At a glance
IFRA charges 0.3% a year, below the 0.33% average of the 8 funds most like it (the 4th cheapest of 9). It has $4.62B in assets, the 4th largest of that group; it paid 1.75% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +20.8% a year. At its worst it fell 41.1% in the 2020 crash (S&P 500: 33.7%) and 18.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows. Its ten largest positions make up 32.3% of the fund, out of 161 in all.
The short version
iShares U.S. Infrastructure ETF (IFRA) is an index fund that tracks the NYSE FactSet U.S. Infrastructure Index. As of June 30, 2026, that meant 161 companies that build, supply or run U.S. infrastructure, such as Caterpillar, NextEra Energy and Union Pacific. It splits its money evenly between builders and utility or pipeline operators. Its 0.30% yearly fee is lower than the 0.47% charged by Global X's PAVE.
Price history
The interactive chart needs JavaScript.
IFRA +8.6% 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 | |
|---|---|---|---|---|---|---|
| IFRA official prospectus, to Dec 31, 2025 | — | +16.06% | — | +14.09% | — | +12.24% |
| IFRA price data to Oct 27, 2026 | +10.9% | +8.6% | +20.8% | +12.1% | — | +12.2% |
- Over the year to Oct 27, 2026, IFRA returned +8.6%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +12.1%.
- In the 2020 COVID crash it fell 41.1% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2022 (-3.3%); its best was 2021 (+29.8%).
- The deepest fall in its price history was 41.1% (Feb 20, 2020 to Mar 23, 2020), recovered by Nov 16, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.9% | — |
| 2025 | +15.9% | +16.06% |
| 2024 | +17.0% | +17.03% |
| 2023 | +13.4% | +13.20% |
| 2022 | -3.3% | -3.11% |
| 2021 | +29.8% | +29.76% |
| 2020 | +7.4% | +7.29% |
| 2019 | +27.0% | +26.67% |
| 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% over that stretch · deepest drop along the way 41.1%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.8% over that stretch · deepest drop along the way 18.5%, back to its old high 4.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $0.9700 | +19.8% |
| 2024 | $0.8100 | +2.5% |
| 2023 | $0.7900 | +9.7% |
| 2022 | $0.7200 | +16.1% |
| 2021 | $0.6200 | -1.6% |
| 2020 | $0.6300 | +31.3% |
| 2019 | $0.4800 |
What's inside
As of Jun 30, 2026, the fund held 161 securities; the ten largest made up 32.34% of assets.
| Holding | Weight | |
|---|---|---|
| CATERPILLAR INC. | 4.57% | |
| NEXTERA ENERGY, INC. | 3.97% | |
| UNION PACIFIC CORPORATION | 3.87% | |
| QUANTA SERVICES, INC. | 3.77% | |
| CSX Corporation | 3.10% | |
| THE SOUTHERN COMPANY | 2.92% | |
| DUKE ENERGY CORPORATION | 2.67% | |
| CRH PUBLIC LIMITED COMPANY | 2.51% | |
| UNITED RENTALS, INC. | 2.48% | |
| NORFOLK SOUTHERN CORPORATION | 2.48% | |
| THE WILLIAMS COMPANIES, INC. | 2.45% | |
| COMFORT SYSTEMS USA, INC. | 2.42% | |
| CONSTELLATION ENERGY CORPORATION. | 2.27% | |
| AMERICAN ELECTRIC POWER COMPANY, INC. | 2.01% | |
| TC Energy Corporation | 1.79% |
By country
United States 92.13%Canada 3.76%Ireland 3.04%Switzerland 0.92%Israel 0.03%By asset type
Stocks 99.9%By sector
Sectors of the companies held, for the 63.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $527.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.41%, -2.68%, +3.85%.
How it works
IFRA, managed by BlackRock, tracks the NYSE FactSet U.S. Infrastructure Index, run by ICE Data Indices. To qualify, a company must be listed mainly on the NYSE, NYSE American or Nasdaq. It must also fall into one of 95 infrastructure-related industries in FactSet's industry classification system, and earn at least half its revenue in the U.S. when added. The index excludes master limited partnerships, royalty trusts, business development companies and ADRs. Because the test is about revenue, not headquarters, Ireland-based CRH and Canada's TC Energy rank among the top holdings.
Each company goes into one of two groups. "Enablers" are construction and engineering firms, machinery makers, materials producers and some railroads that could gain from new infrastructure spending. "Owners and operators" are utilities and energy pipeline and storage companies. Each group gets 50% of the index. Within a group, larger companies get larger weights based on float-adjusted market value (only shares available to trade). No single company can exceed 4%. The lineup is reset each March, and weights are rebalanced every quarter.
BlackRock uses "representative sampling": it holds a mix of stocks meant to behave like the index, which may not include every member. At least 80% of assets must be in index stocks. The fund may use futures and lend securities. As of June 30, 2026, its futures positions were tiny. Portfolio turnover was 68%, high for an index fund.
What it really costs
- IFRA charges 0.3% a year, versus an average of 0.33% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IFRA | $31 | $97 | $169 | $381 |
In a retirement portfolio
IFRA is an all-stock fund focused on infrastructure companies, so it fits best as a smaller add-on next to broader holdings rather than as a core holding.
IFRA could add a tilt toward U.S. utilities, railroads and construction firms. Its holdings are all stocks, though, and they can fall hard. In the 2020 COVID crash it dropped 41.1% between February 20 and March 23, 2020, and took about 7.8 months to recover. In the 2022 bear market it fell 18.5% and recovered in about 4.1 months. Its worst calendar year was 2022, at -3.11%. It launched in 2018, so it has no 2008 record. Anyone forced to sell in a slump like early 2020 would have locked in deep losses.
Its trailing 12-month yield was 1.75% as of October 27, 2026, paid quarterly. That is modest income. In the SEC's standard example, its 0.30% expense ratio costs $31 in the first year on $10,000. 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 who want U.S. infrastructure split evenly between builders like Caterpillar and Quanta Services and operators like NextEra Energy and Duke Energy.
- Cost-conscious investors: its 0.30% expense ratio is below PAVE's 0.47% and RBLD's 0.65%, though above some utilities funds.
- Long-term holders with a broad stock fund already who can live with drops like the 41.1% fall in early 2020.
Look elsewhere if
- Investors who want plain utilities exposure at the lowest cost: VPU charges 0.09% and XLU 0.08%.
- Income-focused investors: the trailing yield was 1.75% as of October 27, 2026, paid quarterly.
- Anyone wanting a single all-in-one holding: IFRA focuses on a few corners of the economy and can trail the broader stock market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IFRA this fund | — | 0.3% | $4.62B | +8.6% | +20.8% |
| RBLD First Trust Alerian US NextGen Infrastructu… | 41% | 0.65% | $40.5M | +11.8% | +22.0% |
| VPU Vanguard Utilities ETF | 40% | 0.09% | $10.08B | -4.1% | +17.0% |
| FUTY Fidelity MSCI Utilities Index ETF | 40% | 0.084% | $2.32B | -4.0% | +17.0% |
| IDU iShares U.S. Utilities ETF | 38% | 0.39% | $1.46B | -2.5% | +17.2% |
| PAVE Global X US Infrastructure Development ETF | 37% | 0.47% | $13.50B | +13.8% | +23.2% |
| XLU Utilities Select Sector SPDR Fund | 37% | 0.08% | $23.11B | -0.4% | -7.8% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 37% | 0.4% | $538.5M | -1.5% | +18.0% |
Questions investors ask
Does IFRA pay dividends?
Yes. IFRA pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.01 per share, a trailing yield of 1.75%. The payouts come from the dividends of the stocks it owns, such as utilities and railroads, so the amount can change from quarter to quarter. A 1.75% yield is modest, so the fund is better seen as a growth-and-income stock fund than a main source of retirement income.
What's the difference between IFRA and PAVE?
Both funds hold U.S. infrastructure stocks, but they share only about 37% of their holdings. IFRA puts half its index in utilities and pipeline operators, and PAVE's lineup differs. IFRA costs 0.30% a year, compared with PAVE's 0.47%. PAVE returned 13.2% over one year and 25.4% a year over three years as of October 29, 2026. IFRA returned 8.6% and 20.8% as of October 27, 2026. PAVE is also far larger.
Is IFRA just a utilities fund?
No. Half the index goes to "enablers" such as machinery, construction, materials and railroad companies. The other half goes to owners and operators such as utilities and pipelines. As of June 30, 2026, the largest holdings were Caterpillar (4.6%), NextEra Energy (4.0%), Union Pacific (3.9%), Quanta Services (3.8%) and CSX (3.1%). The top 10 made up about 32% of the fund, which had 161 holdings.
How much does IFRA cost per year?
IFRA's expense ratio is 0.30%, according to its prospectus filed July 27, 2026. In the SEC's standard example ($10,000 invested, 5% yearly return), that works out to $31 after one year, $97 after three, $169 after five and $381 after ten. The average for its similar funds is 0.33%. Utilities funds like XLU (0.08%) cost less, and infrastructure funds like PAVE (0.47%) cost more.
How has IFRA performed since it launched?
IFRA returned 12.24% a year from its April 2018 launch through December 31, 2025, according to its prospectus. Its five-year return was 14.09% a year, and it returned 16.06% in 2025. The ride was bumpy: its worst quarter was a 28.72% loss in early 2020, and it lost 3.11% in 2022. Those are past results and don't predict future returns.