What are expense ratios and how do they differ?

An expense ratio represents the annual fee charged by a fund to manage assets, expressed as a percentage of the investment. Lower ratios generally mean more of the return stays in your pocket over time. IFRA has a lower expense ratio of 0.30%, compared to PAVE's 0.47%. Even a small difference like 0.17 percentage points can impact long-term net returns, making fee comparison a key factor for cost-conscious investors.

What does the index tracked tell me?

The index tracked reveals the specific benchmark a fund aims to replicate, offering insight into its strategy. However, neither IFRA nor PAVE provides this information, making it difficult to compare their methodologies directly. Investors relying on these ETFs for infrastructure exposure must accept this lack of transparency or seek additional official documentation to understand the underlying index composition and rules.

How do I evaluate a fund's operating history?

A fund's operating history is assessed by its inception date, indicating how long it has been trading and establishing a track record. IFRA began on April 3, 2018, while PAVE started slightly earlier on March 6, 2017. Although PAVE has a marginally longer history, both are relatively recent compared to traditional index funds. This data point helps gauge stability, though it does not guarantee future performance.

How do the fund sizes compare?

Net assets indicate the total value of holdings managed by the fund, often correlating with liquidity and investor confidence. PAVE manages $13.3 billion, significantly larger than IFRA's $4.0 billion. A larger asset base generally suggests broader adoption and potentially tighter bid-ask spreads. However, both funds are substantial by ETF standards, so size alone may not dictate suitability without considering other factors like cost and holdings.

How do the top holdings differ?

PAVE publishes its top ten holdings, featuring names like Deere (DE) and Eaton (ETN) with weights around 3%. This transparency allows investors to assess concentration risk. Conversely, IFRA's top holdings are not available, limiting visibility into its specific stock positions. Without this data, comparing the exact portfolio overlap between the two funds is impossible, as none of PAVE's listed holdings are confirmed in IFRA's undisclosed portfolio.

What do the dividend yields mean for income?

The dividend yield reflects the annual income generated relative to the share price. IFRA offers a higher yield of 1.80%, whereas PAVE provides a lower yield of 0.81%. For investors focused on income generation from infrastructure companies, IFRA's distribution rate is currently more attractive. It is important to note that yields fluctuate with market conditions and company payouts, so historical figures are not promises of future income.

Which fund is better for transparency?

Transparency is evaluated by the availability of key data points like holdings and index methodology. PAVE lists its top holdings, providing clear insight into its largest positions, although its sector weights are not available. IFRA lacks data on both top holdings and sector weights. Consequently, PAVE offers greater visibility into its portfolio construction, enabling investors to better understand its specific exposure to individual companies within the infrastructure sector.

How does the sector classification affect exposure?

Both IFRA and PAVE are classified as Infrastructure funds, targeting companies involved in construction, materials, and engineering. While the category suggests similar broad economic drivers, the specific implementation varies. Since sector weights are not available for either fund, investors cannot confirm if one leans more heavily towards industrials or utilities. The category indicates thematic alignment, but actual market exposure requires further due diligence.

What is the impact of issuer type?

IFRA is issued by iShares, and PAVE is issued by Global X. Both are well-known asset managers, but they may employ different strategies and operational practices. The issuer influences the fund's reputation and service level, but it does not strictly determine performance. Investors often consider issuer stability alongside fund metrics like expense ratio and assets. In this comparison, both issuers offer established platforms for accessing the US infrastructure theme.

How should I match a fund to my goal?

Aligning a fund with investment goals involves weighing cost against features. IFRA appeals to investors prioritising lower fees and higher dividend yield, despite lacking published holdings data. PAVE suits those who value larger asset size and visibility into top holdings, accepting a higher expense ratio and lower yield. Choosing between them depends on whether cost efficiency or portfolio transparency is the primary objective for your infrastructure exposure.

What missing data requires caution?

Caution is warranted where data is 'not available'. For IFRA, the unknown top holdings and index prevent detailed risk assessment. For PAVE, the lack of sector weights hides broader industry distribution. Neither fund provides a complete picture. Investors should be aware of these gaps and recognise that comparing ETFs without full transparency requires assuming the standard infrastructure category applies uniformly, which may not reflect reality.

IFRA vs PAVE

Two funds, one decision: we compare cost, performance and what each ETF actually holds in October 2026.

Compare IFRA (iShares U.S. Infrastructure ETF) and PAVE (Global X US Infrastructure Development ETF) to review expense ratios, holdings, dividend yields, and how each fund tracks U.S. infrastructure. IFRA has a 0.30% expense ratio and $4.0 billion net assets; PAVE has a 0.47% expense ratio and $13.3 billion net assets. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

IFRA

Metric

PAVE

0.30%

Expense Ratio

0.47%

1.80%

Dividend Yield

0.81%

$4.03B

Net Assets

$13.32B

167

Holdings

102

Apr 3, 2018

Inception Date

Mar 6, 2017

–

Index Tracked

–

Infrastructure

Fund Category

Infrastructure

IFRA costs about $17.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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AIRR vs PAVE

Compare AIRR and PAVE ETFs. Review expense ratios, dividend yields, top holdings, and tracking methods to understand each industrial fund's structure.

Investment Analysis

IFRA

Pros

IFRA offers a lower expense ratio of 0.30 per cent compared to many infrastructure alternatives.
The fund has accumulated net assets of $4.0 billion, indicating a substantial and stable investor base.
Its 1.80 per cent dividend yield provides a meaningful income component for holders.

Considerations

Top holdings and sector weights are not available, limiting transparency on the fund's specific exposures.
The inception date of April 2018 means it lacks the longer operating history of some peers.
The index tracked is not available, making it difficult to verify the exact methodology and replication.

PAVE

Pros

PAVE manages $13.3 billion in net assets, ensuring high liquidity and broad institutional adoption.
Its top holdings are publicly listed, offering clear visibility into concentrated positions like Deere and Eaton.
The fund has been operating since March 2017, providing a slightly longer track record than IFRA.

Considerations

The expense ratio of 0.47 per cent is significantly higher than comparable infrastructure funds.
A low dividend yield of 0.81 per cent makes it less attractive for income-focused investors.
Top holdings are heavily concentrated in specific industrial names, potentially increasing single-stock risk.

About IFRA and PAVE

IFRA (IFRA)

The iShares U.S. Infrastructure ETF (IFRA) offers investors exposure to a wide range of companies involved in the development, management, and maintenance of U.S. infrastructure. With a focus on sectors like energy, transportation, and utilities, the fund aims to capture opportunities linked to ongoing construction and modernisation efforts. As of the latest data, IFRA holds 167 companies, representing a diversified slice of the U.S. infrastructure landscape. The fund launched in April 2018 and manages USD 4.03 billion in net assets, charging an expense ratio of 0.30%. Its dividend yield sits at 1.80%, offering potential income alongside capital growth. However, it’s important to remember that values can rise and fall, and returns are not guaranteed. This ETF is suitable for those interested in thematic investing within the infrastructure sector, but as with any investment, you should consider your individual risk tolerance and financial goals before making a decision.

PAVE (PAVE)

The Global X US Infrastructure Development ETF (PAVE) is an exchange-traded fund designed to provide exposure to US companies involved in the construction and maintenance of infrastructure. This includes sectors such as construction, heavy machinery, steel, and electrical equipment. As a broad thematic fund, it captures the potential opportunities arising from government spending, private investment, and the ongoing need for modernising physical systems like roads, bridges, and power grids. With a low expense ratio of 0.47% and net assets of approximately USD 13.32 billion, it offers a cost-effective way for investors to target this specific economic theme. However, like all investments, its value can fluctuate. The fund holds around 102 companies, diversifying risk across various sub-sectors of the infrastructure industry, though performance is not guaranteed and is subject to market conditions.

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IFRA vs PAVE

Fund Snapshot

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AIRR vs PAVE

Investment Analysis

IFRA

Pros

Considerations

PAVE

Pros

Considerations

About IFRA and PAVE

Buy IFRA or PAVE in Nemo

Zero Commission

Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What are expense ratios and how do they differ?

What does the index tracked tell me?

How do I evaluate a fund's operating history?

How do the fund sizes compare?

How do the top holdings differ?

What do the dividend yields mean for income?

Which fund is better for transparency?

How does the sector classification affect exposure?

What is the impact of issuer type?

How should I match a fund to my goal?

What missing data requires caution?

Fund Snapshot

About IFRA and PAVE

Discover More Comparisons

AIRR vs PAVE