Internet Infrastructure ETFs: Equinix, Digital Realty and American Tower

What are internet infrastructure ETFs?

Internet infrastructure ETFs own companies behind the physical side of the internet: data centers, cell towers, networks and the chips that connect everyday devices. Most of the money sits in property owners, many of them real estate investment trusts (REITs), which own buildings or land and pay out most of their income. Equinix, Digital Realty, American Tower, Crown Castle and SBA Communications each appear in three of the four funds. Uniti Group, Qualcomm, Cisco and Keppel DC REIT appear in two.

All four are index funds, and none uses leverage, inverse bets or options. Global X's DTCR tracks the Solactive Data Center REITs & Digital Infrastructure Index, and Pacer's SRVR follows the Solactive GPR Data & Infrastructure Real Estate Index. iShares' IDGT tracks an index of US-listed digital infrastructure companies. SNSR, a second Global X fund, is the outlier. It follows the Indxx Global Internet of Things Thematic Index. The Internet of Things means everyday objects, from thermostats to factory sensors, that connect to the internet. Chipmakers STMicroelectronics and Lattice Semiconductor lead its holdings, and it overlaps the other three by 5% or less.

Concentration varies. IDGT holds 25 stocks and DTCR 26. SRVR owns 65, yet 71.89% of its assets sit in its top 10. SNSR, with 70 holdings and 47.97% in its top 10, is the most spread out. Costs are measured by the expense ratio, the yearly fee taken from fund assets. They run from 0.37% for IDGT to 0.68% for SNSR, with a median of 0.49%.

The money is concentrated. The group held roughly $3.3 billion across just four funds as of May 16, 2025, and DTCR alone had about $2.1 billion, more than the other three combined.

Internet infrastructure ETF holdings: the stocks most funds own

The stocks that show up most often among the largest positions of the 4 biggest internet infrastructure ETFs with holdings reports, from their latest N-PORT filings.

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 internet infrastructure ETFs, side by side

Swipe the table to see all 4 funds.

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 Oct 27, 2026.

Head to head

How much do the largest internet 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.

From each fund’s full holdings in its latest N-PORT report.

How have internet 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 internet infrastructure ETFs over the past year

Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.

How internet infrastructure ETFs did in past market crashes

Total return from the stock market’s peak to its low in each fall, distributions reinvested.

What drives internet infrastructure ETFs?

Most of the money in these funds sits in companies that own data centers and cell towers and rent out space under long leases. Their profits rise and fall with demand for computing, storage and wireless capacity, the pace of new leasing, and the cost of power and construction. Many are real estate investment trusts (REITs), which tend to borrow heavily and pay out most of their income. That makes them sensitive to interest rates: higher rates raise borrowing costs and make bonds a closer rival for income investors. SNSR is different. Its chip and device makers move with the demand cycle for electronics in cars, factories and homes.

Results in past downturns have varied. In the 2022 bear market, DTCR fell 38.3%, SRVR 37.7% and SNSR 36.2%, all well beyond the S&P 500's 24.5% decline, while IDGT dropped 23.3%, slightly less than the index. In the 2020 COVID crash, IDGT (30.1%) and SRVR (32.1%) fell a little less than the S&P 500's 33.7%, and SNSR fell more, at 35.6%. IDGT, the only fund with a 2008 record, lost 63.5% in the financial crisis, against 55.2% for the S&P 500.

Internet infrastructure ETFs with the lowest expense ratios

Ordinary funds with at least $10 million in net assets. The median ordinary internet infrastructure ETF charges 0.49% a year; leveraged and inverse funds usually charge more.

Do internet infrastructure ETFs pay dividends?

4 of the 4 ordinary internet infrastructure ETFs with a page here paid distributions over the last 12 months, with a median yield of 0.8%.

Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.

How to choose a internet infrastructure ETF

• Yearly fees range from 0.37% to 0.68%. IDGT is the cheapest at 0.37% a year. SRVR (0.49%) and DTCR (0.50%) sit in the middle, and SNSR costs the most at 0.68%. Fees come out every year, whatever the fund returns.
• What each index is built to own. All four are plain index funds; none uses leverage. SRVR's index targets data and infrastructure real estate, DTCR's data center REITs and digital infrastructure, and IDGT's US-listed digital infrastructure firms. SNSR's covers Internet of Things companies, led by chipmakers.
• How much the funds overlap. DTCR and SRVR share 12 holdings worth 49.8% of assets, and DTCR and IDGT overlap by 39.3%. SNSR overlaps each of the others by 5% or less, so it adds different exposure alongside any of them.
• Concentration in the top 10 holdings. IDGT and DTCR hold just 25 and 26 stocks. SRVR owns 65, yet 71.89% sits in its top 10, with Digital Realty alone at 16.67%. SNSR is the most spread out, with 47.97% in its top 10.
• US-listed only or a wider reach. IDGT's index is limited to US-listed companies. SNSR tracks an explicitly global index. DTCR's and SRVR's stated objectives mention no US-only rule, and their top holdings include NEXTDC and Cellnex Telecom.
• Fund size and trading costs. As of May 16, 2025, DTCR held about $2.1 billion, more than the other three combined; SNSR was smallest at $251 million. Smaller funds can trade with wider bid-ask spreads, the gap between quoted purchase and sale prices.

What are the risks of internet infrastructure ETFs?

• A few landlords dominate most portfolios. Equinix, Digital Realty, American Tower, Crown Castle and SBA Communications each appear in three of the four funds. SRVR's top 10 make up 71.89% of assets and DTCR's 66.2%, so trouble at one company can move the whole fund.
• Large price swings within a single year. In the year to May 16, 2025, volatility, a measure of how widely returns swing, ranged from 18.1% for DTCR to 29.6% for SNSR. At their worst points, IDGT fell 22.8% and SNSR 28.3%.
• Sensitivity to interest rates and borrowing costs. REITs often borrow heavily and pay out most of their income, so rising rates can raise costs and pull income investors toward bonds. In the 2022 bear market, DTCR fell 38.3% and SRVR 37.7%, against 24.5% for the S&P 500.
• Themes can lag for years. Despite double-digit one-year gains, DTCR returned -1.9% and SRVR -0.8% over the three years to May 16, 2025, and SRVR's five-year figure was 1.7%. Investors in a theme may wait a long time for results.
• SNSR depends on the chip cycle. SNSR's largest holdings, led by STMicroelectronics, Lattice Semiconductor and Rambus, rise and fall with demand for chips and connected devices. It returned just 0.3% in the year to May 16, 2025, the weakest in the group.

List of all internet infrastructure ETFs, by size

All 4 internet infrastructure ETFs, compared →

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