At a glance
NFRA charges 0.47% a year, above the 0.41% average of the 5 funds most like it (the 5th cheapest of 6). It has $3.01B in assets, the 3rd largest of that group; it paid 5.8% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +15.3% a year. At its worst it fell 32.5% in the 2020 crash (S&P 500: 33.7%) and 22.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 21 months after the lows. Its ten largest positions make up 28.5% of the fund, out of 185 in all.
The short version
FlexShares STOXX Global Broad Infrastructure Index Fund (NFRA) is a Northern Trust index ETF. It tracks the STOXX Global Broad Infrastructure Index, which holds railroads, telecoms, utilities, pipelines and other infrastructure companies around the world. Its trailing yield was 5.8% as of October 27, 2026, paid quarterly. It charges 0.47% a year, above the 0.41% average for similar funds. Through 2025, it trailed the S&P Global Infrastructure Index over 5 and 10 years.
Price history
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NFRA +6.2% 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 | |
|---|---|---|---|---|---|---|
| NFRA official prospectus, to Dec 31, 2025 | — | +18.12% | — | +5.85% | +7.13% | — |
| MSCIACWI Index index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| Sand P Global Infrastructure NR Index index, same period | — | +21.54% | — | +10.02% | +8.47% | — |
| STOXX Global Broad Infrastructure Index index, same period | — | +18.11% | — | +5.76% | +7.02% | — |
| NFRA price data to Oct 27, 2026 | +7.5% | +6.2% | +15.3% | +5.5% | +7.1% | +6.7% |
- Over the year to Oct 27, 2026, NFRA returned +6.2%, 6th of 6 among similar funds.
- Its 5-year annualized return was +5.5% and its 10-year +7.1%.
- In the 2020 COVID crash it fell 32.5% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2022 (-10.1%); its best was 2019 (+26.3%).
- The deepest fall in its price history was 32.5% (Feb 19, 2020 to Mar 23, 2020), recovered by Jan 8, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.5% | — |
| 2025 | +18.4% | +18.12% |
| 2024 | +4.8% | +4.64% |
| 2023 | +9.0% | +8.94% |
| 2022 | -10.1% | -10.03% |
| 2021 | +9.6% | +9.70% |
| 2020 | +2.3% | +2.41% |
| 2019 | +26.3% | +26.23% |
| 2018 | -7.7% | -7.91% |
| 2017 | +15.9% | +16.04% |
| 2016 | +8.3% | +8.49% |
| 2015 | -6.7% | — |
| 2014 | +9.7% | — |
| 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 32.5% over that stretch · deepest drop along the way 32.5%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21% over that stretch · deepest drop along the way 22.1%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0900 | |
| 2025 | $3.6300 | +100.6% |
| 2024 | $1.8100 | +32.1% |
| 2023 | $1.3700 | +19.1% |
| 2022 | $1.1500 | -26.3% |
| 2021 | $1.5600 | +31.1% |
| 2020 | $1.1900 | -2.5% |
| 2019 | $1.2200 | -9.0% |
| 2018 | $1.3400 | -2.2% |
| 2017 | $1.3700 | +6.2% |
| 2016 | $1.2900 | +26.5% |
| 2015 | $1.0200 | -24.4% |
| 2014 | $1.3500 |
What's inside
As of Jul 31, 2026, the fund held 185 securities; the ten largest made up 28.53% of assets.
| Holding | Weight | |
|---|---|---|
| Canadian Pacific Kansas City Ltd. | 3.74% | |
| SoftBank Group Corp. | 3.51% | |
| Canadian National Railway Co. | 3.34% | |
| Deutsche Post AG | 2.97% | |
| Deutsche Telekom AG | 2.83% | |
| Verizon Communications, Inc. | 2.70% | |
| NextEra Energy, Inc. | 2.51% | |
| Union Pacific Corp. | 2.40% | |
| Iberdrola SA | 2.30% | |
| AT&T, Inc. | 2.23% | |
| Waste Connections, Inc. | 2.02% | |
| Enbridge, Inc. | 1.83% | |
| Bharti Airtel Ltd. | 1.83% | |
| Transurban Group | 1.53% | |
| Southern Co. (The) | 1.47% |
By country
United States 44.11%Canada 12.25%Japan 10.05%Germany 8.2%Spain 3.9%By asset type
Stocks 99.34%RA 2.93%Bonds and notes 0.33%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $22.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.24%, -1.89%, +1.90%.
How it works
Northern Trust's NFRA tracks the STOXX Global Broad Infrastructure Index, designed by STOXX Ltd. To qualify, a company must earn at least 50% of its revenue from owning, building, financing or running infrastructure in five groups: communication (towers, data centers, cable, wireless), energy (utilities and pipelines), government outsourcing (hospitals, prisons, postal services), transportation (rail, roads, air, shipping), and water and waste utilities. Its shares must average more than $1 million in daily trading over three months.
The index picks the largest qualifying companies by free-float market value (the value of shares available to public investors), up to 40 per group. Caps on single companies, groups and countries keep any one from dominating. Members can also include preferred stock, real estate investment trusts (REITs) and master limited partnerships (MLPs), partnerships whose units trade like shares. The index had 170 members as of December 31, 2025. STOXX resets membership once a year and reapplies the caps each quarter.
Using representative sampling, the fund can hold a subset of index stocks that resembles the whole. At least 80% of assets go into index securities or depositary receipts (certificates for foreign shares); up to 20% can sit in cash, futures and currency contracts. As of July 31, 2026, the largest holding, Canadian Pacific Kansas City, was 3.7% of the fund.
What it really costs
- NFRA charges 0.47% a year, versus an average of 0.41% for the similar funds below (5th of 6, cheapest first).
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $603 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NFRA | $48 | $153 | $268 | $603 |
In a retirement portfolio
It adds global railroad, telecom and utility stocks that have moved less than the broad market, with a one-year beta of 0.43 as of October 27, 2026.
NFRA launched in 2013, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 32.5% in about five weeks and took 9.6 months to recover. In 2022 it dropped 22.1% between April and October and needed 21 months to get back. Its worst calendar year was 2022, at -10.1%. Anyone drawing cash during a stretch like that would have been taking money out at low prices. The trailing yield was 5.8% as of October 27, 2026, paid quarterly. That income could cover part of a withdrawal without cashing in shares. In the SEC's standard $10,000 example, costs come to $48 after one year and $603 after 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 who want one fund holding about 185 infrastructure stocks across the U.S., Canada, Japan, Germany, Spain and India, as of July 31, 2026.
- Income-focused holders comfortable with quarterly payouts. The trailing yield was 5.8% as of October 27, 2026.
- Those who like weight caps that held the 10 largest positions, led by Canadian Pacific Kansas City, to about 28.5% of assets.
Look elsewhere if
- Cost-focused investors. NFRA's 0.47% expense ratio is higher than IGF (0.42%), GII (0.40%) and IFRA (0.30%).
- Those who weigh long-run returns heavily. Through 2025, NFRA's 5.85% five-year average trailed the S&P Global Infrastructure Index's 10.02%.
- Investors who want only U.S. stocks, or no emerging-market or MLP exposure. U.S. companies made up just 44% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NFRA this fund | — | 0.47% | $3.01B | +6.2% | +15.3% |
| IGF iShares Global Infrastructure ETF | 33% | 0.42% | $10.78B | +7.8% | +20.1% |
| GII SPDR S&P Global Infrastructure ETF | 33% | 0.4% | $962.0M | +7.3% | +19.9% |
| IFRA iShares U.S. Infrastructure ETF | 22% | 0.3% | $4.62B | +8.6% | +20.8% |
| TOLZ ProShares DJ Brookfield Global Infrastructu… | 21% | 0.46% | $173.7M | +11.9% | +17.3% |
| BILD Macquarie Global Listed Infrastructure ETF | 20% | 0.49% | $7.4M | +7.1% | — |
Questions investors ask
What does NFRA invest in?
NFRA holds infrastructure companies worldwide: railroads, telecoms, utilities, pipelines, toll roads and waste haulers. As of July 31, 2026, its largest holdings were Canadian Pacific Kansas City (3.7%), SoftBank Group (3.5%), Canadian National Railway (3.3%), Deutsche Post (3.0%) and Deutsche Telekom (2.8%). Verizon, NextEra Energy, Union Pacific, Iberdrola and AT&T rounded out the top 10. Together, those 10 made up about 28.5% of assets. U.S. stocks were 44% of the fund and Canadian stocks 12%.
Does NFRA pay monthly dividends?
No. NFRA pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $3.71 per share, a trailing yield of 5.8%. The index aims for companies with the potential to produce income, such as utilities, pipeline partnerships and telecoms. Payouts depend on what those companies pay, so they can change from one quarter to the next.
NFRA vs IGF: what's the difference?
Both are global infrastructure index ETFs, and about 33% of their holdings overlap. IGF, the iShares Global Infrastructure ETF, is cheaper at 0.42% against NFRA's 0.47%. It is also much larger, with about $10.8 billion in net assets as of June 30, 2026, compared with NFRA's $3.0 billion as of July 31, 2026. IGF has returned more: 7.8% over one year and 20.1% a year over three years, versus NFRA's 6.2% and 15.3%, as of October 27, 2026.
What is NFRA's expense ratio?
NFRA's expense ratio is 0.47% a year, according to its prospectus filed February 25, 2026. That ranks 5th of 6 among similar infrastructure funds, which average 0.41%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $48 after one year, $153 after three, $268 after five and $603 after 10 years.
How much did NFRA drop in 2020 and 2022?
NFRA fell 32.5% from February 19 to March 23, 2020, during the COVID crash, and recovered by January 8, 2021. Its worst quarter was the first quarter of 2020, at -19.69%. In 2022 it fell 22.1% from April 20 to October 12 and didn't recover until July 11, 2024. It ended calendar 2022 down about 10%, its worst full year since 2016.