRA 21%.
Infrastructure ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | IFRA iShares U.S. Infrastructure ETF | 0.3% | $30 a year | $4.62B |
| 2 | IGF iShares Global Infrastructure ETF | 0.37% | $37 a year | $10.78B |
| 3 | GII SPDR S&P Global Infrastructure ETF | 0.4% | $40 a year | $962.0M |
| 4 | TOLZ ProShares DJ Brookfield Global Infrastructure… | 0.46% | $46 a year | $173.7M |
| 5 | PAVE Global X US Infrastructure Development ETF | 0.47% | $47 a year | $13.50B |
Ordinary funds with at least $10 million in net assets. The median ordinary infrastructure ETF charges 0.49% a year; leveraged and inverse funds usually charge more.
Do infrastructure ETFs pay dividends?
17 of the 17 ordinary infrastructure ETFs with a page here paid distributions over the last 12 months, with a median yield of 2.99%.
| Highest yields | Yield | Net assets |
|---|---|---|
| ICAP Infrastructure Capital Equity Income ETF | 10.88% | $119.6M |
| NFRA FlexShares STOXX Global Broad Infrastructure … | 5.8% | $3.01B |
| TOLZ ProShares DJ Brookfield Global Infrastructure… | 3.09% | $173.7M |
| BKGI BNY Mellon Global Infrastructure Income ETF | 3.06% | $1.31B |
| IGF iShares Global Infrastructure ETF | 2.97% | $10.78B |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets. Some of these yields come from selling options, which gives up some of the gains.
How to choose a infrastructure ETF
- How each fund picks its holdings. PAVE's index favors US construction suppliers such as Deere and Nucor. IGF's favors operators like Aena and Transurban. UPGR targets green energy. BKGI, INFR and BILD name no index, which usually means a manager picks holdings.
- US-only or worldwide holdings. PAVE and IFRA hold US companies. IGF, GII, NFRA and TOLZ hold stocks from several countries, such as Transurban and National Grid, which adds currency swings. EMIF holds emerging-market names such as Airports of Thailand.
- Expense ratios from 0.30% to 2.47%. IFRA charges 0.30% a year, IGF 0.37% and GII 0.40%, all below the 0.49% median. PAVE and NFRA charge 0.47%. IGF and GII have nearly identical top holdings at slightly different fees. ICAP charges 2.47%.
- Spread out or concentrated. NFRA spreads across 185 stocks with 28.5% in its top 10, and RBLD keeps just 13.9% in its top 10. EMIF puts 63.3% in its top 10, and BKGI puts 56.5% there with only 29 holdings.
- Fund size and trading costs. PAVE and IGF hold about $13.5 billion and $10.8 billion. UPGR and BILD hold about $6.5 million and $7.4 million. Very small funds can have wider bid-ask spreads (the gap between quoted prices) and are likelier to close.
- Option-income funds work differently. ICAP and SCAP use options to boost income, which can limit gains in strong rallies. ICAP yielded 10.88% as of October 29, 2026, but charges 2.47%. Its top holdings include chip makers Broadcom, Marvell and NVIDIA.
What are the risks of infrastructure ETFs?
- Interest rates weigh on utilities and pipelines. Utilities and pipeline companies such as NextEra Energy and Enbridge, held by 7 and 6 of the 15 funds, usually carry heavy debt. Rising interest rates lift their financing costs and make their dividends look less attractive next to bonds.
- Not as defensive as it sounds. In the 2020 COVID crash, IGF fell 42.1% and IFRA 41%, more than the S&P 500's 33.7%. Airports and toll roads earn less when travel stops, and three of EMIF's five largest holdings are airport operators.
- Narrow themes swing much harder. In the year to October 29, 2026, green-infrastructure fund UPGR lost 17.1% and construction fund PKB lost 10.6%. Their volatility, a measure of price swings, was 30.9% and 24.6%, versus 11% for IGF. Their worst drops were 31.1% and 25%.
- A few stocks can dominate. EMIF keeps 63.3% of assets in its top 10, with Grupo Aeroportuario del Pacifico at 11.2%. BKGI holds just 29 stocks, with 56.5% in its top 10, led by Hess Midstream at 7.9%. One company's setback can move these funds sharply.
- Option-income funds: higher fees, limited upside. ICAP and SCAP use options to boost payouts, which can limit gains when stocks rally. They charge 2.47% and 2.20% a year, far above the 0.49% median. SCAP's top holdings include Celsius Holdings and Halozyme Therapeutics.
List of all infrastructure ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | PAVE Global X US Infrastructure Development ETF | $13.50B | 0.47% | 0.79% | +14.1% | +13.8% | +15.0% |
| 2 | IGF iShares Global Infrastructure ETF | $10.78B | 0.37% | 2.97% | +7.3% | +7.8% | +9.6% |
| 3 | IFRA iShares U.S. Infrastructure ETF | $4.62B | 0.3% | 1.75% | +10.9% | +8.6% | +12.1% |
| 4 | NFRA FlexShares STOXX Global Broad Infrastructure Inde… | $3.01B | 0.47% | 5.8% | +7.5% | +6.2% | +5.5% |
| 5 | BKGI BNY Mellon Global Infrastructure Income ETF | $1.31B | 0.55% | 3.06% | +6.9% | +9.1% | — |
| 6 | GII SPDR S&P Global Infrastructure ETF | $962.0M | 0.4% | 2.74% | +6.8% | +7.3% | +9.5% |
| 7 | PKB Invesco Building & Construction ETF | $429.6M | 0.57% | 0.22% | -4.9% | -10.6% | +12.6% |
| 8 | TOLZ ProShares DJ Brookfield Global Infrastructure ETF | $173.7M | 0.46% | 3.09% | +10.9% | +11.9% | +8.0% |
| 9 | ICAP Infrastructure Capital Equity Income ETF | $119.6M | 2.47% | 10.88% | +5.7% | +8.6% | — |
| 10 | RBLD First Trust Alerian US NextGen Infrastructure ETF | $40.5M | 0.65% | 1.02% | +14.6% | +11.8% | — |
Questions investors ask about infrastructure ETFs
What is the largest infrastructure ETF?
PAVE, the Global X US Infrastructure Development ETF, is the largest, with about $13.5 billion in net assets. It tracks the Indxx U.S. Infrastructure Development Index and holds 100 US companies such as Deere, Fastenal and Emerson Electric. IGF, the iShares Global Infrastructure ETF, comes next at about $10.8 billion, followed by IFRA at about $4.6 billion. The five largest funds, including NFRA and BKGI, hold 94.9% of the assets across these ETFs.
What is the cheapest infrastructure ETF?
IFRA, the iShares U.S. Infrastructure ETF, has the lowest expense ratio, at 0.30% a year. Next come IGF at 0.37%, GII at 0.40%, TOLZ at 0.46% and PAVE at 0.47%. The median for the group is 0.49%. The most expensive are the option-income funds ICAP and SCAP, at 2.47% and 2.20%. Cost is only one difference: IFRA holds US stocks, while IGF holds stocks from several countries.
PAVE vs IGF: what's the difference?
They own almost entirely different companies. PAVE holds 100 US firms tied to construction, such as Deere and Nucor. IGF holds 88 global operators such as Aena, Transurban, NextEra and Iberdrola. They share one stock, worth 1.6% of assets. IGF costs less, 0.37% versus 0.47%, and yielded 2.97% versus 0.79% as of October 29, 2026. PAVE returned 13.2% over the year to that date and IGF 7.8%, though PAVE swung more, with 19.9% volatility versus 11%.
Do infrastructure ETFs pay dividends?
Yes. All 17 funds pay dividends, and the median yield was 2.99% as of October 29, 2026. ICAP, which uses options to raise income, yielded the most at 10.88%. It was followed by NFRA at 5.8%, TOLZ at 3.09%, BKGI at 3.06% and IGF at 2.97%. Funds built around construction suppliers pay less: PAVE yielded 0.79%. A higher yield did not bring a higher one-year return: over the year to the same date, NFRA returned 6.2% and PAVE 13.2%.
Do infrastructure ETFs hold NextEra Energy?
Yes, several do. NextEra Energy is the most widely held stock in the group. It appears in 7 of the 15 funds with holdings listed here, at a median weight of 3.97%. It ranks among the five largest holdings of IGF (4.79%), GII (4.8%) and IFRA (3.97%). It is not among the five largest holdings of PAVE, the biggest fund, which leans toward construction suppliers such as Deere and Nucor.
How many infrastructure ETFs are there?
There are 17 US-listed infrastructure ETFs. They range from PAVE, with about $13.5 billion, down to small funds such as UPGR, with about $6.5 million. They fall into rough groups: - US funds such as PAVE and IFRA - global funds such as IGF, GII, NFRA and TOLZ - EMIF for emerging markets - themed funds such as PKB for building and construction and UPGR for green infrastructure - income funds such as BKGI, ICAP and SCAP None is leveraged or inverse.
IGF vs GII: are they the same fund?
No, but they look very similar. Their five largest holdings are the same companies at almost the same weights: Aena at 5.1%, Transurban at about 5%, NextEra at about 4.8%, Iberdrola at about 4.2% and Enbridge at 3.97%. IGF holds 88 stocks and charges 0.37% a year. GII holds 75 and charges 0.40%. IGF is far larger, at about $10.8 billion to GII's $962 million. Over the year to October 29, 2026, IGF returned 7.8% and GII 7.3%.
Is ICAP an infrastructure ETF?
Only loosely. ICAP comes from Infrastructure Capital Advisors and aims to maximize income, using options to help. Its largest holdings are Broadcom, Marvell Technology, KKR, Lockheed Martin and NVIDIA, rather than utilities, pipelines or builders. It yielded 10.88% as of October 29, 2026. It charges 2.47% a year, the highest fee among these funds. Its sibling SCAP, which focuses on smaller companies, charges 2.20%.
Is there a Vanguard, Fidelity or Schwab infrastructure ETF?
No. None of the three offers a infrastructure ETF. The largest infrastructure ETFs come from Global X (PAVE), iShares (IGF) and iShares (IFRA), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts.
